Quarterly Activities/Appendix 5B Cash Flow Report
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Quarterly Activity Report – June 2026
Andromeda Metals Limited (ASX: ADN) (Andromeda, the Company) reports the following activities during
the quarter ended 30 June 2026, demonstrating continued progress in advancing both the Great White
Project (GWP) and its critical mineral High Purity Alumina (HPA) Project.
HIGHLIGHTS
GREAT
WHITE
PROJECT
• Early Works activities – Transportation of key long lead equipment items planned as part
of Early Works activities was completed, following arrival and storage in Australia of the
last components of the Filter Press.
• Balance of equity funding process – During the quarter, the Company has focussed on
progressing pathways to bring the GWP into development, including continued
engagement with a Middle East-based cornerstone investor, as well as the assessment of
a range of funding, strategic and corporate opportunities to unlock value from the GWP.
HPA
PROJECT
• HPA Pilot Plant – Commissioning of the HPA pilot plant was completed, with a pilot plant
optimisation and testwork program underway.
• HPA testwork – Commercial 4N HPA samples targeted in H2 2026 for customer evaluation.
• By-product testwork – Additional value potential from by-product materials, including
amorphous silica and gallium, to be evaluated.
Discussion
Andromeda reports the following activities, undertaken during the quarter ended 30 June 2026.
GREAT WHITE PROJECT (GWP)
During the quarter, the Company continued its project funding process to support a final investment
decision (FID) for the Stage 1A+ development of the GWP, while also advancing its HPA Project to
commercialise production of the critical mineral HPA using its proprietary process and high-quality Great
White kaolin as feedstock.
Project Funding
During the quarter, as a result of the progress achieved and capital discipline maintained during Early
Works activities (refer to Early Works Activities section below), the balance of equity funding required to
reach a final investment decision for the development of Stage 1A+ (FID) was reduced to approximately
$40 million1, alongside the credit-approved $75 million debt facility with Merricks Capital2.
1
This estimate is indicative only and subject to change due to economic conditions, funding structure assumptions and the
proposed arrangements with Merricks Capital. The estimate does not factor in the potential impacts of recent geopolitical
events, including possible effects on diesel pricing or availability.
2
Refer ADN ASX dated 4 June 2025 titled Credit Approved A$75 million Debt Facility. Final approvals and execution of a
binding agreement remain subject to finalisation of balance of funding for Stage 1A+.
Andromeda Metals Limited ASX: ADN
ASX Announcement
10/431 King William Street
Adelaide, SA 5000
Tel:+61 8 7089 9800
ir@andromet.com.au
31 July 2026
ABN
75 061 503 375
Andromeda Metals Limited | 2
In seeking to secure the balance of funding required, the Company continued engagement with a
Middle East-based cornerstone investor for a proposed asset level investment covering both the GWP
and the HPA Project. Due diligence on the investment with the Middle East-based cornerstone investor
has been completed and negotiations on key commercial terms and documentation had reached final
stages, before being delayed due to geopolitical developments in the Middle East.
During the quarter, the Company also assessed a range of funding, strategic and corporate opportunities
to unlock value from the GWP.
While these activities were pursued, the Company continued implementation of cost saving measures
with identified savings of approximately $3 million across Early Works activities at the GWP, procurement
and administrative costs (refer to Finance section further below).
Early Works Activities
During the quarter, pre-construction Early Works activities at the GWP mine site were completed, following
the completion of bulk earthworks for the Stage 1A+ processing plant, grade control drilling and the
delivery of key long lead equipment items to Australia.
Following is a summary of pre-construction Early Works and associated activities, with their progress status:
• Payment of environmental compliance payments ✓Completed
• Site preparation activities, including:
– Establishment of mine access
– Bulk earthworks for the Stage 1A+ processing plant
✓Completed
• Geotechnical Drilling ✓Completed
• Grade Control Drilling ✓Completed
• Insurance arrangements ✓Completed
• Finalisation of the Engineering Detailed Design for:
– Stage 1A+ processing plant
– Supporting water infrastructure
Progressed;
now on hold
• Transport of key long-lead equipment items, currently
fabricated and warehoused overseas, to Australia ✓Completed
Bulk earthworks for the Stage 1A+ processing plant
During the quarter, bulk earthworks for the Stage 1A+ processing plant were completed.
Controlled blasting of the stormwater pond in progress
Andromeda Metals Limited | 3
Excavation of the stormwater pond Finalising the processing plant clearance
Processing Plant Pad Early Works Construction Completed
Grade Control Drilling
During the quarter, analysis of samples taken during a grade control drilling campaign conducted in the
prior quarter, was progressed. Analysis and assessment of the samples is ongoing and will inform updates
to the resource model, starting pit design and short-term mine plan.
Images of grade control drilling during Early Works at the GWP
Andromeda Metals Limited | 4
Transportation of long lead equipment items
Transportation of key long lead equipment items planned as part of Early Works activities was completed,
with the arrival in Australia of the last components of the Filter Press.
Following its arrival and customs clearance from Australian Border Force, the components were
transported to a secure site for storage.
The current status of long-lead equipment items is as follows:
Long lead
equipment item
Fabrication Status Transportation Status
Fluid bed dryer Factory acceptance testing (FAT)
completed.
Arrived and stored in Australia.
Thickener FAT completed. Arrived and stored in Australia.
Filter Press FAT completed. Arrived and stored in Australia.
Drum washer FAT completed; warehoused. Planned to be transported in
line with project schedule.
Filter Cake Feeder Engineering design complete;
fabrication to commence following an
anticipated FID.
Fabrication planned to be in
line with project schedule.
Photos of Filter Press components being loaded at port of origin
Photos of Filter Press components following arrival in Australia
Andromeda Metals Limited | 5
Engineering Detailed Design for Stage 1A+ processing plant and supporting water infrastructure
The detailed design for the Stage 1A+ processing plant has been substantially completed in support of
the anticipated post-FID construction schedule. As a cost saving measure (refer to Project Funding
section above), less critical design activities were placed on hold and are expected to be progressed
following an anticipated FID.
SA Water has advised the appropriate design approval pathway to support Andromeda funding the
required infrastructure and managing the design and construction of the pipeline. After construction the
asset will be handed over to SA Water to manage.
Other Operations
Operations at the Streaky Bay Pilot Plant supported the provision of samples and the ongoing preparation
of grade control drillhole samples for analysis.
HIGH PURITY ALUMINA (HPA) PROJECT
Following completion of the Scoping Study demonstrating market-leading economics of producing the
critical mineral HPA from high-quality Great White kaolin using its proprietary process3, Andromeda is
progressing the HPA opportunity with a pilot testwork program. The program aims to:
• Scale-up and optimise the continuous flowsheet process;
• Produce commercial samples of HPA for distribution to potential customers for evaluation; and,
• Produce by-product materials for further analysis and assessment of their value-add potential.
During the quarter, commissioning of the pilot plant used for the pilot HPA testwork program commenced.
This followed the design and procurement of metallurgical components, their manufacture and testing,
delivery to site and assembly.
Subsequent to the quarter, commissioning of the HPA pilot plant was completed, and a pilot plant
optimisation and testwork program is now underway.
The testwork program will focus on optimising the continuous flowsheet process, advancing HPA product
development and evaluating opportunities to generate additional value through the production of co-
products, including amorphous silica and gallium4. As part of the optimisation of the pilot plant, a number
of enhancements identified during commissioning are being implemented to support the transition from
laboratory-scale testwork to pilot-scale continuous operation.
Samples of the 4N HPA produced from the pilot testwork program are planned to become available for
evaluation by prospective customers during in 2H 2026.
HPA is a highly refined form of aluminium oxide. It is a recognised critical mineral in Australia, the USA and
Europe5 and used in high growth end-use markets such as LEDs, lithium-ion battery separators, electronics
and semiconductors and synthetic sapphire glass.6 HPA is also used in next generation applications,
including data centres powering AI, aerospace and defence.7
Given Andromeda’s proprietary process is very flexible, HPA product can be tailored to suit various
customer requirements, including differing morphology and product form. Feedback from potential
3
Refer ADN ASX dated 18 September 2025 titled HPA Scoping Study demonstrates market-leading economics of Andromeda’s
innovative technology. All material assumptions and technical parameters underpinning the estimates and forecast financial
information continue to apply and have not materially changed.
4
Refer ADN ASX dated 22 June 2026 titled High Purity Alumina Project Update.
5
HPA is included on the Critical Minerals Lists by Australia, the United States and the European Union – see respectively
https://www.industry.gov.au/publications/australias-critical-minerals-list-and-strategic-materials-list,
https://www.federalregister.gov/documents/2025/11/07/2025-19813/final-2025-list-of-critical-minerals, https://single-
market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-raw-materials_en
6
High Purity Alumina Special Report 2023, CRU
7
High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025
Andromeda Metals Limited | 6
customers is expected to help guide product development and identify key target markets for future
feasibility studies.
In addition to commercial HPA samples, the testwork will also produce by-product materials, including an
amorphous silica and gallium, which will be further analysed and assessed for their potential to add further
value.
Following is a summary of planned pilot HPA testwork activities, with their progress status:
• Project set-up and design ✓Completed
• Initial processing of GWP kaolin feedstock ✓Completed
• Equipment design and selection ✓Completed
• Equipment manufacture and testing ✓Completed
• Equipment delivery ✓Completed
• Equipment set-up & construction ✓Completed
• Commissioning of pilot plant ✓Completed
• Optimisation of HPA process and pilot plant Underway
• First production of HPA samples Planned in Q3 2026
• Samples available for customer evaluation Planned in 2H 2026
During the quarter, the Company also progressed its HPA patent application from the international Patent
Co-operation Treaty (PCT) phase into national phase.
REGIONAL EXPLORATION
Eyre Kaolin Project
(Andromeda has earned a 51% interest by expending $750,000 by November 2024)
The Eyre Kaolin Joint Venture (EKJV) comprises four tenements located in close proximity to the GWP,
which include kaolin prospects with complementary properties to those at GWP.
During the quarter, the Company postponed in‑house analysis of the 2025 Chairlift drill samples in order
to prioritise Great White grade control drilling, allocate resources to project funding due diligence, and
support the planning and execution of Early Works at the GWP.
The Company has the right to earn a further 29% interest in the EKJV (for a total of 80%) by expending a
further $2 million on exploration by November 2027.
METALS PROJECTS
Andromeda’s strategic focus remains on developing our portfolio of kaolin projects which has resulted in
the Company divesting its gold and copper assets.
During the quarter, the Company received confirmation of the tenement transfers related to the
completed sales of the Wudinna Gold Project and Moonta Copper Gold Project, via South Australia’s
subdivision process.
Andromeda Metals Limited | 7
CORPORATE
Finance
Cash and cash equivalents at the end of the quarter were $3,196k, a decrease of $2,004k from the
previous quarter's closing balance of $5,200k. The decrease is primarily a result of expenditure incurred
in activities related to Early Works for the GWP and pilot HPA testwork, partially offset by the receipt of a
research and development (R&D) tax refund and operational cost savings.
During the quarter, an R&D tax refund of approximately $1.66 million was received, following lodgement
of the Company’s tax return for the 2025 financial year and based on the Company spending $3.4 million
in eligible research and development (R&D) expenditure during the 2025 financial year.
Due to the delay in the project funding process (refer to Project Funding section earlier), the Company
continued implementation of cost saving measures totalling approximately $3 million in savings across
Early Works activities at the GWP, procurement and administrative costs. These savings were in addition
to the Company’s ongoing initiatives to minimise expenditure and conserve cash, including:
• Mick Wilkes electing not to receive any director fees until the GWP is fully financed;
• Sue-Ann Higgins accepting reduced fees than what she would ordinarily have received as an
Executive Chair;
• Continuation of a strategy allowing directors to have some or all of their remuneration or fees
satisfied by the issue of zero exercise price options (ZEPOs) for the period from 1 January to 30 June
2026, using the 10-trading day VWAP of Andromeda shares up to and including 31 December 2025,
being $0.01343 (subject to shareholder approval, with those fees to be paid in cash if shareholder
approval is not obtained).
During the quarter, net funds used in operating activities were $721k and net funds used in investing
activities were $1,227k. Net funds used in financing activities were $56k.
Exploration and Evaluation Expenditure during the quarter was $2,610k predominately related to final
payments related to Early Works activities. Full details of exploration and evaluation activity during the
Quarter are set out in this report.
There were no substantive mining production and development activities during the quarter.
Payments to related parties of the Company and their associates during the quarter were $70k, consisting
of executive director salaries and payments to Galesk Consultancy.
Executive appointment
Subsequent to the period, Mr Keith Pollocks was appointed as Chief Financial Officer, following the
resignation of Pascal Alexander-Bossy. Mr Pollocks is an experienced mining finance executive with more
than 30 years' experience in senior finance leadership roles across the resources, mining, infrastructure,
banking and industrial sectors.
Capital Structure
During the period, the following changes in securities in the Company occurred:
• 2 April – 68,572 Ordinary shares were issued following the conversion of an equivalent number of
listed options.
• 26 June – 4,838,700 Performance Rights lapsed due to conditions becoming incapable of being
satisfied.
This announcement has been approved for release by the Board of Andromeda Metals Limited.
Andromeda Metals Limited | 8
For more information about the Company and its projects, please visit our website at
www.andromet.com.au or contact:
Manager, Investor Relations & Corporate Affairs
Patrick Sinclair
T: 08 7089 9819
M: 0403 708 431
E: Patrick.Sinclair@andromet.com.au
FORWARD-LOOKING STATEMENTS
This document contains or may contain certain forward-looking statements and comments about future events, that
are based on Andromeda's beliefs, assumptions and expectations and on information currently available to
management as at the date of this document. Often, but not always, forward-looking statements can generally be
identified by the use of forward-looking words such as "may", "will", "expect", "plan", "believes", "estimate", "anticipate",
"outlook", and "guidance", or similar expressions. Such statements are only expectations or beliefs and are subject to
inherent risks and uncertainties which could cause actual values, results or performance achievements to differ
materially from those expressed or implied in this presentation. Where Andromeda expresses or implies an
expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a
reasonable basis. No representation or warranty, express or implied, is made by Andromeda that the matters stated
in this presentation will in fact be achieved or prove to be correct. Except as required by law, Andromeda undertakes
no obligation to provide any additional or updated information or update any forward-looking statements, whether
on a result of new information, future events, results or otherwise. Readers are cautioned against placing undue
reliance on forward-looking statements. These forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are
beyond the control of Andromeda, the directors, and management of Andromeda.
Andromeda Metals Limited | 9
SUMMARY SCHEDULE OF TENEMENTS AS AT 30 JUNE 2026
Project Tenement Tenement Name Area
km2
Registered Holder or Applicant
Nature of
Company's
Interest %
South Australia
The Great White
Project
ML 6532 Great White 319 ha Andromeda Industrial Minerals Pty Ltd1 AIM 100%
MPL 163 Water Pipeline MPL 78 ha Andromeda Industrial Minerals Pty Ltd AIM 100%
MPL 164 Access Road MPL 13 ha Andromeda Industrial Minerals Pty Ltd AIM 100%
EL 6588 Tootla 372 Andromeda Industrial Minerals Pty Ltd
AIM 100%
EL 6202 Mt Hall 147 Andromeda Industrial Minerals Pty Ltd
AIM 100%
EL 6426 Mt Cooper 648 Andromeda Industrial Minerals Pty Ltd
AIM 100%
Eyre Kaolin
Project2
EL 6663 Aspen 976 Peninsula Exploration Pty Ltd EK 51%
Peninsula 49%
EL 6664 Whistler 452 Peninsula Exploration Pty Ltd EK 51%
Peninsula 49%
EL 6665 Hotham 875 Peninsula Exploration Pty Ltd EK 51%
Peninsula 49%
EL 6666 Thredbo 496 Peninsula Exploration Pty Ltd EK 51%
Peninsula 49%
Mt Hope Kaolin
Project
EL 6286 Mt Hope 227 Andromeda Industrial Minerals NZPty Ltd3 100%
Wudinna Gold
Joint Venture5
EL 6317 Pinkawillinie 46 Peninsula Resources Pty Ltd4 PRL 100%
EL 6131 Corrobinnie 358 Peninsula Resources Pty Ltd PRL 100%
EL 6489 Wudinna Hill 22 Peninsula Resources Pty Ltd PRL 100%
EL 5953 Minnipa 43 Peninsula Resources Pty Ltd PRL 100%
EL 6001 Waddikee Rocks 83 Peninsula Resources Pty Ltd PRL 100%
Moonta Copper
Gold Project
EL 5984 Moonta-Wallaroo 202 Peninsula Resources Pty Ltd PRL 100%6
1 Andromeda Industrial Minerals Pty Ltd (AIM), (incorporated 9 August 2018) is a wholly owned subsidiary of Andromeda Metals Ltd.
2 On 15 July 2024, Eyre Kaolin Pty Ltd (EK) (a wholly owned subsidiary of Andromeda Metals Ltd) earned the right to claim a 51% interest in the Eyre Kaolin Project
under a farm in agreement with Peninsula Exploration Pty Ltd (Peninsula). Under the agreement Eyre Kaolin Pty Ltd can earn a further 29% (for a total of 80%).
3 Andromeda Industrial Minerals NZ Pty Ltd is a wholly owned subsidiary of Andromeda Industrial Minerals Holdings Pty Ltd.
4 Peninsula Resources Pty Ltd (PRL), (incorporated 18 May 2007) is a wholly owned subsidiary of Andromeda Metals Ltd.
5 Completion of the subdivision process was confirmed and paperwork received on the 12 April 2026. PRL has retained small areas of these tenements, refer to
ADN ASX announcement dated 23 April 2024 title Completion of Sale of Interest in Wudinna Gold Project.
6 PRL remained the official registered holder of EL 5984 during the period; however, completion of the subdivision process has since been confirmed. Following the
subdivision process, PRL has retained a small area of this tenement – refer to ADN ASX announcement dated 24 January 2024 titled Completion of Sale of Moonta
Copper Gold Project.
Rule 5.5
Current quarter Year to date
$A’000 (12 months)
$A’000
1
1.1 - -
1.2
- -
- -
- -
(511) (1,995)
(925) (3,923)
1.3 - -
1.4 73 246
1.5 (2) (9)
1.6 - -
1.7 644 644
1.8 - -
1.9 (721) (5,037)
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
ANDROMEDA METALS LIMITED
ABN Quarter ended (“current quarter”)
(a) exploration & evaluation
(b) development
(c) production
(d) staff costs
(e) administration, corporate, marketing and R&D costs
Dividends received (see note 3)
75 061 503 375 30 June 2026
Consolidated statement of cash flows
Cash flows from operating activities
Receipts from customers
Payments for
Interest received
Interest and other costs of finance paid
Income taxes paid
Government grants and tax incentives
Other (provide details if material)
Net cash from / (used in) operating activities
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms. Page 1
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Current quarter Year to date
$A’000 (12 months)
$A’000
2
2.1
- -
- -
371 (1,877)
(2,610) (7,034)
- -
- (3,790)
2.2
- -
- -
- -
- -
- -
2.3 - -
2.4 - -
2.5
1,012 1,012
2.6 (1,227) (11,689)
3
3.1 - 14,026
3.2 - -
3.3 - 5
3.4 - (1,036)
3.5 - -
3.6 - -
3.7 - -
3.8 - -
3.9 (56) (215)
3.10 (56) 12,780
Consolidated statement of cash flows
Cash flows from investing activities
Payments to acquire or for:
(a) entities
(b) tenements
(b) tenements
(c) property, plant and equipment
(d) investments
(e) other non-current assets
Cash flows from loans to other entities
Dividends received (see note 3)
(c) property, plant and equipment
(d) exploration & evaluation (capitalised)
(e) investments
(f) other non-current assets
Proceeds from the disposal of:
(a) entities
Net cash from / (used in) investing activities
Cash flows from financing activities
Proceeds from issues of equity securities (excluding
convertible debt securities)
Proceeds from issue of convertible debt securities
Proceeds from exercise of options
Other
- Government grants, subsidies and tax incentives
Net cash from / (used in) financing activities
Transaction costs related to issues of equity securities or
convertible debt securities
Proceeds from borrowings
Repayment of borrowings
Transaction costs related to loans and borrowings
Dividends paid
Other (Lease repayments)
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms. Page 2
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Current quarter Year to date
$A’000 (12 months)
$A’000
4
4.1
5,200 7,142
4.2
(721) (5,037)
4.3
(1,227) (11,689)
4.4
(56) 12,780
4.5
-
-
4.6 3,196 3,196
Current quarter Previous quarter
$A’000 $A’000
5.1 3,196 5,200
5.2 - -
5.3 - -
5.4 - -
5.5 3,196 5,200
Current quarter
$A'000
6.1
(70)
6.2
0
Consolidated statement of cash flows
Net increase / (decrease) in cash and cash
Cash and cash equivalents at beginning of period
Net cash from / (used in) operating activities (item 1.9 above)
Bank balances
Call deposits
Bank overdrafts
Other (provide details)
Cash and cash equivalents at end of quarter (should
equal item 4.6 above)
6 Payments to related parties of the entity and their associates
Net cash from / (used in) investing activities (item 2.6 above)
Net cash from / (used in) financing activities (item 3.10 above)
Effect of movement in exchange rates on cash held
Cash and cash equivalents at end of period
5 Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated
statement of cash flows) to the related items in the accounts
Aggregate amount of payments to related parties and their associates included in item 1
Aggregate amount of payments to related parties and their associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.
The amount at items 6.1 and 6.2 comprises executive director salaries, bonuses & termination payments, non-executive director fees and consulting fees
paid to directors or related corporations of directors of the Company during the quarter.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms. Page 3
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Total facility Amount drawn at
amount at quarter end quarter end
$A’000 $A’000
7.1 - -
7.2 - -
7.3 90 10
7.4 90 10
7.5 80
7.6
8 $A’000
8.1 (721)
8.2 (2,610)
8.3 (3,331)
8.4 3,196
8.5 80
8.6 3,276
8.7 0.98
8.8
believe that they will be successful?
Loan facilities
Credit standby arrangements
Other (credit card facility)
Total financing facilities
Unused financing facilities available at quarter end
7 Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available
to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
Cash and cash equivalents at quarter end (item 4.6)
Unused finance facilities available at quarter end (item 7.5)
Total available funding (item 8.4 + item 8.5)
Estimated quarters of funding available (item 8.6 divided by item 8.3)
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the
estimated quarters of funding available must be included in item 8.7.
Include in the box below a description of each facility above, including the lender, interest rate, maturity date and
whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be
entered into after quarter end, include a note providing details of those facilities as well.
The Company has a credit card facility financed through Westpac with a limit up to $90,000. This facility is denominated in
Australian dollars and is secured against restricted term deposits of the same amount. An annual fee is charged for this facility
at market rates. There are no set amounts are payable under this facility, other than the annual fee, unless the consolidated
entity does not adhere to the terms of the agreements.
Estimated cash available for future operating activities
Net cash from / (used in) operating activities (item 1.9)
(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))
Total relevant outgoings (item 8.1 + item 8.2)
cash to fund its operations and, if so, what are those steps and how likely does it
The Company is continuing to evaluate and pursue a range of funding and strategic initiatives to support its planned
activities and business objectives. This includes its cornerstone funding process to seek the equity component
required for the development of Stage 1A+ of the Great White Project.
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
The Board believes the funding and strategic initiatives referred to above are likely to result in sufficient funding being
available to enable the Company to continue its operations and meet its business objectives.
If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating cash
flows for the time being and, if not, why not?
No, Andromeda does not expect that the current level of net operating cash flows will continue in the short term. Early
works activity at the Great White Project has been successfully completed and the Company has also implemented
cost saving measures across the business in order to reduce cash outflows.
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms. Page 4
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
1
2
Date: ......31 July 2026.......................................................................
Authorised by: ......By the Board...........................................................
(Name of body or officer authorising release – see note 4)
Notes
1
2
3
4
5
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the
accounting policy of the entity.
If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been
authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit
and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure
Committee”.
If this report has been authorised for release to the market by your board of
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