Andrada Mining (AIM:ATM) has received conditional approval for NAD98 million (c. £4.4m) of senior secured term loan facilities split into two NAD49 million tranches from Bank Windhoek and the Development Bank of Namibia.
It also announced that it has completed the expanded Lithium Ridge drilling programme, in partnership with Sociedad Química y Minera de Chile.
The new loans are intended to fund the construction and commissioning of an ore‑sorting circuit at Uis Mine.
"Collectively, this capital structure provides a fully funded platform to complete the ore‑sorting circuit and to drive meaningful production growth at Uis Mine without further dilution," Anthony Viljoen, Chief Executive Officer, said.
Bank Windhoek’s NAD49 million tranche carries interest at Namibian Prime plus 2% with interest‑only quarterly repayments for the first four quarters then 36 equal quarterly instalments, and the DBN NAD49 million tranche carries Prime plus 1.95% with no repayments for the first four quarters then 36 equal quarterly instalments.
Lithium Ridge
The Lithium Ridge drill programme was expanded by c.18% to ~16,500m across 143 holes, with assays from 22 holes (15% of programme) returning up to 3.02% Li2O over 5m and identifying tin and tantalum in the same pegmatites, while c.85% of assays remain outstanding and will feed resource modelling.
