• Successful completion of on-site Early Works program
• Reduced equity funding required for final investment decision to ~$40 million
• Established site for efficient construction activities

Andromeda Metals Limited (ASX: ADN) has provided an update on the status of on-site Early Works activities at the Great White Project (GWP) and associated project readiness. The Early Works program has been successfully completed, establishing a strong foundation for parallel construction activities. As a result of the progress achieved and capital discipline maintained, the balance of equity funding required to reach a final investment decision for the development of Stage 1A+ has reduced to approximately $40 million. The Early Works activities included payment of environmental compliance, site preparation, grade control drilling, geotechnical drilling, and finalisation of engineering detailed design. Completion of these Early Works has advanced the project, reduced construction risk, and positioned the Great White Project to transition efficiently into the construction phase. In addition, the program enabled confirmation of geotechnical conditions, provided early insights into planning and execution, and facilitated the transportation of key long-lead equipment items to Australia.

The estimate of approximately $40 million in remaining equity funding required to reach a final investment decision for Stage 1A+ of the Great White Project is indicative only and subject to change due to economic conditions, funding structure assumptions, and potential impacts of recent geopolitical events.