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Highlights
- In H1 FY24, ATM posted an 87% rise in revenue, driven by increased volumes of commodities produced and higher average realised prices
- The group saw a turnaround with a gross profit of GBP 1.5 million in H1 FY24 from a gross loss of GBP 1.0 million in H1 FY23
- The stock price of ATM has witnessed a surge of ~15.29% in the last three months
Andrada Mining Ltd (LSE:ATM), is an FTSE AIM All-Share listed company with a portfolio of mining and exploration assets in Namibia. The company is actively developing a portfolio of high-quality critical metals assets.
In the first half of FY24, the company posted a substantial 87% rise in revenue to GBP 8.7 million compared to GBP 4.7 million in H1 FY23. This surge was driven by increased volumes of commodities produced and sold at higher average realized prices. Moreover, the group witnessed a turnaround from a gross loss of GBP 1.0 million in the previous corresponding period (pcp) to a gross profit of GBP 1.5 million in H1 FY24. Further, the company’s commodity production also got boosted during the period compared to pcp:
- 60% increment in ore processed
- around 51% increase in the contained tin production
- plant availability increased to 91% in FY24 against 87% in FY23
- the tin recovery rate increased to 72% in FY24 versus 69% in FY23
Additionally, the company surpassed industry medians in terms of cash conversion cycle (days) with 76.3 days in H1 FY24 compared to the industry median of 88.3 days and a lower debt/equity ratio of 0.25x compared to 0.39x of the industry median.
Recent business update
As per the company’s FY24 operational update, the average C1 operating cash cost declined by 12% quarter on quarter (QoQ) and was reported within the guidance at USD 17,600 for FY24. Further, the all-in sustaining cost saw a decline of 13% QoQ, and AISC for FY24 WAS USD 26,224, which was also within the guidance.
Top 10 Shareholders
The top 10 shareholders of Andrada jointly hold approximately 59.76% of the company's total stake. Orange Trust commands the largest share, accounting for around 15.22% of the ownership, followed by Canaccord Genuity Wealth Management with approximately 8.55% stake, as illustrated in the chart provided.
Stock performance
Over the past three months, ATM's stock price has surged by approximately 15.29%, while it has experienced a decline of around 15.80% over the last six months. With a 52-week low of GBX 3.84 and a high of GBX 8.70, it is currently trading below the average of this range.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 14 May 2024. The reference data in this report has been partly sourced from EODHD/Others.
