Andrada Mining has secured unconditional regulatory approval for a funding agreement that could inject up to US$51 million into the development of its Brandberg West polymetallic project, removing the final competition hurdle to one of Namibia’s largest privately funded critical minerals exploration partnerships.
The Namibian Competition Commission (NaCC) has unconditionally approved the earn-in agreement between Andrada subsidiary Andrada Investments (Mauritius) Limited (AIML) and BWCAM Limited, a subsidiary of investment firm ACAM LP, paving the way for the staged investment programme to continue without competition-related restrictions.
The agreement, first announced on 21 January 2026, provides for up to US$51 million in staged funding to accelerate exploration and development of the Brandberg West polymetallic prospecting licence. In return, BWCAM will be able to earn up to a 49% interest in AIML, which owns the project through its wholly owned Namibian subsidiary, Grace Timon Investments (Pty) Ltd.
Andrada chief executive officer Anthony Viljoen welcomed the regulator’s decision, saying it marked another significant milestone for the project.
“The unconditional approval from the NaCC represents another important step in unlocking the potential of Brandberg West. Our partnership with BWCAM combines Andrada’s Namibian operating and geological expertise with ACAM’s investment capabilities to advance the project systematically.”
The transaction had already reached its first major milestone on 4 February 2026, when BWCAM invested US$10 million to acquire a 30% equity interest in AIML and simultaneously subscribed for new shares in Andrada Mining.
Although exploration activities had already commenced, NaCC approval remained an important condition subsequent under the agreement. Had approval not been granted within nine months, BWCAM would have been entitled to exercise a put option requiring Andrada to repurchase its 30% interest in AIML.
With the competition approval now secured, the company can continue implementing its exploration and development programme without that regulatory uncertainty.
Work completed to date includes geophysical surveys and reverse-circulation drilling across the historical tailings storage facility at Brandberg West. Diamond drilling is now underway, while metallurgical sampling has commenced to assess the potential to recover valuable metals from historical mine waste streams.
Brandberg West is one of Andrada’s principal growth assets alongside the producing Uis Tin Mine and the Lithium Ridge Project. The polymetallic licence is prospective for tin, tungsten, copper, and lithium, supporting the company’s strategy to expand beyond tin into a broader portfolio of critical minerals required for the global energy transition.
The NaCC approval also removes a key regulatory milestone for ACAM’s long-term investment in Namibia, giving both partners greater certainty as they work towards systematically advancing Brandberg West through exploration, resource definition and future development.
Andrada said further market updates will be provided as drilling and technical studies progress.
