REG - Andrada Mining Ltd - Uis Financing & Lithium Ridge Drilling Complete

Andrada MiningAnnouncement

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RNS Number : 7796F  Andrada Mining Limited  27 May 2026

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")

Uis mine debt financing and completion of the expanded lithium ridge diamond drilling programme
Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia announces the approval of conditional strategic funding of NAD98 million (c. £4.4 million) ("Loan Facilities"), from Bank Windhoek Limited ("BWL") and the Development Bank of Namibia Limited ("DBN"). The Company also announces the completion of the expanded diamond drilling programme at its Lithium Ridge project. The Loan Facilities are for the Company's subsidiary Uis Tin Mining Company (Pty) Ltd ("UTMC") comprising two equal NAD49 million (c. £2.2 million) tranches, conditionally approved by BWL and DBN, both flagship, Namibian-owned institutions.
HIGHLIGHTS
Funding & Institutional Partnership

§ NAD98 million (c. £4.4 million) conditionally approved through the 10-year
Loan Facilities from two of Namibia's most prominent financial institutions.

§ Funding complements the USD11 million (c. £8.1 million) equity raise (the
"Recent Fundraise") completed in April 2026 for concurrent growth initiatives

§ Strengthens domestic institutional support: Deepens Andrada's relationship
with major Namibian institutions supporting the Company's growth path.

Lithium Ridge: A World-Class Discovery Taking Shape

§ Completed drilling programme that exceeds original planned scope by 18%
from 14 500 metres to approximately 16 500 metres across total 143 drill
holes, driven by consistently compelling geological results.

§ Assay results confirm extensive, high-grade lithium mineralisation from
surface to drill depth, with standout intersections of up to 3.02% Li₂O over
5 metres. (See announcements of 9 February 2026 and 5 May 2026).

§ Drilling has also identified tin and tantalum mineralisation within the
same pegmatites, reinforcing polymetallic optionality.

§ Final core samples are being logged, with remaining assay results expected
over the coming months.

Anthony Viljoen, Chief Executive Officer, commented:
"This funding package, a collaboration between the Company, Bank Windhoek and Development Bank of Namibia, shows a strong commitment within Namibia to enable local development of large scale projects. Their willingness to commit long-term, low-cost development capital reflects the credible business we have built. It is important to note that the strong shareholder support shown in the April 2026 equity raise for concurrent growth initiatives, was partly the foundation that made this debt financing possible. Collectively, this capital structure provides a fully funded platform to complete the ore-sorting circuit and to drive meaningful production growth at Uis Mine without further dilution.

The decision to extend the drilling programme at Lithium Ridge by 18% was
driven by the quality and consistency of what our geologists were seeing in
the ground. Intersections of up to 3.02% Li₂O are exceptional by any global
standard. Conducting this programme alongside SQM, provides a level of
technical rigour and commercial credibility that we believe the market will
come to appreciate more fully as further results are released."

THE STRATEGIC SIGNIFICANCE OF NAMIBIAN INSTITUTIONAL SUPPORT

The participation of BWL and the DBN represents a strategic alignment with two
institutions central to Namibia's development ambitions. Both lenders have
conditionally committed to 10-year tenures, with capital repayment holidays.
This debt financing could only be secured following the successful completion
of the Recent Fundraise which strengthened Andrada's balance sheet and
demonstrated international investor confidence.

SUMMARY OF FINANCING TERMS

The Loan Facilities and the Recent Fundraise will collectively support key
operational upgrades and expansion initiatives at the Uis Mine including ore
sorters integration, additional crushing capacity, acceleration of stripping
activities, and updated resource and reserve estimates. The Loan Facilities
will complete UTMC's funding requirements to achieve targeted increases in
concentrate production at the Uis Mine.

TERM LOANS

UTMC has agreed a conditional term sheet for the credit approved Loan
Facilities, and the headline terms are set out below. These loans will be
ranked as senior secured debt, pari passu¸with other senior secured debt
holders.

 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.
 REPAYMENTS            Interest only quarterly repayments for the initial four quarters from the date  No capital or interest quarterly repayments for the initial four quarters from
                       of drawdown (such date still to be confirmed). Equal repayments constituting    the date of drawdown (such date still to be confirmed). Equal repayments
                       capital and accrued interest will be repaid quarterly for the remaining 36      constituting capital and accrued interest will be repaid quarterly for the
                       instalments.                                                                    remaining 36 instalments.
 INTEREST              Namibian Prime lending rate from time to time (currently at 10% per annum)      Prime Rate plus 1.95% with interest accrued monthly in arrears.
                       ("Prime Rate") plus 2% with interest accrued monthly in arrears.
 FEES                  Nominal facility fee at 1.5% of the facility.
 CONDITIONS PRECEDENT  UTMC required to comply with customary commercial conditions, in respect of
                       both the Bank Windhoek facility and the Development Bank of Namibia facility
                       including an additional joint General Notarial Bond ("GBN"), being a floating
                       charge, over moveable assets for a total of NAD 98 million being NAD 49
                       million for each lender by Andrada Mining Namibia (Pty) Ltd and UTMC.
 CONDITION SUBSEQUENT  UTMC to comply with customary commercial conditions including compliance to
                       covenants.
 USE OF PROCEEDS       Construction and commissioning of the ore-sorting circuit.

Unless quoted in previous announcements, conversion foreign exchange rates for
1GBP = NAD22.11 & 1GBP = USD1.34 as per xe.com on 21 May 2026.

Any final agreements on the Loan Facilities are subject to receipt of relevant
licences, reports, approvals and consents as well as negotiation and execution
of all applicable documentation. At this stage there can be no guarantee that
the Loan Facilities will be entered into, but the Directors have every
confidence the agreements will be concluded. A further announcement will be
made when documents are executed and, in any event, by 25 July 2026 in respect
of the DBN facility and by 25 August 2026 in respect of the BWL facility when
the term sheets in respect of the conditional Loan Facilities lapse.

COMPLETION OF DIAMOND DRILLING at LITHIUM RIDGE

The drilling at Lithium Ridge, undertaken in partnership with Sociedad
Química y Minera de Chile SA through its subsidiary SQM Australia (Pty) Ltd
("SQM"), has been successfully completed. The programme was expanded by
approximately 18% from the original scope of 14 500 meters to approximately 16
500 metres across 143 (now completed) drill holes to further define the scale,
continuity and geometry of the mineralised pegmatite system across the project
area. To date, assay results from 22 holes (15% of the total programme)
confirm consistent high-grade lithium from surface to drill depth, with
notable intersections of up to 3.02% Li₂O over 5 metres. (See announcements
of 9 February 2026 and 5 May 2026).

The drill holes have also identified tin and tantalum mineralisation within
the same pegmatites providing meaningful polymetallic optionality. Although
the drilling has been completed, the geological teams continue to process the
core, including detailed structural and geological logging, sampling and
assay. With 85% of assay results still to be received, the Company expects a
sustained newsflow of drilling results over the coming months. Each batch of
results will contribute to an updated geological model that will underpin
resource estimation and define the next phase of exploration and development.
The scale potential of the system, the quality of the mineralisation already
reported, and the calibre of the joint venture partner, together position
Lithium Ridge as one of the most exciting lithium exploration assets in
southern Africa

Competent Person statement

The technical data in this announcement has been reviewed by
Professor Laurence Robb ("Prof. Robb"), who is a non-executive director of
Andrada. Prof. Robb has over 30 years industry related exploration and
economic geology experience and is a Competent Person for the reporting of
exploration results. He has reviewed both the technical disclosures in this
release as well as the quality assurance protocols (QA/QC) and results for
this programme. As previously announced, the Company will continue to provide
regular updates as significant results are received and milestones achieved.

 

 CONTACT
 ANDRADA MINING LIMITED
 Anthony Viljoen, CEO                         +27 (11) 268 6555

 Sakhile Ndlovu, Head of Investor Relations

 NOMINATED ADVISOR & BROKER
 Zeus Capital Limited                         +44 (0) 20 3829 500090

Katy Mitchell

 Andrew de Andrade

 Harry Ansell

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

Andrew Chubb

 Jay Ashfield

 Matt Hasson
 Berenberg                                    +44 (0) 20 3753 3040

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

Emily Moss

                                            andrada@tavistock.co.uk (mailto:andrada@tavistock.co.uk)
 Josephine Clerkin

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 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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