Andromeda Metals (ADN) Q1 2026 TU earnings summary

Executive summary

• Advanced project funding for Great White Project (GWP) and High Purity Alumina (HPA) Project, including a $75 million debt facility and ongoing cornerstone equity discussions.

• Completed a $13 million share placement and launched a $2.5 million share purchase plan to support project development.

• Completed a Scoping Study for the HPA Project, confirming market-leading economics and initiated pilot-scale testwork for commercial HPA samples.

Financial highlights

• Cash and cash equivalents at quarter end were $4.35 million, down from $7.14 million in the previous quarter.

• Net cash used in operating activities was $1.38 million; investing activities used $1.33 million; financing activities used $82,000.

• $13 million raised post-quarter via share placement, with an additional $2.5 million targeted through a share purchase plan.

Outlook and guidance

• Additional funding secured post-quarter is expected to support ongoing operations and project advancement.

• Company expects to meet business objectives with the new capital raised.