Andrada Mining has reported more drilling findings from its Lithium Ridge project located in Namibia, with the latest tests continuing to reveal high-grade lithium mineralisation from surface as well as at depth throughout a number of diamond drill holes. The best of these intersections comprised 9.05 metres at 2.28% Li2O and near-surface intervals yielded grades of as much as 3.46% Li2O, further strengthening confidence in the quality and scale of the mineralised system.
The findings of high-grade lithium mineralisation are included in the expanded Stage 1 drilling program of the company which is now complete, comprising 143 drill holes for an overall of 16,525 metres of orientated core. Andrada is progressing with the project evaluation and speeding up logging and collection activities. Tin and tantalum mineralisation is in line and is able to continue to support the robust lithium results, showing the potential for a polymetallic development. This multi-commodity profile might improve future project economics and further increase exposure by Andrada to the fast-growing critical minerals market.
Despite functional progress, the outlook is still challenged by poor financial results, such as constant losses and negative operating along with free cash flow, regardless of continued revenue growth. Technical indicators are also an obstacle, pointing to a wider downward trend and the weak market movement. Valuation indicators are of little help, with the company remaining loss making and zero dividend yield.