Results of strategic Subscription & Placing

27 June 2025

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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF ANDRADA MINING LIMITED.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Andrada Mining Limited

("Andrada" or the "Company")

Results of strategic Subscription & Placing

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), a critical minerals producer with mining and exploration assets in Namibia, is pleased to announce that further to its announcement of 26 June 2025 (the "Launch Announcement") it has successfully closed the Subscription and the Placing.

The Company has raised £4.5 million (before expenses) at a price of 3.00 pence per share (the "Issue Price") through an equity subscription of 150 000 000 Ordinary Shares (the "Subscription") by Talent10 Resources Proprietary Limited ("Talent10"), the new strategic investor. Talent10, has reached a shareholding of 8.16% of issued share capital of the Company as enlarged by the Subscription and the Placing (the "Enlarged Share Capital").

An additional total of 16 666 666 Placing Shares have been placed at the Issue Price with institutional and professional investors. The Placing has raised a total of £0.5 million (before expenses) for the Company. H&P acted as the Sole Bookrunner in connection with the Placing.

The Subscription and Placing has raised gross proceeds of £5 million (c USD 6.9 million) through the issuance of 166 666 666 new ordinary shares (the "New Ordinary Shares") at the Issue Price.

Use of proceeds

The net proceeds will be used to:

§ Expedite the installation and implementation of the ore sorters at Uis.

§ Accelerate the commissioning and production ramp-up of the jig plant at Uis, with internal estimates indicating that production could double by FY2026*.

§ For general working capital purposes.

Anthony Viljoen, Chief Executive Officer, commented:

"I am delighted to welcome Talent10 as a new strategic institutional investor in Andrada. Talent10 has a highly respected southern African mining pedigree, backed by a network of some of the top names in the industry. The partnership not only supports the completion of key outstanding capital projects at Uis, but places Andrada at the heart of an ecosystem primed to accelerate our future growth. I am also encouraged by existing shareholders who elected to support the Placing.

This partnership strengthens our portfolio offering and supports our strategy to establish Andrada as a leading supplier of critical minerals. We look forward to working closely with Talent10 as we continue to unlock value across our portfolio of mining assets."

Wayne Fitzjohn, Talent10 Chief Executive Officer, commented: 

"Our decision to become a cornerstone investor in Andrada Mining reflects our strong belief in the Company's vision and capabilities. At Talent10, we have a long-standing track record of investing in and partnering with successful mining companies across Southern Africa, including Exxaro Resources. This experience has deepened our understanding of the region's mineral potential and its importance to the global energy transition.

Our interest in Andrada stems from a shared conviction that Southern Africa can offer more than just raw material supply, but it can emerge as a global centre for critical mineral innovation, processing, and value creation. We believe Andrada's integrated strategy, from resource development to downstream beneficiation, positions it as a future leader in this evolution.

We are excited to support Andrada at this pivotal stage of growth and look forward to working closely with the management team to contribute to its ambition of building a sustainable and globally competitive critical minerals company."

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place and dealings in the New Ordinary Shares will commence at 8.00 a.m. on 1 July 2025

The New Ordinary Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares in issue, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Additional Information

The Placing is conditional on, among other things, completion of the Subscription, Admission of the Placing Shares becoming effective on 1 July 2025 or such later time and/or date as the Company and the Bookrunner agree, not being later than 11 July 2025 and the Placing Agreement not being terminated in accordance with its terms prior to Admission.

The Issue Price represents a premium of 8% to the 15-day volume weighted average price of the Company's shares as at the close of the market on 25 June 2025.

Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Launch Announcement, unless the context requires otherwise.

*Based on 20 000 tpm throughput, internal estimates indicate 1 900 tonnes of tin in concentrate sales for FY2026. Based on 10 000 tpm throughput and for the same period, internal estimates indicate 1 536 tonnes of tin in concentrate sales. Estimates are subject to mining schedules, feedstock grades as well as the jig plant and ore sorters coming online.

About Andrada Mining Limited

Andrada Mining Limited is listed on the London Stock Exchange (AIM), New York (OTCQB) and Namibia Stock Exchange with mining assets in Namibia, a top-tier investment jurisdiction in Africa. Andrada strives to produce critical raw materials from a large resource portfolio to contribute to a more sustainable future, improved living conditions and the upliftment of communities adjacent to its operations. Leveraging its strong foundation in Namibia, Andrada is on a strategic path to becoming a leading African producer of critical metals including lithium, tin, tungsten, tantalum and copper. These metals are important enablers of the green energy transition, being essential for components of electric vehicles, solar panels and wind turbines.