Financial Close & Execution of Strategic Funding
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")
Financial Close and Execution of the NAD98 Million Strategic Funding for Uis Mine Ore-Sorting Expansion
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a portfolio of critical metals mining and exploration assets in Namibia, announces that further to the announcement of 27 May 2026, its subsidiary, Uis Tin Mining Company (Pty) Ltd ("UTMC"), has executed definitive agreements for loan facilities totalling NAD98 million (c. £4.4 million) (the "Loan Facilities") with Bank Windhoek Limited ("BWL") and the Development Bank of Namibia Limited ("DBN"). The Loan Facilities comprise two equal NAD49 million (c. £2.2 million) tranches and all conditions precedent governing loan disbursement have been met to the satisfaction of both lenders. The Loan Facilities complete UTMC's funding requirements for the planned operational upgrades at the Uis Mine and enable the Company to progress the ore-sorting expansion into execution.
HIGHLIGHTS
§ Definitive agreements executed for two NAD49 million loan facilities, providing aggregate funding of NAD98 million and completing UTMC's funding requirements for the planned Uis operational upgrades.
§ The 10-year Loan Facilities will fund the construction and commissioning of the ore-sorting circuit at the Uis Mine.
§ The ore-sorting circuit is projected to increase tin concentrate output by 50% - 70% to approximately 2 500 to 3 000 tonnes per annum ("tpa") resulting in between 1 500 - 1 900tpa contained tin.
§ Project execution is gaining momentum, with key contractors appointed and equipment fabrication already underway.
Anthony Viljoen, Chief Executive Officer, commented:
"The strengthening of the collaboration with two of Namibia's leading financial institutions, has enabled Andrada to complete the funding required to materially de-risk the delivery of the Uis ore-sorting expansion. The Company can now continue to move decisively into project execution mode to further unlock the mine's operational and cash-generating potential through increased throughput and processing efficiency. The appointment of two well-known engineering firms to fabricate and execute on this project, has enabled the early work required, to meet the project delivery timelines."
SUMMARY OF THE LOAN FACILITIES
The relevant conditions have been satisfied, and the applicable definitive documentation has been executed. The principal terms of the Loan Facilities, as previously disclosed in the Announcement, are summarised below:
LENDER
BANK WINDHOEK LIMITED
DEVELOPMENT BANK OF NAMIBIA
AMOUNT
NAD 49 million (c. £2.2 million).
NAD49 million (c. £2.2 million).
TENURE
10 years.
10 years.
SECURITY & RANKING
Loan Facilities rank as senior secured debt, pari passu with other senior secured debt holders, and include a joint General Notarial Bond over movable assets for an aggregate NAD98 million.
REPAYMENTS
Interest only quarterly repayments for the initial four quarters from the date of drawdown (such date still to be confirmed). Equal repayments constituting capital and accrued interest will be repaid quarterly for the remaining 36 instalments.
No capital or interest quarterly repayments for the initial four quarters from the date of drawdown (such date still to be confirmed). Equal repayments constituting capital and accrued interest will be repaid quarterly for the remaining 36 instalments.
INTEREST
Namibian Prime lending rate from time to time (currently at 10% per annum) ("Prime Rate") plus 2% with interest accrued monthly in arrears.
Prime Rate plus 1.95% with interest accrued monthly in arrears.
FEES
Nominal facility fee at 1.5% of the facility.
Further information on the conditional approval and the terms of the Loan Facilities is set out in the Company's announcement of 27 May 2026. The conditions precedent have been satisfied for both BWL and DBN with drawdown expected in the next 5 - 10 days.
ORE SORTING PROJECT
The ore-sorting circuit is a modular expansion of the current processing plant at the Uis Mine. It will pre-concentrate run-of-mine ore and deliver material enriched in tin to the existing processing circuits. The associated expansion and upgrades to the crushing and screening sections are designed to remove processing bottlenecks, improve throughput and enhance operating efficiency. Collectively, these improvements are projected to increase tin concentrate output by approximately 50% - 70% from c.1 800tpa to approximately 2 500tpa - 3 000tpa resulting in an equivalent quantity of between 1 500tpa- 1900tpa contained tin.
The Company has appointed two contractors to execute the project. Intagrey (Pty) Ltd, who specialise in modular ore-sorting plants, will be responsible for the fabrication, construction and commissioning of the ore-sorting circuit. Consulmet (Africa) Limited, an experienced engineering and construction company, will be responsible for the upgrades to the crushing and screening sections of the plant. The key execution stages comprise fabrication; site construction and installation; completion of the crushing and screening upgrades; commissioning and ramp-up.
CONTACTS
Andrada Mining Limited
Anthony Viljoen, CEO
Sakhile Ndlovu, Head of Investor Relations
+27 (11) 268 6555
NOMINATED ADVISOR & BROKER
Zeus Capital Limited
Katy Mitchell
Andrew de Andrade
Harry Ansell
+44 (0) 20 2382 9500
CORPORATE BROKER & ADVISOR
H&P Advisory Limited
Andrew Chubb
Matt Hasson
+44 (0) 20 7907 8500
VSA Capital
Andrew Monk
Brian Wong
+44 (0) 20 3005 5000
FINANCIAL PUBLIC RELATIONS
Tavistock
Emily Moss
Josephine Clerkin
+44 (0) 207 920 3150
andrada@tavistock.co.uk
About Andrada Mining Limited
Andrada Mining Limited, listed on the London Stock Exchange's AIM market, is a tin producer with a portfolio of critical metals mining and exploration assets in Namibia, a premier investment destination in Africa. The Company's strategy focuses on unlocking Namibia's abundant mineral resources via best-in-class strategic partnerships across its resource base, enhancing the country's reputation as a leading global hub for African critical mineral investment. Andrada is actively scaling up tin production alongside lithium, tantalum, tungsten and copper, steadily broadening its operational footprint and output. The Company aims to supply critical raw materials from its extensive resource portfolio to support a sustainable future, improve quality of life, and uplift communities near its operations. These critical metals play a crucial role in the green energy transition, serving as essential components for electric vehicles, solar panels, and wind turbines.
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