Andrada Mining. Regulatory News (ATM)

27 October 2023

RNS REACH

Andrada Mining Limited

("Andrada" or the "Company")

Release of the 2023 Sustainability Report

Andrada increases procurement spend in Namibia by 41% year-on-year

Andrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, including its flagship asset the Uis Mine, is pleased to announce that it has published its Sustainability Report ("the Report") for the 12 months ended 28 February 2023 ("FY2023"). This Report details the Company's sustainability activities focusing primarily on Uis Mine. The Report has been informed by the requirements of the Sustainability Accounting Standards Board (SASB), and the Global Reporting Initiative Standards (GRI). It contains information on the Company's sustainability strategy and defines the long-term goals that will be reviewed annually.

Anthony Viljoen, Chief Executive Officer, commented:

"Sustainability is our bedrock and is intricately woven into our business model. Our approach goes beyond the mine in that we strive to make a positive impact on the region in which we operate and on Namibia as a whole. Since inception, we have contributed significantly to the national economy through job creation and procurement. As the focus turns to climate-smart economies globally, there is increased focus on the natural environment. We are focused on managing all resources including biodiversity and water whilst producing minerals key to the green energy transition. We are committed to creating long lasting value for all our stakeholders."

SUSTAINABILITY HIGHLIGHTS

Socio-economic impact

Andrada's estimates that it has contributed GBP33 million (NAD 690 million) to the Namibian national economy through procurement, royalties, and taxes since inception. In FY2023, the Company's procurement outlay was GBP 9.1 million (NAD 203 million) with 225 Namibian suppliers of which 107 were from the Erongo region in which Uis is located. The Company contributed c. GBP2 million (NAD 45 million) in royalties and taxes during the year.

Health and safety

The Company achieved a 51% decline in Lost Time Injury Frequency Rate, attaining a significant safety improvement rate of 3.04. Andrada effectively lowered the Total Recordable Injury Frequency Rate by 35% to 8.09 during FY2023 validating its steadfast commitment to a secure working environment. Furthermore, the training of 1 145 individuals in health and safety protocols was a further investment in enhancing Uis Mine's safety culture.

Empowerment and diversity

Ninety-nine percent (99%) of the Uis Mine's workforce comprised Namibian nationals during the year under review, with 28% being female employees - a fact that demonstrates the Company's commitment to gender inclusivity and empowerment. Notably, females constituted 38% of Uis Mine's management, underscoring the Company's steadfast determination to achieve gender parity and empowerment at all levels.

Community

Andrada is a member of the Settlement Development Committee whose main purpose is to promote sustainable development through partnerships between the various stakeholders in Uis. The Company has collaborated with a non-profit organisation to implement feeding schemes for vulnerable children and elderly at the Tatamutsi informal settlement located in Uis. Other initiatives for Uis's socio-economic development have been the refurbishment of roads, and the donation of sports equipment and gardening implements to local schools. Through these multi-facetted initiatives, the directors believe that the Company has attained its social licence to operate.

Safeguarding through global standards

Andrada acknowledges the importance of rigorous protocols and good governance in ensuring that its operations remain aligned with global sustainability standards. The sustainability strategy adheres to the International Financial Corporation IFC Performance Standards and defines the journey toward ISO Certification 14001, 45001, and 9001 standards over the next five years. The Company's Corporate Social Initiatives strategy is aligned with the United Nations Sustainable Development Goals and reporting to GRI standards. Finally, alignment with the ICMM Principles substantiates Andrada's dedication to responsible and ethical mining practices for a positive impact on all stakeholders.

The full 2023 Sustainability Report is available for download at: https://andradamining.com/media/corporate-publications/

About Andrada Mining Limited

Andrada Mining Limited, is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. The Company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine. An exploration drilling programme is currently underway at Uis with the aim of expanding the tin resource over the fourteen additional, historically mined pegmatites, all of which occur within a 5 km radius of the current processing plant. The Company has set a mineral resource target of 200 Mt to be delineated within the next 5 years. The existing mine, together with its substantial mineral resource potential, allows the Company to consider economies of scale. Andrada is managed by a board of directors with considerable industry knowledge and a management team with extensive commercial and technical skills. Furthermore, the Company is committed to the sustainable development of its operations as demonstrated by the leadership team's emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system that has been implemented at all levels of the Company and aligns with international standards.