• Progressing global cornerstone equity funding process for Great White Project and HPA Project
• Implementing cost-saving measures and expecting R&D tax refund
• Advancing pilot-scale testwork for HPA production and customer engagement

Andromeda Metals Limited (ASX: ADN) has provided a company update, highlighting the progress on its global cornerstone equity funding process for the development of Stage 1A+ of the Great White Project (GWP) and the High Purity Alumina (HPA) project. The company has completed due diligence with a preferred investor and is in the final stages of negotiations on key commercial terms and documentation. However, the process has experienced delays due to geopolitical developments in the Middle East, as the proposed cornerstone investor is an institution based in the region and has been negatively impacted by the conflict. While Andromeda continues to actively engage with the investor, the company is unable to estimate a timeframe for completion or provide any assurance that the transaction will be completed. As a prudent measure, Andromeda is implementing cost-saving measures, including approximately $3 million in savings across Early Works activities at the GWP, procurement, and administrative costs. Additionally, the company expects to receive an R&D tax refund of approximately $1.6 million in the coming weeks. Andromeda is also progressing pilot-scale testwork to produce commercial samples of 4N HPA (99.99% purity) using a continuous process, which is expected to begin commissioning in April 2026. The company is developing a rigorous marketing strategy to distribute the samples to potential customers, with the feedback informing the product strategy for a Pre-Feasibility Study, which is expected to begin in the second half of 2026, subject to funding. The testwork will also produce an amorphous silicate by-product material, which will be further analyzed and assessed for its potential value.

The company continues to actively engage with the preferred investor for the cornerstone equity funding process, but is unable to estimate a timeframe for completion or provide any assurance that the transaction will be completed. Andromeda is implementing cost-saving measures and expects an R&D tax refund, while also progressing pilot-scale testwork and customer engagement for its HPA project.