Evolve Royalties Ltd. has completed its N$539 million (US$32.5 million) acquisition of a sliding-scale gross revenue royalty linked to tin production at Andrada Mining Ltd.’s producing Uis Tin-Tantalum Mine in Namibia.
The royalty was acquired from Orion Resource Partners-managed OMF Fund III (F) Ltd., with the transaction comprising N$373 million (US$22.5 million) in cash and N$166 million (US$10 million) in Evolve common shares.
Evolve said the acquisition gives the company immediate exposure to cash-generating tin production from one of Namibia’s established mining operations.
President and chief executive officer Joseph de la Plante said the deal aligns with the company’s strategy of building a diversified portfolio of long-life producing royalties.
“The Uis royalty provides Evolve with an immediate cash-flowing tin royalty on a producing, long-life mine,” de la Plante said.
He said that, based on current production levels and London Metal Exchange tin prices of about US$45,000 per tonne, the royalty is expected to generate between US$4 million and US$4.5 million in revenue during 2026.
De la Plante said the acquisition also strengthens Evolve’s position in critical minerals linked to electrification and semiconductor demand.
“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,” he said.
The royalty applies to tin production from Mining Licence ML-134, which covers about 19,700 hectares at the Uis mine in Namibia’s Erongo Region.
The Uis mine, historically one of the world’s largest hard-rock open-pit tin mines, was recommissioned and modernised by Andrada Mining in 2022.
Current production at the operation is estimated at about 1,000 to 1,100 tonnes of contained tin annually, with further expansion potential linked to additional pegmatite mineralisation containing lithium, tantalum and rubidium alongside tin.
The agreement carries an economic effective date of 1 January 2026, enabling Evolve to receive a full year of royalty payments following completion of the transaction.
