Quarterly Activities/Appendix 5B Cash Flow Report

• Great White Project: Early Works activities completed, funding process ongoing
• HPA Project: HPA pilot plant commissioned, testwork program underway
• Financial: Cash and cash equivalents decreased by $2,004k
• Corporate: New CFO appointed, cost savings implemented
• Exploration: Postponed analysis of Eyre Kaolin Project samples

Andromeda Metals Ltd. (ASX: ADN) reports continued progress in advancing both the Great White Project (GWP) and its High Purity Alumina (HPA) Project. Key highlights include the completion of pre-construction Early Works activities at the GWP, including transportation of key long lead equipment items. The company is also in the process of securing additional equity funding to support a final investment decision (FID) for the GWP, with negotiations with a Middle East-based cornerstone investor being delayed due to geopolitical developments. The HPA pilot plant has been commissioned, and a pilot plant optimization and testwork program is now underway, with commercial 4N HPA samples targeted for customer evaluation in the second half of 2026. Financial highlights include a decrease in cash and cash equivalents by $2,004k, partially offset by an R&D tax refund of approximately $1.66 million. The company also implemented cost-saving measures totaling approximately $3 million across Early Works activities at the GWP, procurement, and administrative costs.