Andromeda Metals (ADN) H1 2026 earnings summary

Executive summary

• Focused on advancing the Great White Project (GWP) toward a final investment decision and production, supported by strong market demand for high-quality kaolin and supply deficits.

• Progressed the High Purity Alumina (HPA) Project, completing a scoping study showing market-leading economics and low-carbon potential.

• Raised over $14 million in capital to fund project development, early works, and working capital.

• Divested gold and copper assets to concentrate on kaolin projects.

Financial highlights

• Revenue for the half-year ended 31 December 2025 was $305,204, down 43% year-over-year due to lower R&D incentives.

• Net loss after tax was $101,576,350, a 4,245% increase from the prior period, mainly due to a $98.9 million impairment of exploration and evaluation assets.

• Operating expenditure (excluding impairment and exploration) was $2,939,151, up from $2,718,628 year-over-year.

• Cash and cash equivalents at period end were $10,061,519, up from $3,205,225 a year earlier.

• Exploration and evaluation expenditure was $3,077,266, primarily for GWP advancement.

Outlook and guidance

• Priorities include finalizing funding for GWP Stage 1A+, commencing construction upon investment decision, and securing further offtake agreements.

• HPA Project to progress with pilot-scale testwork, customer engagement, and pre-feasibility study, subject to funding.

• Continued exploration of other assets, including Mt Hope and Eyre Kaolin JV.

• No dividends declared or recommended.