Andromeda Metals Completes Early Works, Cuts Great White Funding Gap

Early Works Completion Advances Great White Project

Andromeda Metals (ASX:ADN) has successfully completed the Early Works program at its Great White Project in South Australia, marking a significant milestone in project development. The completion of these foundational activities has materially improved site readiness and reduced the equity funding required to reach a final investment decision (FID) for Stage 1A+ to an indicative $40 million.

This reduction in funding needs comes after the company implemented cost-saving measures earlier this year, including moderating expenditure across certain Early Works activities while continuing funding discussions. The updated funding estimate remains subject to change depending on economic conditions, funding structures, and geopolitical factors such as diesel pricing and availability.

Comprehensive Site Preparation and Drilling Completed

The Early Works program encompassed a broad scope of activities essential for project progression. These included payment of environmental compliance obligations, site clearance, construction of mine access tracks, bulk earthworks to establish hardstand areas for roads and processing facilities, and installation of fencing and signage. Grade control and geotechnical drilling programs were also completed, providing critical data to inform pit design and mine planning.

Notably, the program involved a drill-and-blast operation to remove hard calcrete caps encountered during stormwater pond excavation, which enhanced excavation productivity and offered valuable operational experience with specialist contractors. This hands-on experience is expected to inform future construction phases and risk management strategies.

Following the completion of grade control drilling, sample preparation is underway at the Streaky Bay Pilot Plant, with analysis set to update resource models and short-term mine plans.

Equipment Logistics and Engineering Design Status

Parallel to site works, Andromeda has progressed the transportation of long-lead equipment items fabricated overseas, with key components such as the fluid bed dryer en route to Australia and others like the thickener and filter press already stored domestically. Fabrication of some items remains contingent on the FID.

While the detailed engineering design for the Stage 1A+ processing plant and supporting water infrastructure has advanced, it is currently on hold pending further developments. This pause introduces some uncertainty around the timing of subsequent construction phases.

These developments build on the company's earlier milestones, including environmental bond lodgement and initial Early Works commencement reported in November 2025. The recent progress also follows the company's navigation of funding delays amid geopolitical tensions, as detailed in the funding delays amid Middle East turmoil report, highlighting ongoing challenges in securing cornerstone equity.

Leadership Perspective on Project Momentum

Acting CEO Sarah Clarke emphasised the value delivered by the Early Works program, stating it validated key design assumptions, enhanced project readiness, and enabled a more efficient construction schedule. She highlighted that completing these works has materially reduced the equity funding required to reach the FID for Stage 1A+.

Executive Chair Sue-Ann Higgins acknowledged the team's efforts in concluding the Early Works successfully, praising their dedication and quality of work. The company now stands poised to transition into construction across multiple fronts once funding is secured.