Andrada Mining Secures NAD98 Million in Bank Funding as Lithium Ridge Drilling Concludes

• Andrada Mining has received conditional approval for NAD98 million (c. £4.4 million) in loan facilities from Bank Windhoek Limited and the Development Bank of Namibia
• The facilities carry 10-year terms with initial repayment holidays and will fund construction of an ore-sorting circuit at the Uis Mine
• The expanded diamond drilling programme at Lithium Ridge has been completed, covering approximately 16,500 metres across 143 holes, 18% above the original plan
• Assay results from 22 of 143 holes confirm lithium mineralisation from surface to depth, with the highest intersection recorded at 3.02% Li₂O over five metres
• The loan facilities complement the USD11 million equity raise completed in April 2026, intended to fund concurrent growth initiatives at Uis Mine

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF) is a Namibia-based mining and exploration company focused on discovering, developing, and extracting critical raw materials such as tin, lithium, tantalum, and copper. It is listed on London's AIM market. The company's stated strategy involves partnering with established institutions to develop Namibia's mineral resources, with output directed toward sectors including electric vehicles, solar panels and wind turbines.

NAD98 Million Conditional Loan Facilities Secured

Andrada has received conditional approval for NAD98 million in loan facilities through its subsidiary, Uis Tin Mining Company, split into two equal tranches of NAD49 million (c. £2.2 million) from Bank Windhoek Limited and the Development Bank of Namibia. Both facilities run for 10 years.

Repayment terms differ slightly between lenders. Bank Windhoek's facility requires interest-only payments for the first four quarters, while the Development Bank of Namibia facility waives both capital and interest payments during that period. After the initial four quarters, both loans move to standard quarterly repayments of capital and interest over the remaining 36 instalments. Interest is charged at the Namibian prime lending rate, currently 10%, plus 2% for Bank Windhoek and 1.95% for the Development Bank of Namibia, with a facility fee of 1.5% on each loan.

CEO Anthony Viljoen stated:

"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."

Final agreements remain subject to conditions including regulatory approvals, with documentation expected by 25 July 2026 for the Development Bank facility and by 25 August 2026 for the Bank Windhoek facility.

Expanded Lithium Ridge Drilling Programme Completed

Andrada has completed its diamond drilling programme at the Lithium Ridge project, carried out in partnership with SQM Australia, a subsidiary of Sociedad Química y Minera de Chile. The programme was extended by 18% beyond its original scope, from 14,500 to approximately 16,500 metres across 143 drill holes.

Assay results have been received for 22 of the 143 holes, representing 15% of the total programme. These results show lithium mineralisation from surface to drill depth, with the highest recorded intersection at 3.02% Li₂O over five metres. Drilling has also identified tin and tantalum mineralisation within the same pegmatites.

CEO Anthony Viljoen stated:

"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 remaining 85% of assay results are expected over the coming months.

Combined Debt and Equity Funding

The loan facilities complement the USD11 million equity raise completed in April 2026. According to the company, the two funding sources together provide a fully funded platform to complete planned upgrades at Uis Mine, including integration of ore sorters, additional crushing capacity, and acceleration of stripping activities, without requiring further equity issuance.

The funding will also support updated resource and reserve estimates for the Uis Mine. The company stated that the equity raise strengthened its balance sheet and was a contributing factor in securing the subsequent debt financing.

CEO Anthony Viljoen stated:

"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."

Conclusion

Documentation for the Development Bank of Namibia facility is expected to be finalised by 25 July 2026, followed by the Bank Windhoek facility by 25 August 2026, both subject to conditions including regulatory approvals. At Lithium Ridge, remaining assay results from the drilling programme are expected over the coming months, with each batch to be incorporated into an updated geological model. The company has indicated it will continue to provide updates as further results and milestones are reached.

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