Chamwe Kaira
Andrada Mining Limited has cleared the main conditions required to unlock the first US dollar investment under its earn-in agreement with BWCAM Limited for the development of the Brandberg West project in Namibia.
The company said the conditions were met following its announcement on 21 January 2026, triggering the first stage of the staged earn-in partnership. BWCAM is an affiliate of ACAM LP.
As a result, Andrada expects to receive about N$160 million, equivalent to around US$10 million, in the coming days to fund the initial development of Brandberg West.
Once the funds are received, BWCAM will hold a 30% stake in Andrada Investment Management Limited (AIML), the project company.
Andrada confirmed that the AIML constitution has been adopted and board officers appointed, meeting two key requirements needed to release the funding.
The money will be used to speed up investigations into tailings recovery potential at Brandberg West and to advance other exploration work.
Separately, BWCAM has invested about N$16 million, or roughly US$1 million, directly into Andrada Mining through a corporate equity subscription.
This investment was completed through the issue of 24,295,432 new ordinary shares.
Andrada chief executive officer Anthony Viljoen said the initial investment marks an important milestone and signals the move of the Brandberg West partnership from agreement to execution.
He said the funding gives immediate momentum to advance assessment work at the project and aligns the interests of Andrada and its strategic partner.
Viljoen added that the investment reflects ACAM’s confidence in Andrada’s team, assets and disciplined approach to value creation, and supports the company’s strategy of becoming a diversified, critical metals producer positioned to benefit from long-term structural demand.
The only remaining condition under the earn-in agreement is approval from the Namibian Competition Commission.
Andrada has applied to the London Stock Exchange for the admission of the 24,295,432 subscription shares to trading on AIM at an issue price of 3 pence per share. Admission is expected on 9 February 2026.
After admission, the company’s total issued share capital with voting rights will be 1,953,981,532 ordinary shares. The company said shareholders should use this figure when assessing whether they have notification obligations under the company’s articles of association, the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, and the AIM Rules for Companies.
Caption
Andrada expects to receive about N$160 million (approximately US$10 million) in the coming days to fund the initial development of Brandberg West.
- Photo: Contributed
