Andrada Mining Limited has converted N$50.1 million (US$3.06 million) of debt into equity, issuing 59,358,907 ordinary shares in a move aimed at strengthening its balance sheet without drawing on cash reserves.
The conversion comprises a N$40.93 million (US$2.5 million) loan provided by LC Abelheim Limited, acting as trustee of The Orange Trust, as well as N$9.2 million (US$562,326) in unpaid fees.
Chief Executive Officer Anthony Viljoen said the transaction further improves the company’s financial position following its 2025 corporate restructuring, which reduced overhead costs.
“This conversion further strengthens the company’s financial position. It follows our successful 2025 corporate restructuring, which also reduced overhead costs. The board welcomes and greatly appreciates the continued support of our major shareholder since the company’s inception,” Viljoen said.
Andrada said the move is expected to enhance operational flexibility by unencumbering its second tin processing jig plant, while preserving cash resources and supporting future financing options.
The conversion was priced at 3.85 pence per share, representing a discount of about 10% to the company’s closing share price on 16 January 2026. The transaction constitutes a related-party transaction under AIM rules due to The Orange Trust’s substantial shareholding.
Andrada Mining Limited is listed on the London Stock Exchange’s AIM market, the OTCQB market in New York, and the Namibia Securities Exchange.
The company holds mining assets in Namibia and focuses on the production of critical raw materials.
The group aims to build a diversified portfolio of metals including tin, lithium, tungsten, tantalum and copper, which are considered key inputs for the energy transition and are used in technologies such as electric vehicles, solar panels and wind turbines.
