Andrada Mining Limited (AIM:ATM) entered into conditional Share Purchase Agreement to acquire an additional 10% stake in Uis Tin Mine Company Pty Limited from Small Miners of Uis for NAD 30 million on June 27, 2024. The issue by Andrada of Ordinary Shares to the SMU (for a total value of NAD12 million. NAD18 million total cash payment to be paid by Andrada Namibia to SMU by way of 240 monthly payments of NAD75 000.

Transfer of Andrada Namibia's 85% interest in ML 129 to the SMU. The transfer of 5% of the shares in UTMC to Sinco. The Acquisition (including the transfer of ML129) and the Option are conditional upon, amongst other items, Ministerial Consent and consents from Orion, Standard Bank and the Development Bank of Namibia.

Accordingly, whilst there can be no guarantee that the Acquisition or the Option will complete the Directors have every expectation that they will. Further updates will be provided in due course. As set out above, the Company has today executed a conditional Share Purchase Agreement , pursuant to which following satisfaction of the outstanding conditions Andrada Namibia will acquire 15 ordinary shares of NAD1.00 each in the capital of UTMC currently held by the Small Miners of Uis ("SMU") and will immediately transfer 5 of those shares to Sinco.

This would result in Andrada Namibia holding, in aggregate, 95 ordinary shares of NAD1.00 each in UTCM, representing a 95% interest in UTMC, and therefore in the Licences held by UTMC. In addition, as part of the Acquisition arrangements, Andrada Namibia would be granted an option to acquire the remaining 5% of UTMC transferred to Sinco, as set out above .Once exercised, Andrada Namibia will then hold a 100% interest in UTMC and a 100% interest in all of its Licences. As part of the consideration for the conditional Acquisition the SMU will be issued with ordinary shares in Andrada, calculated as set out below.

As also set out below, SMU will be paid a cash payment and will take control of Licence ML129, currently held by UTMC. In addition, once the Acquisition has completed, the Option can be exercised and Sinco will be issued with ordinary shares in Andrada. Katy Mitchell, Harry Ansell, Andrew de Andrade of WH Ireland Limited and Andrew Chubb, Jay Ashfield, Matt Hasson of Hannam & Partners (Advisory) LLP act as financial advisor for Andrada Mining Limited (AIM:ATM)