REG - Andrada Mining Ltd - Thaisarco Strengthens Relationship with Andrada

Andrada MiningAnnouncement

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RNS Number : 0861U  Andrada Mining Limited  24 February 2026

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Andrada Mining Limited

("Andrada" or the "Company")

Thaisarco Strengthens Commercial Relationship with Andrada

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a
portfolio of critical minerals mining and exploration assets in Namibia, is
pleased to announce that its wholly-owned subsidiary, Uis Tin Mining Company
(Proprietary) Limited ("UTMC"), has added to its long-standing offtake
agreement, see announcement dated 15 November 2023  (the "Original Offtake
Agreement") with Thailand Smelting & Refining Co. Ltd ("Thaisarco"), one
of the world's leading integrated tin producers (the "Agreement"). Thaisarco
was established in 1963 and is recognised globally as an industry leader in
the manufacture of tin, tin alloys, and tin-related products.

In return for exclusivity over all tin concentrate produced by UTMC during the
period of the Agreement, Thaisarco will advance USD3 million (the Advance
Amount") to UTMC. The Advance Amount is unsecured, repayable only at the
request of UTMC and does not accrue interest.  The monies are expected to be
received later this week.

Highlights

§ Extended exclusive tin offtake arrangement with a leading global tin
smelter: Thaisarco is granted exclusivity to purchase all tin concentrate
produced at UTMC's operations, at its absolute discretion

§ USD3 million unsecured advance: Thaisarco to advance USD3 million to
provide flexibility as operations continue to scale up

§ Flexible repayment terms: UTMC has three repayment options and except in
events of default, repayment is at the absolute discretion of UTMC

§ Exceptional repayment terms: No interest accrues on the unsecured Advance
Amount, and a small marketing discount is applied to future sales as detailed
below

§ Continuation of a strategic partnership: The Agreement builds on the
long-term partnership with Thaisarco.

Anthony Viljoen, Chief Executive Officer, commented:

"This agreement is a result of the long-standing partnership we have built
with Thaisarco, the strong operating performance we continue to deliver at Uis
and the growing demand for tin. In the current robust commodity market, this
extension provides greater flexibility for UTMC as we scale our operations to
capitalise on market demand.

Thaisarco's decision to further strengthen its relationship with Andrada, is
an endorsement from a valued partner. Importantly, it underlies the
significance of the Uis operation in the global tin market and demonstrates
confidence in our team to achieve scale across the asset."

Overview of the agreement

The Agreement provides for:

§ Unsecured advance: Subject to the satisfaction of certain customary
conditions detailed below, Thaisarco will advance USD3 million (unsecured) to
UTMC.

§ Redemption: UTMC can repay the USD3 million in the following circumstances,
at its absolute discretion:

-    An early voluntary redemption option exercisable within the first two
years of the Agreement, subject to 90 days prior written notice by UTMC paying
USD3 million and a redemption fee equal to 30% (USD 900 000) of the Advance
Amount.

-    A voluntary redemption option on the second anniversary of the
Agreement and any subsequent anniversary date, subject to 60 days prior
written notice by repaying the USD3 million.

-    Mandatory redemption in the event of a change of control or where
legislative changes materially affect UTMC's ability to supply.

§ Structure: it is structured as a prepayment against amounts owed or to
become owed under the Original Offtake Agreement but, as set out above,
repayment is solely at the discretion of UTMC.

§ Exclusivity: UTMC grants Thaisarco exclusive rights to purchase all tin
concentrate produced from the Uis Mine processing facilities. This includes
material sourced from the Uis mining licence in Namibia's Erongo region, as
well as approved third-party feedstock, subject to certain commercial
limitations. UTMC can sell additional tin concentrate to third parties with
Thaisarco's consent.

§ Marketing discount: Pricing for tin concentrate sales will continue to
reference the London Metal Exchange (LME) tin price and will be subject to a
minor percentage marketing discount (new) applied on a sliding scale.

 CONTACTS                                     +27 (11) 268 6555
 Andrada Mining Limited

Anthony Viljoen, CEO

 Sakhile Ndlovu, Head of Investor Relations
 NOMINATED ADVISOR & BROKER
 Zeus Capital                                  +44 (0) 20 382 95000

Katy Mitchell

 Andrew de Andrade

 Harry Ansell
 CORPORATE BROKER & ADVISOR
 H&P Advisory Limited                         +44 (0) 20 7907 8500

Andrew Chubb

 Jay Ashfield

 Matthew Hasson
 Berenberg                                    +44 (0) 20 3753 3040

Jennifer Lee
 FINANCIAL PUBLIC RELATIONS
 Tavistock                                    +44 (0) 207 920 3150

Emily Moss

                                            andrada@tavistock.co.uk
 Josephine Clerkin

 
About Andrada

Andrada Mining Limited, listed on the London Stock Exchange's AIM market, is a
tin producer with a portfolio of critical minerals 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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