Andrada Mining (ATM) has released a solid operating update for Q2 FY26 to August, with contained tin output of 273t, rising YoY and QoQ due to higher ore throughput and recovery rates. Underlying C1 unit costs were up <1% YoY suggesting solid operational control, albeit aided by increased output. Nonetheless, we note AISC (ex the Orion Royalty) was 10% higher due, it would appear, to higher sustaining capex, as well as slightly lower tantalum credits. Including the Orion Royalty, which stepped u ....
