Loan Note Conversion and issuance of equity

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia, announces that it has received notification today from BPM Investments Limited (“BPM”) in respect of five convertible loan notes (“Conversion”). The five notes form a part of the 77 unsecured convertible loan notes ("Loan Notes") with a principal value of £100 000 each, issued by the Company in July 2023.

The total amount being converted by BPM is £577 845.28, comprising £500,000 of principal and £77 845.28 of capitalised interest. At the conversion price of 5.00 pence per Ordinary Share, which is set by the associated Loan Notes documentation, the Conversion will result in the issuance of 11 556 905 new Ordinary Shares (“Conversion Shares”). BPM is a shareholder in the Company who currently holds 69 426 746 Ordinary Shares representing approximately 3.16% of the Company’s current issued share capital of 2 198 914 748 Ordinary Shares. Following the issue of the Conversion Shares, BPM will hold 80 983 651 Ordinary Shares in the Company representing approximately 3.66% of the Company’s enlarged issued share capital of 2 210 471 653.

The total amount remaining under the Loan Notes (excluding interest) is now £7.2m (see announcement dated 18 July 2023 and announcement 29 August 2026, when the terms of the Loan Notes were varied).

Admission of shares on AIM

Application has been made to the London Stock Exchange for admission of the Convertible Loan Note Shares (being a total of 11 556 905 Ordinary Shares) to trading on AIM. It is expected that admission will become effective and dealings in all the shares will commence on AIM at 8.00 a.m. on 26 October 2026.

Total voting rights

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