Canadian royalty and streaming company Evolve Royalties Ltd. has entered into a definitive agreement to acquire a sliding-scale gross revenue royalty linked to tin production at Andrada Mining’s producing Uis Tin-Tantalum Mine in Namibia in a transaction valued at N$520 million (US$32.5 million).
The royalty is being acquired from OMF Fund III (F) Ltd., an entity managed by Orion Resource Partners LP. The transaction comprises N$360 million (US$22.5 million) in cash and N$160 million (US$10 million) in Evolve common shares.
Evolve said the acquisition is fully financed and is expected to close in the first half of 2026, subject to regulatory approvals in both Canada and Namibia.
Evolve President and Chief Executive Officer Joseph de la Plante said the agreement strengthens the company’s exposure to long-life producing assets while diversifying its royalty portfolio.
“The Uis Royalty provides Evolve with immediate cash flow over a long-life-of-mine asset in Namibia, an established mining jurisdiction. This transaction is consistent with Evolve’s strategy of building a diversified portfolio of high-quality cash-flowing royalties and streams and positions Evolve as one of the only publicly listed royalty companies with meaningful exposure to tin, a critical metal structurally leveraged to global electrification and semiconductor demand,” de la Plante said.
The royalty applies to tin production from Mining Licence ML-134, which covers approximately 19,700 hectares. Based on current production levels of about 1,000 to 1,100 tonnes of contained tin annually, the royalty is expected to generate between N$64 million and N$72 million (US$4.0 million to US$4.5 million) in revenue for 2026.
The agreement carries an economic effective date of 1 January 2026, allowing Evolve to receive a full year of royalty payments once the transaction is completed.
Tin prices have remained firm, with the London Metal Exchange cash settlement price closing at approximately US$47,500 per tonne (around N$760,000 per tonne) on 23 February 2026. At an assumed price of US$45,000 per tonne (N$720,000 per tonne), the royalty is expected to provide steady cash flow to Evolve’s portfolio.
The Uis mine, originally discovered in 1911 and historically one of the world’s largest hard-rock open-pit tin operations, was recommissioned and modernised in 2022 by Andrada Mining Ltd.
For the first half of the 2026 financial year, the mine produced 511 tonnes of contained tin at an all-in sustaining cost of N$396,928 per tonne (US$24,808 per tonne). Production during the third quarter of FY2026 totalled 255 tonnes.
The royalty structure is degressive, meaning the percentage payable declines as annual production increases and expansion milestones are achieved. Planned expansions could significantly increase output, with the licence area hosting extensive pegmatite mineralisation containing lithium, tantalum and rubidium alongside tin.
Orion Resource Partners Managing Partner Istvan Zollei said the firm welcomed the transaction and would continue supporting Evolve as a shareholder.
“We are pleased to complete this transaction with Evolve and look forward to supporting the company as a shareholder as it continues to build a high-quality royalty portfolio. We believe Evolve’s experienced management team and focused strategy position it well to create long-term value,” Zollei said.
