Partnership with ACAM to develop Brandberg West

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the market abuse regulations (EU) no. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via regulatory information service (RIS), this inside information will be in the public domain.

Andrada Mining LimiteD

("Andrada" or the "Company")

USD51 million partnership with ACAM to fast-track the Brandberg West Project

Seeking to unlock Namibia's next potential major source of copper, tungsten and tin

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a critical metals producer with an expanding portfolio of mining and exploration assets in Namibia, is pleased to announce a partnership, by way of a conditional, staged earn-in agreement (the "Agreement") up to 49% between its wholly owned subsidiary Andrada Investments (Mauritius) Limited ("AIML"), and ACAM LP ("ACAM") through its affiliate BWCAM Limited ("BWCAM"). Under the Agreement, BWCAM could provide up to USD51 million in staged funding to accelerate the exploration and development of the Brandberg West ("BW") polymetallic prospecting licence. BW is held by Grace Timon Investments (Proprietary) Limited ("GTI"), a wholly owned subsidiary of AIML.

KEY Highlights

§ Up to USD51 million investment in a staged, conditional earn-in structure in AIML:

−  Initial Investment: USD10 million (c.£7.4 million) ¹ for a 30% equity interest, on satisfaction of initial conditions (anticipated to be satisfied shortly).

−   BWCAM to then subscribe for USD1 million (c.£0.74 million) ¹ of equity shares in the Company.

−   Optional Follow-on Investment: USD40 million (c.£29.5 million) ¹ for an additional 19% interest (total 49%), subject to milestones as set out below.

§ BW is a historical producing mine.

§ Investment proceeds to investigate tailings recovery potential and for wider exploration, metallurgy and feasibility studies at BW.

§ Andrada retains operational control of BW, due to Andrada's extensive expertise and experience in successfully implementing large-scale projects of this nature.

§ This transaction unlocks Andrada's third significant polymetallic standalone project by introducing copper and tungsten into its portfolio.

STRATEGIC RATIONALE

Brandberg West a high-quality asset

BW is a historical mine with known tungsten, copper, and tin mineralisation located in the Erongo region of Namibia. The mineralisation occurs in an extensive quartz-vein system that is open along strike and depth, providing significant exploration upside. In addition to confirming the district wide potential of Erongo as a repository for future tin supply, with recent drilling indicating grades of up to 4% tin, notable confirmed grades of up to 4% tungsten and 2% copper mineralisation exist, originating from surface and extending open ended to the depth limit of the drill holes. (See announcements released on 14 and 16 October 2024).

Critical minerals for the future

Copper demand is projected to grow to approximately 34 million tonnes by 2040 (IEA, 2025), driven by the accelerating energy transition. Copper's increasing role in global electrification and renewable technologies underscores the strategic importance of Brandberg West within Andrada's portfolio. Tungsten, a key industrial and defence metal, is now officially recognised by both the EU and the US as a critical raw material vital to high-tech and energy applications.

Alongside these future-facing metals, Andrada is already supplying into the globally constrained tin supply chain, with pricing remaining robust as tin's essential role in electronics, and solder continues to strengthen. Importantly, all three metals are currently experiencing price appreciation due to constrained supply. Integrating these additional metals into the Company's portfolio will strengthen Andrada's position as one of Africa's more diversified critical-mineral producers set to benefit from multiple global supply-chain tailwinds.

Mutually value accretive partnership

The partnership with BWCAM, introduces early capital whilst ensuring Andrada retains majority ownership of a key asset. The staged earn-in structure ensures project funding and aligns both parties through clearly defined milestones. This funding structure derisks development and accelerates the project timeline whilst enhancing long-term potential value for Andrada shareholders.

Anthony Viljoen, Chief Executive Officer, commented;

"This partnership is a major milestone in Andrada's growth journey to becoming a pre-eminent, critical minerals producer. Brandberg West is a polymetallic deposit hosting tungsten, copper and tin, all recognised as critical minerals for the global energy transition. Importantly, the investment coincides with a period of strong pricing for all three metals. Through the successful development and operation of the Uis processing facility, our team has proven its ability to design, build, and implement efficient metallurgical circuits for critical minerals. The partnership therefore allows us to apply this proven expertise to unlock another tier of high-value metals. Furthermore, this structured investment approach creates a clear development pathway for Brandberg West, incentivising operational milestones and ensuring disciplined capital expenditure. ACAM, as a prominent and experienced natural resources investor, provides another major endorsement of both Andrada's ability to deliver and of the vast geological potential of Namibia - a jurisdiction increasingly seen as an attractive investment destination on a global stage."

Ross McCormick, of BWCAM, commented;

"This agreement provides BWCAM Ltd with an attractive opportunity to partner with Andrada following a period of productive discussions and due diligence. The high-grade exploration results confirm the asset's potential to become a major source of copper, tin and tungsten. Our strategy is to invest in experienced operators who can deliver technical excellence whilst maintaining strong community and governance standards. Andrada has demonstrated both operational capability and a clear vision for developing Namibia's mineral potential. We look forward to working alongside the Andrada team and all stakeholders in Namibia to advance Brandberg West into the next phase of exploration and development."

DETAILS OF THE FUNDING PACKAGE

Initial Investment

§ Amount: USD10 million (c.£7.4 million) ¹.

§ Equity issued: BWCAM will attain 30% ownership in AIML through ordinary shares ("Initial Shares").

§ Timing: Completion is conditional on the satisfaction of two key conditions being the adoption of a new constitution by AIML and the appointment of required officers to the AIML board, both of which are anticipated to be satisfied shortly.

§ The approval by the Namibian Competition Commission ("NaCC") is a condition subsequent to the Initial Investment. It is expected that NaCC consent will be resolved within the following 9 months, although the Directors are cautiously optimistic that it will be received before this time. In the event that approval of NaCC is not granted within 9 months (or such longer period as may be agreed between the parties) then BWCAM shall be entitled (but not obliged) to require the Company to buy back its 30% stake in AIML pursuant to the Put Option described below.

§ Use of proceeds: To investigate tailings recovery potential and wider exploration. The workstreams will include feasibility study preparation and pit optimisation.

§ Milestone report: BWCAM has an extendable three - month period to review a milestone report produced by Andrada following completion of the Initial Investment period of 12 months which can be extended by agreement of the parties by a maximum of six months (the "Initial Investment Period") to determine if it will proceed with the Follow-on Investment.

Follow-on Investment

§ Amount: USD40 million (c. £29.5 million) ¹.

§ Equity issued: BWCAM to attain additional 19% interest in AIML, through the issue of preference shares (the "Preference Shares"), resulting in a total stake of 49%.

§ Rights of the Preference Shares: the Preference Shares will carry the following rights:

−   A preferential right to dividends to be paid until BWCAM has received dividends equal to the amount of the Follow-on Investment inclusive of an internal rate of return of 12%. (the "Preferred Return").

−   Until such time as the Preferred Return has been paid, any proceeds from a distribution of capital on a liquidation event, or the proceeds of sale on an exit event, shall first be used to satisfy the Preferred Return.

−   On satisfaction of the Preferred Return the Preference Shares shall automatically convert to Ordinary Shares of USD1.00 each in AIML.

§ Timing of Follow-on Investment: completion of the Follow-on Investment is at the discretion of BWCAM and will only take place if (i) the NaCC approval is granted and (ii) certain milestones, as set out below ("Milestones") are met within the Initial Investment Period. If BWCAM decides not to make the Follow-on Investment, or the Milestones are not met, then BWCAM has the right to require the Company to buy back its 30% stake in AIML pursuant to the Put Option described below.

§ Use of proceeds: Plant design and feasibility studies through to DFS, expanded drilling, obtaining a fully compliant JORC resource assessment, and plan for the construction of a processing plant.

Conditions precedent

The Initial Investment is conditional upon the following conditions precedent:

§ AIML adoption of a new constitution to govern the issuance of shares during both stages;

§ Appointment of required officers to the AIML board.

An announcement will be made when the conditions are satisfied.

Concurrently with (and conditional on) the completion of the Initial Investment, BWCAM will subscribe for ordinary shares in the Company valued at USD1 million (c. £737 200) ¹ to further align interests. The new ordinary shares will be at a subscription price of 3p per share (see below) and represent approximately 24 573 333 Ordinary Shares in the Company (approximately 1.3% of the issued share capital of the Company).  A further announcement will be made at that time.

Governance

Andrada will remain the operator of BW, responsible for implementation of the approved work programmes under the supervision and direction of the AIML Board of Directors (the "AIML Board"). The AIML Board will be chaired by Andrada and have the oversight role during both the Initial and Follow-on Investment stages. Andrada and BWCAM will create a Joint Development Committee ("JDC") to oversee the development of BW at the inception of the Follow-on Investment stage. The JDC will be constituted of three representatives from Andrada and two from BWCAM. The JDC's main function is to approve exploration budgets, definitive feasibility study preparation, contracts, and HSE standards.

Put Option

The Company will also enter into a put option agreement that, if exercised by BWCAM, will require Andrada to buy BWCAM's Initial Investment shares for USD11 million in cash or the equivalent in shares in Andrada (the "Option Shares"). The payment option will be fully elected by Andrada. The issue price for the Option Shares is the lower of (i) 3p or (ii) the 30-day VWAP at the date BWCAM exercises the option. The Put Option would be exercisable in the event that:

i)      the NaCC approval is not granted or

ii)     Andrada does not complete the pre-determined Milestones including assessment of the mineral content and volume, assaying of exploration drillholes and development of a business plan for the follow-on investment or

iii)    BWCAM does not choose to make the Follow-On Investment.

ADDITIONAL INFORMATION

AIML is a holding company which indirectly holds the BW licence through GTI. As reflected in the unaudited management accounts for the 12 months ended 31 August 2025, AIML reported negligible losses consistent with its status as an exploration vehicle. The associated book value of the BW assets is approximately £600 000.

Advisors

About Andrada

Andrada Mining Limited, listed on the London Stock Exchange's AIM market, holds exploration, development, and early stage producing assets in Namibia, a premier investment destination in Africa. The Company's strategy focuses on unlocking Namibia's abundant mineral resources via best-in-class strategic partnerships across its resource base, enhancing the country's reputation as a leading global hub for African critical mineral investment. Andrada is actively scaling up tin production alongside lithium and tantalum, steadily broadening its operational footprint and output. The Company aims to supply critical raw materials from its extensive resource portfolio to support a sustainable future, improve quality of life, and uplift communities near its operations. These critical metals play a crucial role in the green energy transition, serving as essential components for electric vehicles, solar panels, and wind turbines.

About ACAM

ACAM focuses on strategic long-term investments. Known for its substantial financial expertise, ACAM supports the development and expansion of resource projects worldwide. Their collaborative approach and strategic partnerships underscore ACAM's commitment to fostering significant growth in the natural resources industry.

About Brandberg West

The Brandberg West project is located within exploration licence EPL 5445 in the Erongo region of Namibia's Omaruru District, approximately 100 km from Andrada's flagship Uis Tin Mine. The project area hosts the historical Brandberg West open pit mine, which was operated by Gold Fields Limited until the 1980s, when global tin prices collapsed and mining activities ceased. Historically, Brandberg West produced tin and tungsten concentrates, with copper reported as a secondary by-product, though never processed. A non-code-compliant ore reserve was estimated by Gold Fields in 1984 at 5.19 million tonnes grading 0.148% tin and 0.061% tungsten. This estimate is provided for guidance purposes only and cannot be regarded as code compliant. Although, Andrada's recent internal 3D modelling of historical drill data corroborates this estimate to within an order of magnitude, this has not been independently verified. Importantly, the copper mineralisation provides upside potential which could improve the project economics.