Andrada Mining has secured conditional approval for N$98 million in long-term financing from two of Namibia’s largest financial institutions while expanding drilling at its Lithium Ridge project, where results have returned lithium grades of up to 3.02% Li₂O.
The AIM-listed company announced that its subsidiary, Uis Tin Mining Company (UTMC), has received conditional approval for two N$49 million loan facilities from Bank Windhoek and the Development Bank of Namibia (DBN).
The funding comes just weeks after Andrada completed a US$11 million (about N$244 million) equity raise in April 2026.
The new financing will be used to complete key expansion projects at the Uis Mine, including the construction and commissioning of an ore-sorting circuit, additional crushing capacity, accelerated stripping activities, and updated resource and reserve estimates, all aimed at increasing concentrate production.
Andrada chief executive officer Anthony Viljoen said the financing demonstrated growing confidence in the company’s growth plans from both local and international investors.
“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 credibility of the 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 a key foundation for this debt financing.
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,” Viljoen said.
The two lenders have conditionally committed to 10-year loan terms, with repayment holidays during the initial stages of the facilities.
The loans will rank as senior secured debt and remain subject to final agreements, approvals and documentation.
Andrada expects the DBN facility to be concluded by 25 July 2026 and the Bank Windhoek facility by 25 August 2026.
The announcement was accompanied by an update from the company’s Lithium Ridge project, where an expanded drilling programme has been completed in partnership with Chilean lithium giant SQM.
The campaign was increased by about 18% from the originally planned 14,500 metres to approximately 16,500 metres across 143 drill holes, following early results that encouraged management to expand the programme.
Results received so far from 22 holes have confirmed extensive lithium mineralisation from surface, with some intersections grading up to 3.02% Li₂O over five metres. Drilling has also identified tin and tantalum mineralisation within the same pegmatite system, highlighting the project’s polymetallic potential.
“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,” Viljoen said.
Although drilling has now been completed, geological teams continue to process and log core samples. With about 85% of assay results still outstanding, Andrada expects a steady flow of exploration updates in the coming months as it refines the geological model and advances resource estimation work.
The company said the scale of the mineralised system, combined with the partnership with SQM, positions Lithium Ridge among the most promising lithium exploration projects in southern Africa.
