Andrada Mining Limited has secured conditional debt financing worth N$98 million from Bank Windhoek and the Development Bank of Namibia to support expansion projects at its Uis Mine in the Erongo Region.
The funding package consists of two equal loan facilities of N$49 million each and will be used to complete the construction and commissioning of the mine’s ore-sorting circuit, increase crushing capacity, accelerate stripping activities and support updated resource and reserve estimates.
The loans, which carry a 10-year tenure, complement the company’s recent N$180 million (US$11 million) equity raise completed in April 2026.
According to Andrada chief executive officer Anthony Viljoen, the combined financing will provide a fully funded platform to drive production growth at the Uis Mine without further shareholder dilution.
“This funding package, a collaboration between the company, Bank Windhoek and Development Bank of Namibia, shows a strong commitment within Namibia to enable local development of large-scale projects. Their willingness to commit long-term, low-cost development capital reflects the credible business we have built. It is important to note that the strong shareholder support shown in the April 2026 equity raise for concurrent growth initiatives was partly the foundation that made this debt financing possible. Collectively, this capital structure provides a fully funded platform to complete the ore-sorting circuit and to drive meaningful production growth at Uis Mine without further dilution,” he said.
Alongside the funding announcement, Andrada also confirmed the completion of its expanded diamond drilling programme at the Lithium Ridge project, which is being developed in partnership with SQM Australia.
The drilling programme exceeded its original scope by 18%, increasing from 14,500 metres to approximately 16,500 metres across 143 drill holes after encouraging geological results were encountered.
Initial assay results from 22 drill holes confirmed high-grade lithium mineralisation, including intersections of up to 3.02% lithium oxide over five metres.
The drilling programme also identified tin and tantalum mineralisation within the same pegmatites, strengthening the project’s polymetallic potential.
“The decision to extend the drilling programme at Lithium Ridge by 18% was driven by the quality and consistency of what our geologists were seeing in the ground. Intersections of up to 3.02% Li₂O are exceptional by any global standard. Conducting this programme alongside SQM provides a level of technical rigour and commercial credibility that we believe the market will come to appreciate more fully as further results are released,” Viljoen said.
Andrada said 85% of assay results are still pending, with further updates expected over the coming months as geological modelling and resource estimation work continues.
The company believes Lithium Ridge has the potential to become one of southern Africa’s most significant lithium exploration assets due to the scale of the mineralised system, the quality of results received so far and the involvement of SQM as a joint venture partner.
