• Successful completion of on-site Early Works at Great White Project
• Cornerstone equity process with Middle East-based investor impacted by geopolitical developments
• Pilot plant layout completed and equipment being assembled for HPA pilot-scale testwork

Andromeda Metals Limited (ASX: ADN) reports activities during the quarter ended 31 March 2026, demonstrating continued progress in advancing both the Great White Project (GWP) and high purity alumina (HPA) Project. For the Great White Project, the Company completed on-site Early Works, which established the site, de-risked the construction schedule, and reduced the balance of equity required for a final investment decision. The cornerstone equity funding process with a Middle East-based investor reached an advanced stage, but was impacted by geopolitical developments in the region, causing delays. Andromeda continues to assess alternative funding pathways in parallel. For the HPA Project, the Company commenced the next stage of commercialisation, with Great White sample preparation and initial analysis undertaken on feedstock and reagents. The pilot plant layout was completed, and selected equipment has been delivered to site and is being assembled. The engineering design of the pilot-scale continuous HPA production process was also finalised. The Company implemented cost-saving measures totaling approximately $3 million across Early Works activities, procurement, and administrative costs due to the delay in the cornerstone equity funding process. Andromeda's cash and cash equivalents at the end of the quarter were $5,200k, with the decrease primarily due to expenditure on Early Works and HPA pilot-scale testwork.

Andromeda remains focused on securing a funding outcome for the Great White Project, despite the disruption caused by recent geopolitical developments in the Middle East. The Company continues to assess alternative funding pathways in parallel. For the HPA Project, the pilot plant is progressing, with the aim of producing commercial samples of HPA for distribution to potential customers for evaluation.