RNS Number : 4721N

Andrada Mining Limited

23 January 2023

23 January 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")

Uis Mine Mineral Resource Expansion

Additional Inferred Mineral Resource Estimate ("MRE") for Tin

Andrada Mining Limited (AIM: ATM), an African technology metals mining company with a portfolio of mining and exploration assets in Namibia , announces an inferred, JORC (2012), MRE for tin over 11 historically mined pegmatite bodies located close to the actively mined V1/V2 pegmatite at the Uis Mine. These 11 pegmatites have been collectively termed the Proximal Pegmatites and are located within a 3 km radius from the existing processing plant.


-- The V1/V2 pegmatite, as well as the Proximal Pegmatites are located within the mining licence ML134 as part of a swarm comprising more than 180 mineralised pegmatites;

-- The maiden MRE announced on 16 September 2019, of 71.54 Mt of ore over the V1/V2 pegmatite, was based on information derived from 141 historical and 26 confirmatory drill holes;

-- An additional inferred MRE for tin over the Proximal Pegmatites, derived from a further 809 historical drill holes, comprises 57.18 Mt of ore with an average grade of 0.131% tin, and containing 74,857 tonnes of tin metal has now been completed;

-- The historical drill hole information further indicates that the Proximal Pegmatites remain open-ended at depth; and

-- Andrada is embarking on a confirmatory drilling programme to improve the tin resource classification and to evaluate lithium and tantalum potential of the Proximal Pegmatites.

Anthony Viljoen (CEO) commented: "The declaration of this inferred resource, using the historical drill data from the Uis Mine, significantly advances the total Andrada mineral inventory towards management's internal mineral resource target of at least 200 Mt of mineralisation. These additional pegmatites, together with the mineral resource at the V1/V2 orebody, provide an entire resource portfolio of approximately 128 Mt of ore with a gross combined content of 170 kt of tin, making Andrada the owner of one of the largest tin assets globally. Furthermore, through our demonstrated ability to rapidly and profitably scale up production at the existing operations at the Uis mine, we believe Andrada has the ability to compound the Company's economies of scale and position the company as one of the lowest cost tech-metal producers in the next five years.

The existing mineral reserve, that is currently being mined, as well as the ongoing infill drilling programme over the entire mining licence have also shown the potential of lithium mineralisation contained within the same pegmatites. Andrada looks forward to completing the work required to bring the lithium into production, as well as expanding the infill drilling programme to explore the huge opportunity that the Lithium presents as a co-product revenue stream with the tin operation in the coming months. Further announcements on this will be made in due course."


The mining licence ML134 hosts the Uis Mine. The Uis town is located approximately 200 km northeast of the port of Walvis Bay in Namibia ( Figure 1 ).

Figure 1 : Andrada's Uis Mine and mineral licence locality map showing the position of ML134.


The mining licence of the Uis Mine (ML134) comprises a swarm of more than 180 pegmatites. The historical Uis Mine focused on 12 of these pegmatites which were mined by open cast methods before operations were halted in 1990. During that time a comprehensive exploration drilling programme was undertaken, resulting in an extensive database with tin analyses. The 12 pegmatites are grouped into three clusters, namely K, P, and V, as illustrated in Figure 2 .

Figure 2 : Map of the Proximal Pegmatites depicting modelled clusters.

MRE - V1/V2 Pegmatite

On 16 September 2019 the Company announced a maiden MRE comprising 71.54 Mt of ore over one of the 12 pegmatites, namely the combined V1/V2 pegmatite. The MRE was derived from 141 historical drill holes and 26 confirmatory holes drilled by Andrada during 2019.

MRE - Proximal Pegmatites

The balance of the historically mined pegmatites have been incorporated into this report, based on a further 809 historical drill holes. Minxcon (Pty) Ltd ("Minxcon"), a leading exploration consultancy, was appointed to undertake the compilation of the tin block model over the mineralised Proximal Pegmatites.

Mineralised envelopes were modelled using lithological logs sourced from the surface drillholes and surface mapping of geological contacts.

The wireframes were clipped to the drillhole data and extended along interpreted strike and down-dip extensions. The mineralised envelopes were modelled to define moderate (30deg) to steeply (70deg) dipping pegmatitic zones which occur within the K, P and V clusters. Individual clusters are characterised by one or two dominant pegmatites, with numerous associated splay pegmatites. Strikes vary from east-west to southwest-northeast, with variable dips within the same cluster.

Geological, and geostatistical domains were delineated based on lithological contacts. Each modelled pegmatite was treated as a separate domain. Selected one-metre sample composites from within the modelled mineralised envelopes, defined the final dataset used for the geostatistical analysis and block model estimation. The mineral resource estimates are spatially coincident, with mineralisation confined to the pegmatite contacts. The pit shell definition was based on an average tin price of USD 30,000/t with ore losses and mining dilution set at 2%. The assumed pit slope angles and metallurgical recovery for Sn were 55deg and 64% respectively. Mining, treatment, G&A and selling cost parameters were provided by Andrada and approved by Minxcon. The open pit Mineral Resource figures are stated at a cut-off grade of 0.03% Sn.

Table 1 : Andrada Mining tin (Sn) Mineral Resource Estimate (JORC 2012) for the Uis Proximal Pegmatites at a cut-off grade of 0.03% Sn.

 Classification                     Gross                            Net Attributable (85%*) 
                   Tonnage (Mt)   Grade     Contained        Tonnage (Mt)   Grade     Contained Metal   Operator 
                                   (% Sn)   Metal (t)                        (% Sn)   (t) 
                  -------------  --------  ---------------  -------------  --------  ----------------  --------------- 
 Tin (Sn) 
----------------  -------------  --------  ---------------  -------------  --------  ----------------  --------------- 
 Proximal               -            -            -               -            -             - 
 Proximal               -            -            -               -            -             - 
  Resource            57.18        0.131        74,857          48.60        0.131        63,628        Andrada Mining 
                  -------------  --------  ---------------  -------------  --------  ----------------  --------------- 
 Total Proximal 
  Resource            57.18        0.131        74,857          48.60        0.131        63,628        Andrada Mining 
                  -------------  --------  ---------------  -------------  --------  ----------------  --------------- 

Source columns 1-4: Minxcon, Source columns 5-8: Andrada Mining

Note: Tabulated data have been rounded off and this may result in minor computational errors.

* Andrada has an attributable ownership of 85% in ML134 with the remaining 15% owned by The Small Miners of Uis (local shareholders)

Figure 3 : Plan view of the drillhole collars and drillhole assay data for the Uis Proximal Pegmatites (source: Minxcon).

Table 2 : Andrada Mining tin (Sn) Inferred Mineral Resource Estimates (JORC 2012) for the individual Uis Proximal Pegmatites at a cut-off grade of 0.03% Sn.

 Pegmatite                        Gross                               Net Attributable (85%*) 
                Tonnage (Mt)   Grade (% Sn)   Contained      Tonnage (Mt)   Grade (% Sn)   Contained      Operator 
                                              Metal (t)                                    Metal (t) 
               -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 K Cluster 
-------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 K3                 5.66          0.133          7,503           4.81          0.133          6,378          Mining 
 K3_1               1.47          0.115          1,694           1.25          0.115           140 
 K3_2               0.24          0.113           268            0.20          0.113           228 
 K3_3               0.49          0.110           535            0.42          0.110           455 
 K3_5               0.29          0.116           340            0.25          0.116           289 
 K5                18.58          0.139          25,910         15.79          0.139          22,024 
 K5_5               0.15          0.136           204            0.13          0.136           173 
 K7                 0.83          0.137          1,140           0.71          0.137           969 
 K10                0.23          0.116           269            0.20          0.116           229 
 K10_1              0.32          0.118           382            0.27          0.118           325 
               -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 P Cluster 
-------------------------------------------------------------------------------------------------------  ------------- 
 P4                 0.14          0.110           160            0.12          0.110           136           Mining 
 P4_2               0.32          0.129           417            0.27          0.129           354 
 P5                 1.83          0.127          2,319           1.56          0.127          1,971 
 P6                 1.05          0.125          1,320           0.89          0.125          1,122 
 P6_1               0.21          0.107           228            0.18          0.107           194 
               -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 V Cluster 
-------------------------------------------------------------------------------------------------------  ------------- 
 V4                 0.81          0.104           845            0.69          0.104           718           Mining 
 V4_2               0.42          0.093           385            0.36          0.093           327 
 V4_3               0.11          0.093           103            0.09          0.093            88 
 V5                 1.97          0.116          2,283           1.67          0.116          1,941 
 V5_1               0.04          0.098            41            0.03          0.098            35 
 V5_2               0.00          0.089            4              0            0.089            3 
 V12               11.44          0.133          15,259          9.72          0.133          12,970 
 V12_1              0.55          0.125           690            0.47          0.125           587 
 V12_2              1.41          0.098          1,386           1.20          0.098          1,178 
 V12_3              0.21          0.126           262            0.18          0.126           223 
 V12_4              0.01          0.080            9             0.01          0.080            8 
 V13                3.91          0.133          5,192           3.32          0.133          4,413 
 V13_1              0.36          0.128           457            0.31          0.128           388 
 V13_2              4.07          0.128          5,189           3.46          0.128          4,411 
 V13_3              0.04          0.150            63            0.03          0.150            54 
               -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
  Inferred                                                                                                  Andrada 
  Resource         57.18        0.131% Sn        74,857         48.60        0.131% Sn        63,628         Mining 
               -------------  -------------  -------------  -------------  -------------  -------------  ------------- 

Source columns 1-4: Minxcon; Source columns 5-8: Andrada Mining

Note: Tabulated data have been rounded off and this may result in minor computational errors.

* Andrada has an attributable ownership of 85% in ML134 with the remaining 15% owned by The Small Miners of Uis (local shareholders)

Figure 4 : Oblique view of the drillhole collars and drillhole assay data for the Uis Proximal Pegmatites (source: Minxcon).

Although the historical data has a lower confidence due to the absence of physical core, it is deemed sufficiently reliable by the Competent Person to allow the declaration of an Inferred Mineral Resource. The historical drillhole database has sufficient data density (with a 25m to 50m grid spacing) to allow for the estimation of a Measured or Indicated Mineral Resource if the requisite QAQC constraints are in place and a confirmatory drilling programme is undertaken. The Company carried out a confirmatory drilling programme in 2018/2019 on the V1/V2 and determined that the historical ISCOR drillhole data correlates well with the recent check sampling. Accordingly, a Measured, Indicated and Inferred Mineral Resource Estimate was declared in 2019 for the V1/V2 pegmatite by CSA Global (see announcement dated 16 September 2019).

[Note: JORC Table 1, Section 1 (Sampling Techniques and Data), Section 2 (Reporting of Exploration Results) and Section 3 (Estimation and Reporting of Mineral Resources), is included in Appendix 1]

Competent Person Statement

The technical data in this announcement has been reviewed by Uwe Engelmann of Minxcon, who provides consulting services to Andrada. Uwe Engelmann has 24 years of industry-related mining and exploration experience and is a Competent Person for the reporting of Mineral Resources. He is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr.Sci.Nat. Reg. No. 400058/08) and is a Fellow of the Geological Society of South Africa. He has reviewed the technical disclosures in this release and undertook the Mineral Resource Estimation and classification for tin for the proximal pegmatites. The Competent Person is independent of Andrada Mining Limited and its subsidiaries.

Glossary of Abbreviations

 Sn     Elemental symbol for tin 
 JORC   The Australasian Code for Reporting of 
         Exploration Results, Mineral Resources 
         and Ore Reserves 
 Mt     Million tonnes 
 ppm    Parts per million 
 T      Metric tonnes 
 SMU    Small Miners of Uis 
 ATM    Ticker for Andrada Mining Limited 

Glossary of Technical Terms

 Cut-off Grade       The grade above which Mineral Resources 
                      have been reported in order to satisfy 
                      the requirements for reasonable prospects 
                      of eventual economic extraction 
 Geological Model    The interpretation of mineralisation and 
                      geology that controls mineralisation. This 
                      is usually generated in a three-dimensional 
                      computer environment. 
 Geostatistics       A branch of statistics focussing on spatial 
                      datasets and relating to the estimation 
                      of elemental grades over a spatially modelled 
 Indicated Mineral   The part of a Mineral Resource for which 
  Resource            quantity, grade, quality, etc., can be 
                      estimated with a level of confidence sufficient 
                      to allow the appropriate application of 
                      technical and economic parameters, to support 
                      mine planning and evaluation of economic 
 Inferred Mineral    The part of a Mineral Resource for which 
  Resource            quantity and grade or quality can be estimated 
                      on the basis of geological evidence and 
                      limited sampling and reasonably assumed, 
                      but not verified, geological and grade 
 Measured Mineral    The part of a Mineral Resource for which 
  Resource            quantity, grade or quality, etc., are well 
                      enough established that they can be estimated 
                      with confidence sufficient to allow the 
                      appropriate application of technical parameters 
                      to support production planning and evaluation 
                      of economic viability 
 Mineral Resources   Mineral Resources are sub-divided, in order 
                      of increasing geological confidence, into 
                      Inferred, Indicated and Measured categories. 
                      An Inferred Mineral Resource has a lower 
                      level of confidence than that applied to 
                      an Indicated Mineral Resource. 
                      An Indicated Mineral Resource has a higher 
                      level of confidence than an Inferred Mineral 
                      Resource but has a lower level of confidence 
                      than a Measured Mineral Resource 
 Modifying Factors   Considerations used to convert Mineral 
                      Resources to Ore Reserves. These include, 
                      but are not restricted to, mining, processing, 
                      metallurgical, infrastructure, economic, 
                      marketing, legal, environmental, social 
                      and governmental factors. 
 Pegmatite           An igneous rock typically of granitic composition, 
                      that is distinguished from other igneous 
                      rocks by the extremely coarse and systematically 
                      variable size of its crystals, or by an 
                      abundance of crystals with skeletal, graphic, 
                      or other strongly directional growth habits, 
                      or by a prominent spatial zonation of mineral 
                      assemblages, including monomineralic zones 

For further information please visit the Company's website: www.andradamining.com or contact:

 Andrada Mining Limited                         +27 (11) 268 6555 
 Anthony Viljoen, CEO 
  Sakhile Ndlovu, Head of Investor Relations 
 Nominated Adviser                              +44 (0) 207 220 1666 
 WH Ireland Limited 
  Katy Mitchell 
 Corporate Advisor and Joint Broker 
 H&P Advisory Limited 
  Andrew Chubb 
  Jay Ashfield 
  Nilesh Patel                                  +44 (0) 20 7907 8500 
 Stifel Nicolaus Europe Limited                 +44 (0) 20 7710 7600 
 Ashton Clanfield 
  Callum Stewart 
  Varun Talwar 
 Tavistock Financial PR (United Kingdom)        +44 (0) 207 920 3150 
 Emily Moss 
  Catherine Drummond 
  Adam Baynes 


Appendix 1 - JORC (2012) Table 1

                                        SECTION 1: SAMPLING TECHNIQUES AND DATA 
               Criteria                               Explanation                               Detail 
                                        --------------------------------------  -------------------------------------- 
 Sampling techniques                     Nature and quality of sampling (e.g.,   Historical drillhole data (inclusive 
                                         cut channels, random chips, or          of diamond and percussion (RC)) 
                                         specific specialised                    exists but limited information 
                                         industry standard measurement tools     is available relating to historical 
                                         appropriate to the minerals under       sampling techniques and standards 
                                         investigation, such                     utilised by previous 
                                         as down hole gamma sondes, or           operators on the Project Areas. The 
                                         handheld XRF instruments, etc.).        historical drillhole data has no 
                                         These examples should not be            accompanying assay QAQC, 
                                         taken as limiting the broad meaning     however this fact is considered in 
                                         of sampling.                            allocation of Mineral Resource 
                                                                                 classification during modelling. 
                                                                                 According to historical literature 
                                                                                 the percussion (RC) samples were 
                                                                                 taken via a cyclone in 
                                                                                 1 m increments. 
                                        --------------------------------------  -------------------------------------- 
                                         Include reference to measures taken     No information pertaining to sampling 
                                         to ensure sample representivity and     data information was available for 
                                         the appropriate calibration             Minxcon to review. 
                                         of any measurement tools or systems 
                                        --------------------------------------  -------------------------------------- 
                                         Aspects of the determination of         No information pertaining to sampling 
                                         mineralisation that are Material to     information was available for Minxcon 
                                         the Public Report. In                   to review. However, 
                                         cases where 'industry standard' work    according to historical ISCOR 
                                         has been done this would be             documentation the percussion (RC) 
                                         relatively simple (e.g.,                samples were taken via a cyclone 
                                         'reverse circulation drilling was       in 1 m increments. Information with 
                                         used to obtain 1 m samples from which   respect to possible diamond drilling 
                                         3 kg was pulverised                     is not available. 
                                         to produce a 30 g charge for fire 
                                         assay'). In other cases, more 
                                         explanation may be required, 
                                         such as where there is coarse gold 
                                         that has inherent sampling problems. 
                                         Unusual commodities 
                                         or mineralisation types (e.g., 
                                         submarine nodules) may warrant 
                                         disclosure of detailed information. 
                                        --------------------------------------  -------------------------------------- 
 Drilling techniques                    Drill type (e.g., core, reverse          Very limited information is available 
                                        circulation, open-hole hammer, rotary    relating to historical drilling 
                                        air blast, auger, Bangka,                utilised by previous 
                                        sonic, etc.) and details (e.g., core     operators on the Project Areas. A 
                                        diameter, triple or standard tube,       total of 809 drillholes (percussion 
                                        depth of diamond tails,                  (RC) and/or diamond 
                                        face-sampling bit or other type,         drilling carried out by ISCOR) were 
                                        whether core is oriented and if so, by   found to have sufficient information 
                                        what method, etc.).                      to qualify them for 
                                                                                 inclusion in the Mineral Resource 
                                                                                 Estimation, there are no records of 
                                                                                 any archived split core 
                                                                                 or percussion nor their photographs. 
                                                                                 Limited details are recorded in the 
                                                                                 database for the 
                                                                                 diamond drillholes, with unknown core 
                                        --------------------------------------  -------------------------------------- 
 Drill sample recovery                   Method of recording and assessing       Data pertaining to both percussion 
                                         core and chip sample recoveries and     (RC) drilling and diamond drillhole 
                                         results assessed.                       recoveries are not 
                                                                                 available; as such, Minxcon cannot 
                                                                                 comment on the drillhole recoveries. 
                                                                                 A historical ISCOR 
                                                                                 document does however mention that a 
                                                                                 95% recovery is required and if not 
                                                                                 achieved the drilling 
                                                                                 contractor would redrill at their 
                                        --------------------------------------  -------------------------------------- 
                                         Measures taken to maximise sample       No information pertaining to sample 
                                         recovery and ensure representative      recovery information was available 
                                         nature of the samples.                  for Minxcon to review. 
                                        --------------------------------------  -------------------------------------- 
                                         Whether a relationship exists between   No information pertaining to sample 
                                         sample recovery and grade and whether   recovery information was available 
                                         sample bias may                         for Minxcon to review 
                                         have occurred due to preferential       and hence this could not be 
                                         loss/gain of fine/coarse material.      investigated. 
                                        --------------------------------------  -------------------------------------- 
 Logging                                 Whether core and chip samples have      Limited information regarding the 
                                         been geologically and geotechnically    logging was available to Minxcon and 
                                         logged to a level                       it is uncertain if 
                                         of detail to support appropriate        the core was logged geotechnically or 
                                         Mineral Resource estimation, mining     what percentage of the core was 
                                         studies and metallurgical               logged or sampled. according 
                                         studies.                                to the simplified historical 
                                                                                 geological logs provided to Minxcon 
                                                                                 in excel format, drillhole 
                                                                                 logging is quantitative in nature and 
                                                                                 as summaries of geological codes and 
                                                                                 assay interval, 
                                                                                 i.e., pegmatite, and various country 
                                                                                 rock lithologies. No photographs were 
                                                                                 supplied to Minxcon 
                                                                                 at the time of reporting. 
                                        --------------------------------------  -------------------------------------- 
                                        Whether logging is qualitative or        Limited information suggests 
                                        quantitative in nature. Core (or         drillhole logging is quantitative in 
                                        costean, channel, etc.)                  nature. 
                                        --------------------------------------  -------------------------------------- 
                                        The total length and percentage of the   Limited information of what 
                                        relevant intersections logged.           percentage of the core was logged or 
                                                                                 sampled but from the drillhole 
                                                                                 database, which is available, it 
                                                                                 suggests that the entire drillhole 
                                                                                 was logged and only the 
                                                                                 pegmatites were sampled. 
                                        --------------------------------------  -------------------------------------- 
 Sub-sampling techniques and sample      If core, whether cut or sawn and        No information in this regard was 
 preparation                             whether quarter, half or all cores      available for Minxcon to review. 
                                        --------------------------------------  -------------------------------------- 
                                         If non-core, whether riffled, tube      Limited details are recorded in the 
                                         sampled, rotary split, etc. and         database that samples were crushed to 
                                         whether sampled wet or                  <1.5 mm and the 
                                         dry.                                    successively riffled to produce a 
                                                                                 "cup" sized volume which was then 
                                                                                 milled to "a very fine 
                                                                                 powder". No supplementary information 
                                                                                 is given, as such, Minxcon is unable 
                                                                                 to comment on the 
                                                                                 appropriateness or representivity of 
                                                                                 the sampling. 
                                        --------------------------------------  -------------------------------------- 
                                         For all sample types, the nature,       No information pertaining QAQC data 
                                         quality and appropriateness of the      information was available for Minxcon 
                                         sample preparation technique.           to review. 
                                        --------------------------------------  -------------------------------------- 
                                         Quality control procedures adopted      No information pertaining QAQC data 
                                         for all sub-sampling stages to          information was available for Minxcon 
                                         maximise representivity                 to review. 
                                         of samples. 
                                        --------------------------------------  -------------------------------------- 
                                         Measures taken to ensure that the       The entire drillhole pegmatite 
                                         sampling is representative of the       intercept was sampled which would 
                                         in-situ material collected,             result in a representative 
                                         including for instance results for      sample of the pegmatite down the 
                                         field duplicate/second-half sampling.   hole. The drilling density, up to a 
                                                                                 25 m grid, is also fairly 
                                                                                 tight which would also give a good 
                                                                                 spread across the pegmatite. 
                                        --------------------------------------  -------------------------------------- 
                                         Whether sample sizes are appropriate    The cassiterite grains in the 
                                         to the grain size of the material       pegmatite are fairly coarse and 
                                         being sampled.                          distributed fairly evenly throughout 
                                                                                 the pegmatite and with the 1 m sample 
                                                                                 increments, it is believed to be 
                                        --------------------------------------  -------------------------------------- 
 Quality of assay data and laboratory    The nature, quality and                 Historic assay work using XRF (Sn 
 tests                                   appropriateness of the assaying and     only) was performed. No QAQC data is 
                                         laboratory procedures used and          available pertaining 
                                         whether the technique is considered     to historical QAQC or laboratory 
                                         partial or total.                       testwork was available for historical 
                                                                                 samples. QAQC procedures 
                                                                                 pertaining to the extensive ISCOR 
                                                                                 dataset are not documented. 
                                        --------------------------------------  -------------------------------------- 
                                         For geophysical tools, spectrometers,   No information pertaining to the 
                                         handheld XRF instruments, etc., the     laboratory or tools used was 
                                         parameters used                         available for Minxcon to review. 
                                         in determining the analysis including 
                                         instrument make and model, reading 
                                         times, calibrations 
                                         factors applied and their derivation, 
                                        --------------------------------------  -------------------------------------- 
                                         Nature of quality control procedures    No information pertaining to QAQC 
                                         adopted (e.g., standards, blanks,       information was available for Minxcon 
                                         duplicates, external                    to review. It is however 
                                         laboratory checks) and whether          assumed that ISCOR, being a large 
                                         acceptable levels of accuracy (i.e.,    reputable mining company, would have 
                                         lack of bias) and precision             used appropriate measures 
                                         have been established.                  to ensure acceptable levels of 
                                                                                 accuracy and precision. Since there 
                                                                                 was historical mining, 
                                                                                 it is also assumed that there would 
                                                                                 have been reconciliations to the 
                                                                                 production and recovery 
                                                                                 figures as a measure of QAQC. 
                                        --------------------------------------  -------------------------------------- 
 Verification of sampling and assaying   The verification of significant         Due to limited data pertaining to the 
                                         intersections by either independent     sampling and assaying procedures, 
                                         or alternative company                  Minxcon assumes that 
                                         personnel.                              sampling and assaying of all relevant 
                                                                                 intersections collected by ISCOR may 
                                                                                 have been conducted 
                                                                                 according to industry best practice 
                                                                                 and may be used for Mineral Resource 
                                                                                 estimation. Minxcon 
                                                                                 did undertake checks for overlaps and 
                                                                                 duplicates and capped the anomalous 
                                                                                 assay values. 
                                        --------------------------------------  -------------------------------------- 
                                         Discuss any adjustment to assay data.   No adjustments were made to the data 
                                                                                 besides the capping of anomalous 
                                                                                 grade values. 
                                        --------------------------------------  -------------------------------------- 
                                         Documentation of primary data, data     No information pertaining to specific 
                                         entry procedures, data verification,    procedures was available but the fact 
                                         data storage (physical                  that this historical 
                                         and electronic) protocols.              data is still available and in fairly 
                                                                                 good condition, indicates there must 
                                                                                 have been good 
                                                                                 systems in place. 
                                        --------------------------------------  -------------------------------------- 
                                         The use of twinned holes.               A twinning or confirmatory drilling 
                                                                                 programme has been completed at the 
                                                                                 V1/V2 pegmatites which 
                                                                                 had good correlations. This, in the 
                                                                                 CP's opinion, goes a long way in 
                                                                                 confirming the reliability 
                                                                                 of the historical database as a 
                                        --------------------------------------  -------------------------------------- 
 Location of data points                 Accuracy and quality of surveys used    The coordinate system used throughout 
                                         to locate drillholes (collar and        is WGS84 UTM 33S to survey and verify 
                                         down-hole surveys),                     numerous historical 
                                         trenches, mine workings and other       collars which have been identified in 
                                         locations used in Mineral Resource      the field by Andrada. These positions 
                                         estimation.                             are consistent 
                                                                                 with positions recorded in the ISCOR 
                                                                                 dataset providing confidence in the 
                                                                                 historical data. 
                                                                                 There is also a DTM which was used 
                                                                                 for the depletions of the historical 
                                                                                 open pit mining. 
                                        --------------------------------------  -------------------------------------- 
                                         Specification of the grid system        The coordinate system used throughout 
                                         used.                                   is WGS84 UTM 33S. 
                                        --------------------------------------  -------------------------------------- 
                                         Quality and adequacy of topographic     There is a DTM for the project area. 
                                        --------------------------------------  -------------------------------------- 
 Data spacing and distribution           Data spacing for reporting of           Historically, Mineral Resource 
                                         Exploration Results.                    delineation has been completed using 
                                                                                 both diamond and percussion 
                                                                                 (RC) drilling methods. The limited 
                                                                                 data is on an irregular grid 
                                                                                 targeting each pegmatite and 
                                                                                 the sampling database was composited 
                                                                                 at 1 m. 
                                                                                 It is Minxcon's opinion that data 
                                                                                 spacing, and distribution is 
                                                                                 sufficient to establish the 
                                                                                 degree of geological and grade 
                                                                                 continuity appropriate for the 
                                                                                 Mineral Resource estimation 
                                                                                 and classification. 
                                                                                 The drillhole density could lend 
                                                                                 itself to a measured or indicated 
                                                                                 Mineral Resource if all 
                                                                                 the QAQC was in place. However, since 
                                                                                 there is a lack of QAQC only an 
                                                                                 inferred Mineral Resource 
                                                                                 has been declared. 
                                        --------------------------------------  -------------------------------------- 
                                         Whether the data spacing, and           The drillhole spacing ranges from 
                                         distribution is sufficient to           about 25 m to 50 m in places and up 
                                         establish the degree of geological      to 100 m to 200 m elsewhere. 
                                         and grade continuity appropriate for    This is sufficient to prove 
                                         the Mineral Resource and Ore Reserve    geological and grade continuity. 
                                         estimation procedure(s) 
                                         and classifications applied. 
                                        --------------------------------------  -------------------------------------- 
                                         Whether sample compositing has been     The samples were collected in 1 m 
                                         applied.                                increments and the histograms of the 
                                                                                 sample width showed 
                                                                                 that the 1 m samples where the 
                                                                                 majority and hence the sample data 
                                                                                 was composited at 1m. 
                                        --------------------------------------  -------------------------------------- 
 Orientation of data in relation to      Whether the orientation of sampling     Minxcon is not aware of any core 
 geological structure                    achieves unbiased sampling of           orientation being done on drill cores 
                                         possible structures and                 during the various 
                                         the extent to which this is known,      historic drilling campaigns. However, 
                                         considering the deposit type.           in most cases drillholes were drilled 
                                                                                 vertically or 
                                                                                 at an inclination of about 60 degrees 
                                                                                 to intersect the shallow to steeply 
                                                                                 dipping pegmatites 
                                                                                 as close to right angles as possible. 
                                        --------------------------------------  -------------------------------------- 
                                         If the relationship between the         The drillholes intersect the 
                                         drilling orientation and the            pegmatites close to normal and hence 
                                         orientation of key mineralised          no bias is introduced. 
                                         structures is considered to have 
                                         introduced a sampling bias, this 
                                         should be assessed and reported 
                                         if material. 
                                        --------------------------------------  -------------------------------------- 
 Sample security                         The measures taken to ensure sample     Information on the security of 
                                         security.                               historical samples was not available. 
                                        --------------------------------------  -------------------------------------- 
 Audits or reviews                       The results of any audits or reviews    Minxcon is not aware of any audits 
                                         of sampling techniques and data.        undertaken. 
                                        --------------------------------------  -------------------------------------- 
                                     SECTION 2: REPORTING OF EXPLORATION RESULTS 
               Criteria                              Explanation                                Detail 
                                        --------------------------------------  -------------------------------------- 
 Mineral tenement and land tenure       Type, reference name/number, location   The Project Area is held under valid 
 status                                 and ownership including agreements or   mining licence ML134 by Uis Tin Mining 
                                        material issues                         Company (Pty) 
                                        with third parties such as joint        Ltd. ML134 is valid for base and rare 
                                        ventures, partnerships, overriding      metals, industrial minerals, 
                                        royalties, native title                 semi-precious stones, covers 
                                        interests, historical sites,            an area of 19,704.02 ha, and expires 
                                        wilderness or national park and         on 21 August 2028. The V1/V2 
                                        environmental settings.                 pegmatites (not part of 
                                                                                this Mineral Resource) are currently 
                                                                                being mined. The mining operations are 
                                                                                fully licenced, 
                                                                                including abstraction of water from 
                                                                                boreholes and an Environmental 
                                                                                Clearance Certificate. 
                                                                                Further exploration activities at the 
                                                                                Project are covered by the amended 
                                                                                Environmental Clearance 
                                        --------------------------------------  -------------------------------------- 
                                        The security of the tenure held at the  The Competent Person is satisfied with 
                                        time of reporting along with any known  the security of tenure. The Competent 
                                        impediments                             Person has not 
                                        to obtaining a licence to operate in    identified any threat to the mining 
                                        the area.                               lease with continued annual payments 
                                                                                and conformance to 
                                                                                government notices and directives. 
                                        --------------------------------------  -------------------------------------- 
 Exploration done by other parties      Acknowledgment and appraisal of         Acknowledgement is hereby made for the 
                                        exploration by other parties.           historical exploration conducted 
                                                                                between the early 
                                                                                1960s and 1989 by ISCOR. SRK 
                                                                                documented the reserve and mine plan 
                                                                                report containing the historical 
                                                                                estimate of the mineralised tin 
                                                                                pegmatites Andrada obtained and 
                                                                                digitised a significant portion 
                                                                                of the exploration data. 
                                        --------------------------------------  -------------------------------------- 
 Geology                                Deposit type, geological setting and 
                                        style of mineralisation.                 The tin bearing pegmatites are hosted 
                                                                                 within the Damara Orogen, a typical 
                                                                                 pan African-aged 
                                                                                 (750-440 Ma) orogenic belt. The 
                                                                                 LCT-type pegmatites forms part of the 
                                                                                 Uis Pegmatite Swarm, 
                                                                                 lying to the east and south of the 
                                                                                 town of Uis and is well-mineralised 
                                                                                 in comparison to other 
                                                                                 pegmatites in this swarm. The Uis 
                                                                                 Pegmatite Swarm has three clusters: 
                                                                                 Northern, Central and 
                                                                                 Southern. The pegmatites generally 
                                                                                 have a northeast to east strike, and 
                                                                                 dip between 30deg 
                                                                                 and 70deg towards the northwest. The 
                                                                                 southeast dipping host biotite schist 
                                                                                 and gneiss of the 
                                                                                 isoclinally folded Amis River 
                                                                                 Formation (including the 
                                                                                 Knottenschiefer) of the Damara 
                                                                                 is crosscut by these pegmatites. The 
                                                                                 mineralisation type is primarily 
                                                                                 magmatic but may be 
                                                                                 due to alteration. Primary 
                                                                                 cassiterite is formed towards the end 
                                                                                 of a pegmatite's crystallisation 
                                                                                 history, when enough magmatic 
                                                                                 differentiation has made tin 
                                        --------------------------------------  -------------------------------------- 
 Drillhole Information                  A summary of all information material   It is noted that all the Uis Tin Mine 
                                        to the understanding of the             Projects included in the portfolio 
                                        exploration results including           represent historical 
                                        a tabulation of the following           database with limited data. Minxcon 
                                        information for all Material            verified each of the drillhole 
                                        drillholes:                             databases as much as possible 
                                        * easting and northing of the           during the drillhole desurvey process. 
                                        drillhole collar                        A total of 809 drillhole collars are 
                                        * elevation or RL (Reduced Level -      present in the 
                                        elevation above sea level in metres)    drillhole database were utilised for 
                                        of the drillhole collar                 the Mineral Resource Estimation of 
                                        * dip and azimuth of the hole           which 27 are diamond 
                                        * down hole length and interception     drillholes and 782 are percussion. 
                                        depth                                   Minxcon utilised this information to 
                                        * hole length.                          delineate the mineralisation 
                                                                                of the pegmatites and estimation. 
                                        --------------------------------------  -------------------------------------- 
                                        If the exclusion of this information    A total of 809 drillhole collars are 
                                        is justified on the basis that the      present in the drillhole database 
                                        information is not                      applicable to the proximal 
                                        Material and this exclusion does not    pegmatites, with additional holes 
                                        detract from the understanding of the   covering V1V2 (not included in this 
                                        report, the Competent                   MRE). All the proximal 
                                        Person should clearly explain why this  pegmatite drillholes have been used 
                                        is the case.                            unless there was an absent or null 
                                                                                (zero) value. These 
                                                                                drillholes were used in the geological 
                                                                                modelling but not in the estimation. 
                                        --------------------------------------  -------------------------------------- 
 Data aggregation methods               In reporting Exploration Results,       All drillholes were investigated 
                                        weighting averaging techniques,         statistically and geostatistically. 
                                        maximum and/or minimum grade            This analysis resulted 
                                        truncations (e.g., cutting of high      in the drillholes being utilised in 
                                        grades) and cut-off grades are usually  the Mineral Resource estimation 
                                        Material and should                     conducted over the Uis 
                                        be stated.                              Tin Mine. The samples were capped to 
                                                                                remove outliers in the database to 
                                                                                reduce the bias of 
                                                                                very high values. This capping was 
                                                                                applied by Minxcon in the Mineral 
                                                                                Resource estimation. 
                                                                                Minxcon reviewed the database and 
                                                                                selected 1 m composite as the optimum 
                                                                                sample length to be 
                                                                                utilised in the Mineral Resource 
                                        --------------------------------------  -------------------------------------- 
                                         Where aggregate intercepts              The samples were capped to remove 
                                         incorporate short lengths of            outliers in the database to reduce 
                                         high-grade results and longer lengths   the bias of very high 
                                         of low grade results, the procedure     values and composited at 1 m. 
                                         used for such aggregation should be 
                                         stated and some typical 
                                         examples of such aggregations should 
                                         be shown in detail. 
                                        --------------------------------------  -------------------------------------- 
                                         The assumptions used for any            There was no metal equivalent. Only 
                                         reporting of metal equivalent values    Sn was reported. 
                                         should be clearly stated. 
                                        --------------------------------------  -------------------------------------- 
 Relationship between mineralisation     If the geometry of the mineralisation   Available information indicates that 
 widths and intercept lengths            with respect to the drillhole angle     drilling was conducted to intersect 
                                         is known, its nature                    the mineralised pegmatites 
                                         should be reported.                     very close to normal relative to the 
                                         If it is not known and only the down    reef plane. 
                                         hole lengths are reported, there        The 3D modelling also takes care of 
                                         should be a clear statement             the pegmatite width. 
                                         to this effect (e.g., 'down hole 
                                         length, true width not known'). 
                                        --------------------------------------  -------------------------------------- 
 Diagrams                                Appropriate maps and sections (with     All relevant diagrams pertaining to 
                                         scales) and tabulations of intercepts   sampling type and its distribution, 
                                         should be included                      as well as geological 
                                         for any significant discovery being     and block models are presented in 
                                         reported These should include, but      their respective sections and have 
                                         not be limited to a                     been generated in accordance 
                                         plan view of drillhole collar           with the guidelines described in the 
                                         locations and appropriate sectional     JORC Code. 
                                        --------------------------------------  -------------------------------------- 
 Balanced reporting                      Where comprehensive reporting of all    The Mineral Resource estimate 
                                         Exploration Results is not              considered the total dataset, for the 
                                         practicable, representative             generation of the geological 
                                         reporting of both low and high grades   model and estimated block model. CAE 
                                         and/or widths should be practiced to    (Datamine) Studio RM(TM) software was 
                                         avoid misleading                        used to conduct 
                                         reporting of Exploration Results.       statistical and geostatistical 
                                                                                 analyses, conduct spatial continuity 
                                                                                 analysis and generate 
                                                                                 the estimated block models. 
                                        --------------------------------------  -------------------------------------- 
 Other substantive exploration data      Other exploration data, if meaningful   Various exploration campaigns have 
                                         and material, should be reported        been conducted at the Project sites 
                                         including (but not                      over the years, but 
                                         limited to): geological observations;   this information is not available or 
                                         geophysical survey results;             relevant to the current Mineral 
                                         geochemical survey results;             Resource update. No other 
                                         bulk samples - size and method of       exploration data other than that 
                                         treatment; metallurgical test           presented for the purposes of the 
                                         results; bulk density, groundwater,     Mineral Resource estimation 
                                         geotechnical and rock                   is therefore included in this Report. 
                                         characteristics; potential 
                                         deleterious or contaminating 
                                        --------------------------------------  -------------------------------------- 
 Further work                            The nature and scale of planned         The drillhole database integrity has 
                                         further work (e.g., tests for lateral   resulted in the Mineral Resource 
                                         extensions or depth                     estimation being classified 
                                         extensions or large-scale step-out      only as Inferred Mineral Resource. 
                                         drilling).                              Minxcon recommends that a programme 
                                                                                 of confirmatory drilling 
                                                                                 be undertaken to collect sufficient 
                                                                                 data to complete an in-depth 
                                                                                 investigation into the reliability 
                                                                                 of the historical sampling, to assist 
                                                                                 in Mineral Resource classification 
                                                                                 upgrade. Minxcon 
                                                                                 recommends that further drilling be 
                                                                                 aimed at confirming the lateral 
                                                                                 extent and mineralisation 
                                                                                 of the W Cluster Pegmatites. 
                                        --------------------------------------  -------------------------------------- 
                                         Diagrams clearly highlighting the       The proximal pegmatites have been 
                                         areas of possible extensions,           mapped on surface (figure in report) 
                                         including the main geological           and the lateral and 
                                         interpretations and future drilling     depth extensions of these can be 
                                         areas, provided this information is     investigated with further drilling. 
                                         not commercially sensitive. 
                                        --------------------------------------  -------------------------------------- 
                                          SECTION 3: ESTIMATION AND REPORTING OF MINERAL RESOURCES 
 Criteria         Explanation          Detail 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Database         Measures taken to    Minxcon verified the drillhole database during the drillhole desurvey process as far as possible. 
 integrity        ensure that data      The Uis Proximal Pegmatites drillhole database was checked for duplicates, overlapping and 
                  has not been          missing intervals, whilst all fields were checked for spurious or out of range values. The 
                  corrupted by, for     overlaps and duplicates were removed to create a final database file consisted of drillhole 
                  example,              data. Minxcon was not involved in the initial data capture process. 
                  transcription or 
                  keying errors, 
                  between its 
                  initial collection 
                  and its use for 
                  Mineral Resource 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Data validation      The data that could be validated by Minxcon was the surface outcrop mapping and historical 
                  procedures used.      collar positions in the field. The CP does however place huge importance on the fact that 
                                        the V1/V2 pegmatite data (geological and grade) was confirmed by a confirmatory drilling programme. 
                                        This goes a long way in validating the reliability of the historical drillhole database. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Site visits      Comment on any       A site visit was undertaken on 17 November 2022 to verify the pegmatite surface outcrop and 
                  site visits           historical drillhole collars. This was achieved and the surface outcrop and historical collars 
                  undertaken by the     were confirmed. The historical drillhole diameter was noted to be variable in size and hence 
                  Competent Person      an indication that both RC and diamond drillholes were drilled. 
                  and the outcome of 
                  those visits. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  If no site visits    Not applicable - see above. 
                  have been 
                  indicate why this 
                  is the case. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Geological       Confidence in (or    Geological modelling comprises two elements namely modelled mineralised envelopes and a DTM 
 interpretation   conversely, the       of the topography, which includes the depletions from historic open pit mining. Mineralised 
                  uncertainty of)       envelopes were modelled using the lithological logs sourced from the surface drillholes and 
                  the geological        surface exposure / mapping. The wireframes are clipped to the drillhole data and have been 
                  interpretation of     extended along strike and down-dip by reasonable interpretation. 
                  the mineral 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Nature of the data   The geological modelling was completed using Leapfrog software. A total of 32 mineralised 
                  used and of any       pegmatite envelopes have been modelled from the 809 drillholes. The pegmatites are very distinct 
                  assumptions made.     from the surrounding schist. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The effect, if       There has been no alternative geological model. The pegmatite geology is very distinctive. 
                  any, of 
                  interpretations on 
                  Mineral Resource 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The use of geology   In general, the mineralised envelopes have been modelled to define elongated generally moderately 
                  in guiding and        (30deg) to steeply (70deg) dipping pegmatitic zones which occur within distinct clusters (K, 
                  controlling           P and V). Individual clusters are characterised by one or two dominant pegmatites, with numerous 
                  Mineral Resource      associated splay pegmatites. Strikes vary from east-west to southwest-northeast, with varying 
                  estimation.           strikes and dips occurring within the same cluster. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The factors          Several xenoliths (country or waste rock contained within the mineralised pegmatites) have 
                  affecting             been modelled within the larger pegmatites. The estimation is limited to the distinctive pegmatite 
                  continuity both of    wireframes based on the 809 drillholes. 
                  grade and geology. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Dimensions       The extent and       Orebody widths, strike and depth extents are highly variable and are based on the interpretation 
                  variability of the    of the drillhole and surface exposure data. Mineralised intercepts do not represent actual 
                  Mineral Resource      orebody widths due to the varying inclination of intercepts relative to the mineralised zones. 
                  expressed as          The modelled mineralised widths are generally less than 30 m. 
                  length (along         The K cluster of mineralisation extends along strike for approximately 1,740 m and 240 m down 
                  strike or             the dip slope. The P cluster has a strike extent of approximately 860 m and a maximum downdip 
                  otherwise),           depth of 185 m. The V cluster has a strike length of approximately 1,900 m and maximum downslope 
                  plan width, and       extent of 240 m. 
                  depth below           No geological structures such as dykes or faults have been modelled. No additional geological 
                  surface to the        losses have been applied to the Mineral Resource estimates. 
                  upper and lower 
                  limits of the 
                  Mineral Resource. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Estimation and   The nature and       The only variable analysed and available for estimation is tin (Sn %). No assumptions with 
 modelling        appropriateness of    respect to the correlation of Sn % with any other variable have been made. 
 techniques       the estimation        The geological, and geostatistical domains were delineated on the basis of geological structure. 
                  technique(s)          For all mineralised envelopes, the mean length of the sample populations was close to 1 m, 
                  applied and key       and given the data, a 1 m compositing interval was selected and applied to the desurveyed 
                  assumptions,          drillholes. The raw drillhole analytical data for Sn % indicates very low variance and coefficient 
                  including             of variation, therefore longer composite lengths would not be required. 
                  treatment of          Each modelled pegmatite was treated as a separate domain. Mineralised zones, generally within 
                  extreme grade         relative proximity, with similar structural orientations (strike and dip) were also grouped 
                  values, domaining,    zones. 
                  interpolation         The K pegmatite swarm comprised 10 separate domains, the P swarm comprised 6 domains and the 
                  parameters and        V group comprised 15 individual domains. 
                  maximum               CAE (Datamine) Studio RM(TM) was used to conduct statistical and geostatistical analyses, 
                  distance of           conduct spatial continuity analysis and generate the Ordinary Kriged estimated block models. 
                  extrapolation from 
                  data points. If a 
                  computer assisted 
                  estimation method 
                  was chosen 
                  include a 
                  description of 
                  computer software 
                  and parameters 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The availability     In 1989 SRK compiled a LoM plan (excluding V1/V2) for ISCOR with proven and probable reserves 
                  of check              of 70.32 Mt @ a Sn grade of 0.136 % Sn. This was probably not compliant in today's terms but 
                  estimates,            correlates closely to this CPR's Inferred Mineral Resource. 
                  previous estimates 
                  and/or mine 
                  production records 
                  whether the 
                  Mineral Resource 
                  estimate takes 
                  account of such 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The assumptions      V1/V2 pegmatites have Li and Ta grade information with the more recent drilling campaigns 
                  made regarding        but the historical proximal pegmatites do not have any data relating to these by-products. 
                  recovery of           This needs to be investigated further with the future drilling. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Estimation of        No estimation pertaining to deleterious elements or other non-grade variables of economic 
                  deleterious           significance (e.g., sulphur for acid mine drainage characterisation) have been conducted. 
                  elements or other 
                  variables of 
                  sulphur for acid 
                  mine drainage 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  In the case of       Block model estimates or grade interpolation for each Uis Proximal Pegmatite mineralised envelope, 
                  block model           were completed using parent cell estimates in orthogonal (unrotated) block models The block 
                  interpolation, the    model parameters are presented in Tables in the report. Estimates were performed individually 
                  block size in         for each modelled mineralised envelope, using only the composite data extracted from that 
                  relation to the       respective envelope. 
                  average sample        Additional block model splits were used, to assist with filling the modelled mineralised envelopes 
                  spacing and the       to ensure the volume of the mineralised shells was honoured as far as possible. The Mineral 
                  search employed.      Resource estimate was constrained by the modelled mineralised envelopes. 
                                        Three estimates were performed using three search volumes as per the search parameters described 
                                        previously. The resultant block models were combined with one another, giving preference to 
                                        the lowest (smallest) search volume. 
                                        Multiple estimation techniques were employed in the interpolation to allow for cross-validation 
                                        of methods and testing for conditional bias. Ordinary kriging (OK) was utilised for Mineral 
                                        Resource estimation purposes. Secondary estimates were completed using inverse distance to 
                                        the power 2 (ID2SNC) and 0 (produces an arithmetic mean within the respective search - AVGSNC) 
                                        and a nearest neighbour (NNSNC) method. 
                                        The Block model parameters for the mineralised areas in the Uis Proximal Pegmatite areas and 
                                        block size are shown in the table. 
                                                                                   Block   Block   No.       No.       No. 
                                                       Origin   Origin    Origin    size    size    Blocks    Blocks    Blocks 
                                         Area           X        Y         Z        X       Y       X         Y         Z 
                                          Pegmatite    486420   7649800   580      5.00    5.00    486.00    924.00    72.00 
                                                      -------  --------  -------  ------  ------  --------  --------  -------- 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Any assumptions      No assumptions were made in terms of selective mining units with respect to the cell size 
                  behind modelling      selected. 
                  of selective 
                  mining units. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Estimation and   Any assumptions      The only variable analysed and available for estimation is tin (Sn %). No assumptions with 
 modelling        about correlation     respect to the correlation of Sn % with any other variable have been made. 
 techniques       between variables. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Description of how   The Mineral Resource estimation has been restricted to the hard boundaries encompassed by 
                  the geological        the geological wireframes. 
                  interpretation was 
                  used to control 
                  the resource 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Discussion of        An extreme value or outlier analysis was completed on the composite data selected from sub-clusters 
                  basis for using or    of the modelled mineralised envelopes. Composite tin grades greater than the selected capping 
                  not using grade       grade were set to the selected grade to reduce the potential impact extreme values may have 
                  cutting or            on the block model estimation. 
                  capping.              The analysis comprised examination of cumulative coefficient of variation plot, cumulative 
                                        log probability plots and quantile analyses to determine the presence of extreme value outliers. 
                                        Capping values were determined for each of the geological or geostatistical domains. In general, 
                                        the capping values were within the 99th percentile of the respective distributions. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The process of       Several data-model reconciliations were performed. Firstly, a visual inspection of drillhole 
                  validation, the       composite values with respect to the estimated block model was completed. Visually there is 
                  checking process      a reasonable correlation between the estimated ordinary krige tin values and the composite 
                  used, the             tin values. 
                  comparison of 
                  model data to         Basic statistics have been compiled comparing the model estimates and composites. Regressions 
                  drillhole             between various interpolants and the respective kriged value were tested for the total estimated 
                  data, and use of      block model (irrespective of final Mineral Resource categorisation). Correlation coefficients 
                  reconciliation        ("R") of greater than 0.90 were achieved, indicating a reliable estimate for the Ordinary 
                  data if available.    kriging relative to the other methods tested. Scatter plots of the various interpolants with 
                                        respect to one another were also inspected for possible indications of bias in the OK estimate. 
                                        SWATH plots were also conducted on the estimation. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Moisture         Whether the          There was no data available for the moisture content, so the tonnage is assumed to be dry 
                  tonnages are          at this stage. 
                  estimated on a dry 
                  basis or with 
                  natural moisture, 
                  and the method 
                  of determination 
                  of the moisture 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Cut-off          The basis of the     The cut-off parameters used for the cut-off grade and RPEEE pits are detailed below. The resource 
 parameters       adopted cut-off       has been declared at a cut-off grade of 0.03 % Sn and within the optimised pit. 
                  grade(s) or 
                  quality parameters 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Mining factors   Assumptions made     The mining method assumed is open pit mining as per the historical operations and current 
 or assumptions   regarding possible    operations at the V1/V2 pegmatites. See RPEEE parameters above. 
                  mining methods, 
                  minimum mining 
                  dimensions and 
                  (or, if 
                  external) mining 
                  dilution. It is 
                  always necessary 
                  as part of the 
                  of determining 
                  prospects for 
                  eventual economic 
                  extraction to 
                  consider potential 
                  mining methods, 
                  but the 
                  assumptions made 
                  regarding mining 
                  methods and 
                  parameters when 
                  Mineral Resources 
                  may not always be 
                  rigorous. Where 
                  this is the case, 
                  this should be 
                  with an 
                  explanation of the 
                  basis of the 
                  mining assumptions 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Metallurgical    The basis for        A process recovery of 64% has been used for the RPEEE which is based on the DFS work. 
 factors or       assumptions or 
 assumptions      predictions 
                  amenability. It is 
                  necessary as part 
                  of the process of 
                  prospects for 
                  eventual economic 
                  extraction to 
                  consider potential 
                  methods, but the 
                  processes and 
                  parameters made 
                  when reporting 
                  Mineral Resources 
                  may not always be 
                  rigorous. Where 
                  this is the case, 
                  this should be 
                  reported with an 
                  explanation of the 
                  of the 
                  assumptions made. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Environmental    Assumptions made     Based on the V1/V2 operations no environmental factors or assumptions were deemed material, 
 factors or       regarding possible    and thus none were considered. 
 assumptions      waste and process 
                  residue disposal 
                  options. It is 
                  necessary as part 
                  of the process of 
                  prospects for 
                  eventual economic 
                  extraction to 
                  consider the 
                  impacts of the 
                  mining and 
                  While at this 
                  stage the 
                  determination of 
                  particularly for 
                  a greenfields 
                  project, may not 
                  always be well 
                  advanced, the 
                  status of early 
                  of these potential 
                  impacts should be 
                  reported. Where 
                  these aspects have 
                  been considered 
                  this should be 
                  reported with an 
                  explanation of the 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Bulk density     Whether assumed or   No primary density data or database was available for the proximal pegmatites. Pegmatite material 
                  determined. If        has an assigned density of 2.65 t/m3, whilst the host biotite schist and gneiss has been assigned 
                  assumed, the basis    a density of 2.76 t/m3. This is based on the V1/V2 pegmatite work. 
                  for the 
                  assumptions. If 
                  determined, the 
                  method used, 
                  whether wet or 
                  dry, the frequency 
                  of the 
                  measurements, the 
                  nature, size and 
                  of the samples. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The bulk density     No information relating to a bulk sample was available. There is very little if any weathering 
                  for bulk material     on surface, so the density of the pegmatite is the same throughout. 
                  must have been 
                  measured by 
                  methods that 
                  adequately account 
                  for void spaces 
                  (vugs, porosity, 
                  etc.), moisture 
                  and differences 
                  between rock and 
                  zones within the 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Discuss              See above. 
                  assumptions for 
                  bulk density 
                  estimates used in 
                  the evaluation 
                  process of the 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Classification   The basis for the    The Mineral Resource estimates were categorised on the basis matrix of criterion dependant 
                  classification of     on the data type and quantity, quality and standards, quality assurance and quality control 
                  the Mineral           protocols, range of the respective modelled spatial continuity, number of composites, minimum 
                  Resources into        and maximum number of samples and the performance (quality) of the kriging estimate. The total 
                  varying confidence    estimated block model within the modelled mineralised envelopes for all areas were classified 
                  categories.           as Inferred Resources, primarily due to uncertainty associated with the source data. 
                                        For the Uis Proximal Pegmatite Mineral Resource estimate, a portion of the estimated Inferred 
                                        Mineral Resource includes material that may be regarded as extrapolated beyond the limits 
                                        of available sampling / analytical data. The Mineral Resource estimate has been completed 
                                        using 3 search volumes. The 3rd search volume estimate can be considered "extrapolated", as 
                                        it is estimated using composite data present within two times the modelled search volume for 
                                        a particular modelled envelope. Extrapolated inferred Mineral Resource is approximately 7.6%. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Whether              Mineral Resource was classified as Inferred Mineral Resource due to the database confidence 
                  appropriate           level discussed in database integrity section of this report. If QAQC was available, the resource 
                  account has been      could have been classified as a measured or indicated Mineral Resource based on the data density, 
                  taken of all          but the resource was downgraded. 
                  relevant factors 
                  (i.e., relative 
                  in tonnage/grade 
                  reliability of 
                  input data, 
                  confidence in 
                  continuity of 
                  and metal values, 
                  quality, quantity 
                  and distribution 
                  of the data). 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  Whether the result   It is the Competent Person's opinion the Mineral Resource estimation conducted by Minxcon 
                  appropriately         is appropriate and presents a reasonable result in line with accepted industrial practices. 
                  reflects the 
                  Competent Person's 
                  view of the 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Audits or        The results of any   Internal audits and peer review were completed by Minxcon which verified and considered the 
 reviews          audits or reviews     technical inputs, methodology, parameters and results of the estimate. No independent review 
                  of Mineral            has been completed for the Mineral Resource estimate presented in this Report. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
 Discussion of    Where appropriate    The Mineral Resource estimate for the Uis Proximal Pegmatites was completed using geostatistical 
 relative         a statement of the    methods to produce local estimates which provide a measure of the relative accuracy and confidence 
 accuracy/        relative accuracy     and quality of the estimate. The estimate has been compared with the composites used to estimate 
 confidence       and confidence        the block model and a high degree of correlation has been established through various reconciliation 
                  level in the          methods. 
                  Resource estimate     The quality of the estimate has been measured using various estimation parameters. Although 
                  using an approach     the Mineral Resource estimate has been classified as Inferred, the estimation contains measures 
                  or procedure          of estimation quality such that the estimate can be subdivided into various levels of quality. 
                  deemed appropriate    The table below depicts the various estimation quality and confidence parameters for the Uis 
                  by the Competent      Mineral Resource estimate. 
                  Person.                Classification    Mean          Mean             Mean            Mean 
                  For example, the                          Kriging       Slope            Interval        Interval 
                  application of                            Efficiency    of Regression    at 90           at 95 
                  statistical or                                                           % Confidence    % Confidence 
                  geostatistical                                                           Level           Level 
                  procedures to          High 
                  quantify the            Quality 
                  relative                Inferred         0.6           0.9              6.9             8.2 
                  accuracy of the                         ------------  ---------------  --------------  -------------- 
                  resource within        Medium 
                  stated confidence       Quality 
                  limits, or, if          Inferred         0.3           0.7              10.4            12.4 
                  such an approach                        ------------  ---------------  --------------  -------------- 
                  is not deemed          Low 
                  appropriate, a          Quality 
                  qualitative             Inferred         -0.7          0.2              15.6            18.6 
                  discussion of the                       ------------  ---------------  --------------  -------------- 
                  factors that could 
                  affect the 
                  relative accuracy 
                  and confidence of 
                  the estimate. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  The statement        Regional accuracy is considered acceptable as evidenced by the swath plots, and direct sample 
                  should specify        point versus block model checks have ensured acceptable local accuracy with regards the estimated 
                  whether it relates    Projects. 
                  to global or local 
                  estimates, and, if 
                  state the relevant 
                  tonnages, which 
                  should be relevant 
                  to technical and 
                  should include 
                  assumptions made 
                  and the procedures 
                 -------------------  ------------------------------------------------------------------------------------------------------ 
                  These statements     Accuracy of the estimate relative to production data cannot be ascertained at this point as 
                  of relative           the production figures are not readily available. However, the new resource correlates well 
                  accuracy and          with the historical 1989 SRK reserve. 
                  confidence of the 
                  estimate should be 
                  compared with 
                  production data, 
                  where available. 
                 -------------------  ------------------------------------------------------------------------------------------------------ 

About Andrada Mining Limited

Notes to Editors

Andrada Mining Limited, formerly Afritin 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 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 how 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.


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January 23, 2023 02:00 ET (07:00 GMT)

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