AIM-listed Andrada Mining, a critical minerals producer with mining and exploration assets in Namibia, has raised £4.5 million through an equity subscription of 150 000 000 shares by Talent10 Resources, 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.
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.
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.
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.”
