Andrada Mining has received conditional approval for NAD98 million (€4.4 million) in loan facilities from Bank Windhoek and the Development Bank of Namibia (DBN) to support operational upgrades at its Uis Tin Mine, while also completing an expanded diamond drilling programme at the Lithium Ridge project.
The 10-year loan facilities, split equally between the two Namibian institutions, will be used for the construction and commissioning of an ore-sorting circuit at Uis Mine.
The debt financing complements an equity raise of $11 million completed in April 2026.
"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,” said company chief executive Anthony Viljoen.
“Their willingness to commit long-term, low-cost development capital reflects the credible business we have built.”
The drilling programme at Lithium Ridge, undertaken in partnership with SQM, was expanded by 18% from the original 14,500 metres to approximately 16,500 metres across 143 drill holes, driven by consistently compelling geological results.
Assay results have confirmed extensive, high-grade lithium mineralisation from surface to drill depth, with standout intersections of up to 3.02% Li₂O over 5 metres.
“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,” said Viljoen.
“Intersections of up to 3.02% Li₂O are exceptional by any global standard.”
Andrada said drilling has also identified tin and tantalum mineralisation within the same pegmatites, reinforcing polymetallic optionality.
With 85% of assay results still to be received, the company expects a sustained flow of drilling results over the coming months.
The loan facilities are conditional on customary commercial conditions, with execution expected by 25 July 2026 for the DBN facility and 25 August 2026 for the Bank Windhoek facility.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
