Andrada Mining Ltd. has signed off a US$25 million funding package with financier Orion Resources to develop its Uis mine in Namibia.
The package comprised US$2.5 million in equity, a US$10 million convertible loan note with warrants and a US$12.5 million unsecured royalty earmarked to boost tin production over the next two years.
Funding is expected to be completed around the end of September 2023, with Andrada adding that a financing facility from the Development Bank of Namibia also remains on track subject to final conditions being met.
Anthony Viljoen, Andrada’s chief executive, said: “The signing of the Orion financing agreement will provide sufficient capital to complete our expansion programmes at our flagship Uis operation.
“Finalising this funding will expedite our lithium implementation programme, expand our tin production, and concurrently bring a highly respected new investor onto our register.
“Additionally, the conclusion of the Development Bank of Namibia US$5.8 million debt facility will further provide considerable strength to the company’s balance sheet.”
Philip Clegg, managing partner of Orion, added: “We regard Andrada as a high-quality investment opportunity presenting extensive optionality, with a series of value-creative projects across multiple future-facing commodities.”
