Andromeda Metals (ADN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional landowners and explanation of hybrid meeting format, allowing both in-person and online participation and voting.

• Emergency, voting, and question procedures were outlined, with emphasis on inclusivity and transparency.

• Acting CEO presented the AGM on 20 November 2025, with the meeting authorised by the Board.

Financial performance review

• Great White Project has a post-tax NPV of A$763M, IRR of 43%, and average annual EBITDA of A$140M over a 28-year mine life.

• HPA Scoping Study shows a post-tax NPV of A$1.01B, IRR of 69%, and pre-production capex of ~A$155M.

• Secured multiple binding offtake agreements, notably with Traxys, supporting Stage 1A+ development and validating product quality and pricing.

• Entered exclusive negotiations for an AUD 75 million debt facility, with credit approval received and finalization pending additional funding.

• Raised over AUD 17.8 million through share placements and entitlement offers, with further working capital possible from option exercises.

• Share placement raised A$13M, with an additional A$996K from a Share Purchase Plan.

• Announced intention to pay AUD 4.55 million in environmental and rehabilitation bonds to enable pre-construction works.

Strategic initiatives and plans

• All key permits and feasibility studies for the Great White Project are complete, with major offtakes secured for initial production.

• Project development is staged to align with market demand, with Stage 1A+ fully committed under binding offtake contracts.

• Great White Project deemed development-ready, with early works commencing and all key equipment fabricated and warehoused.

• Early works and pre-construction activities are underway, including environmental bond payments and site preparation.

• HPA Project achieved 99.9985% purity alumina, completed a scoping study showing strong economics, and initiated pilot-scale test work.

• HPA Project advancing to pilot scale testwork, with engagement of potential customers and funding partners.

• Focus remains on securing cornerstone equity investment and progressing both projects, with ongoing engagement with government funding bodies.

• Expansion plans include further development of kaolin resources and future stages of the Great White Project.