AfriTin Mining Ltd (AIM:ATM, FRA:9IA) reported revenues of GBP5.1mln in the six months to August 2021, an increase of 468% over the corresponding six-month period a year earlier.
Gross profit margin was 22, positive free cash flow generated was GBP560,000, and cash and cash equivalent amounted to GBP6.3mln at period as the company’s tin producing operation at Uis in Namibia really began to show its worth.
313 tonnes of tin concentrate were shipped to the company’s offtake partner, Thaisarco, during the six-month period.
Expansion is now underway at Ui, with testing ongoing in regard to the future production of lithium and tantalum.
Since the end of the period under review, outline terms for a NAD 90 million (GBP4.5 million) Senior Secured Term Loan has been agreed with Standard Bank Namibia Ltd subject to final documentation.