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Thanks for the link Peking.

Have to say I’m a little confused by the ‘tin growth scenarios’ slide, it’s suggesting that with 2nd jig and ore sorters there’s no difference in fy2026 to production numbers as opposed to just the 2nd jig circuit and production numbers actually drop in fy2027 with the ore sorters and 2nd jig circuit in place? It’s only in fy2028 that it seems to start paying off having the ore sorters? I know that in theory the ore sorters will allow more mined material to be processed but I have to confess I’m a wee bit confused by this slide?

Can anyone shed any light here?

I think the reason the share price hasn’t budged is that investors need to see results as AV has promised so much in the past that just hasn’t materialised and are a little wary of investing here.

Petalite was going to be 30-40k per year produced for free on the back of tin production - hasn’t happened.

Petalite offtake - hasn’t happened.

Ore sorters in and more than doubling concentrate by end April (2025) - hasn’t happened.

IF they get this right then it will be a major change in the companies profitability, getting a feed grade of 1.5% on 20kt per month is huge, even if the jig circuit and ore sorters aren’t in and working yet. Not exactly sure when the delivers will start and if there’s some ramp up period though for delivery to the UIS plant.

I’m still invested because I know Andrada have huge potential, I saw this 6 years ago, I still see it now, but it just feels like they keep falling over themselves.

I would appreciate AV just giving an honest interview saying, yep we got this wrong, or this situation occurred which required a change in direction but this is the plan to put it right. We all know nothing ever goes totally as expected, especially in the mining industry. Unfortunately all we currently have are vague assurances and a raise for the ore sorters and jig circuit that tells us very little?

I do remain optimistic, even though it might not seem so at times! However, I could really could do with seeing a more concrete plan on Andrada’s tin future to help me sleep better at night.

new interview with av, very lightweight.

https://www.**********.co.uk/articles/mining-matters-anthony-viljoen-the-ceo-of-andrada-mining-763ea17

the only thing that was of interest was that av stated that they need to upgrade the electricity supply for the ore sorters, is that why they need the extra cash?

wouldn’t it have been good if he’d have informed shareholders though rather than us finding out via a podcast?

I was aware the loan for the jig plant was for 6 months from Feb this year, and to repay this from the proceeds of this raise is fine.

The issue I have is that they don’t state this is their intention anywhere, the statement for the proceeds is:

2.5m USD to accelerate the commissioning of the Jig.

Again AV should talk to shareholders to clarify things but that looks like a non event.

Thanks for the info Peking, interesting that Berenberg say the jig plant will be online feb 26?

In the RNS on 17th June AV stated that the jig plant construction was well underway and completion expected in second half of 2025, then they raised 2.5m USD to accelerate this?

Ok, my bad, must have coffee before I write these things, the raised 5m sterling so 6.9m USD, phew.

But I will stick by my very concerned view about the need for this and this is definitely their last chance for them to get it right!

Problem is they are 1m short of what they wanted, 3.5m for ore sorters and 2.5m for jig and they raised 5m.

Have to admit I’m getting very concerned with how this company seems to be planning things so badly that it has to come back to the market for these sums of cash.

I’m with Peking here, been invested for a long time as I saw they had great potential but this is their last chance and if they are 1m short what now?

Well the listing looks good to me, they might have a software arm that works very differently but when you look up talent10 resources you get:

Talent10 is an investment holding and stock management company with a focus on supporting ventures that contribute to economic development and future-facing industrial capacity. They provide financial structuring, capital raising, and strategic guidance to dynamic companies across various sectors, including mining, energy, technology, media, and industrial. Talent10 is known for its partnership-oriented approach and aims to unlock potential and accelerate growth in its portfolio companies

Doesn’t look too bad?

Tricky, you’re looking at the wrong company, talent10 is a software company, hence the website.

Look up talent10 resources.

Well there’s good and bad in here.

Good:

Extra institutional holder

Placing above asking price (don’t often see that!)

Bad:

Doubles the cost of the new jig circuit, I’d like to see the cost reasoning behind this acceleration?

What the France is going on with these ore sorters? Another 3.5 million dollars? Seriously?

More dilution, and if we buy out Goantagab with shares, which seems very likely, that’ll be another 15m worth of dilution.

Again, I know I keep banging on about this but AV how about talking to your shareholders to let them know what’s going on here?

Hi Bothercom, thanks for the answers and I like the optimism, perhaps I’m a little pessimistic but I feel I need to reply to some points.

1. Ore sorting is mainly dependant on particle size, not feed grade, so as long as the crushers are doing their job then this is irrelevant, at worst you might need to tweak the algorithm for the sorting. Certainly it doesn’t need a complete redesign which is what seems to have happened?

2. As the second jig circuit was going to effectively double the throughput I would argue that timing is important unless they are going to exclusively use the higher grade tin going forward until the jig circuit is up and running?

3. Fair enough they are planning the next phase, but it would be good as shareholders to know what that next phase is, I’m in the dark here.

4. Ore throughput and grades are fine but not enough information is there to do any kind of analysis. Remember the ore sorting was going to more than double contained tin when it was installed, does this mean now that with a second jig circuit and ore sorting it will be over quadruple? With feed grades much higher from the new source even more than quadruple? How much of an impact will the higher grade feed have? It looks like this new feed source is an estimate so how sure of these figures are we? Can they produce as much feedstock as UIS, more perhaps? I don’t know but I’d like to have a clearer picture of what future tin production looks like. Andrada must have these estimates going forward, how about sharing them with the shareholders?

Certainly this is good news but unfortunately it’s very telling about the sentiment here, most shares would push on from this, Andrada shareholders seem to use it as an opportunity to get out.

Still want AV to talk to us, he finds plenty of time to talk at multiple seminars, how about just an hour to talk to us, the shareholders of this company? it’s well overdue.

He can address some of my questions below, I’m sure others could add to this list!

1. Why is millions of pounds worth of ore sorting equipment sat around when it should have been installed months ago?

2. Saying the second jig circuit will be up and running in the second half of 2025 is incredibly vague, we are almost in the second half now, surely it can be nailed down better than a 6 month window?

3. What’s happening to Branberg west?

4. How about some estimates about ore production going forward so that shareholders can see where the profitability is?

Anyway, at least it’s a good update so better than we’ve had for several months now.

Only one sell of 500k I saw and that was at the end of the day, 4 x 500k buys during the day.

On Tuesday a 500k and 1m buy.

On Monday 3 x 500k buys.

So it looks like some serious interest in the background?

Whoever’s buying seems to be doing so in 500k blocks.

Overall much better than I anticipated, but very odd to release this positive update on a Friday?

At least we have a mention of the ore sorters this time but ‘Installation and commissioning are pending‘ doesn’t give us any indication of when they are due to be commissioned which is pretty disappointing.

It seems investors are wary of a company that seems to live in a vacuum of information, and I can’t say I blame them.

Andrada’s bread and butter is their tin, they borrowed money off Orion to finance their ore sorters so that throughput could be increased and the AISC brought down significantly and put them into profit (with the current tin price it should have been easy!). However, the deadline has come and gone but still we have no good explanation, in fact correction, we’ve had no explanation at all as to why or how much longer it’s going to take. They seem to have lost sight of where their priorities are in my view and especially one of the key priorities of keeping shareholders informed.

I’m expecting the Q1 update figures to be pretty dire (end June?) but my one hope is that in between now and then they will update us with information on:

- ore sorters, where are we and when can we expect them to be in and running?

- Branberg West, what’s happening with this? Partnership, more drilling, resource estimates?

- lithium (Petalite) circuit integration progress also accompanied by an off take agreement, otherwise what’s the point?

- progress on this second gig circuit, how about an indication of some kind of completion date? What’s the throughput expected and is this with or without ore sorters?

- any progress with SQM?

AV better have several large bunnies he’s going to pull out of his hat and soon!

The next updated figures would have looked so much better if the ore sorting was in place, let’s hope the VERY good reason why it’s not been completed is reported to investors soon.

Thanks for the information Peking that the ore sorters are 2/3 of the way through, although this should be coming from Andrada themselves, not relying on private investors to get this via back channels. The comms from AV recently has been poor, so many interviews with hyped up talk of huge potential, multi-metallic, mid tier miner. Tin with a small percentage of tantalum really doesn’t count. High time to start backing up the hype with actual production that puts Andrada into profit.

Come on AV, let’s get back to the way things used to be and the reason I and many others invested in Andrada in the first place by keeping investors updated with what’s going on, not hiding information which seems to becoming the norm now.

I still believe in the future of tin and Andrada, but I do find I’m questioning my investment much more after the last few months.

If the ore sorting has been delayed due to integration of the lithium circuit I’d like AV to explain why and give us a timeline of when the ore sorting will be implemented. This was a key component to me of getting Andrada into profitability and it’s very disappointing it’s not been progressed as promised.

Unfortunately Andrada has gone from a share that provided good communication with shareholders to one that seems to be concealing information, or at best giving very vague updates, not a progression I’ve enjoyed watching.

Ok AV, time for an honest update to your VERY patient LTH’s!

The proposed implementation timeframe was, and I quote ‘ Commissioning of the circuit is planned for Q1 2025’. Where are we as last I checked q1 2025 has been and gone with not a single mention of ore sorting.

This multi-million dollar investment is/was the game changer, massively increasing tin concentrate and lowing AISC, where is it?!

The last update we had was on the 12th March 2024, so now over a year ago, I think it’s high time this was updated and shareholders were informed about what was going on.

Even if it’s not great news, just be transparent with us, the fact that no mention of several of these initiatives has been made for months suggests delays/issues which is not helping the share price one bit.