Andrada Mining has fulfilled the key conditions required to trigger a US$10 million (about N$190 million) initial investment from BWCAM Limited, formally moving the Brandberg West project from agreement into execution and unlocking near-term funding for development work in Namibia’s Erongo region.
The satisfaction of the conditions precedent clears the way for the funding to be received in the coming days.
It marks a pivotal step in a partnership first announced in January, when Andrada revealed a staged earn-in agreement with BWCAM, an affiliate of private investment firm ACAM LP.
Under that agreement, BWCAM committed to funding the initial development of Brandberg West in return for a project-level equity position, while also taking a direct shareholding in Andrada to align interests at both asset and corporate levels.
Brandberg West sits within Andrada’s broader portfolio of critical minerals assets in Namibia, complementing its producing tin operations at Uis and its strategy of extracting additional value from historic and underexplored mineralised areas.
The project is regarded as prospective not only for primary mineralisation but also for the potential recovery of tin and associated minerals from landmark tailings. This approach aligns with Andrada’s emphasis on capital-efficient growth and early cash-flow opportunities.
The earn-in structure agreed with BWCAM was deliberately staged, with funding contingent on the achievement of specific governance and corporate milestones.
These included the formal adoption of the AIML constitution and the appointment of officers to the AIML board of directors, steps designed to ensure that the project-level company is fully constituted and operational before capital is deployed.
With these conditions now satisfied, BWCAM will attain a 30% shareholding in AIML upon receipt of the funds, giving it a direct stake in the development trajectory of Brandberg West.
In parallel with the project investment, BWCAM has completed a US$1 million (about N$19 million) equity subscription into Andrada itself.
The corporate investment was executed through the issue of 24,295,432 new ordinary shares at 3 pence per share, reinforcing the long-term nature of the partnership and providing Andrada with additional balance-sheet support as it advances multiple work programmes across its asset base.
Chief executive officer Anthony Viljoen said the receipt of the initial investment represents a significant milestone for the company, marking the transition of the Brandberg West partnership from concept to execution.
He said the funding provides immediate momentum to advance the assessment of tailings recovery potential and broader exploration opportunities at the project.
At the same time, the concurrent equity subscription demonstrates ACAM’s confidence in Andrada’s management team, asset quality and disciplined approach to value creation.
The capital earmarked for Brandberg West is expected to accelerate technical studies focused on historic tailings, which could offer a relatively low-risk pathway to early development if economic recovery is demonstrated.
Tailings reprocessing has become an increasingly important theme in Namibia’s mining sector, offering opportunities to unlock value from legacy operations while reducing environmental liabilities and capital intensity.
The only remaining condition attached to the earn-in agreement is approval from the Namibian Competition Commission, which Andrada said remains outstanding.
Once that approval is secured, the partnership structure will be fully in place, allowing the agreed work programmes to proceed without regulatory constraints.
At the corporate level, Andrada has applied to the London Stock Exchange for the newly issued subscription shares to be admitted to trading on AIM.
Admission is expected at 8.00 am on 9 February 2026, at which point dealings in the new shares will commence. The shares will rank pari passu with existing ordinary shares, including the right to receive dividends and other distributions declared after the date of issue.
Following admission, Andrada’s issued share capital with voting rights will increase to 1,953,981,532 ordinary shares, a figure the company said shareholders should use when assessing notification requirements under its articles of association, the UK’s Disclosure Guidance and Transparency Rules, and the AIM Rules for Companies.
Andrada Mining Limited has positioned the Brandberg West transaction as a cornerstone of its medium-term growth strategy, combining project-level funding with corporate equity support at a time when long-term structural trends in electronics, renewable energy and electrification underpin demand for critical metals such as tin.
With more than N$209 million now committed across project development and corporate investment, Andrada enters the next phase of work at Brandberg West with strengthened financial capacity and a strategic partner embedded in both the asset and the company, reinforcing its ambition to build a diversified, Namibia-focused critical minerals producer.
