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Highlights

  • Andrada Mining shares rose 4.97% on 24 February 2026, following agreement expansion.
  • Subsidiary UTMC extended exclusive tin offtake agreement with Thaisarco.
  • Thaisarco to provide a USD 3 million unsecured advance.
  • Advance carries no interest and repayment remains at UTMC’s discretion (subject to terms).
  • Agreement reinforces long-term commercial partnership.

Andrada Mining Limited (LSE:ATM) shares climbed 4.97% to GBX 3.99 during the morning session on 24 February 2026, following the release of an update confirming an expanded commercial agreement with Thailand Smelting & Refining Co. Ltd (Thaisarco). The stock remains up 83.82% over the past year.

USD 3 Million Advance Secured Under Extended Offtake

The Company announced that its wholly owned subsidiary, Uis Tin Mining Company (Proprietary) Limited (UTMC), has added to its existing offtake agreement with Thaisarco, originally signed in November 2023.

Under the updated terms, Thaisarco will provide a USD 3 million unsecured advance to UTMC. The advance does not accrue interest and is repayable only at UTMC’s discretion, except in specific circumstances such as a change of control or material legislative changes. The funds are expected to be received later this week.

The advance is structured as a prepayment against amounts due under the existing offtake arrangement.

Exclusive Rights Over Tin Concentrate

As part of the agreement, Thaisarco is granted exclusivity to purchase all tin concentrate produced at UTMC’s Uis Mine processing facilities in Namibia’s Erongo region, including approved third-party feedstock, subject to certain commercial conditions. UTMC may sell additional tin concentrate to third parties with Thaisarco’s consent.

Tin concentrate pricing will continue to reference the London Metal Exchange tin price and will include a minor percentage marketing discount applied on a sliding scale.

Flexible Repayment Structure

UTMC retains flexibility over repayment of the USD 3 million advance, with three possible options:

  • Early voluntary repayment within the first two years, subject to 90 days’ notice and payment of USD 3 million plus a 30% redemption fee (USD 900,000).
  • Voluntary repayment on the second anniversary of the agreement or subsequent anniversaries, subject to 60 days’ notice and repayment of USD 3 million.
  • Mandatory repayment in the event of a change of control or legislative developments materially affecting supply.

Frequently Asked Questions (FAQs)

  1. Why did Andrada Mining shares rise on 24 February 2026?

Shares of Andrada Mining (LSE:ATM) increased 4.97% to GBX 3.99 after the Company announced an extended offtake agreement with Thaisarco, including a USD 3 million unsecured advance.

  1. What are the key terms of the USD 3 million advance?

The advance is unsecured, carries no interest and is repayable at UTMC’s discretion under specified terms.

  1. What does the exclusivity agreement cover?

Thaisarco has exclusive rights to purchase all tin concentrate produced at UTMC’s Uis Mine processing facilities, subject to certain commercial limitations.