Renewal of the THAISARCO and AFRIMET off-take agreements

Andrada Mining Limited (AIM: ATM, OTCQB: ATMTF), an African technology metals mining company with a portfolio of production and exploration assets in Namibia, is pleased to confirm the renewal of off-take agreements with the Thailand Smelting and Refining Co. Limited (“Thaisarco”) and AfriMet Resources AG (“AfriMet”) for tin concentrate and tantalum concentrate, respectively.

HIGHLIGHTS

• Renewal of the Thaisarco off-take agreement for a further three years commencing 1 December 2023 for a minimum supply of 90 metric tonnes (“mt”) per month and up to 100% of the expanded production.
• Renewal of the AfriMet off-take agreement for plant production period of 12 months commencing 1 January 2024 with an option to receive advance payment.

Anthony Viljoen, Chief Executive Officer, commented:
“Our relationship with Thaisarco has been extremely successful and we are happy to be renewing the off-take agreement for another three years. The agreement secures off-take of our tin production, allowing management to focus on achieving the Orion royalty tonnage. Importantly, we are proud of the major milestones we have achieved at Uis Mine to date, including the successful expansion of the processing plant and the on-going continuous improvement programme to enhance efficiencies and profitability.

“The renewal of the tantalum off-take agreement secures all the Company’s tantalum production and, despite the small tantalum concentrate volumes, the additional revenue will incrementally improve profitability. Producing tantalum adds the second technology-metal to Andrada’s portfolio of products and is a positive step towards participating in the green transition.”

Andrew Davies, Managing Director of Thaisarco commented:
“We are pleased to have renewed the offtake agreement with Andrada, following a mutually beneficial initial contract. As a major smelter, we are well – positioned to absorb Andrada’s planned increase in production. Our partnership with Anthony and his team has been extremely successful, and we look forward to continuing to support the Company’s growth story.”

Hadley Natus, Chief Executive Officer of AfriMet commented:
“The renewal of the tantalum offtake agreement with Andrada is a positive step in strengthening our relationship. While the initial contract was not activated, we remain confident in our partnership and look forward to working with Andrada to supply the specialist tantalum market.”