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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Andrada Mining Limited | LSE:ATM | London | Ordinary Share | GG00BD95V148 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.05 | 4.90 | 5.20 | 5.05 | 5.05 | 5.05 | 557,746 | 08:00:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Ferroalloy Ores, Ex Vanadium | 9.88M | -8.1M | -0.0051 | -9.90 | 79.82M |
TIDMATM
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.
Highlights:
-- 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."
Locality
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.
Background
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 - - - - - - Pegmatites Measured Resource Proximal - - - - - - Pegmatites Indicated Resource Proximal Pegmatites Inferred Resource 57.18 0.131 74,857 48.60 0.131 63,628 Andrada Mining ------------- -------- --------------- ------------- -------- ---------------- --------------- Total Proximal Pegmatite 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 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- Andrada 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 ------------------------------------------------------------------------------------------------------- ------------- Andrada 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 ------------------------------------------------------------------------------------------------------- ------------- Andrada 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 ------------- ------------- ------------- ------------- ------------- ------------- ------------- Total Proximal Pegmatite 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 orebody --------------------------------------------------- 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 viability --------------------------------------------------- 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 continuity --------------------------------------------------- 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
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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 used. -------------------------------------- -------------------------------------- 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 diameter. -------------------------------------- -------------------------------------- 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 cost. -------------------------------------- -------------------------------------- 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. photography. -------------------------------------- -------------------------------------- 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. taken. -------------------------------------- -------------------------------------- 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 appropriate. -------------------------------------- -------------------------------------- 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,
etc. -------------------------------------- -------------------------------------- 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 whole. -------------------------------------- -------------------------------------- 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. control. -------------------------------------- -------------------------------------- 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 Certificate. -------------------------------------- -------------------------------------- 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 Supergroup 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 insoluble. -------------------------------------- -------------------------------------- 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 estimation. -------------------------------------- -------------------------------------- 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. views. -------------------------------------- -------------------------------------- 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 substances. -------------------------------------- -------------------------------------- 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 estimation purposes. ------------------- ------------------------------------------------------------------------------------------------------ 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 undertaken 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 deposit. ------------------- ------------------------------------------------------------------------------------------------------ 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 alternative interpretations on Mineral Resource estimation. ------------------- ------------------------------------------------------------------------------------------------------ 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 used. ------------------- ------------------------------------------------------------------------------------------------------ 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 and whether the Mineral Resource estimate takes appropriate account of such data. ------------------- ------------------------------------------------------------------------------------------------------ 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. by-products. ------------------- ------------------------------------------------------------------------------------------------------ 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 non-grade variables of economic significance (e.g., sulphur for acid mine drainage characterisation). ------------------- ------------------------------------------------------------------------------------------------------ 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 Uis Proximal 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. (continued) ------------------- ------------------------------------------------------------------------------------------------------ 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 estimates. ------------------- ------------------------------------------------------------------------------------------------------ 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 content. ------------------- ------------------------------------------------------------------------------------------------------ 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 applied. ------------------- ------------------------------------------------------------------------------------------------------ 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 internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made. ------------------- ------------------------------------------------------------------------------------------------------ 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 regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment 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 basis of the metallurgical 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 always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well
advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made. ------------------- ------------------------------------------------------------------------------------------------------ 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 representativeness 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 alteration zones within the deposit. ------------------- ------------------------------------------------------------------------------------------------------ Discuss See above. assumptions for bulk density estimates used in the evaluation process of the different materials. ------------------- ------------------------------------------------------------------------------------------------------ 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 confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology 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 deposit. ------------------- ------------------------------------------------------------------------------------------------------ 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. Resource estimates. ------------------- ------------------------------------------------------------------------------------------------------ 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. Mineral 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 local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. ------------------- ------------------------------------------------------------------------------------------------------ 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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