Conclusion of the Development Bank of Namibia financing.
Andrada Mining Limited (formerly AfriTin Mining Limited)
Registration No: 63974 (Incorporated by the Guernsey Registry)
Registered as an external company in Namibia
ISIN Code: GG00BD95V148
NSX Share Code: ATM
Conclusion of the Development Bank of Namibia financing.
Financing to improve tin recovery up to 69%.
Further to the announcement of 15 August 2023, Andrada Mining Limited (AIM: ATM, OTCQB:
ATMTF), an African technology metals mining company with a portfolio of mining and exploration
assets in Namibia, is pleased to confirm that the Development Bank of Namibia (“DBN”) has
served notice confirming that all conditions have been fulfilled or waived and that financial close
has occurred. Accordingly, the Group is in the process of requesting the drawdown of the NAD100
million (cUS$5.8m) facility (“the Funds”) which are expected to arrive this week. These Funds will
be used to expedite the implementation of the Uis Mine Stage II Continuous Improvement
Project (“CI2”).
HIGHLIGHTS
? Funding is ring-fenced for the implementation of the Uis Mine CI2.
? As set out in the announcement of 5 June 2023, the terms are:
- Term of 10 years ranked as senior secured debt pari passu to the Standard Bank Namibia
loan.
- No interest or capital repayments for the initial 12 months after execution.
- Interest will accrue at Namibian prime lending rate (currently 11.5%) plus 2.5% per annum.
Anthony Viljoen, Chief Executive Officer, commented:
“The conclusion of the DBN funding is an essential component of the overall funding and
development strategy. These proceeds will be used to implement the improvements at Uis Mine
which will enhance the plant’s productivity and output. The targeted increase in the tin recovery
rate should complement the royalty portion of the Orion funding by enabling Andrada to achieve
the requisite thresholds of concentrate tonnages. The improvement in cost efficiencies and overall
productivity at Uis, lays the foundation for the management of the lithium processing plant and
other future operations.
The funding sourced since the successful US$22.8 million equity raise in September 2022, has
significantly strengthened Andrada’s balance sheet and provides us with optionality on how to
expedite our multi-tech development strategy. Importantly, the DBN and Orion funding (see
announcement 15 August 2023) will enable us to implement various strategic initiatives necessary
for further production growth and the stabilisation of the Company’s assets. Partnering with the
DBN and gaining the bank’s confidence, will enable the Company to secure additional
infrastructure development financing potentially required for our future growth aspirationsAs we
continue with the Barclays-led strategic process to identify an appropriate partner for our lithium
development strategy, we are simultaneously expanding our resource through an extensive
exploration programme and determining the optimal way to become a multi-tech-metals producer
through the metallurgy programme.”
The full announcement can be viewed at:
https://polaris.brighterir.com/public/andrada_mining/news/rns/story/xlkgl7w
Anthony Viljoen
Chief Executive Officer
5 September 2023
Registered Office
Andrada Mining Limited
PO Box 282
Oak House Hirzel Street,
St Peter Port Guernsey GY1 3RH
United Kingdom
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
4th Floor, 1@Steps, C/O Grove and Chasie Street, Klein Kuppe
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 05-09-2023 08:55:00
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