Business
Partnership with ACAM to develop Brandberg West
Andrada Mining Limited has secured a significant partnership with ACAM LP, involving a conditional, staged earn-in agreement for up to 49% of its Brandberg West polymetallic prospecting licence. This agreement could provide up to USD51 million in staged funding to accelerate exploration and development, with an initial USD10 million investment for a 30% interest, followed by an optional USD40 million for an additional 19%. The proceeds will be used to investigate tailings recovery, conduct wider exploration, and perform metallurgical and feasibility studies, aiming to unlock copper and tungsten resources alongside existing tin. Andrada will retain operational control of the project, which is a historical producing mine. Disclaimer*
About this update from Andrada Mining Limited
[{"type":"text","content":"\n\nThe 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.\nAndrada Mining LimiteD\n(\"Andrada\" or the \"Company\")\nUSD51 million partnership with ACAM to fast-track the Brandberg West Project\nSeeking to unlock Namibia's next potential major source of copper, tungsten and tin\nAndrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a critical metals producer with an expanding portfolio of mining and exploration assets in Namibia, is pleased to announce a partnership, by way of a conditional, staged earn-in agreement (the \"Agreement\") up to 49% between its wholly owned subsidiary Andrada Investments (Mauritius) Limited (\"AIML\"), and ACAM LP (\"ACAM\") through its affiliate BWCAM Limited (\"BWCAM\"). Under the Agreement, BWCAM could provide up to USD51 million in staged funding to accelerate the exploration and development of the Brandberg West (\"BW\") polymetallic prospecting licence. BW is held by Grace Timon Investments (Proprietary) Limited (\"GTI\"), a wholly owned subsidiary of AIML.\nKEY Highlights\n§ Up to USD51 million investment in a staged, conditional earn-in structure in AIML:\n− Initial Investment: USD10 million (c.£7.4 million) ¹ for a 30% equity interest, on satisfaction of initial conditions (anticipated to be satisfied shortly).\n− BWCAM to then subscribe for USD1 million (c.£0.74 million) ¹ of equity shares in the Company.\n− Optional Follow-on Investment: USD40 million (c.£29.5 million) ¹ for an additional 19% interest (total 49%), subject to milestones as set out below.\n§ BW is a historical producing mine.\n§ Investment proceeds to investigate tailings recovery potential and for wider exploration, metallurgy and feasibility studies at BW.\n§ Andrada retains operational control of BW, due to Andrada's extensive expertise and experience in successfully implementing large-scale projects of this nature.\n§ This transaction unlocks Andrada's third significant polymetallic standalone project by introducing copper and tungsten into it...