Andromeda Metals (ADN) Q4 2026 TU earnings summary

Executive summary

• Advanced the Great White Project (GWP) and High Purity Alumina (HPA) Project, completing key early works and pilot plant commissioning.

• Reduced required equity funding for GWP Stage 1A+ to ~$40 million, with a $75 million debt facility credit-approved.

• Engaged with a Middle East-based cornerstone investor for asset-level investment, with negotiations delayed by geopolitical events.

• Implemented cost-saving measures, achieving ~$3 million in savings across early works, procurement, and admin costs.

Financial highlights

• Cash and cash equivalents at quarter end: $3.2 million, down from $5.2 million in the previous quarter.

• Net cash used in operating activities: $721k; investing activities: $1,227k; financing activities: $56k.

• Received $1.66 million R&D tax refund, based on $3.4 million eligible R&D expenditure in FY2025.

• Exploration and evaluation expenditure: $2.61 million, mainly for early works payments.

Outlook and guidance

• Targeting commercial 4N HPA samples for customer evaluation in H2 2026.

• Ongoing evaluation of funding and strategic initiatives to secure equity for GWP development.

• Board expects funding initiatives to provide sufficient capital to meet business objectives.