Andrada Mining. Regulatory News (ATM)

5 June 2023

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

Andrada Mining Limited

("Andrada" or the "Company")

Ordinary Shares to Commence Trading on OTCQB

Update on Financing

Andrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia, is pleased to provide the following update:

HIGHLIGHTS

· Andrada shares commence trading today on the OTCQB® to access U.S retail investors and to broaden shareholder register.

· Execution of documentation for the Development Bank of Namibia ("DBN") finance facility.

Anthony Viljoen, CEO of Andrada, said: "Admission to the OTCQB® Market is a key step in Andrada's strategy to broaden the Company's investor base by making its shares more accessible to the North American institutional and retail investors. This investor base is known for its understanding of, and strong appetite, for mining companies, particularly in lithium equities. To that effect, Andrada will start marketing and outreach efforts to U.S based investors in the coming months to increase awareness of our significant near-term lithium project."

ADDITIONAL LISTING: OTCQB® MARKET TRADING

Andrada has qualified to trade on the OTCQB® Market (an American financial market) and trading in the Company's ordinary shares will commence trading on this market with effect from 5 June 2023. The trading of the Company's ordinary shares on AIM, a market of the London Stock Exchange, and on the Namibian Stock Exchange, remain unaffected by this additional listing. The Company's on-boarding to the OTCQB® Market will allow Andrada's Shares to be traded by new broker-dealers in the United States. Hannam&Partners (www.hannam.partners) and STIFEL (www.stifel.com) will continue to be Andrada's joint corporate brokers in the United Kingdom.

About OTCQB®

The OTC Market is recognised as an Established Public Market by the U.S Securities and Exchange Commission, operated by OTC Markets Group. It provides a trading platform to over approximately 12,000 U.S. and international companies seeking to strengthen visibility and transparency in the U.S. public market.

The OTCQB® Market particularly aims to support entrepreneurial and development stage companies such as Andrada to efficiently build investor awareness and provide U.S investors with a seamless trading facility, enabling investors to trade through the broker of their choice more easily. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. As a verified market with efficient access to U.S. investors, OTCQB® aims to help companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation. Andrada would like to thank Nikolaos Galanopoulos of Galanopoulos & Company, the corporate securities law firm that acted as Sponsor for the Company's application to commence cross-trading on the OTCQB®.

UPDATE ON THE COMPANY'S DEBT FACILITIES

DBN N$100 million (US$5.5 million) Facility

On 2 June 2023, Andrada executed the contractual documentation for the N$100 million (US$5.5 million) senior secured debt facility with the Development Bank of Namibia ("the Facility"), as anticipated. The terms are unchanged from that detailed in the Company's announcement of 5 July 2022 - the Facility is for a 10 year term; for the first 12 months after execution no interest or capital repayment required; and interest accrues at Namibian prime lending rate (currently 11%) plus 2.5% per annum. Completion of the Facility remains subject to a series of final conditions including the execution of an inter-creditor agreement between the DBN and Standard Bank (which has been agreed in principle) and finalisation of the associated security package. Completion, and associated drawdown, is anticipated to occur by the end of June 2023 and a further update will be provided at that time.

Orion US$25 million financing

The conclusion of the US$25m funding facility with Orion Global Resource Fund, detailed in the announcement dated 15 September 2022 remains subject to the finalisation of an intercreditor agreement between Orion and the senior lenders DBN and Standard Bank. Further updates will be provided in due course.

Notes to editors

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. Lithium laboratory test work completed during the 2022 calendar year indicated a high-grade, ultra-low iron lithium petalite concentrate. The test work to convert lithium petalite concentrate to battery-grade lithium hydroxide was initiated with Nagrom, a leading Australian processing company, and commercial engagements with lithium petalite concentrate off - takers are on-going.

An exploration drilling programme is currently underway 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 substantial mineral resource potential allows the Company to consider economies of scale. Andrada is managed by a board of directors with extensive industry knowledge and a management team with deep commercial and technical skills.

Furthermore, the Company is committed to the sustainable development of its operations and the growth of its business. This is demonstrated by the way the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system which has been implemented at all levels of the Company and aligns with international standards.