29 aug 25   andrada mining ltd - audited financial results for year end 28 feb 2025 andrada mining limited | atm | 3.0 0 0.0% | mkt cap: 56.1m    rns number : 2097x andrada mining limited 29 august 2025   29 august 2025     the information contained within this announcement is deemed by the company to constitute inside information as stipulated under the market abuse regulations (eu) no. 596/2014 (mar) as in force in the united kingdom pursuant to the european union (withdrawal) act 2018. upon the publication of this announcement via regulatory information service (ris), this inside information will be in the public domain.     andrada mining limited ("andrada" or the "company")   audited financial statements for the year ended 28 february 2025, notice of annual general meeting & directorate change   andrada mining limited (aim: atm, otcqb: atmtf), the african critical minerals producer with a portfolio of mining and exploration assets in namibia, is pleased to announce the release of its audited financial results for the 2025 financial year ended 28 february 2025 ("fy2025").   fy2025 highlights   operational •        ore processed: 965 058 tonnes, up 5.4% (fy2024: 915 599 tonnes) •        contained tin: 921 tonnes, up 4.1% (fy2024: 885 tonnes) •        tin recovery: 72%, up from 69% in fy2024 •        plant utilisation: 89%, up from 84% in fy2024 •        tin shipments: 59, up 11% (fy2024: 53) •        tantalum concentrate: 50.6 tonnes, sevenfold increase (fy2024: 6.5 tonnes) •        zero lost-time injuries during the year   financial •        revenue: £23.8m, up 33% (fy2024: £18.0m) •        gross profit: £3.0m, up 72% (fy2024: £1.7m) •        operating loss reduced 52% to £3.9m (fy2024: £8.1m) •        ebitda improved to £0.5m (fy2024: £4.8m loss) •        average realised tin price: us$31 081/t, up 21% (fy2024: us$25 593/t) •        financing secured: §  n$175m (£7.5m) multi-facility package from bank windhoek §  us$2.5m shareholder funding for new jig plant at uis   strategic •        sqm earn-in agreement: up to us$40m staged investment into lithium ridge •        utmc restructuring : consolidated licence ownership and strengthened empowerment credentials •        exploration success: §  brandberg west: high-grade tin, tungsten, and copper intersections §  uis: lithium oxide resource increased to >610 000 tonnes •        post-period milestones: §  jig plant construction completed on time and within budget; commissioning commenced august 2025 §  £4.5m equity subscription at a premium by talent10, a respected african mining investor §  high-grade tin ore supply agreement signed with goantagab (up to 240 000 tonnes per annum at ~1.5% sn)   glen parsons, chairman of andrada, said: "fy2025 was a year of delivery and strategic progress. we advanced andrada's growth trajectory through the transformational partnership with sqm, the consolidation of our licence base, and continued operational improvements at uis. we also strengthened our governance framework and sustainability credentials, achieving a zero lost-time injury rate and improving our icmm alignment score to 54%. with supportive financing, high-quality partnerships, and a clear growth strategy, andrada is well positioned to create long-term value for all stakeholders."   anthony viljoen, ceo of andrada, said: "we are proud to have delivered record revenues, higher tin recoveries, and a sevenfold increase in tantalum output, while advancing lithium ridge with sqm and expanding our resource base. post year-end, the commissioning of the jig plant, the investment by talent10, and the goantagab ore supply agreement provide immediate growth levers at a time of buoyant tin prices. we enter fy2026 with momentum, a clear plan, and the right partnerships to transform andrada into a leading african supplier of critical minerals for the energy transition."   outlook •        ramp-up of jig plant production to double contained tin output •        continued exploration and development at lithium ridge with sqm •        resource expansion drilling at brandberg west and uis •        focused cost discipline and balance sheet strengthening   with a diversified portfolio of tin, tantalum, and lithium, andrada remains strongly positioned to capitalise on the global demand for critical raw materials.   annual report the annual report including the annual financial statements for the 2025 financial year ended 28 february 2025 is now available on the company's website at the following link: https://andradamining.com/media/reports/ physical copies of the annual report will also be posted today to shareholders who elected to receive them.   annual general meeting a notice of annual general meeting ("agm") will be distributed to shareholders today and is now available on the company's website: https://andradamining.com/media/reports/ the agm will be held at 11.00am on 30 september 2025, at po box 142, suite 2, block c, hirzel court, st peter port, guernsey gy1 3ht.   directorate change andrada announces that mr terence goodlace has informed the board of his decision to step down as a non-executive director of the company with effect from the end of the agm on 30 september 2025, to focus on personal commitments. terence has been a member of the andrada board since may 2018 and has brought more than four decades of international mining leadership to his role. throughout his tenure, terence's deep esg knowledge and commitment to embedding safe, sustainable mining practices have strongly influenced the company's approach to responsible growth. the board has benefited greatly from his insight, which has supported andrada through key milestones and helped position the company as a leading african producer of critical minerals.   the board will not be appointing a replacement at this time and remains committed to providing strong oversight and strategic guidance as the company continues to grow. on behalf of the company and its stakeholders, the board expresses its sincere appreciation to terence for his outstanding contribution and wishes him continued success in his future endeavours.   contact andrada mining +27 (11) 268 6555 anthony viljoen, ceo  sakhile ndlovu, investor relations  nominated advisor & broker +44 (0) 203 829 5000 zeus capital  katy mitchell  harry ansell  andrew de andrade  corporate broker & advisor +44 (0) 20 7907 8500 h&p advisory limited  andrew chubb  jay ashfield  matt hasson  berenberg +44 (0) 20 3753 3040 jennifer lee  financial public relations +44 (0) 207 920 3150 tavistock (united kingdom) andrada@tavistock.co.uk emily moss  josephine clerkin    about andrada mining limited    andrada mining limited, formerly afritin mining limited, is a london-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. the company's flagship asset is the uis mine in namibia, formerly the world's largest hard-rock open cast tin mine and currently being re-developed as a major tin-tantalum-lithium producer. an exploration drilling programme is currently underway with the aim of expanding the tin resource over the fourteen additional, historically mined pegmatites that occur within a 5km radius of the current processing plant.   the company has set a mineral resource target of 200 mt to be delineated within the next 5 years. the existing mine, together with its substantial mineral resource potential, allows the company to consider economies of scale. andrada is managed by a board of directors with broad industry knowledge and a management team with extensive commercial and technical skills. furthermore, the company is committed to the sustainable development of its operations and the growth of its business. this is demonstrated by the way the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. andrada has established an environmental, social and governance system that has been implemented at all levels of the company and aligns with international standards.   chairman's statement   dear shareholders,   on behalf of the board, i am pleased to report on andrada's results for the financial year ended 28 february 2025 it was a year marked by meaningful strategic progress, operational delivery, and development momentum across our portfolio. during the year, we advanced our growth strategy by securing a landmark partnership with sqm, under which they are sole-funding a staged earn-in, tied to agreed milestones, that could ultimately lead to a 50/50 joint venture on the lithium ridge project. our exploration drill results are extremely encouraging from brandberg west and uis, reinforcing our belief in the potential of our polymetallic portfolio. while the company continues to expand its multi-metal production profile and strategic partnerships, the board has maintained rigorous oversight of risk, corporate governance and financial stewardship positioning the company for the future.   governance   the operating environment for andrada continues to be turbulent resulting in our continued enhancement of our risk management processes, focusing on accurately identifying the factors that require our monitoring and oversight. our priority is to respond decisively to the risks that could have a negative impact on the business. during the year, we continued to strengthen our governance practices under the quoted companies alliance (qca) corporate governance code by conducting an independent evaluation of the board. details on our application of the qca code are in the corporate governance section and risk management is covered in the annual report.   risk and operational oversight   mining projects inherently face risks spanning operational, financial, environmental, and geopolitical domains. the board has strengthened andrada's enterprise-wide risk management framework to proactively identify, assess, and mitigate these risks. the board focused on the following key matters during the period under review.   commodity price volatility: commodity market volatility remains one of the most significant risks to our operations, given its immediate effect on business viability. tin prices rebounded strongly, rising 21% year-on-year by mid-2024, which supported double-digit revenue growth. tantalum prices also strengthened on firm demand and constrained supply. lithium has faced download price pressure from oversupply, though long-term demand remains robust.   against this backdrop, we prioritised operational optimisation and rationalisation to improve efficiencies and position for profitability in the near-term, whilst advancing projects such as lithium ridge to capture long-term value. to further manage price fluctuations, the group has a tin price derivative contract in place, allowing it to lock in prices for future sales and to achieve greater price stability. disciplined cost management and revenue stream diversification have also enabled the company to minimise volatility. collectively, tin, tantalum and lithium place andrada at the nexus of the energy transition, technology adoption, and supply chain resilience, underlining the strategic nature of our resource base that supports against risk.   operational performance: improvement at uis has been through debottlenecking of the existing processing plant through the implementation of the continuous improvement programme. we have already seen the benefits of this programme and stand to gain as they are fully realised in fy 2026. importantly, in parallel to operational improvements, there was a renewed focus on workforce safety and training to ensure effective implementation of operational initiatives to enhance performance at uis. this has been demonstrably successful, resulting in a lost-time injury frequency rate of zero for the year, a good achievement and testament to the dedication of the entire company.   project execution and capital allocation: the strategic restructuring of utmc which consolidated ownership of our licences enabled andrada to progress simplified asset-level partnerships such as the sqm agreement while enhancing its empowerment credentials. the staged investment at lithium ridge in partnership with sqm, will accelerate development of the project whilst minimising exploration and development risk. additionally, the partnership positions us to benefit from the anticipated lithium market reset in line with long-term demand fundamentals.   regulation and permitting: our ongoing engagement with namibian authorities, resulted in the successful clearance of the namibia competition commission approvals for the sqm partnership. the approval demonstrated inherent legislative support for mining and its extensive benefits that accrue to the broader namibian economy. mining as a proportion of gdp increased from 9% to approximately 13% between 2021 to 2024.   environmental and social licence: sustainability is central to our long-term success. in fy 2025, we strengthened our alignment with the international council on mining and metals (icmm) performance principles*, improving our self-assessment score from 41% to 54%. this progress reflects updated operational policies in water stewardship, tailings management, and community engagement, aligned with international best practice. we finalised a community development agreement and advanced emissions reduction and water management initiatives at uis. the board continues to monitor progress on carbon footprint reduction, water stewardship, and workforce localisation to maintain over 95% namibian employees.   lender support and strategic financing: we successfully transitioned our primary lending relationship to bank windhoek on more favourable terms, enhancing liquidity and providing greater flexibility to deliver on our strategic priorities. the facility enabled us to retire higher-cost debt, bolster working capital, and advance expansion projects. in parallel, long-term shareholders provided supplementary funding through convertible loan notes, supporting the development of a secondary tin processing facility at uis. these financing developments reflect favourably on support for the company, its long-term strategy and reinforces optionality as we continue to grow.   acknowledgements   on behalf of the board, i extend my sincere thanks to our employees, management team, and contractors whose hard work and persistence drive our progress every day. to our investors, we are deeply grateful for your trust, support, and patience as we work tirelessly to deliver on our promises to all stakeholders. we also thank namibia's legislators and our host communities for giving us the privilege to co-create a future that not only strengthens the country's standing as a premier investment destination, but also as a beacon of sustainability.   finally, to my fellow board members, i am thankful for your steady counsel and unwavering commitment to robust governance oversight. i would particularly like to thank and acknowledge terence goodlace, who has served on the board since 2018 and whose guidance has been invaluable to myself, anthony and the board to help shape the company. terence has elected to step down from the board after the conclusion of the agm. the remaining board members are dedicated to guiding the company's growth and ensuring delivery on its strategic objectives.   looking forward   as andrada scales its operations, the board remains committed to maintaining high standards of governance, robust risk management, and stakeholder transparency. the strong alignment between our operational strategy and governance framework ensures that we are well-positioned to deliver long-term value while upholding our social and environmental responsibilities.   in the year ahead, our key priorities include accelerating the growth in tin output at the uis mine, advancing exploration at lithium ridge with our partner sqm, uplifting the potential and expanding the mineral resource at brandberg west. these practical, measurable steps will help unlock further value across our portfolio and position andrada to capture opportunities in the evolving global markets.   glen parsons chairman   28 august 2025   *       https://www.icmm.com/en-gb/our-principles   chief executive officer's statement   the 2025 financial year was a year of delivery and momentum for andrada we strengthened our operations, improved efficiency at our flagship uis operation, and advanced our diversification strategy into tantalum and lithium, all while securing the partnerships and funding to support long-term growth we achieved meaningful de-risking across our growth pipeline, and continued progress on cost management and revenue generation despite volatile commodity markets. we sharpened focus on tin cash flows while advancing multi-metal optionality across the erongo portfolio. we are firmly on track to expand our offering as a multi-critical mineral producer.   operational delivery   we processed approximately one million tonnes of ore, a 5.4% increase on the prior year, and increased contained tin production by 4.1% to 921 tonnes. the improvements were not only about volume but also about efficiency. recoveries increased to 72% from 69% in the previous year, and throughput reached an average of 141 tonnes per hour in the fourth quarter, up from 134tph at the start of the financial year. these are tangible signs that our ci2 programme has been successful.   we are particularly pleased by the 33% increase in revenue to approximately £24 million supported by the increase in tin output and rise in the realised tin price. the annual c2 and aisc (costs) per tonne including tantalum credits remained within guidance at us$24 472 and us$29 429 respectively. the annual c1 (costs) at us$20 735 per tonne were marginally above guidance mainly due to plant downtime related to the requisite maintenance on the plant during the year. with higher recoveries, increased throughput, and additional processing capacity coming online, unit costs are expected to trend lower as the benefits of the improvement initiatives and processing expansion are fully realised.   alongside tin, our tantalum offering is continuing to grow and beginning to make a meaningful contribution. annual production increased more than sevenfold to over 50 tonnes, supported by the successful optimisation of the magnetic separation circuit and our first sales into international markets, a milestone that redefines andrada as a multi-critical mineral producer. our integrated approach of expanding tin output while advancing the polymetallic potential of our ore body should enhance cash flow and improve profit margins.   we are making steady progress in advancing our lithium strategy through our ongoing petalite programme. bulk samples were produced and dispatched to potential customers, and discussions continue with off-takers. petalite provides a potentially lower-capital, high value entry into the lithium market, and our longer-term ambitions remain firmly aligned with the battery supply chain through the development of spodumene at lithium ridge. the partnership with sqm, which received unconditional regulatory approval, has already moved into its first exploration phase, an exciting milestone in building a globally competitive lithium project.   strategic milestones   utmc restructuring we successfully restructured utmc to consolidate the ownership of the uis and lithium ridge* licences. this value-accretive transaction has enabled us to target and expedite the development of these licences as evidenced by our partnership with sqm to develop lithium ridge. as part of the restructure, we transferred full ownership of spodumene hill to our local namibian partners. this enables our partners to expedite the development of the asset and the realisation of economic growth. concurrent to this and, in order to maintain beneficial namibian ownership, andrada issued share capital to the partners at the listed company level. the direct equity ownership at the listed level ensures that our partners can realise immediate value and participate in the long-term growth of our entire portfolio of assets. ultimately, the transaction reflects the robust and collaborative relationship we have built with our namibian partners over the years.   *       refer to note 27 in the annual financial statements on the earn-in agreement on lithium ridge with sqm, accounting treatment and control assessment   lithium ridge sqm earn-in agreement in september 2024, we signed a three-stage earn-in agreement to develop lithium ridge, with sqm potentially earning up to 50% of the project through staged funding. the unconditional approval from the namibia competition commission was received in february 2025, paving the way for an up to us$40m investment into the development of lithium ridge. this joint venture with a tier-1 partner such as sqm not only significantly de-risks the development of lithium ridge but endorses the worldclass potential of the asset.   significant exploration progress our exploration teams continued to deliver value during the year, with notable successes across our portfolio. the maiden drilling programme at brandberg west, announced on 12 september 2024 and 16 october 2024, confirmed high-grade mineral intersections with reported grades up to 10.55% tin, 3.53% tungsten and 1.95% copper, highlighting the potential to expand into a broader suite of critical metals. these results validate the historical pit as well as northern extensions in the mining licence whilst reinforcing the regional, potential for tin, tungsten and copper.   at uis, an updated resource estimate increased contained lithium oxide to more than 610,000 tonnes, the measured resource tonnage rose by 30% to 27.3 million tonnes and the indicated resource increased to approximately 17.5 million tonnes. additionally, drilling of uis proximal pegmatites announced on 10 april 2025 confirmed widespread mineralisation and notable high-grade intersections such as 1.13% tin, 1.76% lithium oxide and 281 ppm tantalum. these results reinforce uis's potential to regain its historic role as one of the world's major tin producers, with lithium and tantalum as high-value co-products.   expanded processing capacity at uis capitalising on the strengthening tin price, we have doubled down on our tin strategy to realise increased benefits in the near-term. we successfully secured funding and advanced construction of a new modular processing (jig) plant at uis. this jig plant adds new tin processing capacity by treating ore from the proximal pegmatites, existing stockpiles at uis and high-grade regional ore. the modular design allows for scalable expansion while operating independently, ensuring uninterrupted production at the primary processing plant. strategically located adjacent to the existing uis processing facility, the jig plant will benefit from shared infrastructure, operational synergies and logistical efficiencies resulting in reduced costs.   health, safety & esg   i am delighted to share that we have made significant advances in health and safety, directly resulting from our renewed focus and upgrade initiatives. we achieved a lost-time injury frequency rate of zero for the year, compared with 2.26 previously, despite higher exposure hours. this improvement reflects the success of our safety programmes, including the elimination of fatalities initiative and fatigue management systems, and above all the commitment of our people.   safety remains our foremost priority and remains underpinned, by expanded training programmes, rigorous incident reporting, and proactive hazard management across plant and exploration activities. we have enhanced dust monitoring and mitigation at uis, strengthened ppe compliance, and introduced new wellness checks for fatigue and hearing protection. we look forward to building on these successes as we continue to grow our portfolio.   i am proud to share that we have continued on our promise to be a meaningful contributor to the namibian economy. our workforce is mainly namibian, a result of our prioritisation of local employment. we have active apprenticeship programmes in processing and maintenance, reflecting our commitment to developing a skilled labour force locally that will benefit the community beyond andrada's operations. we continued to improve and build on our methods of engagement by expanding our community forum to elevate discussions and feedback on water management, employment opportunities and land use. we believe in an equitable partnership with namibia, for which direct, open and honest communication is a crucial component. these mechanisms also support our sustainability ambitions and reinforce the parameters in place to ensure we can continue to grow.   post-period achievements   lithium ridge exploration commences exploration started in may 2025 under the partnership with sqm following the establishment of the joint development company (jdc) as well as completion of the work plan and budget. the activities in the initial phase of development include reverse circulation drilling and high-resolution mapping.   new strategic investor secured - talent10 in june 2025, south african investment company talent10 invested £4.5 million in the company through a direct subscription. this investment at a premium to the share price by a respected mining investor, brought new capital to complete key projects and introduced a strategic partner with deep regional experience to our register.   high-grade tin feedstock in june 2025, we also signed an ore supply and profit-sharing agreement for high-grade ore from goantagab, located in namibia's kunene region. goantagab will supply up to 240 000 tonnes of ore per year, averaging 1.5% tin. this will materially increase our tin output at a time of strengthening prices and allow us to capitalise on favourable market dynamics.   uis jig plant commissioning in august 2025, we completed the construction of the jig plant on time, on budget and commenced commissioning. the jig plant will allow us to scale tin output quickly and cost-effectively while maximising the value of prevailing strong tin prices. the incremental debottlenecking and additional processing capacity will enhance throughput robustness at uis and improve unit costs.   outlook   we enter the new year with momentum and a clear plan. we will complete commissioning of the jig plant and start production while maintaining disciplined cost management and reliability across the primary processing plant. we will advance exploration at lithium ridge under the sqm earn-in agreement and implement additional drilling at brandberg west, with the clear objective of growing our resources. the operational actions will be anchored on capital discipline; effective cost management measures and we will continue to leverage strategic partnerships to achieve growth. we will continue embedding a safety-first culture through enhanced training and robust reporting systems.   finally, i would like to thank our teams in namibia and elsewhere for their commitment to safety, operational excellence and responsible growth; our communities and stakeholders for their partnership; and our shareholders for their continued support.   anthony viljoen chief executive officer   28 august 2025     chief financial officer's review   profit or loss statement   revenue for the year increased by 32% to £23.8m (fy 2024: £18.0m) primarily driven by a 21% increase in the average realised tin price per tonne to us$31 081 (fy 2024: us$25 593), higher contained tin production and the initial contribution from tantalum sales of £0.5m. the cost of sales increased by 28% due to the 22% increase in the production cost and over 100% increase in the orion royalty charge. consequently, the aisc per tonne of contained tin was 11% higher at us$29 429 (fy 2024: us$26 809).   the increase in production costs was driven by higher maintenance expenses from unplanned plant outages. the increase in the royalty charge from £0.1m to £1.2m was due to the nominal increase in tin production which attracted a higher rate than in the prior financial year. furthermore, the fy 2024 royalty charge covered only two months of production whereas the fy 2025 charge accounted for a full 12 months. the royalty rate is expected to decrease as tin production volumes increase at the uis mine. the completion of the ci2 programme in fy 2026 is expected to improve plant reliability and reduce unscheduled downtime.   the gross profit was £3.0m (fy 2024: £1.7m) and the operating loss narrowed by 52% to £3.9m (fy 2024: £8.1m). the latter improved due to a higher other income of approximately £1.0m (fy 2024: £0.1m) constituting gains from foreign exchange translation and the tin price derivative instrument. furthermore, the £1.7 m gain from the one-off sqm participation fee, contributed to the reduction in the operating loss. administrative expenses also decreased by 18% to £5.1m (fy 2024: £6.2m), primarily due to lower staff costs and professional fees. the reduction in headcount at the johannesburg office was a restructuring measure to align with business requirements and the operating environment. this optimisation removed functional overlaps, improved efficiency, and is expected to support stronger capital project delivery going forward. further information on the restructuring is in the renumeration report in the annual report.   the group's earnings before interest, tax, depreciation and amortisation ("ebitda") * improved to £0.5m (fy 2024: loss of £4.8m) reflecting higher revenue and other income. the net earnings remained under pressure due to an increase in finance expenses to £6.3m (fy 2024: £1.7m), largely driven by the fair value adjustment of the orion royalty and interest costs on the convertible loan notes and bank debt. to address this, the group is actively assessing options to restructure its funding arrangements with the objective of lowering future finance costs. the loss before tax for the year narrowed to £8.5m (fy 2024: loss of £8.9m) however net loss increased to £9.8m (fy 2024: £8.9m) due to recognition of a tax liability as detailed in note 10 of the afs, resulting in the basic loss per share of 0.63p (fy 2024: loss of 0.54p).   *       ebitda refers to earnings before interest, taxation, depreciation and amortisation. calculated by adding back the depreciation and amortisation charges of approximately £4.4m to the operating loss of approximately £3.9m disclosed in the cash flow statement and p&l respectively. fy 2024 loss before interest, taxation, depreciation and amortisation of £4.8m based on operating loss of approximately £8.1m and addition of £3.4m depreciation and amortisation charges   financial position statement overview   total assets increased by 5% to £69.6m (fy 2024: £66.2m), reflecting a 28% rise in non-current assets to £54.6m (fy 2024: £42.7m), partially offset by a 36% decline in current assets to £15.0m (fy 2024: £23.5m). the increase in noncurrent assets was mainly due to the capital investments in the jig plant, pre-concentration circuit components and equipment upgrades at the existing uis plant as part of the ci2 programme. the reduction in current assets was due to the 81% decrease in the cash balance to £2.7m (fy 2024: £14.5m). the group expects improved cash flow from higher tin production at uis, and lower unit costs enabled by operational efficiencies under the ci2 initiatives.   total liabilities increased by 34% to £45.9m (fy 2024: £34.1m) largely due to an increase in borrowings to £21.7m (fy 2024: £14.0m). other financial liabilities increased to £13.9m (fy 2024: £11.4m) mainly due to the fair valuation of the orion royalty. borrowings increased to £21.7m (fy 2024: £13.9m) mainly due to the new debt secured from bank windhoek limited ("bwl"), the development bank of namibia ("dbn") and convertible loan notes. bwl became the group's primary banking partner by offering more favourable terms, including a six-year term loan of £4.3m (n$100m) with no capital repayments during the first 12 months.   in addition to the term loan, bwl extended a working capital facility and a short-term facility secured against expected vat refunds, both designed to provide greater flexibility in managing operating cash flows. bwl will also provide andrada mining (namibia) a n$10m (c. £429 000) guarantee to the namibia power corporation in relation to a deposit against the right to a supply of electrical power. this guarantee will incur a low fee payable at six-month intervals.   in february 2025, the company secured us$2.5m (c.£2.0m) funding from the orange trust, a long-term shareholder, for the acquisition of the jig plant as part of the tin production expansion strategy. further details on assets and liabilities are in the annual financial statements.   cash flow statement overview   the company continued to invest in plant and equipment required to improve production capacity and to enhance efficiency, with total capital expenditure amounting to £15.1m (fy 2024: £15.1m). this sustained level of capital expenditure, led to a significant reduction in the cash balance by 81% to £2.7m (fy 2024: £14.5m) by the end of the period.   post-period   fundraising in june 2025, the group raised £4.5m gross proceeds through an equity subscription by talent10 priced at an 8% premium to the 15-day volume-weighted average share price at 3p. an equity placing was launched alongside the subscription, at the same premium, which secured £0.5m from existing shareholders. the proceeds are targeted at reducing high-interest debt and to support general working capital requirements.   tin price derivative the company entered a 12-month fixed-for-floating tin price swap contract with bank windhoek, from june 2025 to may 2026. the contract is at a fixed price of us$34 400 per tonne for a total of 240 tonnes of contained tin over the 12 months, with monthly settlements. by the end of fy 2025, the previous contract with standard bank had generated a gain of £354 125, which has been recognised in other income.   outlook   the company's focus in fy 2026 is on delivering its expansion projects, maintaining tight control over expenditure, and improving supply chain efficiency, which are all aimed at strengthening cash flow. initiatives post-period have focused on improving output and increasing cash generation in the near-term in a cost-effective manner, to take advantage of the strong tin price. in addition, the company is determinedly assessing and ready to implement debt reduction measures to strengthen the balance sheet. combined, these efforts will support the group's transition from a lossmaking position towards sustainable profitability.   hiten ooka chief financial officer   28 august 2025     independent auditors report to the members of andrada mining   opinion on the financial statements   in our opinion: •        the financial statements give a true and fair view of the state of the group's affairs as at 28 february 2025 and of its loss for the year then ended; •        the financial statements have been properly prepared in accordance with uk adopted international accounting standards; and •        the financial statements have been prepared in accordance with the requirements of the companies (guernsey) law 2008.   we have audited the consolidated financial statements of andrada mining limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 february 2025 which comprise the consolidated statement of comprehensive income, the consolidated statements of financial position, the consolidated statement of changes in equity, the consolidated statement of cash flows and notes to the consolidated financial statements, including material accounting policy information. the financial reporting framework that has been applied in the preparation of the consolidated financial statements is applicable law and uk adopted international accounting standards.   basis for opinion   we conducted our audit in accordance with international standards on auditing (uk) (isas (uk)) and applicable law. our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.   independence we remain independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the uk, including the frc's ethical standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.   material uncertainty related to going concern   we draw attention to the going concern section in note 2 to the financial statements, which indicates that the group is reliant on additional funding which is not guaranteed. as stated in note 2, these events or conditions, along with other matters as set forth in the going concern section in note 2 to the financial statements, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. the financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. our opinion is not modified in respect of this matter.   given the material uncertainty noted above and our risk assessment we considered going concern to be a key audit matter. our evaluation of the directors' assessment of the group's ability to continue to adopt the going concern basis of accounting and in response to the key audit matter included the following: •        we discussed with the directors their assessment of the potential risks and uncertainties, forecast commodity prices and production, and the availability of financing relevant to the group's business model and operations to assess the going concern assumption. we formed our own assessment of risks and uncertainties based on our understanding of the business and mining sector and considered these in performing sensitivities. •        we assessed the latest board-approved budgets and cash flow forecasts for the group through february 2027. we challenged the directors' assumptions regarding production profiles, forecast tin and tantalum prices, operating costs and committed capital. in doing so, we considered factors such as the group's operational performance, recent cost profile, and market analyst commentary on forecast commodity prices. •        we recalculated the forecast covenant compliance calculations to assess their arithmetical accuracy and evaluated the consistency of such calculations with the ratios stated in the relevant lender agreements. •        we discussed the group's strategy to access the funds required including consideration of mitigating factors with the directors to assess the timing of cashflows. we obtained and read the draft agreements from potential investors in connection with the planned project financing. we checked the post year end funding received by the group by tracing it to the bank statements. •        we considered and assessed the adequacy of the disclosures related to the directors' assessment of the going concern basis of preparation within the notes to the financial statements, against the requirements of the financial reporting framework, our understanding of the business and the directors' going concern assessment.   in auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report   overview   key audit matters  2025 2024   carrying value of mining assets yes yes   going concern yes yes   valuation and accounting for convertible loan notes and revenue royalty arrangement no yes   kam 3 (valuation and accounting for the convertible loan notes and revenue royalty arrangement) is no longer considered a key audit matter because the subsequent measurement of orion arrangement is less complex than it was at the inception date in the prior year. materiality group financial statements as a whole £620 000 (fy 2023: £470 000) based on 1% of total assets (fy 2023: 1% of total assets)   an overview of the scope of our audit   our group audit was scoped by obtaining an understanding of the group and its environment, the applicable financial reporting framework and the group's system of internal control. on the basis of this, we identified and assessed the risks of material misstatement of the group financial statements including with respect to the consolidation process. we then applied professional judgement to focus our audit procedures on the areas that posed the greatest risks to the group financial statements. we continually assessed risks throughout our audit, revising the risks where necessary, with the aim of reducing the group risk of material misstatement to an acceptable level, in order to provide a basis for our opinion.   components in scope from our risk assessment and planning procedures, we determined which of the group's components were likely to include risks of material misstatement relevant to the group's financial statements. we then determined the type of procedures to be performed at these components, and the extent to which component auditors were required to be involved. the total number of components within the scope of our work was as follows:     number of components scope 1 - audit and procedures on the entire financial information of the component 2 3 scope 2 - audit procedures on one or more classes of transactions, account balances or disclosures 3 2   as part of performing our group audit, we have determined the components in scope as follows:   scope 1: comprise the group's principal operating subsidiaries in namibia (uis tin mining company pty ltd and andrada mining namibia pty ltd).   scope 2: comprise the parent company in guernsey (andrada mining limited) and group's subsidiaries (andrada mining pty ltd south africa, grace timon investments pty ltd).   in determining components, we have considered how components are organised within the group, the commonality of control environments, legal and regulatory frameworks, and the level of aggregation associated with individual entities. whilst there is relative commonality of controls across the group, differences in jurisdictional risk, and the legal and regulatory frameworks under which the entities operate, prevent further amalgamation of components.   for components in scope, we used a combination of risk assessment procedures and further audit procedures to obtain sufficient appropriate evidence. these further audit procedures included: •        procedures on the entire financial information of the component, including performing substantive procedures; and •        procedures on one or more classes of transactions, account balances or disclosures   procedures performed at the component level we performed procedures to respond to group risks of material misstatement at the component level that included the following:   scope 1 - the audit procedures on these components were performed by a combination of a component auditor and the group engagement team   scope 2 - the audit procedures on these components were performed by component auditors   locations the group's operations are primarily in namibia. the component audit team visited and conducted procedures at the group's operations in namibia.   in addition, the group engagement team worked remotely, holding calls and video conferences with andrada mining limited, and with digital information obtained from andrada mining limited.   changes from the prior year there have been no significant changes in the group audit scope from the prior year.   working with other auditors as group auditor, we determined the components at which audit work was performed, together with the resources needed to perform this work. these resources included component auditors, who formed part of the group engagement team as reported above. as group auditor we are solely responsible for expressing an opinion on the financial statements.   in working with these component auditors, we held discussions with component audit teams on the significant areas of the group audit relevant to the components based on our assessment of the group risks of material misstatement. we issued our group audit instructions to component auditors on the nature and extent of their participation and role in the group audit, and on the group risks of material misstatement.   we directed, supervised and reviewed the component auditors' work. this included holding meetings and calls during various phases of the audit, reviewing component auditor documentation remotely and evaluating the appropriateness of the audit procedures performed and the results thereof.   key audit matters key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team. these matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.   in addition to the matter set out in the material uncertainty related to going concern section of our report, we have determined the matter described below to be the key audit matter to be communicated in our report.   key audit matter how the scope of our audit addressed the key audit matter carrying value of mining assets (refer to "note 2(iv) - impairment assessment for property, plant and equipment" within critical accounting estimates and judgements and "note 13 - mining asset" within property, plant and equipment for further details).   as disclosed in note 2(iv) - critical accounting estimates and judgements, management reviewed the uis mine for indicators of impairment. among other factors, they considered the operations to date at uis mine, including production from tin and tantalum, forecast commodity prices, production profile, inflation rate, post-tax real discount rate and market capitalisation of the group.   as set out in note 2(iv), management identified the reduction in the tin price as an indicator of impairment. in undertaking the impairment review, management also reviewed the underlying life of mine ("lom") valuation model for uis. the lom valuation model is on a fair value less cost to develop basis and includes assessments of different scenarios associated with capital improvements and expansion opportunities. the impairment testing performed by management did not result in an impairment.   the assessment of the recoverable value of the uis mining assets requires significant judgement and estimates to be made by management - in particular regarding the inputs applied in the model, including future tin and tantalum prices, ore production and reserves, operating and development costs and discount rates. the estimation of future tin price is subject to uncertainty given the volatility of market. the carrying value of the uis mining assets is therefore considered a key audit matter given the level of judgement and estimation involved. we reviewed and challenged management's impairment indicator assessment and testing performed on the underlying lom valuation model for the uis mining assets, which was carried out in accordance with the relevant accounting standards. our audit procedures in this regard included: •        reviewing the competent person's report to support the mineral reserve estimates and performed an assessment of the independence and competence of management's expert. •        critically reviewing lom forecast by making enquiries of operational management, evaluating it against our understanding of the operations and historic performance, and evaluating the consistency of available reserves with the competent person's report. •        obtaining management's lom valuation model to check whether sufficient headroom existed over the asset carrying value as part of our assessment of potential impairment indicators. •        checking the mathematical accuracy of management's lom valuation model. •        challenging the significant inputs and assumptions used in the management's lom valuation model and assessing whether these were indicative of potential bias. this included comparing forecast commodity prices to a range of third-party independent market outlook reports and historical actual data, comparing inflation rate to external data, comparing forecast production to third-party feasibility and resource studies, and comparing forecast costs against expected production profiles in the mine plans and recent historical performance. •        recalculating the discount rate and engaging bdo experts to assist us in assessing management's discount rate by recalculating it in reference to external data. •        reviewing management's sensitivity analysis and performing our own sensitivity analysis over individual key inputs, including tin prices, discount rate and plant recovery.   key observation: based on the procedures performed, we found that the key judgements and estimates applied by management in their lom valuation model were within an acceptable range, and we concluded that their determination that there was no impairment as of 28 february 2025 was reasonable.   our application of materiality   we apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. we consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users that are taken on the basis of the financial statements.   in order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level, performance materiality, to determine the extent of testing needed. importantly, misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.   based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as follows:   group financial statements  2025 2024 materiality £674 000 £620 000 basis for determining materiality 1% of total assets rationale for the benchmark applied we consider total assets to be the most significant determinant of the group's financial performance used by members given the nature of group.   the group has invested significant sums on its production and non-production mining assets and these are considered to be the key value driver for the group as its assets are an indicator of future value to shareholders. performance materiality £505 000 £465 000 basis for determining performance materiality 75% of the above materiality level rationale for the percentage applied for performance materiality we considered several factors, including the expected total value of known and likely misstatements, and management's attitude towards proposed adjustments and our knowledge of the group's internal controls.   component materiality for the purposes of our group audit opinion, we set performance materiality for each component of the group, based on a percentage of between 40% and 90% (2024: 18% and 71%) of group performance materiality dependent on a number of factors including size of component and our assessment of the risk of material misstatement of those components. component performance materiality ranged from £200,000 to £454,500 (2024: £110,000 to £465,000).   reporting threshold we agreed with the audit committee that we would report to them all individual audit differences in excess of £33,000 (2024: £31,000). we also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.   other information   the directors are responsible for the other information. the other information comprises the information included in the document entitled 'annual report 2025', other than the financial statements and our auditor's report thereon. our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.   our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. if we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. if, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.   we have nothing to report in this regard.   other companies (guernsey) law, 2008 reporting   we have nothing to report in respect of the following matters where the companies (guernsey) law, 2008 requires us to report to you if, in our opinion: •        proper accounting records have not been kept by the parent company; or •        the financial statements are not in agreement with the accounting records; or •        we have failed to obtain all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.   responsibilities of directors   as explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.   in preparing the financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.   auditor's responsibilities for the audit of the financial statements   our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with isas (uk) will always detect a material misstatement when it exists. misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.   extent to which the audit was capable of detecting irregularities, including fraud irregularities, including fraud, are instances of non- compliance with laws and regulations. we design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:   non-compliance with laws and regulations based on: •        our understanding of the group and the industry in which it operates; •        obtaining and understanding of the group's policies and procedures regarding compliance with laws and regulations; and •        discussion with management, the audit committee and the component auditors.   we considered the significant laws and regulations to be the uk adopted international accounting standards, the companies (guernsey) law, 2008, the listing rules of aim, namibian stock exchange (nsx) and otcqb venture market, the various mining regulations in namibia, the terms and conditions included in the group's exploration, the evaluation licenses and the mining licences.   the group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. we identified such laws and regulations to be environmental and health and safety legislation, anti-bribery legislation, electronic communications and transactions act, 2002, environment conservation act, 1989, compensation for occupation injuries and disease act, 1993, labour relations act, 1995, skills development act, 1998, environment protection act, 2002, companies act 28 of 2004 (namibia), occupational health and safety act 85 of 1993, labour act 11 of 2007 (namibia), employment legislation (local south african employment legislation), minerals act 33 of 1992 (amended in 2008).   our procedures in respect of the above included: •        review of rns announcements and minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations; •        review of management's correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations; •        holding discussions with management and the audit committee to consider any known or suspected instances of non-compliance with laws and regulations, or fraud; •        review of financial statement disclosures and agreeing to supporting documentation; and •        review of legal expenditure accounts to understand the nature of expenditure incurred.   fraud we assessed the susceptibility of the financial statements to material misstatement, including fraud. our risk assessment procedures included: •        enquiry with management and those charged with governance regarding any known or suspected instances of fraud; •        obtaining an understanding of the group's policies and procedures relating to; §  detecting and responding to the risks of fraud; and §  internal controls established to mitigate risks related to fraud. •        review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; •        discussion amongst the engagement team as to how and where fraud might occur in the financial statements; •        performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and •        considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.   based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition and management override of controls.   our procedures in respect of the above included: •        addressing the fraud risk in relation to revenue recognition tracing revenue transactions to supporting documentation, including testing that revenue was recorded in the correct period by testing revenue transactions in the period proceeding and preceding year end; •        engaging bdo specialist to assist with the fraud risk assessment, including assisting the audit team to determine the risk criteria for journals testing and sufficiency of the audit procedures to address the risk of fraud; •        performing a detailed review of the group's year end adjusting entries and investigated any that appear unusual as to nature or amount and agreeing to supporting documentation; •        for a sample of journals entries throughout the year that met the defined risk criteria, we obtained supporting documentation and evidence for the business rationale of these transactions and the sources of financial resources supporting the transactions; •        identifying areas at risk of management bias and reviewed significant estimates and judgements applied by management in the financial statements to assess their appropriateness; and •        agreeing the financial statement disclosures to underlying supporting documentation, review of correspondence with regulators, review of correspondence with legal advisers, enquiries of management, and review of component auditors' working papers in so far as they related to the financial statements.   we also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including component auditors who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non- compliance with laws and regulations throughout the audit. for component auditors, we also reviewed the result of their work performed in this regard.   our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. there are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.   a further description of our responsibilities is available on the financial reporting council's website at: www.frc.org.uk/auditorsresponsibilities. this description forms part of our auditor's report.   use of our report   this report is made solely to the parent company's members, as a body, in accordance with section 262 of the companies (guernsey) law, 2008. our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditor's report and for no other purpose. to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.   jack draycott (senior statutory auditor) for and on behalf of bdo llp, statutory auditor london, uk   28 august 2025   bdo llp is a limited liability partnership registered in england and wales (with registered number oc305127).     financial statements   consolidated statement of comprehensive income   for the year ended 28 february 2025   notes year ended 28 february 2025 £ year ended 29 february 2024 £ revenue 4  23 805 463 17 967 889 cost of sales 5 (20 847 349) (16 247 748) gross profit    2 958 114 1 720 141 administrative expenses 6 (9 492 562) (9 959 549) other income 8  991 026 97 415 gain on loss of control 27 1 629 200   operating loss   (3 914 222) (8 141 993) finance income 9  1 719 376 955 940 finance expenses 9 (6 271 921) (1 684 506) loss before tax   (8 466 767) (8 870 559) tax expense 10 (1 322 356) - loss for the year   (9 789 123) (8 870 559)   other comprehensive loss items that will or may be reclassified to profit or loss:   exchange differences on translation of share-based payment reserve   180 (410) exchange differences on translation of foreign operations  1 393 588 (3 074 742) exchange differences on non-controlling interest   (24 909) 24 785 other comprehensive loss for the year   1 368 859 (3 050 367)         total comprehensive loss for the year   (8 420 264) (11 920 926)         loss for the year attributable to:       owners of the parent   (9 771 306) (8 438 465) non-controlling interests   (17 817) (432 094)     (9 789 123) (8 870 559)        total comprehensive loss for the year attributable to:       owners of the parent   (8 377 538) (11 513 617) non-controlling interests   (42 726) (407 309)    (8 420 264) (11 920 926) loss per ordinary share    basic loss per share (in pence)     11 (0.63)  (0.54)   the notes form an integral part of these financial statements.     consolidated statement of financial position   as at 28 february 2025   notes 28 february 2025 £ 29 february 2024 £ assets       non-current assets       intangible assets 12  11 396 487 10 519 937 property, plant and equipment 13  41 648 446 32 170 329 investment in associate 27 1 527 352 - total non-current assets    54 572 285 42 690 266 current assets       inventories 14 4 211 113 2 948 618 trade and other receivables 15 7 986 117 6 050 465 cash and cash equivalents 16 2 701 260 14 505 800 derivative financial asset 26 101 313 - total current assets   14 999 803 23 504 883         total assets   69 572 088 66 195 149 equity and liabilities       equity       share capital 23 62 057 736 59 247 558 accumulated deficit   (39 752 673) (26 623 617) warrant reserve   482 199 482 199 share-based payment reserve   1 546 239 1 831 764 convertible loan note reserve   4 579 427 4 579 427 foreign currency translation reserve   (5 202 832) (6 907 976) equity attributable to the owners of the parent   23 710 096 32 609 355 non-controlling interests   - (554 739) total equity   23 710 096 32 054 616 non-current liabilities       environmental rehabilitation provision 20 1 604 389 1 152 121 borrowings 17 15 527 065 9 888 216 other financial liabilities 18 12 135 680 10 386 425 lease liability 21 283 835 478 523 deferred tax liability 10 1 135 702 - total non-current liabilities   30 686 671 21 905 285 current liabilities       trade and other payables 19 6 801 695 6 972 743 borrowings 17 6 129 746 4 061 447 other financial liabilities 18 1 793 765 966 519 lease liability 21 264 518 234 539 income tax liability 10 185 597 - total current liabilities   15 175 321 12 235 248         total equity and liabilities    69 572 088 66 195 149   the notes form an integral part of these financial statements.   the financial statements were authorised and approved for issue by the board of directors on 28 august 2025.   glen parsons                                                                                                                                          hiten ooka board chairman and non-executive director                                                                 chief financial officer and executive director     consolidated statement of changes in equity   for the year ended 28 february 2025   share capital £ convertible loan reserve £ accumulated deficit  £ warrant reserve £ share-based payment reserve £ foreign currency translation reserve £ total £ non-controlling interests £ total equity £ total equity at 28 february 2023 56 883 908 - (18 334 115) 50 307 1 049 663 (3 833 234) 35 816 529 (147 430) 35 669 099 loss for the year - - (8 438 465) - - - (8 438 465) (432 094) (8 870 559) other comprehensive income/loss - - - - (410) (3 074 742) (3 075 152) 24 785 (3 050 367) transactions with owners:                   issue of shares 2 097 000 - - - (60 500) - 2 036 500 - 2 036 500 share issue costs (99 300) - - -   - (99 300) - (99 300) share-based payments - - - - 18 000 - 18 000 - 18 000 issue of convertible loan notes - 4 835 481 - - - - 4 835 481 - 4 835 481 convertible loan note issue costs - (256 054) - - - - (256 054) - (256 054) issue of warrants - - - 431 892 - - 431 892 - 431 892 share options raised in the year - - - - 973 974 - 973 974 - 973 974 share options exercised in the year 365 950 - 148 963 - (148 963) - 365 950 - 365 950 total equity at 29 february 2024 59 247 558 4 579 427 (26 623 617) 482 199 1 831 764 (6 907 976)  32 609 355 (554 739)  32 054 616 loss for the period - - (9 771 306) - - - (9 771 306) (17 817) (9 789 123) other comprehensive income/loss - - - -  180  1 393 588  1 393 768 (24 909)  1 368 859 transactions with owners:                   issue of shares  2 786 178 - - - - -  2 786 178 -  2 786 178 share-based payments - - - - - - - - - share option charge in the year - - - -  340 752 -  340 752 -  340 752 share options exercised in the year  24 000 -  11 823 - (11 823) -  24 000 -  24 000 share options lapsed during the year - - 610 131 - (614 634) - (4 503) - (4 503) acquisition of non-controlling interests - - (3 667 918) - - - (3 667 918)  600 925 (3 066 993) reclassification of foreign currency differences on disposal of subsidiaries - - (311 786) - -  311 556 (230) (3 460) (3 690) total equity at 28 february 2025  62 057 736  4 579 427 (39 752 673)  482 199  1 546 239 (5 202 832)  23 710 096 -  23 710 096   the notes form an integral part of these financial statements.   consolidated statement of cashflows   as at 28 february 2025   notes year ended 28 february 2025 £ year ended 29 february 2024 £ cash flows from operating activities       loss before taxation   (8 466 767) (8 870 559) adjustments for:       fair value adjustment to customer contract 4 (16 475) (58 941) depreciation of property, plant and equipment 13  4 401 859 3 363 011 amortisation of intangible assets 12  33 322 16 370 share-based payments    255 276 710 523 fair value of open derivative financial asset   (101 313) - loss on scrapping of assets   623 204  - gain on loss of control 27 (1 629 200) - finance income   (1 719 376) (955 939) finance expenses    6 271 921 1 684 506 changes in working capital:       (increase) in receivables 15 (3 016 834) (1 322 157) (increase) in inventory 14 (1 134 265) (530 596) increase in payables 19  499 400 2 226 900 net cash used in operating activities   (3 999 248) (3 736 882) cash flows from investing activities       purchase of intangible assets   (3 407 818) (3 348 698) purchase of property, plant and equipment   (11 509 537) (11 782 638) interest received    423 275 211 974 consideration received on loss of control 27 1 629 200   net cash used in investing activities   (12 864 880) (14 919 362) cash flows from financing activities       interest paid 9 (1 312 789) (890 945) lease payments 21 (256 339) (375 660) share-based payments   24 000   warrant reserve   - 143 296 net proceeds from issue of shares   - 2 303 150 proceeds from issue of july convertible loan notes (equity)   - 4 868 023 proceeds from issue of july convertible loan notes (debt) 17 - 2 446 977 proceeds from issue of november convertible loan notes (debt) 17 - 5 359 794 proceeds from issue of november convertible loan notes (derivative liability) 18 - 2 155 674 proceeds from november royalty debt 18 - 9 522 780 proceeds from bank borrowings 17  6 170 428 2 127 221 repayment of bank borrowings 17 (373 721) (2 438 797) repayment of other financial liabilities 18 (453) - net cash generated from financing activities   4 251 126 25 221 513 net (decrease)/increase in cash and cash equivalents   (12 613 002) 6 565 269 cash and cash equivalents at the beginning of the year    14 505 800 8 205 705 foreign exchange differences   (76 855) (265 174) cash and cash equivalents (net of bank overdraft) at the end of the year 16 1 815 943 14 505 800   the notes form an integral part of these financial statements.   notes to the consolidated financial statements for the year ended 28 february 2025   1. corporate information and principal activities   andrada mining limited ("andrada") was incorporated and domiciled in guernsey on 1 september 2017 and admitted to the aim market in london on 9 november 2017. the company's registered office is po box 142, suit 2, block 2, hirzel court, st peter port, guernsey gy1 3ht, and it operates from illovo edge office park, ground floor, building 3, 5 harries road, illovo, johannesburg, 2116, south africa.   these financial statements are for the year ended 28 february 2025 and the comparative figures are for the year ended 29 february 2024.   the andrada group comprises andrada mining limited, and its subsidiaries as noted below.   andrada mining limited ("aml") is an investment holding company and holds 100% of guernsey subsidiary, greenhills resources limited ("grl"), 100% of south african subsidiary, andrada mining (pty) ltd ("andrada south africa"), 100% of 2 namibian subsidiaries, uis toll mining company (pty) ltd and tantalum investment (pty) ltd and 100% of two mauritian subsidiaries, andrada mining (mauritius) ltd ("amm") and andrada investments (mauritius) ltd ("aim").   grl is an investment holding company that holds investments in resource-based tin, tantalum, lithium, tungsten and copper exploration companies in namibia and rwanda. grl holds 100% of namibian subsidiary, andrada mining (namibia) (pty) ltd ("andrada namibia") and 100% of rwandan subsidiary, uis tin mining rwanda ltd,  ("utmr"). the previously held south african subsidiaries, mokopane tin company (pty) ltd and pamish investments 71 (pty) ltd, and their subsidiaries renetype (pty) ltd, zaaiplaats (pty) ltd and jaxson (pty) ltd, were disposed of during the year.   andrada namibia owns an 100% equity interest in uis tin mining company (pty) ltd ("utmc"). during the year, the 15% minority shareholding was purchased from the small miners of uis.   aim holds 100% of namibian subsidiary, grace timon investments (pty) ltd ("gti").   as at 28 february 2025, the andrada group comprised:   company equity holding and voting rights country of incorporation nature of activities             andrada mining ltd n/a guernsey ultimate holding company   greenhills resources ltd1 100% guernsey holding company   andrada mining (pty) ltd1 100% south africa group support services   tantalum investment (pty) ltd1 100% namibia tin & tantalum exploration   uis toll mining company (pty) ltd1 100% south africa holding company   andrada mining (mauritius) ltd1 100% mauritius holding company   andrada investments (mauritius)1 100% mauritius holding company   andrada mining (namibia) (pty) ltd2 100% namibia tin, tantalum & lithium operations   uis tin mining rwanda ltd2 100% rwanda tin & tantalum exploration   uis tin mining company (pty) ltd3 100% namibia tin, tantalum & lithium operations   grace timon investments (pty) ltd4 100% namibia tin & tantalum exploration   1      held directly by andrada mining ltd 2      held by greenhills resources ltd 3      held by andrada mining (namibia) (pty) ltd 4      held by andrada investments (mauritius) ltd   these financial statements are presented in pound sterling (£) because that is the currency in which the group has raised funding on the aim market in the united kingdom. furthermore, pound sterling (£) is the functional currency of the ultimate holding company, andrada mining limited.   the group's key subsidiaries, andrada namibia and utmc, use the namibian dollar (n$) as their functional currency. the year-end spot rate used to translate all namibian dollar balances was £1 = n$23.32 and the average rate for the financial year was £1 = n$23.29.   2. material accounting policies   basis of accounting the consolidated financial statements have been prepared in accordance with uk adopted international accounting standards. the consolidated financial statements also comply with the aim rules for companies, nsx listing requirements and the companies (guernsey) law, 2008 and show a true and fair view.   the material accounting policies applied in preparing these consolidated financial statements are set out below. these policies have been consistently applied throughout the period. the consolidated financial statements have been prepared under the historical cost convention except as where stated.   going concern the group closely monitors and manages its liquidity risk and day-to-day working capital requirements. cash forecasts are regularly prepared, considering the global logistical challenges around sales, to ensure there is sufficient cash within the group to meet its obligations. the group runs sensitivities for different scenarios, including but not limited to changes in commodity prices and exchange rates. the group also routinely monitors the covenants associated with the borrowing facilities and proactively engages with bank windhoek and the development bank of namibia, the lenders, whenever there is any risk. all covenants were met as at 28 february 2025 and based on the year-to date production profile and latest forecast; the group is expected to meet its covenant obligations for the testing period through february 2027. for the purpose of assessing going concern, the directors have prepared forecasts through february 2027.   the main estimates considered as part of management's going concern assessment include production profiles, tin, lithium and tantalum prices, exchange rates and committed capital. the production profile is based on the group's current achieved production following the completion of the expansion project, as well as additional production expected from the successful completion of the continuous improvement capital project. in addition, the group successfully raised £2m through the funding of orange trust, with the possibility of future funding through a strategic partner. this further supports the view that the group has the ability to raise the necessary finance to enable the group to meet its obligations in the normal course of business until february 2027. the group also retains the ability to flex its ongoing exploration and metallurgical capital expenditures.   based on the forecasts, additional funding will be required within the next 12 months.  as the group is also currently expanding its tin operations, which are close to near-term production, the cash flow forecast assumes the successful completion of the jig plant to deliver the business strategy. further funding will be required for additional exploration and capital projects as well as studies related to the feasibility of the future growth phases. these forecasts are sensitive to fluctuations in the quoted tin price.   the group believes it has several options available to it, including but not limited to, use of the overdraft facility, restructuring of the debt, additional debt or equity, cost reduction strategies as well as potential offtake arrangements.   as a result of their review, the directors have confidence in the group's forecasts and have a reasonable expectation that the group will continue in operational existence for the going concern assessment period and have therefore used the going concern basis in preparing these consolidated financial statements.   the group is reliant on additional funding, which is not guaranteed. this indicates that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern and therefore, that the group may be unable to realise its assets or settle its liabilities in the normal course of business.   the financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.   basis of consolidation   subsidiaries subsidiaries are all entities (including structured entities) over which the group has control. the group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. subsidiaries are fully consolidated from the date on which control is transferred to the group. they are deconsolidated from the date that control ceases. inter-company transactions, balances and unrealised gains/losses on transactions between group companies are eliminated. when necessary, amounts reported by subsidiaries have been adjusted to conform with the group's accounting policies.   non-controlling interests non-controlling interests in subsidiaries are identified separately from the group's equity therein. those interests of non-controlling shareholders that present ownership interests entitling their holders to a proportionate share of the net assets upon liquidation are initially measured at fair value. subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. during the year, the group purchased the 15% minority interest in utmc from the small miners of uis (refer to note 22) and disposed of its south african entities for c. £20 000 which had minority shareholders. subsequent to these transactions, the group does not have any non-controlling interests.   a change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. any excess or deficit of consideration paid over the carrying amount of the non-controlling interests is recognized in equity of the parent in transactions where the non-controlling interests are acquired or sold without loss of control. the group has elected to recognize this effect in retained earnings.   investment in associate an associate is an entity over which the group has significant influence but not control or joint control. the group accounts for its investments in associate using the equity method of accounting.   under the equity method, the investment is initially recognized at fair value, and the carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the investee after the date of acquisition. the group's share of post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment.   the investment in an associate is derecognized when the group ceases to have significant influence. upon disposal, the difference between the carrying amount of the investment and the proceeds from disposal is recognized in profit or loss.   segment reporting   operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the management steering committee that makes strategic decisions.   the group currently has a single operating segment consisting of the namibian operations in andrada namibia and utmc. during the financial year, the namibian operations earned £23 805 463 revenue from the sale of tin concentrate to the group's customer, thailand smelting and refining company ("thaisarco"). the namibian operating segment has a non-current asset balance of £47 263 623 (consisting of property, plant and equipment of £37 046 184 and intangible assets of £10 217 439). the group will continue to monitor their operating segments and provide the necessary disclosure going forward.   foreign currencies   functional and presentation currency the individual financial statements of each group company are prepared in the currency of the primary economic environment in which that company operates (its functional currency). for the purpose of the consolidated financial statements, the results and financial position of each group company are expressed in pound sterling, which is the functional currency of the group, and the presentation currency for the consolidated financial statements.   transactions and balances foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation date where items are re-measured. foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.   revenue recognition   ifrs 15 "revenue from contracts with customers" establishes a comprehensive framework for determining whether, how much, and when revenue is recognised. the core principle is that an entity recognises revenue to depict the transfer of promised goods and services to the customer of an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. the group generates revenue from its primary activity, the sale of tin concentrate, and it generated immaterial revenue from the sale of tantalum and lithium.   the group produces and sells tin concentrate from its uis tin mine in namibia. once concentrate has been produced at the uis plant, it is sampled, bagged and loaded into containers for transportation to the port in walvis bay for shipment.   the group currently has an offtake agreement with its customer, thailand smelting and refining company ("thaisarco"), which was signed on 1 august 2019. this contract was renewed on 1 december 2023 for a further 3 years. as per the contract, thaisarco pays the group on the basis of actual tin content in the concentrate per thaisarco's analysis, at the london metal exchange price less treatment charges, unit deductions and impurity charges.   the group can elect for the sale of each shipment to occur under the following terms:   option 1: standard provisional payment thaisarco shall pay 90% provisional payment on the basis of actual tin content as per their own analysis. payment is to be made within 10 working days after the arrival of concentrate at thaisarco's works. title shall pass to thaisarco when the concentrate arrives at the songkhla port in thailand.   option 2: provisional payment option against warehouse holding certificate thaisarco shall pay 80% provisional payment on the basis of provisional tin content per utmc's analysis. the provisional payment shall be done against presentation of a provisional invoice and an original warehouse holding certificate. thaisarco shall pay an additional 10% provisional payment upon presentation of the sea waybill. title shall pass to thaisarco when utmc receives the 80% provisional payment.   option 3: provisional payment option against sea waybill thaisarco shall pay 90% provisional payment on the basis of provisional tin content per utmc's analysis. the provisional payment shall be done against presentation of a provisional invoice and a sea waybill. title shall pass to thaisarco when utmc receives the 90% provisional payment.   during the financial year, the group concluded sales under option 2.   revenue is recognised at a point in time when title and control of the goods has transferred to the customer, which is when the concentrate arrives at songkhla port in thailand under option 1 or when provisional payment is received by utmc under option 2 and option 3. there is limited judgement needed to identify the point at which control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession of the products. at this point, the group will have a present right to payment and retains none of the significant risks and rewards of the goods in question.   pricing for the provisional payment is determined by the published tin price on the date that title and control passes. pricing for the final payment shall be declared within 20 market days after arrival at thaisarco's works. the lower of the four lme cash official bid and offer prices and the lme 3-months official bid and offer prices on the agreed date is used in these calculations.   variable consideration relating to final assay results is constrained in estimating revenue unless it is highly probable that there will not be a future reversal in the amount of revenue recognised when the final assay has been determined.   taxation   the tax expense represents the sum of the tax currently payable and deferred tax.   the tax charge is based on taxable profit for the period. the group's liability for current tax is calculated by using tax rates that have been enacted or substantively enacted by the reporting date.   deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the "balance sheet liability" method.   deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. deferred tax is calculated at the tax rates that are expected to apply to the year when the asset is realised, or the liability is settled based upon rates enacted and substantively enacted at the reporting date. deferred tax is charged or credited to profit or loss, except when it relates to items credited or charged to other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.   exploration and evaluation assets   all costs associated with mineral exploration and evaluation are capitalised as intangible exploration and evaluation assets and subsequently measured at cost. these include the costs of: acquiring prospecting licences; mineral production licences and annual licence fees; rights to explore; topographical, geological, geochemical and geophysical studies; and exploratory drilling, trenching, sampling and other activities to evaluate the technical feasibility and commercial viability of extracting a mineral resource.   if an exploration project is successful, the related expenditures will be transferred at cost to property, plant and equipment and depreciated over the estimated life of the commercial ore reserves on a unit of production basis (with this charge being taken through profit or loss). where capitalised costs relate to both development projects and exploration projects, the group reclassifies a portion of the costs which are considered attributable to near-term production based on a percentage of the ore resource expected to be mined in the relevant phase. where a project does not lead to the discovery of commercially viable quantities of mineral resources and is relinquished, abandoned, or is considered to be of no further commercial value to the group, the related costs are recognised in the income statement.   the recoverability of deferred exploration costs is dependent upon the discovery of economically viable ore reserves, the ability of the group to obtain necessary financing to complete the development of ore reserves and future profitable production or proceeds from the extraction or disposal thereof.   in 2023, the group completed the construction of its on-site pilot plant that enables the mine to expedite bulk pilot test work and increase pilot production of lithium concentrate. both the pilot plant and day to day running costs have been accounted for in accordance with ifrs 6.   impairment of exploration and evaluation assets   intangible exploration and evaluation assets are reviewed regularly for indicators of impairment following the guidance in ifrs 6 "exploration for and evaluation of mineral resources" and tested for impairment where such indicators exist.   in accordance with ifrs 6, the group considers the following facts and circumstances in their assessment of whether the group's exploration assets may be impaired: •       whether the period for which the group has the right to explore in a specific area has expired during the period or will expire in the near future, and is not expected to be renewed; or •       whether substantive expenditure on further exploration for and evaluation of mineral resources in a specific area is neither budgeted for nor planned for; or •       whether exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable deposits and the group has decided to discontinue such activities in the specific area; or •       whether sufficient data exists to indicate that although a development in a specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale.   if any such facts or circumstances are noted, the group, as a next step, performs an impairment test in accordance with the provisions of ias 36 "impairment of assets". in such circumstances, the aggregate carrying value of the mining exploration and evaluation assets is compared to the expected recoverable amount of the cash-generating unit. the recoverable amount is the higher of value in use and the fair value less costs to sell.   share capital and reserves   i)         warrant reserve the warrants issued by the group are recorded at fair value on initial recognition net of transaction costs. the fair value of warrants granted is recognised as an expense or as share issue costs based on their nature, with a corresponding increase in equity. the fair value of the warrants granted is measured using the black scholes valuation model, taking into account the terms and conditions under which the options were granted. the amount recognised as an expense is adjusted to reflect the actual number of warrants that vest.   ii)        share-based payment reserve where equity-settled share options are awarded to directors or employees, the fair value of the options at the date of grant is charged to the statement of comprehensive income over the vesting period. non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. as long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. the cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.   where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is charged to the statement of comprehensive income over the remaining vesting period.   where equity instruments are granted to persons other than employees, the statement of comprehensive income is charged with the fair value of goods and services received.   iii)      stip and ltip equity schemes the group operates a short-term incentive plan ("stip") scheme which runs a financial year basis, with employees receiving either cash or shares subsequent to year end based on their performance during the year. an option pricing model is used to measure the group's liability at each reporting date, taking into account the terms and conditions on which the bonus is awarded and the extent to which employees have rendered their service. movement in the liability (other than cash payments) are recognised in the consolidated statement of comprehensive income.   the ltip scheme is a share based scheme that applies to permanent employees at global 13 and above. the intention of the scheme is to get management to behave like owners through owning shares, driving company performance. the group is still in the process of implementing the scheme.   property, plant and equipment   property, plant and equipment is stated at historical cost less accumulated depreciation.   depreciation is provided at rates calculated to write off the cost less the estimated residual value of each asset over its expected useful economic life. the applicable rates are: •       the mining assets are depreciated using the units of production method from the point that commercial production was achieved. this reflects the production activity in the period as a proportion of the total mining reserve. where the units of production method is used, the assets are depreciated based on a rate determined by the tonnes of ore processed divided by the estimate of the mineral reserve. •       short-lived assets which are used in the mining and processing plant are depreciated over a period of between one and ten years. •       right-of-use assets are depreciated over the period of the lease contract. •       computer equipment is depreciated over three years. •       furniture is depreciated over five years. •       vehicles are depreciated over four years. •       mobile equipment is depreciated over ten years. •       buildings are depreciated over twenty years.   land and mining assets under construction are not depreciated.   the estimated useful lives, residual values and depreciation methods are reviewed at each year end and adjusted if necessary.   gains or losses on disposal are included in profit or loss.   an asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.   mining asset - stripping   in open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore body ("stripping costs").   during the development of a mine, stripping costs are capitalised and included in the carrying amount of the related mining property. during the production phase of a mine, stripping costs will be recognised as an asset only if the following conditions are met: •       it is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity; •       the entity can identify the component of the ore body (mining phases) for which access has been improved; and •       the costs relating to the stripping activity associated with that component can be measured reliably.   stripping costs incurred and capitalised during the development and production phase are depreciated through profit or loss using the unit-of-production method over the reserves and, in some cases, a portion of resources of the area that directly benefit from the specific stripping activity. costs incurred for regular waste removal that do not give rise to future economic benefits are considered as costs of sales.   right-of-use asset   at inception of a contract, the group assesses whether a contract is, or contains, a lease. a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset, for a period of time, in exchange for consideration. to assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: •       the contract involves the use of an identified asset. the asset may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. if the supplier has a substantive substitution right, then the asset is not identified; •       the group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and •       the group has the right to direct the use of the asset. the group has the right when it has the decision-making rights that are most relevant to changing how and for what purposes the asset is used. in rare cases where the decision about how and for what purposes the assets is used is predetermined, the group has the right to direct the use of the asset if either: §  the group has the right to operate the asset; or §  the group designed the asset in a way that predetermines how and for what purposes it will be used.   at inception or on reassessment of a contract that contains a lease component, the group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price.   the right-of-use asset is initially measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate.   the right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. in addition, the right-of-use asset is annually assessed for impairment and will be adjusted for certain re-measurements of the lease liability.   impairment of property, plant and equipment   at each statement of financial position date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. if any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.   where there has been a change in economic conditions that indicate a possible impairment in a cash-generating unit, the recoverability of the net book value relating to that unit is assessed by comparison with the estimated discounted future cash flows based on management's expectations of future commodity prices and future costs.   in accordance with ias 36 impairment of assets, the recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value less costs of disposal. management has determined the recoverable amount using the fair value less costs to develop approach, as permitted under ias 36, because the asset is held for development and sale, and estimating value in use would require cash flow forecasts subject to greater uncertainty. this approach reflects market participant assumptions regarding the price obtainable from the asset in its current stage of development, less the estimated costs necessary to complete development and bring the asset to a condition for sale or use. management considers this method to provide a more reliable and relevant measure of recoverable amount in the circumstances. in assessing the recoverable amount, the expected future post-tax cash flows from the asset are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. the life of mine ("lom") plan is the approved management plan at the reporting date for ore extraction and its associated capital expenditure. the capital expenditure included in the impairment model does not include capital expenditure to enhance the asset performance outside of the existing lom plan. the ore tonnes included in the lom plan are those as per the reserve statement, which management considers economically viable.   if the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. an impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease to the extent that it reverses gains previously recognised in other comprehensive income.   where conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also reversed as a credit to the income statement, net of any depreciation that would have been charged since the impairment.   inventories   inventory consists of tin concentrate on hand, the run of mine stockpile, and consumable items.   the tin concentrate is carried at the lower of cost or net realisable value. the cost of the concentrate includes direct materials, direct labour, depreciation, and overhead costs relating to processing and engineering activities. net realisable value is the estimated selling price net of any estimated selling costs in the ordinary course of business.   the run of mine stockpile is carried at the lower of cost or net realisable value. the cost of the stockpile includes direct materials, direct labour, depreciation and overhead costs relating to mining activities. net realisable value is the estimated selling price net of necessary processing costs and any estimated selling costs in the ordinary course of business, including both government and orion royalties.   consumables are valued at the lower of cost (determined on the weighted average basis) and net realisable value. cost comprises all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. replacement cost is used as the best available measure of net realisable value.   financial instruments   financial instruments are recognised in the group's statement of financial position when the group becomes a party to the contractual provisions of the instrument.   financial assets   the group has the following financial assets: •       trade and other receivables •       cash and cash equivalents •       derivative financial asset   the classification depends on the group's business model for managing the financial assets and the contractual terms of the cash flows.   financial assets are classified as at amortised cost only if the asset is held to collect the contractual cash flows and the contractual terms of the asset give rise to cash flows that are solely payments of principal and interest. at subsequent reporting dates, financial assets at amortised cost are measured at amortised cost less any impairment losses.   for assets measured at fair value, gains and losses will be recorded in profit or loss.   the derivative financial asset is measured at fair value as the group is hedging against the risk of changes in the fair value of its forecasted sales due to fluctuations in the tin price.   impairment of financial assets   the group assesses on a forward-looking basis the expected credit loss, defined as the difference between the contractual cash flows and the cash flows that are expected to be received, associated with its assets carried at amortised cost. the impairment methodology applied depends on whether there has been a significant increase in credit risk.   for trade receivables only, the simplified approach permitted by ifrs 9 "financial instruments" is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. losses are recognised in the income statement. when a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the income statement.   to measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.   the expected loss rates are based on the payment profiles of sales over a period of 24 months before 28 february 2025 and the corresponding historical credit losses experienced within this period. the historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of our customer to settle the receivables balance.   financial liabilities   financial liabilities include trade and other payables, borrowings and other financial liabilities classified into one of the following categories: •       fair value through profit or loss ("fvtpl"): the liabilities are carried in the statement of financial position at fair value with changes in fair value recognised in the income statement. the group currently has no financial liabilities carried at fair value through profit or loss. •       financial liabilities carried at amortised cost.   borrowings and other financial liabilities are classified as either financial liabilities or as equity in accordance with the substance of the contractual agreement.   financial liabilities at fvtpl financial liabilities are classified as at fvtpl when the financial liability is: (i) a contingent consideration that may be paid by an acquirer as part of a business combination; (ii) held for trading; or (iii) designated as at fvtpl. financial liabilities at fvtpl are stated at fair value, with any gains and losses arising on remeasurement recognised in profit or loss. the net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the fair value adjustment line item in the statement of comprehensive income.   financial liabilities at amortised cost after initial recognition at fair value, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate ("eir") method. gains and losses are recognised in the statement of comprehensive income when the liabilities are derecognised as well as through the eir amortisation process. amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the eir. the eir amortisation is included in finance costs.   borrowings interest-bearing debt is initially recorded at fair value less transaction costs, and is subsequently measured at amortised cost, calculated using the effective interest rate method.   borrowing costs are expensed as incurred except where they relate to the financing of construction or development of qualifying assets in which case they are capitalised up to the date when the qualifying asset is ready for its intended use.   compound debt upon issuance, the fair value of the compound financial instrument is established. the liability component is assessed at the fair value of a comparable liability that lacks an equity conversion feature. the equity component is calculated as the remaining amount after subtracting the fair value of the liability component from the total fair value of the instrument. any transaction costs are distributed between the liability and equity components based on their respective fair values. the liability component is subsequently evaluated at amortised cost using the effective interest method. the equity component remains unchanged after initial recognition.   hybrid debt the proceeds received on the issue of the group's convertible debt are allocated to their debt and derivative liability components. the amount initially attributable to debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that does not include as option to convert. subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the debt. the remainder of the proceeds is allocated to the conversion option and recognised as a derivative liability.   derecognition   a financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when: •       the rights to receive cash flows from the asset have expired; or •       the group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party, and either: §  the group has transferred substantially all the risks and rewards of the asset; or §  the group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.   a financial liability (in whole or in part) is derecognised when the group has extinguished its contractual obligations, it expires, or it is cancelled.   any gain or loss on derecognition is taken to the profit or loss.   rehabilitation provision   the net present value of estimated future rehabilitation costs is provided for in the financial statements and capitalised within property, plant and equipment on initial recognition. rehabilitation will generally occur on or after closure of a mine.   initial recognition is at the time that the construction or disturbance occurs, and thereafter as and when additional construction or disturbances take place. the estimates are reviewed annually to take into account the effects of inflation and changes in the estimated cost of the rehabilitation works and are discounted using rates that reflect the time value of money. annual increases in the provision due to the unwinding of the discount are recognised in the statement of comprehensive income as a finance cost. the present value of additional disturbances and changes in the estimate of the rehabilitation liability are recorded to mining assets against an increase/decrease in the rehabilitation provision.   the rehabilitation asset is amortised over the life of the mine once commercial production commences using the straight-line method. rehabilitation projects undertaken, included in the estimates, are charged to the provision as incurred. environmental liabilities, other than rehabilitation costs, which relate to liabilities arising from specific events, are expensed when they are known, probable and may be reasonably estimated.   critical accounting estimates and judgements   in the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. actual results may differ from these estimates. information about significant areas of estimation uncertainty considered by management in preparing the financial statements is provided below.   estimates and judgements are continually evaluated. revisions to accounting estimates are recognised in the year in which the estimates are revised if the revision affects only that year, or in the year of revision and in future years if the revision affects both current and future years.   i)         going concern and liquidity significant estimates were required in forecasting cash flows used in the assessment of going concern including tin and tantalum prices, the levels of production, operating costs, and capital expenditure requirements. for further details, refer to going concern considerations laid out earlier in note 2.   ii)        decommissioning and rehabilitation obligations estimating the future costs of environmental and rehabilitation obligations is complex and requires management to make estimates and judgements, as most of the obligations will be fulfilled in the future and contracts and laws are often not clear regarding what is required. the resulting provisions (see note 19) are further influenced by changing technologies, and by political, environmental, safety, business, and statutory considerations.   the group's rehabilitation provision is based on the net present value of management's best estimates of future rehabilitation costs. judgement is required in establishing the disturbance and associated rehabilitation costs at period end, timing of costs, discount rates, and inflation. in forming estimates of the cost of rehabilitation which are risk adjusted, the group assessed the environmental management plan and reports provided by internal and external experts. actual costs incurred in future periods could differ materially from the estimates, and changes to environmental laws and regulations, life of mine estimates, inflation rates, and discount rates could affect the carrying amount of the provision.   the carrying amount of the rehabilitation obligations for the group at 28 february 2025 was £1 604 389 (fy 2024: £1 152 121). in determining the amount attributable to the rehabilitation liability, management used a discount rate of 11.02% (fy 2024: 12.3%), an inflation rate of 4.0% (fy 2024: 4.8%) and an estimated mining period of 11.65 years (fy 2024: 12.56 years), being the phase 1 expansion life of mine.   a 1% increase or decrease in the inflation rate used would result in a £189 149 difference in the liability. a 2% increase or decrease in the discount rate used would result in a £398 489 difference in the liability.   iii)      impairment indicator assessment for exploration and evaluation assets determining whether an exploration and evaluation asset is impaired requires an assessment of whether there are any indicators of impairment, including specific impairment indicators prescribed in ifrs 6 "exploration for and evaluation of mineral resources". if there is any indication of potential impairment, an impairment test is required based on value in use of the asset. the valuation of intangible exploration assets is dependent upon the discovery of economically recoverable deposits which, in turn, is dependent on future tin prices, future capital expenditures, environmental and regulatory restrictions, and the successful renewal of licences.   the directors have concluded that there are no indications of impairment in respect of the carrying value of namibian intangible assets at 28 february 2025 based on planned future development of the namibian projects, and current and forecast tin prices. exploration and evaluation assets are disclosed fully in note 11.   iv)       impairment assessment for property, plant and equipment management have reviewed the uis mine for indicators of impairment and have considered, among other factors, the operations to date at the uis tin mine, forecast commodity prices, production profile, inflation rate, post- tax discount rate and market capitalisation of the group. in undertaking the impairment review, management have also reviewed the underlying lom valuation model for uis. the lom valuation model  represents a value in use model and includes assessments of different scenarios associated with capital improvements and expansion opportunities. the impairment testing performed by management did not result in an impairment.   the forecasts require estimates regarding forecast tin, tantalum and lithium prices, ore resources, production, operating and capital costs. under the base case forecast scenario, management used a forecast tin price of $32 000 per tonne, tantalum price of $175 000 per tonne, lithium price of $1 120 per tonne, discount rate of 11.5% post tax real rate (23.2% pre-tax real rate). the forecast indicates sufficient headroom as at 28 february 2025.   ias 36 outlines both external and internal indicators that may suggest an asset is impaired. as part of this review, management has considered these indicators in relation to the uis mining asset. based on ias 36, no immediate indicators of impairment have been identified. however, management acknowledges that the recoverability of the mining asset is sensitive to the following key assumptions: •       volatility in tin prices, which directly impacts revenue projections. the estimation of future tin price is subject to uncertainty considering the volatility of the market. management has therefore compared the forecast tin price with the economic consensus estimates. •       ramp-up of tin production anticipated from fy2028 onwards, following the completion of the ore sorters expansion project. management's forecasts are dependent on tin production increasing by 45% to 2 600 tonnes of tin concentrate within the next 3 years, therefore, the group's upcoming focus will be to deliver on its expansion projects   management has considered these indicators and tested the recoverability of the net book value of the mining asset against the estimated discounted future cash flows based on expectations of future commodity prices and future costs.   as an additional test, management has performed the following sensitivity analyses: •       lowering the forecast tin prices by 10%, •       raising the discount rate to 13% post tax real rate, •       lowering plant recovery by 10% and •       increasing operating costs by 10%.   in each of these circumstances, the forecast indicated sufficient headroom as at 28 february 2025. if the tin price decreased by more than 15%, this would result in an impairment of the asset, of £1.1m, however based on the average historical prices, management believe this would be unlikely.   v)        depreciation judgement is applied in making assumptions about the depreciation charge for mining assets when using the unit- of-production method in estimating the ore tonnes held in reserves. the relevant reserves are those included in the current approved lom plan which relates to the phase 1 expansion. judgement is also applied when assessing the estimated useful life of individual assets and residual values. the assumptions are reviewed at least annually by management and the judgement is based on consideration of the lom plan, as well as the nature of the assets. the reserve assumptions included in the lom plan are evaluated by management.   vi)       capitalisation and depreciation of waste stripping the group has elected to capitalise the costs of waste stripping activities as these are necessary to allow improved access to the ore and, therefore, will result in future economic benefits. the costs of drilling, blasting and load and haul of waste material is capitalised until such time that the underlying ore is used in production. these costs are then expensed on a proportional basis. the capitalised costs are included in the mining asset in property, plant and equipment and are expensed back into the statement of comprehensive income as depreciation. capitalisation of waste stripping requires the group to make judgements and estimates in determining the amounts to be capitalised. these judgements and estimates include, amongst others, the expected life of mine stripping ratio for each separate open pit, the determination of what defines separate pits, and the expected volumes to be extracted from each component of a pit for which the stripping asset is depreciated.   vii)     determination of ore reserves the estimation of ore reserves primarily impacts the depreciation charge of evaluated mining assets, which are depreciated based on the quantity of ore reserves. reserve volumes are also used in calculating whether an impairment charge should be recorded where an impairment indicator exists.   the group estimates its ore reserves and mineral resources based on information, compiled by appropriately qualified persons, relating to geological and technical data on the size, depth, shape, and grade of the ore body and related to suitable production techniques and recovery rates.   the estimate of recoverable reserves is based on factors such as tin prices, future capital requirements and production costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body.   there are numerous uncertainties inherent in estimating ore reserves and mineral resources. consequently, assumptions that are valid at the time of estimation may change significantly if or when new information becomes available.   viii)    valuation of inventories judgement is applied in making assumptions about the value of inventories and inventory stockpiles, including tin prices, plant recoveries and processing costs, to determine the extent to which the group values inventory and inventory stockpiles. the group uses forecast tin prices to determine the net realisable value of the rom stockpile and the tin concentrate inventory on hand at year end. inventory stockpiles are measured using actual mining and processing costs.   ix)       determining the fair value of royalty debt the group entered into a royalty agreement during the prior financial year. the measurement of the royalty obligation factored in numerous key inputs and the use of a technical expert. these inputs include the forecast of the tin production and price over a period of 30 years, the risk-free rate and the credit spread. the tin price forecast was based on estimates provided by the group as of 28 february 2025. the risk-free rate was based on the united states constant maturity treasury rates commensurate with the terms as of the valuation date, as reported on the federal reserve website. the group used a credit spread of 10.58% computed by backsolving the convertible notes to par and further adjusted down 3.5% to account for the lower risk factor as a result of the ongoing operations at the uis tin mining company (operating subsidiary). the operating subsidiary attracts a lower risk factor due to it being closely aligned to the underlying tin mining operation and its performance since commissioned, relative to the holding company, which is implicitly subordinated. the royalty obligation is measured at fair value through profit and loss.   x)        fair value estimation on the consideration paid during the acquisition of mining rights when the fair values of assets recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (dcf) model. the inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. as part of the accounting for the acquisition of the non-controlling interest in utmc, part of the consideration was settled using the ml129 license. due to the nature of the assets, certain exploration activities were undertaken, but the information gathered was insufficient to delineate a mineral resource as defined by the jorc 2012 (joint ore reserves committee) mineral reporting code, or any other broadly accepted mineral reporting standard. as a result, management estimated the fair value to be equivalent to the exploration costs, which will serve as the base amount for the transaction.   xi)       assessment of control and classification of investment in grace simba investments (pty) ltd ("gsi") as an associate the group exercises judgement in assessing whether it has control, joint control, or significant influence over another entity. in accordance with the requirements of ifrs 10 consolidated financial statements and ias 28 investments in associates and joint ventures, the determination of control involves evaluating whether the group has: •       power over the investee, •       exposure or rights to variable returns from its involvement with the investee, and •       the ability to use its power to affect the amount of the investor's returns.   in the current reporting period, the group holds 100% of the equity interest in gsi, along with representation on the board of directors and participation in key operating decisions. however, after evaluating the relevant facts and circumstances, including decision-making rights, and contractual arrangements, management concluded that the group does not have control over gsi, but has significant influence over its financial and operating policies.   accordingly, the investment in gsi has been accounted for using the equity method, in accordance with ias 28.   this assessment required significant judgement, as despite having majority shareholding, andrada cannot unilaterally direct relevant activities due to the other party holding substantive governance rights and holding the casting vote with board decisions.   management will review such relationships periodically to assess whether any changes in facts or circumstances require a reassessment of control or influence.   3. adoption of new and revised standards   the following amendments standards and interpretations were adopted by the group from 1 march 2024: •       supplier finance arrangements (amendments to ias 7 & ifrs 7); •       lease liability in a sale and leaseback (amendments to ifrs16); •       classification of liabilities as current or non-current (amendments to ias 1); and •       non-current liabilities with covenants (amendments to ias 1).   these amendments to various ifrs accounting standards are mandatorily effective for reporting periods beginning on or after 1 march 2024. these amendments had no effect on the consolidated financial statements of the group.   supplier finance arrangements (amendments to ias 7 & ifrs 7) on 25 may 2023, the iasb issued supplier finance arrangements, which amended ias 7 statement of cash flows and ifrs 7 financial instruments: disclosures. the amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. the amendments also provide guidance on characteristics of supplier finance arrangements.   lease liability in a sale and leaseback (amendments to ifrs 16) on 22 september 2022, the iasb issued amendments to ifrs 16 - lease liability in a sale and leaseback (the amendments). prior to the amendments, ifrs 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. in applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the amendments require a seller-lessee to determine 'lease payments' or 'revised lease payments' in a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee.   classification of liabilities as current or non-current and non-current liabilities with covenants (amendments to ias 1) the iasb issued amendments to ias 1 in january 2020 classification of liabilities as current or non-current and subsequently, in october 2022 non-current liabilities with covenants.   the amendments clarify the following: •       an entity's right to defer settlement of a liability for at least twelve months after the reporting period must have substance and must exist at the end of the reporting period. •       if an entity's right to defer settlement of a liability is subject to covenants, such covenants affect whether that right exists at the end of the reporting period only if the entity is required to comply with the covenant on or before the end of the reporting period. •       the classification of a liability as current or non-current is unaffected by the likelihood that the entity will exercise its right to defer settlement. •       in case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity's own equity instruments, such settlement terms do not affect the classification of the liability as current or non-current only if the option is classified as an equity instrument.   accounting standards and interpretations not yet applied   the following standards, interpretations and amendments are effective for the period beginning 1 march 2025: •       lack of exchangeability (amendment to ias 21 the effects of changes in foreign exchange rates). effective 1 january 2025. •       amendments to the classification and measurement of financial instruments (amendments to ifrs 9 financial instruments and ifrs 7 financial instruments disclosures). effective 1 january 2026. •       contracts referencing nature-dependent electricity (amendments to ifrs 9 financial instruments and ifrs 7 financial instruments disclosures). effective 1 january 2026. •       ifrs 18 presentation and disclosure in financial statements. effective 1 january 2027. •       ifrs 19 subsidiaries without public accountability: disclosures. effective 1 january 2027.   management is in the process of assessing the impact of the updated standards, interpretations and amendments. the most significant impact is expected due to the updates of ifrs 9, ifrs 7 and ifrs 18.   4. revenue   recognised in the statement of comprehensive income   year ended 28 february 2025 £ year ended 29 february 2024 £  revenue from the sale of tin  23 247 721  17 863 275  revenue from the sale of tantalum  538 090 -  revenue from the sale of lithium  3 177 -  revenue from the sale of sand -  45 673  total revenue from customers  23 788 988  17 908 948     58 941  revenue - change in fair value of customer contract  16 475  17 967 889  total revenue  23 805 463  17 863 275    the group made their first sales of tantalum and lithium during the financial year. the revenue from the sale of tin, tantalum, lithium and sand is recognised at the point in time at which control transfers.   other revenue relates to the change in the fair value of amounts receivable under the offtake agreement between the date of initial recognition and the period end resulting from forecast market prices at the estimated final pricing date. refer to note 2 for further details.   5. cost of sales   recognised in the statement of comprehensive income:   year ended 28 february 2025 £ year ended 29 february 2024 £  costs of production  17 344 601 14 178 153  smelter charges  1 418 888 1 328 387  logistics costs 187 338 154 932  government royalties 652 270 484 976  orion royalties 1 244 252 101 300    20 847 349 16 247 748   6. administrative expenses   recognised in the statement of comprehensive income:   year ended 28 february 2025 £ year ended 29 february 2024 £  staff costs  3 491 421  4 261 360  depreciation of property, plant & equipment  573 444  452 769  professional fees  1 627 792  1 972 100  travelling expenses  337 577  459 919  uis administration expenses  477 362  335 856  loss on scrapping of assets  623 204 -  transport expenses  332 331  331 781  staff welfare costs  184 602  188 319  security expenses  248 264  174 103  insurance expenses  179 911  129 664  water and electricity  72 662  52 468  safety equipment  71 370  47 015  disposal of dormant entities  16 345 -    auditor's remuneration  298 203  240 000  foreign exchange losses -    260 061  it costs  448 581  356 396  listing costs  457 812  530 677  other costs  51 681  167 061    9 492 562  9 959 549       other costs are mainly comprised of corporate overheads necessary to run the south african head office.   7. staff costs   year ended 28 february 2025 £ year ended 29 february 2024 £  staff costs capitalised under property, plant and equipment  765 631 814 709  staff costs capitalised under intangible assets  524 585 416 871  staff costs recognised as administrative expenses  3 236 145 3 543 336  staff costs included in cost of sales  2 893 639 2 008 142  share-based payment charge capitalised under property, plant and equipment  56 208 213 042  share-based payment charge capitalised under intangible assets  29 267 68 410  share-based payment charge recognised as administrative expenses  255 276 710 523     7 760 751 7 775 033    key management personnel have been identified as the board of directors, frans van daalen (chief strategy officer of the group) and chris smith (chief operating officer of the group). details of key management remuneration are shown in note 29.   the average number of staff during the period was 331 (fy 2024: 283) with an average total cost per employee for the year of £23 296 (fy 2024: £24 015). emoluments of £308 389 including £32 227 of share options and shares to be issued (fy 2024: £341 199 including £53 652 of share options and shares to be issued) were paid in respect of the highest-paid director during the year.   8. other income   recognised in the statement of comprehensive income:   year ended 28 february 2025 £ year ended 29 february 2024 £  fair value gain on derivative financial assets  354 125 -    foreign exchange gains  298 155   gain on sale of diesel 119 477 86 078  other income 219 269 11 337   991 026 97 415    please refer to note 26 for further information on the derivative financial asset gains recognised.   9. finance income & expense   recognised in the statement of comprehensive income:   year ended 28 february 2025 £ year ended 29 february 2024 £  finance expense    interest on lease liability  75 420  98 923  interest on environmental rehabilitation provision  148 117  118 694  interest on bank overdraft and loan facilities  773 769  275 807  interest on convertible loan note  1 510 320  488 383  transaction costs on royalty debt -  456 062  fair value loss on royalty debt  3 493 971  87 561  other interest  270 324  159 076  total finance expense  6 271 921  1 684 506       finance income     fair value gain on derivative liability - held at fair value through profit or loss  1 296 101  743 965  interest on bank deposit  423 275  211 975  total finance income  1 719 376  955 940  the above financial income and expense include the following in respect of assets/ (liabilities) not at fair value through profit or loss:     total interest income on financial assets  423 275  211 975  total interest expense on financial liabilities  2 554 413 1 021 976   10. taxation   the tax expense represents the sum of the tax currently payable and deferred tax.  tax expense year ended 28 february 2025 £ year ended 29 february 2024 £  major components of the tax expense:    current tax     income tax for the current period 185 746 -           deferred tax     origination and reversal of temporary differences 3 232 147 -  utilisation of estimated tax loss (2 608 981) -  prior year under provision of deferred tax 513 444 -  deferred tax for the current period 1 136 610 -      total tax expense 1 322 356 -    reconciliation of the tax expense year ended 28 february 2025 £ year ended 29 february 2024 £  reconciliation between accounting profit and tax expense     loss before tax (8 466 767) (8 870 559)  tax at the applicable rate of 37.5% (3 175 037) (3 326 460)        reconciling items     effect of tax rates in difference jurisdictions* 526 775 1 083 477  deferred tax assets not recognised 2 396 468 1 541 364  unrealised foreign exchange losses 23 005 (22 530)  movement on rehabilitation liability 86 850 68 998  fair value loss on derivative financial liability 1 310 239 355 819  orion royalties expense 466 595 -  other disallowed expenses 72 786 284 262  prior year under provision of deferred tax 513 444 -  utilisation of assessed losses (898 769) 15 070  total reconciling items 4 497 393 3 326 460        total tax expense 1 322 356 -    the applicable tax rate to uis tin mining company of 37.5% has been used as this is the group's primary operating entity.   *       andrada mining limited operates in guernsey which has a 0% tax rate and andrada mining south africa operates in south africa which has a 27% tax rate. the company has been granted exemption from guernsey taxation and has paid an annual exemption fee for the year of £1 600 (2024: £1 200).   the deferred tax liability represents the amount of income tax payable in future periods in respect of taxable temporary differences.   deferred tax liability year ended 28 february 2025 £ year ended 29 february 2024 £  reconciliation of deferred tax     originating temporary differences on property, plant and equipment 5 324 185 -  originating temporary differences on intangible assets 2 910 853 -  originating temporary differences on inventory 1 215 534 -  originating temporary differences on lease liability (62 017) -  originating temporary difference on other balances (48 153) -  tax losses available for set-off against future taxable income (8 203 792) -  total deferred tax liability 1 136 610 -    the namibian revenue agency conducted an audit on the 2020-2023 tax years of uis tin mining company. as a result of their findings, there was an under provision for the prior year deferred tax of £513 444.   the total assessed losses carried forward in the group's subsidiaries is £45 686 541 (fy 2024: £35 872 465). the unrecognised deferred tax asset in the group's subsidiaries is £4 769 413 (fy 2024: £3 873 672). due to the sizeable assessed losses that have accumulated in these entities, management has decided not to raise the deferred tax asset in the 2025 financial year as the timing of future taxable profits is not certain at this stage.   the presentation of the comparative period in this note has been updated in order to be consistent with the current year reconciliation.   11. loss per share   the calculation of a basic loss per share of 0.63 pence (fy 2024: loss per share of 0.54 pence), is calculated using the total loss for the period of £9 789 123 (fy 2024: £8 438 465) and the weighted average number of shares in issue during the period of 1 622 728 373 (fy 2023: 1 551 422 631).   due to the loss for the period, the diluted loss per share is the same as the basic loss per share. the number of potentially dilutive ordinary shares, in respect of share options, warrants and shares to be issued as at 28 february 2025 is 147 490 478 (fy 2024: 165 625 801). these potentially dilutive ordinary shares may have a dilutive effect on future earnings per share.   12. intangible assets   cost exploration and evaluation assets £ computer software £ total £  as at 28 february 2023  7 204 762  112 314  7 317 076  additions for the year - other expenditure  3 742 889  33 864  3 776 753   exchange differences  (512 959)  (7 636)  (520 595)   as at 29 february 2024  10 434 692  138 542  10 573 234  additions for the year - other expenditure  3 335 321 -  3 335 321  disposal of ml 129 (1 235 017) - (1 235 017)  deemed disposal of ml 133 on loss of control of grace simba investments (refer to note 27) (1 526 575) -   (1 526 575)  exchange differences  332 383  3 733  336 116  as at 28 february 2025  11 340 804  142 275  11 483 079          accumulated amortisation exploration and evaluation assets £ computer software £ total £  as at 28 february 2023 -  37 483  37 483  charge for the period -  16 370  16 370  exchange differences -  (556)  (556)  as at 29 february 2024 -  53 297  53 297  charge for the period -  33 322  33 322  exchange differences -  (27)  (27)  as at 28 february 2025 -  86 592  86 592          net book value exploration and evaluation assets £ computer software £ total £  as at 28 february 2025  11 340 804  55 683  11 396 487  as at 29 february 2024  10 434 692  85 245  10 519 937  as at 28 february 2023  7 204 762  74 831  7 279 593   additions to exploration and evaluation assets represents costs incurred on active exploration projects, day to day costs of running the lithium pilot plant, staff costs and share based payments charges (refer to note 7 for additional details on staff costs and share based payments charges).   ownership of ml 129 was transferred to the small miners of uis as part of the consideration for the purchase of their 15% minority interest in utmc. please refer to note 22 for further information on this transaction.   ownership of ml 133 was transferred to grace simba investments. please refer to note 27 for further information on this transaction.   each year, management performs a review of intangibles to identify potential impairment triggers in line with ifrs 6. for the year ending 2025 and 2024, no such triggers were identified for exploration and evaluation assets.   the directors have concluded that there are no indicators of impairment in respect of the carrying value of the namibian exploration and evaluation assets at 28 february 2025.   13. property, plant and equipment     land mining asset under construction mining asset mining asset - stripping decom- missioning asset right-of-use asset computer equipment furniture vehicles mobile equipment (crane) buildings exploration and evaluation total  cost                           as at 28 february 2023  11 261  1 240 874 23 662 690  2 612 227  928 572  1 558 697  283 040  254 492  328 396  436 819  259 098 -  31 576 167  additions for the year  -  3 953 298 2 776 006  4 240 985  161 029  92 459  99 972  138 420  84 986  -  -  - 11 547 155  disposals for the year  -  -  -  -  - (278 342)  -  -  -  -  - - (278 342)  transfer between categories of assets  - (4 539 480)  655 489  -  -  -  -  -  -  -  - 3 883 991 -  foreign exchange differences (977) 71 397 (2 192 451) (370 759) (85 943) (124 651) (27 866) (26 708) (31 346) (37 858) (22 455) (131 864) (2 981 481)  as at 29 february 2024  10 284 726 089 24 901 734 6 482 453  1 003 658  1 248 163  355 146  366 204  382 036  398 961  236 643 3 752 127 39 863 500  additions for the year -  6 069 101  2 587 756  3 205 648  254 015  87 538  365 671  14 662  60 267  11 216  428 910  98 580  13 183 364  disposals for the year (10 745) - (875 139) - - (51 676) (15 228) - - - - - (952 788)  transfer between categories of assets - (1 240 807)  1 240 807 - - - - - - - - - -  foreign exchange differences  461  8 433  1 044 472  281 834  43 753  56 953  15 220  16 003  16 683  17 464  10 021  164 247  1 675 544  as at 28 february 2025 -  5 562 816  28 899 630  9 969 935  1 301 426  1 340 978  720 809  396 869  458 986  427 641  675 574  4 014 954  53 769 619                              accumulated depreciation                           as at 28 february 2023  -  -  2 599 309 1 326 680  22 772  524 840  153 877  99 200  82 313  35 643 8 314 -  4 852 948  charge for the year  -  -  1 728 156  1 242 349  65 302  78 175  75 243  67 438  60 713  33 387  12 248 -  3 363 011  foreign exchange differences  -  - (260 671) (157 158) (4 191) (59 438) (15 922) (10 856) (9 195) (4 223) (1 136) -  (522 790)  as at 29 february 2024  -  - 4 066 794  2 411 871  83 883  543 577  213 198  155 782  133 831  64 807  19 426 -  7 693 169  charge for the year  -  -  2 023 889  1 660 744  83 483  279 013  186 978  37 156  66 857  34 780  28 959 -  4 401 859  disposals for the year  -  - (249 846)  -  - (34 431) (14 963)  -  -  -  -  - (299 240)  foreign exchange differences  -  -  162 717  104 302  3 607  29 320  9 216  6 777  5 808  2 810  828  -  325 385  as at 28 february 2025  -  -  6 003 554  4 176 917  170 973  817 479  394 429  199 715  206 496  102 397  49 213  -  12 121 173                 net book value                           as at 28 february 2025 -    5 562 816  22 896 077  5 793 017  1 130 453  523 499  326 379  197 154  252 492  325 244  626 360  4 014 954  41 648 446  as at 29 february 2024  10 284 726 089 20 834 940  4 070 582  919 775  704 586  141 948  210 422  248 205  334 154  217 216 3 752 127 32 170 329  as at 28 february 2023  11 261  1 240 874  21 063 381  1 285 548  905 800  1 033 857  129 163  155 292  246 083  401 176  250 783 -  26 723 218    additions to the mining asset under construction consisted of the costs incurred to date on the procuring of the xrt ore sorters as well as the replacement of the filter press, thickener and shaking tables as part of the continuous improvement project.   additions to the mining asset consist of costs incurred as part of the continuous improvement project as well as capitalised labour and travel costs. interest capitalised against the mining asset is as follows:    year ended 28 february 2025 £ year ended 29 february 2024 £  standard bank -  409 127  development bank of namibia  366 160  222 012     366 160  631 139   interest on the development bank of namibia loan is calculated at the namibian prime rate plus a margin of 2.5%. in the prior year, interest on the standard bank loan was calculation at the 3-month jibar plus a margin of 4.5%.   additions to explorations and evaluation assets represents costs incurred to construct the lithium pilot plant which is treated as a tangible asset. the lithium pilot plant is accounted for in accordance with ifrs 6.   the group has elected to capitalise the costs of waste stripping activities as these are necessary to allow improved access to the ore and, therefore, will result in future economic benefits. the costs of drilling, blasting and load and haul of waste material is capitalised until such time that the underlying ore is used in production.   please refer to note 21 for further information on the right-of-use asset.   the total depreciation charge for the current financial year was split between administrative expenses and cost of sales. £573 444 (fy 2024: £452 769) was included in administrative expenses, while the balance of £3 861 736 (fy 2024: £2 910 242) was included in cost of sales as it was a cost that was incurred for mining and processing purposes.   14. inventories   year ended 28 february 2025 £ year ended 29 february 2024 £  tin concentrate on hand  972 281  1 119 710  run of mine stockpile  1 741 393  954 059  consumables  1 497 439  874 849     4 211 113  2 948 618   15. trade and other receivables   year ended 28 february 2025 £ year ended 29 february 2024 £  trade receivables  389 183  192 829  trade receivables at fair value through profit or loss  1 074 555  485 235  other receivables  3 443 847  3 519 565  vat receivables  3 078 532  1 852 836     7 986 117  6 050 465    the directors consider that the carrying amount of trade and other receivables approximates to their fair value due to their short-term nature. no allowance for any expected credit losses against any of the trade receivables is provided due to a history without default or non-payment from any of the group's customers.   trade receivables at fair value through profit or loss relates to receivables under the offtake agreement with thaisarco. the balance consists of the receivables raised at initial recognition plus an adjustment to recognise the change in the fair value of receivables resulting from forecast market prices at the estimated final pricing date.   other receivables primarily consist of prepayments that the group has made as well as the strategic partnership participation fee that was due to the group at year end.   vat receivables consist of amounts due from both the namibian and the south african revenue services. at year-end, the vat refunds were being withheld pending the outcome of an audit. post year-end, this audit has been finalised and the amounts have been received.   the total trade and other receivables denominated in south african rand amount to £335 762 (fy 2024: £315 981), denominated in namibian dollars amount to £4 974 026 (fy 2024: £5 175 445) and denominated in us dollars amount to £2 296 455 (fy 2024: £485 235).   16. cash and cash equivalents   year ended 28 february 2025 £ year ended 29 february 2024 £  cash on hand and in bank  2 701 260  14 505 800  cash and cash equivalents - statement of financial position  2 701 260  14 505 800  bank overdraft (refer to note 17)  (885 317) -     1 815 943  14 505 800    the above balance includes cash of £1.1 million (fy 2024: £3.3 million) held in the debt service reserve accounts. while the entity can access the cash in the debt service reserve accounts  on demand, the cash is restricted and can only be used for the repayment of loan instalments.   17. borrowings   year ended 28 february 2025 £ year ended 29 february 2024 £  standard bank term loan facility - 2 559 845  standard bank vat facility - 307 206  standard bank vehicle asset financing facility  277 518 517 982  development bank of namibia term loan facility  4 712 197 2 269 475  bank windhoek term loan facility  4 290 000 -  bank windhoek vat facility  648 633 -  bank windhoek bank overdraft  885 317   convertible loan note debt component  8 866 321 8 295 155  short-term loan - orange trust  1 976 825      21 656  811 13 949 663       discounted maturity analysis:     up to 3 months  971 422 2 824 695  between 3 and 12 months  5 158 324 1 236 752  between 1 and 2 years  2 968 535 1 218 474  between 2 and 5 years  9 119 204 8 669 742  over 5 years  3 439 326 -     21 656 811 13 949 663       during 2022, a vehicle asset financing facility to the value of n$15 000 000 (c. £644 000) was provided. interest accrues on this facility at the namibian prime rate plus 0.5%.   on 21 july 2023, the group issued 77 unsecured convertible loan of £100 000 each to new and existing investors. the notes have a term of 3 years, bears interest at a rate of 12% per annum and can be redeemed at the option of the group or convertible into ordinary shares at a fixed price of 9.45p by mutual agreement between the group and the note holders. as per ias 32 and ifrs 9, the fair value of the proceeds of the notes consisted of a liability and an equity component, refer to the statement of changes in equity for the equity portion of this instruments.   on 5 september 2023, the development bank of namibia ("dbn") served notice confirming that all conditions had been fulfilled or waived and that financial close had occurred. accordingly, the group received the 1st drawdown of n$50 000 000 (c. £2 145 000) in september 2023 and the 2nd drawdown of the same amount in march 2024, totalling an amount of n$100 000 000 (c. £4 290 000). this loan has a term of 10 years, bears interest at the namibian prime rate + 2.5% and is repayable in quarterly instalments. these funds are being used to expedite the implementation of the uis mine stage ii continuous improvement programme.   on 22 november 2023, a us$25 000 000 (c. £19 750 000) funding packing was concluded with orion resource partners. this included us$2 500 000 (c. £1 975 000) equity, a us$10 000 000 (c. £7 900 000) convertible loan note and a us$12 500 000 (c. £9 875 000) unsecured tin royalty. the equity and loan note will be used to accelerate andrada's overall strategy of achieving commercial production of its lithium, tin and tantalum revenue streams. the royalty funds will be used for the sole purpose of increasing andrada's tin production.   on 6 august 2024, uis tin mining company agreed a n$100 000 000 (c. £4 290 000) term loan with bank windhoek. the loan has a term of 6 years and will incur interest at the namibian prime rate plus a variable margin which is dependent on the prime rate and is repayable in quarterly instalments. bank windhoek has provided short-term loan facilities of up to n$15 000 000 (c. £644 000) for use as cash flow against future vat payments. it is intended that the short-term loan will be provided for 12 months and will incur interest at the namibian prime rate. the short-term loan will be repaid to the bank upon receipt of refunds from the namibia revenue agency. in addition to the lending facilities, bank windhoek has provided andrada mining (namibia) with a n$10 000 000 (c. £429 000) guarantee to the namibia power corporation in relation to a deposit against the right to a supply of electrical power. this guarantee will incur a small fee payable at six-month intervals.   the bank overdraft facility held with bank windhoek can be drawn down to a maximum of n$50 000 000 (c. £2 145 000). this facility is for 12 months from the date of drawdown and incurs interest at the namibian prime rate minus 0.5%. this facility was renewed in june 2025 for another 12-month period.   as a result of the new facilities offered by bank windhoek, the group settled the balance of the term loan and the vat facility owed to standard bank namibia.   on 12 february 2025, andrada mining ltd entered into a us$2 500 000 (c. £2 000 000) secured funding facility from the orange trust. the loan term is six months, and it will attracts a facility fee of us$50 000 (c. £40 000)  per month. the loan will fund the construction of a tin processing jig plant at the uis mine.   reconciliation of net cash flow to movement in borrowings     balance as at 28 february 2023 6 203 038  incoming cash flows 9 933 992  proceeds from dbn term loan facility 2 127 221  proceeds from july convertible loan notes 2 446 977  proceeds from november convertible loan notes 5 359 794  outgoing cash flows (2 438 797)  repayment of capital balance of term loan (1 102 611)  interest paid on the term loan (108 255)  repayment of working capital facility (1 227 931)  non-cash flows 251 430  foreign exchange differences (529 672)  interest accrued on dbn facility 214 475  additions to vehicle asset financing 78 244  interest on july convertible loan notes 108 455  interest on november convertible loan notes 379 928  balance as at 29 february 2024 13 949 663  incoming cash flows 7 055 745  proceeds from dbn term loan facility 2 146 716  proceeds from bank windhoek term loan facility 1 734 922  proceeds from bank windhoek vat facility 311 966  proceeds from bank windhoek overdraft facility 885 317  proceeds from orange trust short-term loan 1 976 825  outgoing cash flows (1 121 312)  repayment of capital balance of standard bank term loan (260 889)  repayment of capital balance of standard bank vehicle asset financing facility (112 832)  interest paid on all banking facilities (747 590)  non-cash flows 1 772 715  foreign exchange differences 244 656  interest raised on all banking facilities 926 368  additional arrangements entered into under vehicle asset financing facilities 30 771  interest on july convertible loan notes 146 420  shares issued to cover interest on july convertible loan notes (939 400)  interest on orion convertible loan notes 1 363 900  balance as at 28 february 2025 21 656 811   18. other financial liabilities   year ended 28 february 2025 £ year ended 29 february 2024 £  held at fair value through profit and loss:    derivative liability 104 164 1 411 709  royalty debt 13 449 521 9 941 235  held at amortised cost:     deferred consideration 375 760 -    13 929 445 11 352 944       on 22 november 2023, the group entered into an agreement with orion resource partners (royalty holder) whereby the holder purchased a gross revenue royalty for us$12 500 000 from the group. in exchange for the gross revenue royalty, the group is required to make quarterly royalty payments to the holder based on the tin mined and sold by the group. at initial recognition, the royalty transaction was measured at fair value of us$12 560 000 (c. £9 853 674). in determining the fair value at year end, management used a credit spread rate of 10.58% (fy 2024: 10.58%) and a risk-free rate of between 3.82% and 5.42% (fy 2024: 5.54%). at year end, the fair value of the royalty transaction was fair valued at £13 449 521 (fy 2024: £9 941 235).   the transaction also included the issue of one hundred unsecured convertible loan notes of $100 000 each. the loan notes are redeemable in 4 years from the issue date. written consent from the note holders is required in the event that the loan notes are redeemed prior the maturity date. the interest accrues quarterly at 12% per annum. the noteholders may at any time before the redemption date convert the loan notes into andrada ordinary shares in tranches of a minimum of us$100 000 at a conversion price of 9.45 pence per share. at initial recognition date, a derivative liability was recognised at a fair value of £2 155 674. the derivative liability was subsequently measured to £104 164 (fy 2024: £1 411 709). in determining the fair value of the derivative, management used a credit spread of 16.12% (fy 2024: 16.12%).   the deferred consideration refers to the present value of 240 monthly cash payments of n$75 000 (c. £3 200) to be paid by andrada namibia to the small miners of uis ("smu") as part of the purchase price for their minority interest in utmc. this liability was initially recognised at fair value and subsequently recognised at amortised cost. please refer to note 22 for further information on this transaction.     reconciliation of closing balance derivative liability £ royalty debt £ deferred consideration £ total £  balance as at 28 february 2023 - - - -  additions 2 155 674 9 853 674 - 12 009 348  repayments - - - -  fair value adjustment (743 965) 87 561 - (656 404)  balance as at 29 february 2024 1 411 709 9 941 235 - 11 352 944  additions - - 376 514 376 514  repayments - - (16 100) (16 100)  fair value adjustment (1 296 101) 3 493 971 - 2 197 870  interest expense - - 15 647 15 647  foreign exchange differences (11 444) 14 315 (301) 2 570  balance as at 28 february 2025 104 164 13 449 521 375 760 13 929 445    year ended 28 february 2025 £ year ended 29 february 2024 £  the split between current and non-current is as follows:    non-current liabilities 12 135 680 10 386 425  current liabilities 1 793 765 966 519  total 13 929 445 11 352 944       sensitivity analysis   assuming that all the variables remain the same in the royalty debt calculation, a 1% decrease in the credit spread would result in the value of the royalty debt increasing by $1 031 008 (fy2024: $923 183) and a 1% increase in the credit spread would result in a decrease of $932 551 (fy 2024: $821 509). furthermore, if the estimated tin price or production levels increased by 10%, the royalty debt would increase by $1 699 234 and if the tin price or production levels decreased by 10% the royalty debt would decrease by $1 699 234.   for the convertible loan note, if the group applies a 10% volatility haircut, the value of the derivative liability would decrease by £23 059 (fy 2024: £276 171). this would also result in the credit spread decreasing from 16.12% to 14.07%.   ifrs 13 sets out a fair value hierarchy under which the inputs to valuation techniques used to measure fair value are categorised into three levels. the three levels of the hierarchy are as follows: •       level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. •       level 2 inputs are inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. •       level 3 inputs are unobservable inputs for the asset or liability.   royalty debt   the royalty debt is recorded at fair value through profit and loss. the inputs include the following: •       tin production forecast provided by management. •       tin price forecast based on consensus estimates as of february 2025. •       risk-free rate that is based on the united states constant maturity treasury rates commensurate with the term as of the valuation date, as reported on the federal reserve website. •       implied credit spread was based on the sterling overnight index average. based on the above sources of the inputs, the royalty debt is a level 2.   derivative liability   the derivative liability is recorded at fair value through profit and loss. the inputs include the following: •       the dividend yield was provided by management. •       the expected volatility based on the historical equity volatility of the group as of the valuation date. •       the stock price as of the valuation date was obtained from capital iq. the exchange rate was derived as an average of 4 years bid ask gbp usd spot curve.   based on the above-mentioned sources of inputs, the derivative liability is a level 2.   reconciliation of net cash flow to movement in other financial liabilities £  balance as at 28 february 2023 -  incoming cash flows 11 678 454  proceeds from royalty debt 9 522 780  proceeds from issue of derivative liability 2 155 674  non-cash flows (325 510)  fair value loss on royalty debt 87 561  foreign exchange adjustment on royalty debt 330 894  fair value gain on derivative liability (743 965)  balance as at 29 february 2024 11 352 944  outgoing cash flows (453)  payment to minority interest (16 100)  interest expense on deferred consideration 15 647  non-cash flows 2 576 954  fair value loss on royalty debt 3 493 971  fair value gain on derivative liability (1 296 101)  raising of deferred consideration liability 376 514  foreign exchange differences 2 570  balance as at 28 february 2025 13 929 445    19. trade and other payables   year ended 28 february 2025 £ year ended 29 february 2024 £  trade payables  3 945 393 2 518 885  other payables  301 712 1 875 733  accruals  2 554 590 2 578 125    6 801 695  6 972 743       trade payables principally comprise of amounts outstanding for trade purchases and ongoing costs. the increase in this balance is due to expanded operations at the uis mine. the group has financial risk management policies in place to ensure that payables are paid within the pre-arranged credit terms. no interest has been charged by any suppliers as a result of late payment of invoices during the year. the directors consider that the carrying amount of trade and other payables approximates to their fair value.   the total trade and other payables denominated in south african rand amount to £767 411 (fy 2024: £1 167 534) and £5 204 883 (fy 2024: £5 506 391) is denominated in namibian dollars.   20. environmental rehabilitation provision     £  balance as at 28 february 2023 965 578  increase in provision 161 029  interest expense 118 694  foreign exchange differences (93 180)  balance as at 29 february 2024 1 152 121  increase in provision  254 015  interest expense  148 117  foreign exchange differences  50 136  balance as at 28 february 2025  1 604 389    provision for future environmental rehabilitation and decommissioning costs are made on a progressive basis. estimates are based on costs that are regularly reviewed and adjusted appropriately for new circumstances. the environmental rehabilitation liability is based on disturbances and the required rehabilitation as at 28 february 2025.   the rehabilitation provision represents the present value of decommissioning costs relating to the dismantling and sale of mechanical equipment and steel structures related to the phase 1 plant, the tantalum circuit, the bulk samples processing facility and the demolishing of civil platforms and reshaping of earthworks. a provision for this requires estimates and assumptions to be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. in calculating the appropriate provision, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof are prepared. these forecasts are then discounted to their present value using a risk-free rate specific to the liability. in determining the amount attributable to the rehabilitation liability, management used a discount rate of 11.02% (fy 2024: 12.31%), an inflation rate of 4.0% (fy 2024: 4.8%) and an estimated mining period of 11.7 years (fy 2024: 12.6 years). actual rehabilitation and decommissioning costs will ultimately depend upon future market prices for the necessary rehabilitation works and timing of when the mine ceases operation.   21. lease liability   the company assessed all rental agreements and concluded that the following rentals fall within the scope of ifrs 16 "leases" and therefore a lease liability has been raised:    office building £ workshop £ housing £ mobile units £ vehicles £ solar plant £ total £  balance at 28 february 2023 528 283 32 341 248 225 9 165 157 624 - 975 638  additions - 45 029 47 430 - - - 92 459  interest expense 55 239 2 029 27 589 104 13 962 - 98 923  lease payments (173 037) (47 118) (99 980) (8 769) (46 756) - (375 660)  foreign exchange differences (41 786) (2 800) (20 664) (500) (12 548) - (78 298)  balance at 29 february 2024 368 699 29 481 202 600 - 112 282 - 713 062  additions -  45 441  - - -  42 096  87 537  disposals - - (27 203) - - - (27 203)  interest expense  43 785  2 108 17 753 -  10 367  1 324  75 337  lease payments (127 399) (47 549) (107 909) - (47 185) (1 717)  (331 759)  foreign exchange differences  16 213  1 292  8 966 -  4 948 (40)  31 379  balance at 28 february 2025  301 298  30 773  94 207 -  80 412  41 663  548 353    the following is the split between the current and the non-current portion of the liability:    year ended 28 february 2025 £ year ended 29 february 2024 £  non-current liability  283 835 478 523  current liability  264 518 234 539     548 353 713 062  determining the incremental borrowing rate to measure lease liabilities   the interest rate implicit in leases is not available, therefore the group uses the relevant incremental borrowing rate (ibr) to measure its lease liabilities. the ibr is estimated to be the interest rate that the group would pay to borrow: •       over a similar term; •       with similar security; •       the amount necessary to obtain an asset of a similar value to the right-of-use asset; and •       in a similar economic environment.   the ibr, therefore, is considered to be the best estimate of the incremental rate and requires management's judgement as there are no observable rates available.   reconciliation of net cash flow to movement in leases    £  balance as at 28 february 2023 975 638  outgoing cash flows (375 660)  lease payments (repayment of capital and interest) (375 660)  non-cash flows 113 084  additions 92 459  interest expense 98 923  foreign exchange differences (78 298)  balance as at 29 february 2024 713 062  outgoing cash flows (256 422)  lease payments (repayment of capital and interest) (331 759)  interest expense 75 337  non-cash flows 91 713  additions 87 537  disposals (27 203)  foreign exchange differences 31 379  balance as at 28 february 2025 548 353     22. acquisition of minority interest   on 2 august 2024, the group acquired an additional 15% interest in the voting shares of its subsidiary, uis tin mining company, from the small miners of uis ("smu") and sinco investments five (pty) ltd ("sinco"). this increased the group's ownership interest from 85% to 100%. the carrying value of the net assets of utmc on the date of the transaction was £3.86m.   the consideration for the acquisition is made up as follows: •       the issue of ordinary shares in andrada mining ltd §  13 651 560 ordinary shares issued to smu §  31 148 782 ordinary shares issued to sinco •       240 monthly cash payments of n$75 000 to be paid by andrada namibia to smu, resulting in a present value of the deferred consideration of £376 514 on 2 august 2024 (refer to note 18) •       transfer of andrada namibia's 85% interest in ml 129 to smu      £  issue of ordinary shares to smu 443 676  issue of ordinary shares to sinco 1 012 335  present value of cash component of deferred consideration 376 514  fair value of ml 129 1 235 017  foreign exchange differences (549)  deemed consideration paid for the acquisition 3 066 993  derecognition of minority interest 600 925  difference recognised in retained earnings 3 667 918   23. share capital   number of ordinary shares of no par value issued and fully paid share capital £  balance at 28 february 2023 1 537 863 344 56 883 908  shares issued in lieu of directors' fees - 11 may 2023 1 092 189 60 500  exercising of employee share options - 29 september 2023 3 473 684 117 237  exercising of employee share options - 3 october 2023 7 315 786 248 713  share issued to orion - 22 november 2023 30 505 755 2 036 500  share issue costs - (99 300)  balance as at 29 february 2024 1 580 250 758 59 247 558  shares issued in lieu of interest july cln - 2 aug  28 436 506  939 400  shares issued to smu - 2 aug  13 651 560  443 676  shares issued to sinco - 2 aug  31 148 782  1 012 335  exercising of employee share options - 17 oct  800 000  24 000  shares issued to employees - 27 feb  17 391 447  390 767  balance at 28 february 2025  1 671 679 053  62 057 736    authorised: 1 750 324 282 ordinary shares of no par value   allotted, issued and fully paid: 1 671 679 053 ordinary shares of no par value   on 11 may 2023, the group issued 1 092 189 ordinary shares to directors in lieu of their fees for the financial years ended february 2022 and 2023. this is in accordance with the terms of their contracts.   on 29 september 2023, the group received notice from share option holders to exercise 1 736 842 share options at an exercise price of 3 pence, 868 421 share options at an exercise price of 3.5 pence, and 868 421 share options at an exercise price of 4 pence.   on 3 october 2023, the group received notice from share option holders to exercise 3 407 894 share options at an exercise price of 3 pence, 1 953 946 share options at an exercise price of 3.5 pence, and 1 953 946 share options at an exercise price of 4 pence.   on 22 november 2023, the group issued orion resource partners with 30 505 755 ordinary shares, at a price of 6.39p. this equity issue was a part of the us$25 million funding transaction that took place with orion resource partners.   on 2 august 2024, the group issued 28  436 506 ordinary shares to the holders of the july convertible loan notes in lieu of a cash payment of interest incurred on the notes. on the same day, 13 651 560 ordinary shares were issued to the small miners of uis and 31 148 782 ordinary shares were issued to sinco investments five (pty) ltd as part of the consideration for the purchase of the 15% minority interest in utmc.   on 17 october 2024, the group received notice from share option holders to exercise 800 000 share options at an exercise price of 3 pence.   on 27 february 2025, the group issued 17 391 447 shares to employees in lieu of a cash bonus.   24. warrants   the following warrants were granted during the year ended 29 february 2024:  date of grant 21 july 2023 2 november 2023  number granted 15 400 000 16 043 638  contractual life 2 years 2 years  estimated fair value (pence) 1.874 0.700  date of grant 21 july 2023 2 november 2023  share price at grant date (pence) 7.7 5.5  exercise price (pence) 9.45 9.45  expected life 2 years 2 years  expected volatility 49.5% 49.5%  expected dividends nil nil  risk-free interest rate 4.6 4.7    the warrants in issue during the year are as follows:  outstanding at 28 february 2023 2 613 334  exercisable at 28 february 2023 2 613 334  granted during the year 31 443 638  expired during the year -  exercised during the year -  outstanding at 29 february 2024 34 056 972  exercisable at 29 february 2024 34 056 972  granted during the year -    expired during the year (2 613 334)  exercised during the year --    outstanding at 28 february 2025  31 443 638  exercisable at 28 february 2025  31 443 638   on 21 july 2023, 15 400 000 warrants were issued as part of the convertible loan note transaction. each note holder received 2 warrants for every £1 subscribed for. each warrant enables the holder to subscribe for one ordinary share at a subscription price of 9.45p. the warrants are exercisable at any time from the date of issue for a period of two years.   on 22 november 2023, 16 043 638 warrants were issued as part of the orion financing transaction. orion received 2 warrants for every £1 subscribed for. each warrant enables the holder to subscribe for one ordinary share at a subscription price of 9.45p. the warrants are exercisable at any time from the date of issue for a period of two years.   25. share-based payment reserve   director share options   the following director share options were granted during the year ended 28 february 2023:  date of grant 8 april 2022 8 april 2022 8 april 2022  number granted 10 200 000 5 100 000 5 100 000  vesting period 1 year 2 years 3 years  contractual life 4 years 4 years 4 years  estimated fair value per option (pence) 1.9130 2.6510 3.2010  *     numbers have changed from the prior year due to the transfer of options from employees to directors   the estimated fair values were calculated by applying the black scholes pricing model. the model inputs were:  date of grant 8 april 2022 8 april 2022 8 april 2022  share price at grant date (pence) 9.35 9.35 9.35  exercise price (pence) 9.80 10.30 10.80  date of first exercise 8 april 2023 8 april 2024 8 april 2025  expiry date 8 april 2027 8 april 2027 8 april 2027  expected volatility 53% 53% 53%  expected dividends nil nil nil  risk-free interest rate 3.70% 3.70% 3.70%    the following director share options were granted during the period ended 29 february 2024:  date of grant 1 may 2023 1 may 2023 1 may 2023  number granted 3 045 780 3 045 780 3 045 780  vesting period 3 years 3 years 3 years  contractual life 10 years 10 years 10 years  estimated fair value per option (pence) 1.7290 1.4820 1.2800  *       numbers have changed from the prior year due to the transfer of options from employees to directors   the estimated fair values were calculated by applying the black scholes pricing model. the model inputs were:  date of grant 1 may 2023 1 may 2023 1 may 2023  share price at grant date (pence) 5.12 5.12 5.12  exercise price (pence) 7.00 8.00 9.00  date of first exercise 1 may 2026 1 may 2026 1 may 2026  expiry date 1 may 2033 1 may 2033 1 may 2033  expected volatility 53% 53% 53%  expected dividends nil nil nil  risk-free interest rate 3.93% 3.93% 3.93%    the following director share options were granted during the year ended 28 february 2025:  date of grant 21 february 2025  number granted 7 154 754  vesting period 3 years  contractual life 3 years  estimated fair value per option (pence) 2.20    the director share options in issue during the year are as follows:  outstanding at 28 february 2023 41 450 000  exercisable at 28 february 2023 23 850 000  granted during the year 7 028 724  forfeited during the year -  exercised during the year -  expired during the year -  outstanding at 29 february 2024 48 478 724  exercisable at 29 february 2024 33 650 000  granted during the year 7 154 754  forfeited during the year -  transferred from employee share options during the year 6 908 616  exercised during the year -  expired during the year (25 850 000)  outstanding at 28 february 2025 36 692 094  exercisable at 28 february 2025 -    the director share options outstanding at the yearend have an average exercise price of £0.081, with a weighted average remaining contractual life of 3.59. the director must remain as a director of the company for the share options to vest. in the event that a director ceases to be a director during the vesting period, the board reserves the right to determine whether the share options will be terminated or not. there are no market-based vesting conditions on the share options.   employee share options   the following employee share options were granted during the period ended 28 february 2023:  date of grant 8 april 2022 8 april 2022 8 april 2022  number granted 16 955 000 8 477 500 8 477 500  vesting period 1 year 2 years 3 years  contractual life 4 years 4 years 4 years  estimated fair value per option (pence) 1.9130 2.6510 3.2010  *     numbers have changed from the prior year due to the transfer of options from employees to directors   the estimated fair values were calculated by applying the black scholes pricing model. the model inputs were:  date of grant 8 april 2022 8 april 2022 8 april 2022  share price at grant date (pence) 9.35 9.35 9.35  exercise price (pence) 9.80 10.30 10.80  date of first exercise 8 april 2023 8 april 2024 8 april 2025  expiry date 8 april 2027 8 april 2027 8 april 2027  expected volatility 53% 53% 53%  expected dividends nil nil nil  risk-free interest rate 3.70% 3.70% 3.70%    the following employee share options were granted during the period ended 29 february 2024:  date of grant 1 may 2023 1 may 2023 1 may 2023  number granted 8 716 355 8 716 355 8 716 355  vesting period 3 years 3 years 3 years  contractual life 10 years 10 years 10 years  estimated fair value per option (pence) 1.7290 1.4820 1.2800  *     numbers have changed from the prior year due to the transfer of options from employees to directors   the estimated fair values were calculated by applying the black scholes pricing model. the model inputs were:  date of grant 1 may 2023 1 may 2023 1 may 2023  share price at grant date (pence) 5.12 5.12 5.12  exercise price (pence) 7.00 8.00 9.00  date of first exercise 1 may 2026 1 may 2026 1 may 2026  expiry date 1 may 2033 1 may 2033 1 may 2033  expected volatility 53% 53% 53%  expected dividends nil nil nil  risk-free interest rate 3.93% 3.93% 3.93%    the following employee share options were granted during the year ended 28 february 2025:  date of grant 21 february 2025  number granted 22 330 678  vesting period 3 years  contractual life 3 years  estimated fair value per option (pence) 2.20    the employee share options in issue during the year are as follows:  outstanding at 28 february 2023 32 171 229  exercisable at 28 february 2023 27 371 229  granted during the year 62 167 681  forfeited during the year -  exercised during the year (10 789 470)  expired during the year -  outstanding at 29 february 2024 83 549 440  exercisable at 29 february 2024 35 936 753  granted during the year 22 330 678  transferred to directors share options during the year (6 908 616)  forfeited during the year (3 660 000)  exercised during the year (800 000)  expired during the year (15 781 756)  outstanding at 28 february 2025 78 729 746  exercisable at 28 february 2025 -      the employee share options outstanding at the year end have an average exercise price of £0.073, with a weighted average remaining contractual life of 3.90 years.   the employee must remain in employment with the company for the share options to vest.   26. derivative financial asset   during the year, the group has entered into a series of fixed-for-floating commodity swap transactions with standard bank namibia limited to hedge the variability in cash flows related to tin price fluctuations. under the contracts, the group received a fixed price of us$33 000 per tonne of tin concentrate for 20 tonnes of material per month. the duration of the contract was from june 2024 to may 2025 and the gain or loss made was settled monthly in cash. this derivative asset is classified as a fair value instrument as the group is protecting against the risk of changes in the fair value of its forecasted sales due to fluctuations in the tin price.   the group uses both prospective and retrospective methods to measure the relationship between the changes in the price of tin and the commodity swap contract and in all cases the instrument is considered to be effective.   the gain made on the instrument during the year was recognised in profit or loss.   a derivative financial asset was raised on all open contracts at year end based on the difference between the lme 3-month tin price at year-end and the fixed price as per the agreement.    year ended 28 february 2025 £ year ended 29 february 2024 £  amounts recognised in the statement of profit & loss     gains on closed derivative financial asset 252 812 -  gains on open derivative financial asset 101 313 -  total included in other income (refer to note 8) 354 125 -  amounts recognised in the statement of financial position   -  derivative financial asset 101 313 -    101 313 -   27. investment in associate   earn-in agreement andrada mining (mauritius) ("amm") entered into an earn-in agreement dated 7 september 2024 with sqm australia ("sqm") relating to grace simba investments ("gsi"), a special purpose vehicle established for the exploration and development activities of lithium ridge. gsi operates in namibia. all conditions precedent were met on 17 february 2025 when the namibia competition commission approval was received.   under the terms of the agreement, sqm may earn up to a 50% equity interest in gsi through staged funding contributions totalling up to us$40 million. the earn-in structure comprises three stages: •       stage 1: 30% interest for us$7 million over 18 months •       stage 2: additional 10% interest for us$13 million over 24 months •       stage 3: final 10% interest by free-carrying andrada to a definitive feasibility study or cumulative expenditure of us$40 million   governance and control assessment during the first earn-in period, the governance structure includes equal board representation from andrada and sqm, with sqm appointing the chairperson who holds a casting vote. strategic decisions, including share issuances and constitutional amendments, require a shareholder resolution passed by at least 75% of the votes or unanimous written consent.   andrada acts as the operator of gsi, subject to oversight by a joint development committee ("jdc") with equal representation and a casting vote held by sqm. however, all jdc decisions require board ratification and are subject to reserved matters.   the board and the jdc have the decision-making ability over budgets, exploration activities and development plans.   accounting treatment in accordance with ifrs 10 - consolidated financial statements, andrada has assessed its involvement with gsi and has concluded that it does not have control of the entity during the first earn-in period. this conclusion is based on the following: •       andrada does not have unilateral power over gsi's relevant activities. these activities include exploration and drilling programmes.               •       while andrada is exposed to variable returns through its shareholding, it lacks the ability to use power to affect those returns. •       sqm holds substantive governance rights during the first earn-in period.   while the group does not have control of gsi, it does retain significant influence over the entity due to their shareholding, participation in governance and decision-making dynamics.   andrada accounts for its investment in gsi using the equity method under ias 28. this includes initial recognition at fair value and subsequent adjustments for its share of profit or loss, oci, and dividends. considering that there is no active market for the for the rights within the entity, the method of fair value determination will be the net asset valuation, which is equivalent to the cost of the investment.   the investment is presented as a single line item in the non-current assets section of the statement of financial position.   according to ifrs 10.25, an entity must recognise the fair value of the consideration received from the transaction event or circumstances that resulted in the loss of control. the fee received from sqm on finalisation of the earn-in agreement on has been presented as a single line item on the statement of comprehensive income.    year ended 28 february 2025 £  fair value of consideration received  1 629 200  fair value of residual interest  1 527 352     3 156 552  less net assets derecognised (1 527 352)  gain on loss of control  1 629 200   27. financial instruments   the group is exposed to the risks that arise from its use of financial instruments. this note describes the objectives, policies and processes of the group for managing those risks and the methods used to measure them. further quantitative information in respect of these risks is presented throughout these financial statements.   capital risk management   the group manages its capital to ensure that entities in the group will be able to continue as a going concern while maximising returns to shareholders. in order to maintain or adjust the capital structure, the group may issue new shares or arrange debt financing.   the capital structure of the group consists of cash and cash equivalents, borrowings and equity, comprising issued capital and retained losses. the group is not subject to any externally imposed capital requirements.   significant accounting policies   details of the significant accounting policies and methods adopted including the criteria for recognition, the basis of measurement, and the bases for recognition of income and expenses for each class of financial asset, financial liability, and equity instrument, are disclosed in note 2.   principal financial instruments   the principal financial instruments used by the group, from which financial instrument risk arises, are as follows: •       trade and other receivables •       cash and cash equivalents •       derivative financial asset •       trade and other payables •       borrowings •       other financial liabilities •       lease liability   categories of financial instruments   the group holds the following financial assets:    year ended 28 february 2025 £ year ended 29 february 2024 £  measured at amortised cost:    trade and other receivables  2 027 080 3 712 394  cash and cash equivalents  2 701 260 14 505 800  measured at fair value through profit or loss:    trade and other receivables  1 074 555 485 235  derivative financial asset  101 313 -  total financial assets  5 904 208 18 703 429   under its customer sale arrangement, the group receives a provisional payment upon satisfaction of its performance obligations based on the spot price at that date. this occurs prior to the final price determination, with the group then subsequently receiving or paying the difference between the final price and quantity and the provisional payment. as a result of the pricing structure, the instrument is classified at fair value through profit or loss and measured at fair value with resulting changes in fair value recorded as other revenue (refer to note 4).   trade receivables at fair value through profit or loss fail the criteria for being measured at amortised cost owing to the variability resulting from final pricing adjustments. financial instruments measured at fair value are presented by level within which the fair value measurement is categorised. the levels of fair value measurement are determined as follows: •       level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. •       level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). •       level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).   the group's contract receivable at 28 february 2025 is recorded at fair value through profit or loss and fair valued based on the estimated forward prices that will apply under the terms of the sales contracts on the product reaching the port of destination. the trade receivables fair value reflects amounts receivable from the customer adjusted for forward prices expected to be realised.   the forward price is based on the expected lme 3-month tin price on the date of finalisation. given the short period to final pricing, the time value of money is not considered to be significant.   fair value of this trade receivable at fair value through profit or loss is categorised at level 1. during the year there were no transfers between levels of fair value hierarchy.   the group entered into a series of commodity swap transactions to hedge the variability in cash flows related to tin price fluctuations. this asset was designated as a fair value instrument. the asset is categorized at level 1 as the calculation is based on the expected lme 3-month tin price on the date of settlement of the upcoming contracts.   the group holds the following financial liabilities:    year ended 28 february 2025 £ year ended 29 february 2024 £  measured at amortised cost:    trade and other payables 6 462 247 6 972 744  borrowings 21 656 811 13 949 663  lease liability 548 353 713 062  other financial liabilities 375 760 --  measured at fair value through profit or loss:    other financial liabilities 13 553 685 11 352 944  total financial liabilities 42 596 856 32 988 413    general objectives, policies and processes   the board has overall responsibility for the determination of the group's risk management objectives and policies. the board receives reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets.   the overall objective of the board is to set policies that seek to reduce risk as far as possible without unduly affecting the group's competitiveness and flexibility. further details regarding these policies are set out below:   credit risk the group's principal financial assets are bank balances and trade and other receivables.   credit risk arises principally from the group's cash and trade and other receivables balances. credit risk is the risk that the counterparty fails to repay its obligation to the group in respect of amounts owed. the group gives careful consideration to which organisations it uses for its banking services in order to minimise credit risk.   the concentration of the group's credit risk is considered by counterparty, geography and by currency. the group has split its cash reserves across multiple banks in an effort to mitigate credit risk. the pound sterling, us dollar and rand accounts are held with a bank in south africa which has a rating of baa1 (moody's) and the namibian dollar account is held with a bank in namibia with a rating of b1 (moody's). the banks chosen remain stable and do not present any further risks.   the concentration of credit risk was as follows:   year ended 28 february 2025 £ year ended 29 february 2024 £  sterling  278 404 487 924  usd  3 369 817 4 631 633  south african rand  240 398 1 648 399  namibian dollars  2 015 589 13 779 095    5 904 208 20 547 051   credit risk relating to trade receivables has also been considered. credit verification procedures are undertaken for all customers with whom we trade on credit. this includes an assessment of the credit quality of the customer, considering its financial position, historical trading behaviour and other factors. the trade account receivables comprise a limited customer base. ongoing credit evaluation of the financial position of customers is performed and compliance with credit limits by customers is regularly monitored by management. please refer to note 15 for the concentration of credit risk relating to trade receivables.   at 28 february 2025, the group held no collateral as security against any financial asset. the carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the group's maximum exposure to credit risk without taking account of the value of any collateral obtained. the group applies ifrs 9 to measure expected credit losses for receivables and these are regularly monitored and assessed. no expected credit losses have been recognised on financial assets during the year. management considers the above measures to be sufficient to control the credit risk exposure.   liquidity risk liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they are all due. ultimate responsibility for liquidity risk management rests with the board of directors. the board manages liquidity risk by regularly reviewing the group's gearing levels, cash flow projections and associated headroom and ensuring that excess banking facilities are available for future use.   an analysis of the group's liquidity analysis based on undiscounted cash flows is as follows:   as at 28 february 2025 up to 3 months between 3 and 12 months between 1 and 2 years between 2 and 5 years over 5 years total  trade and other payables  6 462 247 - - - -  6 462 247  borrowings and other financial liabilities  2 389 476  7 228 759  6 589 670  14 756 954  39 686 198  70 651 057  lease liability  80 700  231 877  195 881  92 406  37 113  637 977    8 932 423  7 460 636  6 785 551  14 849 360  39 723 311  77 751 281          as at 29 february 2024 up to 3 months between 3 and 12 months between 1 and 2 years between 2 and 5 years over 5 years total  trade and other payables 6 972 744 - - - - 6 972 744  borrowings and other financial liabilities 1 126 574 4 445 122 6 280 427 9 603 673 43 112 279 64 568 075  lease liability 78 626 226 136 287 472 253 459 - 845 693    8 177 944 4 671 258 6 567 899 9 857 132 43 112 279 72 386 512    the group maintains good relationships with its banks and its cash requirements are anticipated via the budgetary process. at 28 february 2025, the group had £2 701 260 (fy 2024: £14 505 800) of cash reserves and had drawn down £885 317 (fy 2024: nil) of its bank overdraft facility.   market risk the group's activities expose it primarily to the financial risk of changes in foreign currency exchange rates, interest rates and the commodity prices.   interest rate risk the group has interest bearing assets in the form of cash and cash equivalents. the group does not earn significant interest on the cash balances.   the group is exposed to interest rate risk as entities within the group borrow funds at both fixed and variable interest rates. •       fixed-rate instruments: £ 10 843 146 (fy 2024: £8 295 155) •       variable-rate instruments: £ 10 813 663 (fy 2024: £5 654 509)   sensitivity analysis a change of 100 basis points in interest rates at the reporting date would have increased/(decreased) equity and profit or loss by the amounts shown below. this analysis assumes that all other variables remain constant.   •        increase of 100 basis points: £108 137 increase in finance costs (fy 2024: £139 497) •        decrease of 100 basis points: £108 137 decrease in finance costs (fy 2024: £139 497)   foreign exchange risk the group has foreign currency denominated assets and liabilities and is therefore exposed to exchange rate fluctuations. the carrying amounts of the group's foreign currency denominated monetary assets and liabilities, all in pound sterling, are shown below.   year ended 28 february 2025 £ year ended 29 february 2024 £  cash and cash equivalents  2 683 488 14 082 465  trade and other receivables  2 841 003 4 123 825  derivative financial asset  101 313 -  trade and other payables (5 768 998) (6 673 925)  borrowings (19 894 357) (13 949 663)  other financial liabilities (13 929 445) (11 352 944)    (33 966 996) (13 770 242)   the group operates on an international basis therefore, foreign exchange risk exposures arise from transactions denominated in foreign currencies. the group is exposed to foreign currency risk on fluctuations related to financial instruments that are denominated in british pounds, us dollars, south african rand and namibian dollars. the group does not enter into any derivative financial instruments to manage its exposure to foreign currency risk.   the following table details the group's sensitivity to a 10% increase and decrease in the pound sterling against the rand and the namibian dollar. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonable possible change in foreign currency rates. the sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at year end for a 10% change in foreign currency rates.       28 february 2025 rand denominated monetary items £ rand currency impact strengthening £ rand currency impact weakening £  assets  240 398  264 438  216 359  liabilities (809 941) (890 935) (728 947)    (569 543) (626 497) (512 588)         namibian dollar denominated monetary items £ namibian dollar currency impact strengthening £ namibian dollar currency impact weakening £  assets  2 015 589  2 217 148  1 814 030  liabilities (16 148 480) (17 763 328) (14 533 632)   (14 132 891) (15 546 180) (12 719 602)         us dollar denominated monetary items £ us dollar currency impact strengthening £ us dollar currency impact weakening £  assets  3 369 817  3 706 798  3 032 835  liabilities (22 634 379) (24 897 817) (20 370 941)   (19 264 562) (21 191 019) (17 338 106)       29 february 2024 rand denominated monetary items £ rand currency impact strengthening £ rand currency impact weakening £  assets 1 366 770 1 503 447 1 230 093  liabilities (1 167 534) (1 284 287) (1 050 781)   199 236 219 160 179 312         namibian dollar denominated monetary items £ namibian dollar currency impact strengthening £ namibian dollar currency impact weakening £  assets 12 207 887 13 428 676 10 987 098  liabilities (21 102 135) (23 212 348) (18 991 921)   (8 894 248) (9 783 672) (8 004 823)         us dollar denominated monetary items £ us dollar currency impact strengthening £ us dollar currency impact weakening £  assets 4 613 633 5 094 797 4 168 470  liabilities (7 553 915) (8 309 306) (6 798 523)    (2 940 282) (3 214 509) (2 630 053)   29. events after reporting date   subscription & placing on 26 june 2025, the group raised £4.5 million (before expenses) at a price of 3 pence per share through an equity subscription of 150 000 000 ordinary shares by talent10 resources (pty) ltd, a new strategic investor. talent10 has reached a shareholding of 8.16% of issued share capital of the group as enlarged by the subscription and the placing.   an additional total of 16 666 666 placing shares have been placed at 3 pence with institutional and professional investors. the placing has raised a total of £0.5 million (before expenses) for the group.   the subscription and placing raised gross proceeds of £5 million (c. us$ 6.9 million) through the issuance of 166 666 666 new ordinary shares.   derivative financial asset the group entered a 12-month fixed-for-floating tin price swap contract with standard bank, from june 2024 to may 2025. the contract is structured at a fixed price of us$34 400 per tonne for a total of 240 tonnes of contained tin for the period, with monthly settlements.   value-added tax refunds received on 12 august 2025, uis tin mining company received n$25.9 million (c. £1.1 million) from the namibian revenue agency for prior period vat refunds that were due.   jig plant construction completed construction of the jig plant, located adjacent to the existing tin processing facility, was completed in august 2025, with commissioning scheduled for the last week of august 2025. the modular design allows for scalable expansion while operating independently, ensuring uninterrupted production at the primary processing plant. the jig plant is designed for a nameplate capacity of 80 to 100 tonnes per hour, with a potential to process up to 40 000 tonnes of ore per month at a potential recovery rate of 70%. actual operating parameters will be confirmed during the commissioning process. initial feedstock will be sourced from the uis proximal pegmatites with grades of between 0.14% and 0.3% tin, and existing stockpiles. andrada has also secured an ore supply agreement with goantagab mining to provide up to 20 000 tonnes of ore at a grade of 1.5% tin.   shares issued in lieu of interest on convertible loan notes on 15 august 2025, the group issued 31 981 474 ordinary shares at a price of 2.9293 pence per ordinary share to convertible loan holders in lieu of cash interest payments. the interest is payable either in cash or by the issue of ordinary shares at a price equivalent to the 30-day vwap prior to the anniversary date of the loan notes. the total interest payable is £936 833.   30. related-party transactions   balances and transactions between the group and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.   key management personnel the remuneration of the key management personnel of the group, which includes the directors, and the senior management (c-suite) is set out below and in the remuneration implementation report in the annual report   28 february 2025 (£) share option charge shares to be issued in relation to director fees/salary board fees/ salary bonus payment & accruals other fees total   non-executive directors   glen parsons (chairman) 11 489 - 55 000 - - 66 489   gida nakazibwe sekandi 4 205 - 40 000 - - 44 205   laurence robb 11 489 - 35 000 - 24 0003 70 489   michael rawlinson 11 489 - 45 000 - - 56 489   terence goodlace 11 489 - 50 000 - - 61 489   executive director   anthony viljoen (ceo) 32 227⁴ - 170 612 105 550 - 308 389   hiten ooka (cfo) 25 080⁴ - 136 084 62 914 - 224 078   other key management personnel   frans van daalen (chief strategy officer)2 25 080 - 151 196 66 144 - 242 420   christoffel smith (chief operations officer)2 21 985 - 136 084 63 076 - 221 145   total 154 533 - 818 976 297 684 24 000 1 295 193                   29 february 2024 (£) share option charge shares to be issued in relation to director fees/salary board fees/ salary bonus payment & accruals other fees total   non-executive directors   glen parsons (chairman) 20 293 - 55 000 - - 75 293   gida nakazibwe sekandi1 3 502 - 31 210 - - 34 712   laurence robb 20 293 18 000 16 587 - 24 0003 78 880   michael rawlinson 20 293 - 45 000 - - 65 293   terence goodlace 20 293 - 45 834 - - 66 127   executive director   anthony viljoen (ceo) 53 652⁴ - 162 456 125 091 - 341 199   hiten ooka (cfo) 42 338⁴ - 129 562 63 237 - 235 137   other key management personnel   frans van daalen (chief strategy officer)2 42 338 - 143 957 66 485 - 252 780   christoffel smith (chief operations officer)2 35 202 - 129 562 63 401 - 228 165   total 258 204 18 000 759 168 318 214 24 000 1 377 586     1           appointed ned on 10 may 2023. 2           appointed coo & cso on 1 january 2023. 3           exploration consulting fees. laurence robb is a seasoned geology professor at oxford university with vast knowledge of pegmatite mineralogy. he has valuable input to the exploration strategy across all assets. 4           share options vest on 1 may 2026 for a period of seven years. the executive directors have a holding period after vesting to 1 may 2028 before exercising subject to additional conditions being satisfied as determined by the remuneration committee.     investment in associate the group holds a 100% shareholding in gsi, as associate over which it has significant influence. gsi is considered a related party under ias 24.   the carrying amount of the investment at 28 february 2025 was £1 527 352 (fy 2024: nil).   a gain on the loss of control of the entity of £1 629 200 (fy 2024: nil) was recognised.   there were no further transactions with gsi during the year.     31. capital commitments   significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:    year ended 28 february 2025 £ year ended 29 february 2024 £  exploration and evaluation projects  1 514 141 584 681  property, plant and equipment  1 662 168 2 163 018     3 176 309 2 747 699   32. reserves within equity   share capital   ordinary shares are classified as equity. incremental cost directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.   convertible loan note reserve   the convertible loan note reserve represents proceeds on issue of convertible loan notes relating to equity component plus accrued interest on the convertible loan notes. these notes were settled in full during the financial year.   warrant reserve   the warrant reserve represents the cumulative charge to date in respect of unexercised share warrants at the reporting date.   share-based payment reserve   the share-based payment reserve represents the cumulative charge to date in respect on unexercised share options at the reporting date as well as fees/salaries owed to directors/employees to be settled through the issuing of shares.   foreign currency translation reserve   the foreign currency translation reserve comprises all foreign exchange differences arising from the translation of entities with a functional currency other than pound sterling.   retained earnings/accumulated deficit   the retained earnings/accumulated deficit represent the cumulative profit and loss net of distribution to owners.   this information is provided by rns, 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Label: Neutral