Andromeda Metals (ADN) Q3 2026 TU earnings summary

Executive summary

• Advanced Early Works at the Great White Project, de-risking construction and reducing required equity for final investment decision on Stage 1A+.

• Progressed cornerstone equity funding with a Middle East-based investor, though process delayed by regional geopolitical events.

• Implemented cost-saving measures totaling approximately $3 million across Early Works, procurement, and administrative costs.

• Completed key milestones for the High Purity Alumina (HPA) Project, including pilot plant equipment assembly and initial feedstock analysis.

Financial highlights

• Cash and cash equivalents at quarter-end were $5.2 million, down from $10.1 million in the previous quarter.

• Net cash used in operating activities was $1.76 million for the quarter.

• Net cash used in investing activities was $3.05 million, primarily for property, plant, equipment, and exploration.

• Net cash used in financing activities was $49,000.

• R&D tax refund of approximately $1.6 million expected, based on $3.4 million eligible expenditure.

Outlook and guidance

• Funding process for Stage 1A+ of the Great White Project remains ongoing, with alternative pathways being assessed due to geopolitical delays.

• HPA pilot plant commissioning and first production of commercial samples planned for Q2 2026.

• Company expects to continue operations and meet objectives, supported by cost savings and anticipated tax refund.