• Progressed cornerstone equity and debt funding for Great White Project
• Commenced Early Works activities at Great White Project
• Advanced HPA Project with sample preparation and pilot scale test work
• Raised over $14 million in capital to support project development

Andromeda Metals Limited (ASX: ADN) reported the following key activities during the quarter ended 31 December 2025:GREAT WHITE PROJECT- Progressed due diligence and discussions on terms for a cornerstone equity investment in the Great White Project and HPA Project.- Progressed the fulfilment of conditions precedent and finalisation of binding documentation for a $75 million debt facility with Merricks Capital.- Raised over $14 million in capital to support the commencement of Early Works and progress the HPA Project.- Commenced Early Works activities at the Great White Project following satisfaction of environmental compliance obligations, including site preparation, geotechnical drilling, and engineering design.- Progressed procurement of long-lead equipment items for the Stage 1A+ development.HPA PROJECT- Commenced the next stage of commercialisation, with Great White sample preparation and initial test work underway on feedstock for pilot scale test work.- Refined the engineering design of the pilot scale continuous HPA production process and selected metallurgical components required for the test work.The company also provided updates on regional exploration, divestment of non-core assets, and corporate activities during the quarter.