Andrada Mining Limited has secured a N$159.6 million funding injection after meeting key conditions under its earn-in agreement with BWCAM Limited for the development of the Brandberg West project in Namibia.
The funding was triggered by the adoption of the constitution of Andrada’s Namibian subsidiary and the appointment of its board of directors, which together satisfied the conditions precedent for BWCAM’s initial investment under the staged partnership.
Upon receipt of the funds, BWCAM, an affiliate of ACAM LP, will acquire a 30% shareholding in Andrada’s Namibian operating entity.
Andrada said the proceeds will be used to accelerate investigations into the project’s tailings recovery potential, alongside broader exploration work at Brandberg West.
Andrada chief executive officer Anthony Viljoen said the investment marks a key milestone for the company.
“The receipt of the initial investment from BWCAM represents an important milestone for Andrada and marks the successful transition of the Brandberg West partnership from agreement to execution,” Viljoen said.
“This investment provides immediate momentum to advance the assessment of tailings recovery potential and broader exploration opportunities at Brandberg West.”
In addition to the project-level funding, BWCAM has already invested N$15.96 million (US$1 million) in Andrada through an equity subscription.
The investment was completed through the issuance of 24,295,432 new ordinary shares at a price of 3 pence per share, further strengthening the strategic alignment between the two parties.
Andrada said the only remaining condition under the earn-in agreement is approval from the Namibian Competition Commission.
Separately, the company has applied to the London Stock Exchange for the newly issued shares to be admitted to trading on AIM, with admission expected on 9 February 2026.
Following admission, Andrada’s total issued share capital with voting rights will comprise approximately 1.95 billion ordinary shares.
“The concurrent equity subscription further aligns interests and reinforces ACAM’s confidence in our team, our assets and our disciplined approach to value creation,” Viljoen said.
“We look forward to progressing the agreed work programmes as we continue to build Andrada into a diversified critical metals producer positioned to benefit from long-term structural demand.”
