Andromeda Metals (ADN) Investor Update summary

Leadership and Team Experience

• Executive Chair, acting CEO, and board have over 50 years of combined resources sector experience, with strong backgrounds in mining, finance, project delivery, and compliance.

• Stage 1A+ will be executed by a dedicated team under an owner-direct managed strategy, integrating design, procurement, and operations.

• European market expertise is leveraged through a dedicated chemical engineer with global ceramics experience.

Project Status and Economics

• The project is shovel-ready and development-ready, with all key approvals, mining leases, land ownership, and feasibility studies completed.

• Stage 1A+ binding offtakes are finalized, supporting a net present value of AUD 1 billion pre-tax and 43% IRR.

• Three-stage development plan with robust economics: cumulative NPV8 of $763m, IRR 43%, and $140m average annual EBITDA from Stage 2.

• Stage 1A+ requires $84m capex, with total development funding sought at $90m through a mix of debt and equity.

• Over 4,000 sq km of exploration ground and 170 million tonnes in resources support long-term growth and future expansion.

Market Positioning and Product Development

• Focus on premium kaolin for ceramics, with independent validation placing products among the top global samples.

• Products target high-end ceramics, tiles, and porcelain, achieving premium pricing and potential for zircon replacement.

• Kaolin market is large (30Mtpa, US$4.4bn) with consistent 4.7% CAGR and growing supply deficit for high-quality product.

• New products in development include additives for decarbonizing concrete (Great White HRM™) and high-purity alumina for critical industries.