Announcement PDF Andromeda Critical Minerals Australia Conference Perth 20 May 2026 ASX:ADN andromet.com.au Level 10, 431 King William Street, Adelaide, South Australia 5000 +61 8 7089 9800 Authorised for release by the Board of Directors of Andromeda Metals Ltd Disclaimers and Important Information This presentation contains summary information about Andromeda, and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Andromeda’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX) which are available at www.asx.com.au and also available on Andromeda’s website at www.andromet.com.au. No investment or financial product advice The information contained in this presentation does not constitute investment advice or financial product advice (nor taxation or legal advice) and is not intended to be used as the basis for making an investment decision or as a recommendation to acquire securities in Andromeda. The information contained in this presentation should not be relied upon as a recommendation or forecast by Andromeda (including as to the performance of Andromeda or its share price). Readers should obtain their own professional advice and carry out their own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. This presentation has been prepared without taking into account any particular person’s objectives, financial situation or needs; does not purport to identify the nature of specific market or other risks associated with any investment in the Company and does not constitute any legal, taxation, investment or accounting advice. An investment in Andromeda's securities is subject to investment and other known and unknown risks, some of which are beyond the control of Andromeda, including loss of income and principal invested. The Company does not guarantee any particular rate of return or the performance of the Company nor does it guarantee any particular tax treatment. Any investment decision should be based only on a person's own due diligence, inquiry, assessment and professional advice. Forward-looking statements This presentation 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 presentation. 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, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral Resources and Ore Reserves. 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. These factors include, but are not limited to difficulties in forecasting expected production quantities, the potential that any of Andromeda’s projects may experience technical, geological, metallurgical and mechanical problems, changes in market prices and other risks not anticipated by Andromeda, changes in exchange rate assumptions, changes in product pricing assumptions, major changes in mine plans and/or resources, changes in equipment life or capability, emergence of previously underestimated technical challenges, increased costs, and demand for production inputs. Not an offer This presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction. The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. No warranty While care has been taken in preparing the information in this presentation, no representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. The information in this presentation has been obtained from or based on sources believed by Andromeda to be reliable. This includes references to test results and reports completed by external parties. Information in this presentation which is attributed to, or derived from, a third-party source has not been independently checked or verified by Andromeda. No representation or warranty is made as to the accuracy, completeness or reliability of such information. This includes information relating to market data for kaolin or HPA, including forecast pricing, forecast supply and demand and market segments and end markets. To the maximum extent permitted by law, neither Andromeda nor its related corporations, Directors, officers, employees, advisers or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from the use of this presentation or its contents or otherwise arising in connection with them, nor guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the currency, accuracy, reliability, completeness or fairness of this presentation nor the information, opinions and conclusions contained in this presentation. Assumptions and Notes for Financial Information on 2023 DFS and Stage 1A+ in this presentation: Further details on the 2023 DFS and the assumptions and notes for the 2023 DFS (and risk factors applicable to the Company)can be found in the Company’s ASX Announcement ‘2023 Definitive Feasibility Study Results’ released on 24 August 2023. This should be read together with ASX Announcement dated 6 May 2024 “Andromeda expansion plans for The Great White Project” and “Clarification of expansion plans for The Great White Project” and the ore reserve estimate previously announced to ASX on 6 April 2022, "Great White Kaolin Project –Definitive Feasibility Study and Updated Ore Reserve". Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates and financial information continue to apply and have not materially changed. Assumptions and Notes for Financial Information on the HPA Scoping Study in this presentation: Further details on the HPA Scoping Study and the material assumptions, modifying factors and Cautionary Statement for the HPA Scoping Study (and risk factors applicable to the HPA Project) can be found in the Company’s ASX Announcement ‘Results of HPA Scoping Study’ released on 18 September 2025. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates and financial information continue to apply and have not materially changed. Currency Unless otherwise stated, all cashflows in this presentation are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Mineral Resources and Ore Reserve Estimates Information that relates to Ore Reserve Estimate has been previously announced to ASX on 6 April 2022, "Great White Kaolin Project – Definitive Feasibility Study and Updated Ore Reserve. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Competent Person's Statements The data in the HPA Scoping Study that relates to Ore Reserve Estimates for the Great White Deposit is based on, and fairly represent, information and supporting documentation fully reviewed and understood by Mr Joseph Ranford who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Ranford approves the Ore Reserve Estimates for the Great White Deposit. Mr Ranford is the Chief Operating Officer of Andromeda Metal Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Ranford consents to the information contained in this report being used in the form and context in which it appears. Mr Ranford holds Shares and Performance Rights in the Company and is entitled to participate in Andromeda’s employee incentive plan. 2 3 Andromeda is advancing two high-value projects, leveraging its high-quality kaolin resource Development ready industrial minerals platform with pathway into critical minerals Australia’s next leading industrial & critical minerals company The Great White Project: development ready 1 2 High Purity Alumina Project 4 High-grade kaolin project - de-risked and ready to develop Australia’s next leading industrial & critical minerals company • High-grade kaolin project delivering premium ceramic kaolin products in 3 stages over a 28-year mine life o A$763M post-tax NPV8 ; 43% IRR; A$140M p.a. average EBITDA o 3-stage development in-line with expected offtake growth1 • De-risked and ready to develop: o All key permits in place for construction to commence2 o Feasibility studies completed o Major offtakes finalised for the first stage of production o Early Works completed o Long lead equipment items fabricated & in storage • Credit approved for a A$75 million debt facility with Merricks Capital supporting the initial Stage 1A+ of development • Balance of equity being actively sought – ongoing engagement with preferred Middle East based cornerstone investor. Evaluation of alternative equity and asset level transactions also underway. The Great White Project: development ready 1 Notes (1) Refer to ADN ASX dated 6 May 2024 titled Andromeda expansion plans for The Great White Project, all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (2) Mining Lease 6532 and Miscellaneous Purpose Lease 164 granted for a period of 35 years on 17 December 2021, by the South Australian Minister for Energy and Mining. Program for Environment Protection and Rehabilitation (PEPR) was approved on 01 March 2023, by South Australia’s Department for Energy and Mining. High Purity Alumina Project 2 5 Unlocking Critical Minerals from a High–Quality Kaolin Resource Australia’s next leading industrial & critical minerals company • Andromeda has developed a proprietary process to produce high purity alumina from kaolin • Great White kaolin has low impurity levels and is ideal feedstock • Over 7 years of investigation, research and metallurgical test work • HPA Breakthrough in 2025:  Lab-scale testwork produces HPA 99.9985% purity1  Scoping Study demonstrates market leading economics2 • Pilot-scale testwork underway3 to optimise innovative flowsheet for continuous HPA production and produce commercial samples for evaluation by potential customers. Notes (1) Refer to ADN ASX dated 1 May 2025 titled Andromeda Achieves HPA Breakthrough: Successful Production of 4N HPA & Validation of Nove Flowsheet (2) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (3)Refer to ADN ASX dated 7 October 2025 titled HPA Project – Next phase of commercialisation underway. [insert pic] Andromeda’s Great White refined kaolin product Proven process with recovered hydrochloric acid (HCl) Andromeda’s novel process Calcination of HPA South Australia’s low-carbon HPA opportunity  What is HPA and why does purity matter? 6 Notes (1) 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.usgs.gov/news/nationalnews-release/us-geological-survey-releases-2022-list-critical-minerals, https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-rawmaterials_en (2) High Purity Alumina Special Report 2023, CRU. • Ultra-pure grades (5N and 6N) are essential in semiconductors, light-emitting diodes (LED), and battery separators. • Chemical inertness in most environments, resistant to corrosion and chemical attack. • High melting point making it suitable for high-temperature applications and refractory materials. • Electrical insulation characteristics, making it useful in applications such as circuit boards and capacitors. • High hardness and scratch resistance: making it suitable for applications requiring abrasion resistance. • Optical transparency as the base material for synthetic sapphire glass it is transparent to ultraviolet (UV), visible, and infrared light, ideal for optical lenses, lasers, and LEDs. • Aluminium oxide (Al2O3) is a white mineral provided in a variety of forms and classified by purity • The purity of HPA is a crucial determinant of quality, as it determines its suitability for various high-tech applications • Achieving high purity through traditional processes typically involve complex metallurgical and chemical processes. Al2O3 Purity (%) Purity grade 99.9% 3N 99.99% 4N 99.995% 4N5 99.999% 5N 99.9999% 6N HPA Purity Classification Product Characteristics Desired Properties What is HPA used for? 7 Light-emitting diodes (LEDs) Lithium-ion battery (LIB) separators HPA underpins the global transition to low-carbon and energy efficient technologies LEDs 50% LIB separators 40% Other semiconductors 2% Phosphor applications 2% Sapphire glass 3% Polishing & CMP slurries 3% Notes (1) High Purity Alumina Special Report 2023, CRU Electronics and semi-conductors Synthetic sapphire glass High Growth End-Use Markets1 Competing 3N-5N HPA Demand by End Use1 Next generation HPA applications 8 HPA is used in next generation applications, including data centres powering AI, aerospace and defence1 Synthetic Sapphire for Defence Electronics Semiconductors and Military Electronics Armored Vehicles and Soldier Protection Data centres powering AI Optical and Surveillance Technology Aerospace Defence Notes (1) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 Defence Aerospace and Turbine Components Why is HPA a critical mineral? 9 Emerging Supply Deficit1 • Demand driven by growth in advanced technology applications – semi-conductors, LEDs, lithium-ion battery coatings, micro-LEDs and synthetic sapphire glass. • Total 4N+ HPA demand growth by 20.1% CAGR • 4N+ HPA supply shortfall expected in 2028, growing to 127% of estimated production. Notes (1) High Purity Alumina Special Report 2023, CRU (2) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 (3) 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.usgs.gov/news/nationalnews-release/us- geological-survey-releases-2022-list-critical-minerals, https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-rawmaterials_en 0kt 20kt 40kt 60kt 80kt 100kt 120kt 140kt 2022 2023 2024 2025 2026 2027 2028 2029 2030 Reputable 4N supply (capacity) 4N+ HPA demand Demand Shortfall 78Kt (127%) HPA is classified as a Critical Mineral in Australia, the USA and Europe3. China ~75% Japan, ~11% South Africa ~6% France ~4% Canada ~4% Australia ~0.50% Concentration of supply2 Driving increased price expectations for 4N+ HPA1,2 10 • No benchmark pricing – HPA priced based on its value for specific end-use applications. • Forecast ranges for nominal prices can therefore be wide. o CRU estimates USD20.70/kg price in 2025, rising to USD31.13 in 2030 at an 8.5% CAGR (2025-2030); and, o FutureBridge estimates USD30.70/kg price in 2025, rising to USD39.20 in 2030 at a 5.0% CAGR (2025-2030). • Andromeda assumed an average price of USD20.0/kg for its Scoping Study. Notes (1) High Purity Alumina Special Report 2023, CRU (2) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 20.7 31.1 30.7 39.2 USD15 USD20 USD25 USD30 USD35 USD40 2025 2026 2027 2028 2029 2030 Andromeda 4N (0% CAGR) CRU 4N (8.5% CAGR) FutureBridge 4N (5.0% CAGR) Market Pricing Price Forecast 2025 - 2030 How is HPA traditionally produced? 11 Traditionally, HPA has been primarily produced via Aluminium Alkoxide Process using aluminium feedstock Bauxite Aluminium metal Alkoxide Process Calcination HPA Constraints of this process •High-priced aluminium metal feedstock •Energy-intensive and multi-step process •Significant reagent recovery and recycling required •Complex plant design (reaction + solvent recovery systems) •High operating costs •High carbon footprint $ Aluminium Metal High Energy Intensity 12 Opportunity for Andromeda to become a leading global supplier of low-cost, low-carbon HPA Notes (1) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed.  Flexible product forms  Market-leading capital intensity and operating costs  Lower carbon intensity – 48% lower than the traditional aluminium alkoxide process  High-quality kaolin from GWP is ideally suited to producing HPA:  Secure, scalable supply  Lower cost input pricing for kaolin  Simple mining and less energy- intensive processing Use of established, proven commercial metallurgical units No use of acid at high temperatures and high pressures High calcination temperature not required to remove chlorides Flexible, scalable technology Andromeda’s High-Quality Kaolin Andromeda’s Novel HPA Process Low-cost, lower-carbon HPA1 Proven process with recovered hydrochloric acid (HCl) Andromeda’s novel process Calcination of HPA  Market-leading economics in a growing critical mineral market 13 HPA Scoping Study Market- Leading Economics1 Critical Mineral Demand Path to commercialisation • Justifies the commercialisation of Andromeda’s innovative HPA production technology capable of producing HPA from kaolin to 99.9985% purity (4N+) HPA from GWP kaolin • HPA Processing Facility capable of producing 10ktpa using ~28ktpa of GWP kaolin feedstock • Kaolin from the GWP is ideally suited to producing HPA, being high grade and having low levels of impurities Attractive Economics • NPV(10) of $1.01 billion (post-tax) • IRR of 69% (post-tax) Low Capex • Pre-production capex of ~$155 million (inclusive of 30% contingency) • Market-leading capital intensity, significantly below other reported processes. Low Opex • Operating costs of ~$4,718 (US$3,020) per tonne: • Significantly below other globally reported processes; • Excludes any benefits from potential sales of by-products. Critical Mineral • HPA is classified as a Critical Mineral in Australia, the USA and Europe2. Rapidly Growing Market • 20% compound annual growth rate (CAGR) in demand for 4N+ HPA3 Large Forecast Deficit • Estimated supply shortfall of up to ~78,000 tonnes in 2030, equivalent to 127% of current available global production capacity3. Scoping Study Delivered1 Notes (1) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (2) HPA is included on the Critical Minerals Lists of 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.usgs.gov/news/nationalnews-release/us-geological-survey-releases-2022-list-critical-minerals, https://single-market-economy.ec.europa.eu/sectors/raw-materials/areas-specific-interest/critical-rawmaterials_en (3) High Purity Alumina Special Report 2023, CRU . Potential to become a leading global producer of low-cost, low-carbon HPA 14 Scoping Study Results AUD USD Target Production 10,000 tpa NPV10 (pre-tax) $1,480 million US$947 million NPV10 (post-tax)1 $1,010 million US$647 million IRR2 88% (pre-tax) 69% (post tax) Revenue $6,403 million US$4,098 million HPA Product Sale Price3 $31,250 / t US$20,000 / t Cash Operating Cost4 $4,718 / t US$3,020 / t Cash Operating Margin (%) 85% Average Annual EBITDA $247 million US$158 million Pre-production Capital Cost5 $155 million US$99 million Project Life6 24 years Notes (1) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study ; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (2) Assumes company tax rate of 30% (3) Based HPA market analysis, which may not reflect actual offtake agreements entered into. (4) Excludes potential sales of silicate by-products. (5) Includes ~30% contingency, excludes additional costs for PFS, marketing and other studies including ongoing test work, currently estimated to take approximately 2 years (subject to available funding) and cost approximately $4 million. (6) Nominal Project Life of 24-years modelled, including approximately 2 years of design and construction for a HPA Production Facility with a 22-year production life. (7) High Purity Alumina Special Report 2023, CRU (8) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 (9) Pre- production capital cost per tonne of annual production capacity Market-Leading Economics $9,968 $16,060 $17,000 $20,200 $22,600 $33,875 $37,104 $66,133 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Andromeda Impact Minerals King River Resources Cadoux (FYI Resources) Corella Pure Alumina Alpha HPA Altech Chemicals Capital Intensity (USD/t) $3,020 $6,998 $15,251 $15,994 $16,052 $18,623 $- $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $17,500 $20,000 Andromeda HPA Andromeda Peers China USA Japan Europe HPA Costs of Production (USD/t) 15 HPA pilot-scale testwork underway1 • Next phase of commercialisation • Optimisation of flowsheet for continuous HPA production • Production of 4N HPA samples for commercial evaluation by potential customers • Innovative process can produce HPA in a wide range of product forms, from amorphous to crystalline (gamma to alpha) • HPA samples expected to be available in Q3 HPA Commercialisation Pathway Production of commercial HPA samples By-product opportunities Testwork will also generate an Amorphous Silica by-product material for further analysis and assessment of potential value • Amorphous Silica – as precipitated silica, a material widely used in the rubber industry and as a high-value agricultural fertiliser. The HPA Scoping Study excluded any benefits from by-products and actually incurred costs for their associated disposal. Potential to reclassify some by-products to valuable co-products Notes (1) Refer to ADN ASX dated 7 October 2025 titled HPA Project – Next phase of commercialisation underway. HPA Project – Next Steps 16 Continuous pilot scale testwork Evaluation by potential customers Define target markets and products Pre-Feasibility Study Development Pathway & Funding The outcomes of the Scoping Study warrant progressing the HPA Project to the next phase of the workplan. Next steps, subject to funding and approvals: 1 2 3 4 5 (Underway)1 Notes (1) Refer to ADN ASX dated 7 October 2025 titled HPA Project – Next phase of commercialisation underway. Andromeda The Great White Mineral Company For more information about the Company, please visit our website, www.andromet.com.au or contact: Patrick Sinclair Manager, Investor Relations & Corporate Affairs T: 08 7089 9819 M: 0403 708 431 E: Patrick.Sinclair@andromet.com.au