Andrada Mining Limited
ATM · AIM · Basic Resources · mcap £150m · 6.5p 2 open situations →
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Lithium Ridge exploration with SQM
Lithium Ridge is explored under an SQM earn-in (SQM may earn 30%). Drilling finished in May 2026 at about 16,500m across 143 holes. On 6 Oct 2026 the fifth batch of assays reported 23 mineralised holes, with grades up to 2.04% Li2O, tin and tantalum by-products, and a newly identified pegmatite outside the main trend.
- Next milestone
- Assay analysis to be completed Q3 FY2027; no exact date stated 29 Jun 2026 ↗
- Drilling
- Completed May 2026: about 16 500m across 143 holes 29 Jun 2026 ↗
- Assays
- 22 holes (15% of programme) reported; 85% still to come 27 May 2026 ↗
- Partner
- SQM earn-in; SQM may earn 30% interest in the Project 6 Oct 2026 ↗
- Assays reported
- 34 holes released to date (22 holes at 27 May 2026); remainder pending 29 Jun 2026 ↗
- Fifth batch
- 23 holes intersected mineralisation; 6 holes did not meet reporting thresholds (reported 6 Oct 2026) 6 Oct 2026 ↗
Next: Assay analysis to be completed
- 6 Oct 2026 Drilling complete; fifth batch of assays reported
- 28 Sep 2026 Funded; long-lead crushing equipment ordered
- 17 Aug 2026 Loans executed; project in execution
- 29 Jun 2026 Loans still conditional; construction said funded
Brandberg West earn-in partnership
ACAM LP, through BWCAM, is funding a USD51m phased investment in Brandberg West; the first USD10m was received earlier in 2026. The 29 June 2026 update reports initial XRT ore sorting test work (released 13 April 2026) showing over 90% mass reduction with tin and tungsten recoveries above 80% in multiple instances. An extensive drilling and metallurgical programme has started. The company calls this a potential low-capex route to production.
- Size
- USD51 million phased investment by ACAM LP via BWCAM 29 Jun 2026 ↗
- Received
- First USD10 million (£7.3 million) received in the Quarter
- Initial work
- Tailings recovery, feasibility study preparation, pit optimisation
- Conditions
- Conditions precedent completed
- Next milestone
- Remaining phased funding; no date stated 29 Jun 2026 ↗
- Ore sorting
- Over 90% mass reduction; recoveries above 80% in multiple instances; test work on historical grab samples 29 Jun 2026 ↗
Next: Drilling and metallurgical programme; remaining phased funding
- 29 Jun 2026 Workplan under way; ore sorting results positive
- 26 Mar 2026 First USD10m received; workplan under way
- 4 Feb 2026 Initial conditions met; funds imminent; competition approval pending
- 21 Jan 2026 Agreed; initial investment conditions pending
Company filings. Not investment advice.