Andrada Mining (AIM:ATM), a tin producer with critical mineral assets in Namibia, has updated investors on its ongoing process to seal an investment package to support Brandberg West.
The Namibian Competition Commission has unconditionally approved its earn-in agreement with BWCAM, a subsidiary of ACAM LP. The deal, struck through Andrada's subsidiary Andrada Investments (Mauritius), could see BWCAM inject up to $51 million in staged funding to accelerate exploration and development at the Brandberg West polymetallic prospecting licence.
Full funding would hand BWCAM a 49% stake in AIML, which holds the licence through its subsidiary Grace Timon Investments.
BWCAM had already met the initial conditions on 4 February, investing $10 million for a 30% stake in AIML and subscribing for new Andrada equity at the same time.
Regulatory clearance was a condition subsequent to that first tranche; had NaCC approval not landed within nine months, BWCAM would have held a put option forcing Andrada to buy back the 30% stake.
"The unconditional approval from the NaCC represents another important step in unlocking the potential of Brandberg West," said chief executive Anthony Viljoen, adding that the tie-up pairs Andrada's Namibian operating and geological expertise with ACAM's investment capabilities.
Geophysical surveys and reverse circulation drilling across the site's historical tailings storage facility are complete, with diamond drilling now underway and sampling begun to test mineral extraction from waste streams.
News Intelligence what this means for the company
Namibia's competition regulator has unconditionally cleared the earn-in agreement under which BWCAM (ACAM's subsidiary) can invest up to $51 million to acquire a 49% stake in Andrada's Brandberg West polymetallic project. The NaCC unconditionally approved the earn-in agreement, removing a condition subsequent that had exposed Andrada to a put option forcing a buyback of BWCAM's initial 30% stake had approval not landed within nine months. The deal pairs Andrada's Namibian expertise with ACAM's capital to accelerate exploration of a historical tailings site now undergoing diamond drilling and mineral-extraction sampling.
Regulatory clearance removes a near-term refinancing risk and unlocks the second and third tranches of BWCAM's $51 million commitment, providing Andrada with staged funding to advance Brandberg West without immediate dilution beyond the 30% stake already issued in February. The deal validates the project's prospectivity to an external investor and extends Andrada's runway as a pre-revenue explorer.
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