Exercise of Share Options

The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information will be in the public domain.

Andrada Mining Limited

("Andrada" or the "Company")

Exercise of Share Options

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia has received notice from share option holders to exercise as detailed below.

§ 3 407 894 share options at an exercise price of 3p.

§ 1 953 946 share options at an exercise price of 3.5p.

§ 1 953 946 share options at an exercise price of 4p

Accordingly, the Company has today issued 7 315 786 Ordinary Shares (the "Option Shares") to satisfy these exercises. Application has been made to admit the Option Shares to trading on AIM and it is anticipated that the application will be effected and dealings will commence on 9 October 2023 ("Admission").

Disclosure and Transparency Rules

In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, upon Admission its issued share capital will comprise 1 549 745 003 Ordinary Shares of no-par value upon Admission (the "Enlarged Share Capital").

All of these Ordinary Shares have equal voting rights and none of them are held in treasury. The total number of voting rights in the Company will therefore be 1 549 745 003 upon Admission. This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the DTRs.