TIN
Uis mine expanded lithium ridge diamond drilling programme
A ndrada Mining, a tin producer approval of conditional strategic funding of NAD98 million, from Bank Windhoek Limited (BWL) and the Development Bank of Namibia Limited (DBN). The company also announced the completion of the expanded diamond drilling programme at its Lithium Ridge project. The loan facilities are for the company’s subsidiary Uis Tin Mining Company (UTMC) comprising two equal NAD49 million (c. £2.2 million) tranches, conditionally approved by BWL and DBN, both flagship, Namibian-owned institutions. Highlights Funding & Institutional Partnership • NAD98 million (c. £4.4 million) conditionally approved through the with a portfolio of critical minerals mining and exploration assets in Namibia, recently announced the • Funding complements the $11 million (c. £8.1 million) equity raise completed in April 2026 for concurrent growth initiatives. • Strengthens domestic institutional support: Deepens Andrada’s relationship with major Namibian institutions supporting the company’s growth path. Lithium Ridge: A world-class discovery taking shape • Completed drilling programme that exceeds original planned scope by 18% from 14 500 metres to approximately 16 500 metres across total 143 drill holes, driven by consistently compelling geological results. • Assay results confirm extensive, high-grade lithium mineralisation from surface to drill depth, with standout intersections of up to 3.02% Li₂O over 5 metres. • Drilling has also identified tin and tantalum mineralisation within the same pegmatites, reinforcing polymetallic optionality. • Final core samples are being logged, with remaining assay results expected over the coming months. 10-year Loan Facilities from two of Namibia’s most prominent financial institutions.
The Lithium Ridge project.
provides a fully funded platform to complete the ore-sorting circuit and to drive meaningful production growth at Uis Mine without further dilution. 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.” n
Anthony Viljoen, Chief Executive Officer, commented: “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. 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
JULY 2026 | www.modernminingmagazine.co.za MODERN MINING 19
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