NaCC Approval for Brandberg West earn-in agreement
Andrada Mining Limited has received unconditional approval from the Namibian Competition Commission for its earn-in agreement with BWCAM Limited concerning the Brandberg West polymetallic prospecting licence. This approval was a condition subsequent to BWCAM's initial US$10 million investment made on 4 February 2026, which secured a 30% equity interest in Andrada's subsidiary, AIML, and involved a simultaneous subscription for new equity in Andrada. The full earn-in agreement allows for up to US$51 million in staged funding from BWCAM to accelerate exploration and development, potentially leading to a 49% stake in AIML. Geophysical surveys and initial drilling have been completed, with diamond drilling and waste stream sampling now underway.
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Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a portfolio of critical mineral assets in Namibia, is pleased to announce that the Namibian Competition Commission ("NaCC") has unconditionally approved the earn-in agreement (the "Agreement") made between the Company's subsidiary, Andrada Investments (Mauritius) Limited ("AIML") and ACAM LP through its subsidiary BWCAM Limited ("BWCAM").
Anthony Viljoen, Chief Executive Officer, commented:
"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."
Under the Agreement, and as set out in the announcement dated 21 January 2026 (the "Announcement"), BWCAM could provide up to USD51 million in staged funding to accelerate the exploration and development of the Brandberg West polymetallic prospecting licence, which is held by Grace Timon Investments (Proprietary) Limited, a wholly owned subsidiary of AIML. This would give BWCAM a 49% stake in AIML.
The two key conditions that triggered the initial investment by BWCAM Limited were satisfied on 4 February 2026 with BWCAM investing US$10m towards the initial development of Brandenberg West for a 30% equity interest in AIML and subscribing for new equity in the Company at the same time. The NaCC approval was a condition subsequent to the initial investment under the Agreement. If NaCC approval had not been granted within 9 months, BWCAM would have had the benefit of a put option to require the Company to buy back its 30% stake in AIML . See announcement dated 21 January 2026.
To date geophysical surveys and reverse circulation drilling across the historical tailings storage facility at Brandenburg West have been completed. Diamond drilling is underway and sampling to test mineral extraction from waste streams has commenced. See announcement dated 29 June 2026.
Andrada will provide further market updates in due course.
| CONTACTS Andrada Mining Limited Anthony Viljoen, CEO Sakhile Ndlovu, Head of Investor Relations | +27 (11) 268 6555 |
| NOMINATED ADVISOR & BROKER | |
| Zeus Capital Limited Katy Mitchell Andrew de Andrade Harry Ansell | +44 (0) 20 2382 9500 |
| CORPORATE BROKER & ADVISOR | |
| H&P Advisory Limited Andrew Chubb Matt Hasson | +44 (0) 20 7907 8500 |
| VSA Capital Andrew Monk Brian Wong | +44 (0) 20 3005 5000 |
| FINANCIAL PUBLIC RELATIONS | |
| Tavistock Emily Moss Josephine Clerkin | +44 (0) 207 920 3150 andrada@tavistock.co.uk |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.