Announcement PDF Annual Report 2026 Andromeda Metals Limited 2 Company information Directors Sue-Ann Higgins Executive Chair Mick Wilkes Independent Non-executive Director Jean-Dominique Sorel Non-executive Director Miguel Galindo Non-executive Director Company Secretary Sarah Clarke Acting CEO, General Counsel and Company Secretary Andromeda Metals Limited ABN: 75 061 503 375 ASX code: ADN Registered and Principal Address Level 10, 431 King William Street Adelaide, South Australia 5000 Contact Details Telephone: +61 8 7089 9800 ir@andromet.com.au www.andromet.com.au Share Registry Computershare Investor Services Pty Ltd Yarra Falls, 452 Johnston Street Abbotsford, VIC 3067 GPO Box 2975, Melbourne VIC 3001 Enquiries (within Australia): 1300 556 161 Enquiries (outside Australia): +61 3 9415 4000 Auditors Deloitte Touche Tohmatsu 11 Waymouth Street Adelaide, South Australia 5000 Solicitors Minter Ellison Lawyers 25 Grenfell Street Adelaide, South Australia 5000 Bankers Westpac Banking Corporation Level 5, 97 King William Street Adelaide, South Australia 5000 Annual Report 2026 3 Contents Letter from the Chair 4 Acting CEO’s report 6 Operations review 10 The Great White Project 12 HPA Project 21 Exploration 24 Great White Deposit 25 Hammerhead Deposit 26 Tiger Deposit 27 Eyre Kaolin Project 28 Mount Hope Kaolin Project 29 Corporate 31 Sustainability 33 Resources and reserves 43 Competent person statements 48 Schedule of tenements 49 Directors’ report 50 Directors and key management personnel 51 Operating and Financial Review 57 Remuneration report (audited) 61 Auditors Independence Declaration 88 Financial report 89 Directors’ Declaration 127 Independent Auditor’s Report 128 Shareholder information 133 Glossary 138 Andromeda Metals Limited 4 Letter from the Chair Dear Shareholders, Andromeda continues its focus on delivering the next generation of superior-quality industrial and critical minerals. The 2026 financial year was defined by disciplined execution, careful capital management and continued progress towards unlocking the value of Andromeda’s Great White Project (GWP) and our promising High Purity Alumina (HPA) opportunity. Against a challenging macroeconomic and funding environment, the Company completed important pre-construction Early Works activities at the Great White Project, advanced funding pathways, built and commissioned a HPA pilot plant and continued to protect shareholder value through managing our costs and implementing targeted cost reduction strategies. The Great White Project remains the cornerstone of Andromeda’s strategy. During the year, the Company completed pre-construction Early Works, including establishment of mine access, bulk earthworks for the Stage 1A+ processing plant, geotechnical and grade control drilling, and the transport of key long lead equipment to Australia. This now sees the GWP as being significantly de- risked and development-ready. Having previously received credit-approval from Merricks Capital for a $75 million debt facility, the Company continued to pursue the balance of funding required to support an anticipated FID. Following the completion of Early Works at the GWP, the estimated balance of equity funding required was reduced to approximately $40 million1 . To support this, engagement with a Middle East- based cornerstone investor progressed through due diligence with negotiations on key commercial terms and documentation having reached the final stages, although completion was delayed by the geopolitical developments surrounding the war with Iran. While remaining engaged with the cornerstone investor, the Company is assessing a range of funding, strategic and corporate opportunities to unlock value from the GWP. Discussions with potential investors are typically commercial-in-confidence and subject to confidentiality obligations, particularly while negotiations are ongoing. For this reason, it would not be appropriate, or in shareholders’ best interests, to disclose the terms, structure or status of those negotiations prior to execution of binding agreements. Premature disclosure could prejudice negotiations, limit strategic flexibility and risk misinforming the market. Rest assured shareholders will be updated when it is appropriate to do so. In parallel with the funding process for the GWP, after considering relevant information, risks and opportunities, the Board formed the view that continuing to advance our critical mineral HPA Project was in the best interests of the Company and its shareholders. The financial year saw the HPA Project advance materially, with a number of milestones achieved. 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. Annual Report 2026 5 The 2025 Scoping Study was completed, showing strong results and market-leading economics of producing the HPA and supports the Company’s strategy to create additional value from Great White kaolin and our proprietary processing technology. Following commissioning of the pilot plant, an optimisation and continuous testwork program to support market engagement activities remains underway. This supports a pilot testwork program which is designed to produce commercial 4N HPA samples for prospective customers and assess the potential value of co- products, including amorphous silica and gallium. In August 2026, two significant milestones for the HPA Project were achieved: • successful production of HPA with a measured purity of 99.9986%, significantly exceeding the 4N specification threshold of 99.99%, through the continuous pilot plant using Great White kaolin as feedstock;2 and, • building on our existing collaboration with Traxys, the company signed a non-binding Heads of Agreement (HOA) with Traxys North America, LLC to advance a strategic pathway for the supply of HPA into the United States3 . Capital management remained a priority. The Company raised more than $14 million before costs through the October 2025 Placement and associated Share Purchase Plan (SPP) offer to shareholders which closed in November 2025. These funds supported the Early Works activities at the GWP, the procurement, transport and storage of long lead equipment items, payment of rehabilitation bond, progressing the HPA Project, and product marketing activities in support of both the GWP and HPA Project. Following the end of FY26, shareholders were again invited to apply for another SPP which closed in August 2026. I am pleased to report that shareholders supported the SPP and an associated placement on the same terms, which raised a total of $3.04 million to support the advancement of the HPA Project, including supporting completion of a pre-feasibility study (PFS), for general working capital and costs of the capital raise. Tightly managing costs was also a feature with cost-saving and cash conservation measures implemented during the financial year. This included continuation of voluntary reductions in director fees, minimising discretionary expenditure, salary savings from non-replacement of personnel and some staff reducing their hours to being part-time, and the granting of zero exercise price options (ZEPOs) in lieu of part payment of director fees. In total, these measures conserved over $3 million in cash payments during the financial year, reflecting our shared commitment to the Company’s success and our belief in the value we are creating. The Board remains committed to responsible financial and business practices, and the highest standards of corporate governance. I invite you to read about these in the Director’s Report starting on page 50 of this Report. I take this opportunity to thank you, our shareholders, for your continued support, and our employees for their dedication during the year. In particular, the Board thanks Sarah for her strong leadership in guiding the team as Acting CEO in addition to her existing management duties as General Counsel and Company Secretary. Similarly, our successes could not have been achieved without the support of our offtake partners, suppliers and the local Eyre Peninsula community. In FY27, the Board’s priority is clear: secure a value- accretive funding pathway for the Great White Project and advance HPA commercialisation activities so as to maximise long-term value for you, our shareholders. Yours sincerely, Sue-Ann Higgins Executive Chair 2 Refer ADN ASX dated 24 August 2026 titled Andromeda Achieves 4N (99.9986%) HPA at Continuous Pilot Scale, Advancing Commercialisation. 3 Refer ADN ASX dated 19 August 2026 titled Andromeda Signs Strategic HPA Supply HOA with Traxys Supporting US Critical Minerals Supply Chain Initiative. Andromeda Metals Limited 6 Acting CEO’s report Dear Shareholders, During FY26, Andromeda progressed two complementary value drivers for our business: the development-ready Great White Project, and the commercialisation pathway for our proprietary HPA process. The GWP continues to be the cornerstone of our strategy for positioning the Company for long-term success in the industrial minerals sector. Our HPA Project represents an opportunity for Andromeda to enter into critical minerals markets by leveraging our high-quality Great White kaolin as feedstock and using our proprietary processing technology to produce High Purity Alumina (HPA). Great White Project progressed Following satisfaction of $4.5 million in environment compliance obligations4 , pre-construction Early Works were completed during FY26. This included construction of mine site access, bulk earthworks for the processing plant pad area, geotechnical and grade control drilling. In addition, key long- lead equipment items fabricated and warehoused overseas, were successfully transported to Australia for storage. Together, these represent tangible progress which now sees Andromeda in an advanced stage of preparedness, being construction-ready with a committed Project Team in place and poised for delivery. During FY26, the Company continued to pursue the balance of funding required for Stage 1A+. Due diligence with a cornerstone investor based in the Middle East was completed and negotiations had reached an advanced stage before geopolitical developments interrupted the process. While remaining engaged with the cornerstone investor, the Company assessed other funding, strategic and corporate alternatives to unlock value from the GWP and pursue its business objectives. Following completion of Early Works activities and through maintaining capital discipline, the estimated balance of equity funding required to support a final investment decision was reduced to approximately $40 million5 , alongside the credit- approved $75 million debt facility with Merricks Capital6 . Future growth opportunities While progressing project funding discussions, the Company continues to pursue future growth opportunities. Stage 1A+ is the initial stage of GWP, with other product and customer growth opportunities being pursued to support future expansions over GWP’s three development stages. 4 Includes lodgement of a $3.79 million rehabilitation bond and payment of $670,000 to the Native Vegetation Fund to satisfy the Significant Environmental Benefit (SEB) obligations. 5 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. 6 Final approvals and execution of a binding agreement remain subject to finalisation of balance of funding for Stage 1A+. Annual Report 2026 7 HPA Project FY26 marked another important year in the pathway of commercialisation of Andromeda’s High Purity Alumina Project, meaningfully progressing Andromeda’s ambitions to enter the market for critical minerals. The completion of a Scoping Study during the financial year demonstrated market-leading economics and the opportunity for Andromeda to become a leading global supplier of low-cost, low-carbon HPA. Key findings of the HPA Scoping Study were: • Potential Net Present Value (NPV10 ) of ~$1,010 million post tax and post-tax internal rate of return (IRR) of 69% • Capital expenditure of $155 million giving market-leading capital intensity of $15,459 per tonne of HPA capacity (US$9,894/t) • Operating costs of approximately $4,718 per tonne significantly below other globally reported processes • Low-carbon HPA processing technology – with modelled carbon emissions up to 48% lower than traditional aluminium alkoxide process; and • Andromeda’s technology using a kaolin feedstock has the potential to disrupt the existing HPA market This underpinned the decision to advance to the next stage of commercialisation by commencing a pilot-scale testwork program, to further validate and optimise our proprietary HPA flowsheet and produce commercial samples. Consequently, the required metallurgical components for a pilot plant were designed and manufactured, before being assembled in Australia. Commissioning of the HPA pilot plant was completed shortly after the conclusion of FY26, which enabled an optimisation and testwork program to commence, which remains ongoing. The program aims to produce commercial samples for prospective customers to evaluate, in addition to allowing the assessment of whether certain by-product materials, including amorphous silica and gallium, can be re-classed as co- products and add further value to the project. In August 2026, a significant milestone was achieved, following the successful production of HPA with a measured purity of 99.9986%, significantly exceeding the 4N specification threshold of 99.99%, through the continuous pilot plant using Great White kaolin as feedstock7 . Also in August 2026, building on its existing collaboration with Traxys, the Company signed a non-binding Heads of Agreement (HOA) with Traxys North America, LLC to advance a strategic pathway for the supply of HPA into the United States8 . The HOA establishes the framework for negotiating a potential five-year sales agency agreement, targeting an indicative sales volume of 2,000 tonnes of HPA per annum to the United States. Based on indicative pricing of US$20,000 per tonne, this equates to a potential annual sales of approximately US$40 million9 , with final pricing to be determined based on market conditions at the time of industrial production. 7 Refer ADN ASX dated 24 August 2026 titled Andromeda Achieves 4N (99.9986%) HPA at Continuous Pilot Scale, Advancing Commercialisation. 8 Refer ADN ASX dated 19 August 2025 titled Andromeda Signs Strategic HPA Supply HOA with Traxys Supporting US Critical Minerals Supply Chain Initiative. 9 This assumes the average market pricing adopted in the Company’s 2025 Scoping Study, which was based on market analysis at the time (refer ASX ADN dated 18 June 2025 titled Results of HPA Scoping Study), without taking into account any fees or costs associated with the sale. Andromeda Metals Limited 8 Disciplined financial and capital management Andromeda’s strategic focus remains on developing the GWP and progressing the commercialisation of the HPA opportunity. To support the Company while the funding process to secure is underway, a number of initiatives were implemented to raise capital, reduce costs and conserve cash. A capital raising raised over $14 million before costs, via: • Share Placement – a placement of new fully paid ordinary shares which raised $13 million, with significant demand from institutional and sophisticated investors; • Share Purchase Plan (SPP) – to eligible shareholders on the same terms as the Share Placement, which raised $996,000; and • $30,000 participation by a Director who was not a shareholder at the time of the Capital Raising, with the securities issued following shareholder approval obtained at a General Meeting held on 10 December 2025. Listed options were issued as part of these offers. The value of these, together with pre-existing options, if exercised will provide the company with an additional $24.4 million in working capital. This was followed with shareholders supporting the company in August 2026, through an SPP and an associated placement on the same terms, which raised a total of $3.04 million to support the advancement of the HPA Project, including supporting completion of a pre-feasibility study (PFS). During FY26, the Company continued to prudently manage costs during the period, including through implementing approximately $3 million in cost savings and deferred spending across Early Works, procurement, remuneration expenses and administrative costs. People, safety and environment Our team completed a significant work program while maintaining an emphasis on safety, environmental compliance and community stakeholder engagement. Looking ahead Progressing GWP continues to represent the best opportunity to maximise long-term value for Andromeda and its shareholders and we remain confident of its fundamentals and excited about the opportunities ahead. As we move towards a final investment decision, our focus remains on securing funding and preparing for construction for the GWP, as well as unlocking further value by progressing the HPA Project. In closing, I would like to thank our team, Board, shareholders, and partners for their unwavering support. Together, we are looking to build a resilient, innovative, and future-focused industrial and critical minerals company, to deliver long-term value for you, our shareholders, the local Eyre Peninsula community and South Australia. Yours sincerely, Sarah Clarke Acting CEO, General Counsel and Company Secretary Annual Report 2026 9 Andromeda Metals Limited 10 Operations review Andromeda Metals is an Australian company focused on delivering the next generation of superior-quality industrial and critical minerals. Corporate strategy Advance development of its portfolio of high-quality kaolin resources and processing technologies to supply the next generation of superior-quality industrial and critical minerals into established and emerging global markets. Leverage our high-quality kaolin resources with a product portfolio tailored to high-value ceramics, porcelain and low-carbon concrete markets and further develop proprietary processing technologies to enter critical minerals markets. FY26 strategic focus Advance the Great White Project towards a final investment decision, position the Company for efficient construction and delivery of the initial Stage 1A+, and progress commercialisation of the high purity alumina (HPA) opportunity. Annual Report 2026 11 10 Refer to Table of Reserves – Great White Deposit on page 46. The 15.1 Mt Ore Reserves includes 5.2 Mt classed as Proved and 10.0 Mt as Probable. 11 Refer to 2023 DFS section on page 20, upon which the forecast financial information relates to an Ore Reserve Estimate that has been previously announced to ASX on 6 April 2022 titled 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 these market announcements (unless otherwise stated) and that all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. Industrial Minerals Critical Minerals GREAT WHITE PROJECT (GWP) EYRE KAOLIN PROJECT MOUNT HOPE KAOLIN PROJECT HPA PROJECT PROJECT OVERVIEW Development-ready flagship kaolin project supported by 15.1 Mt Ore Reserve10 2023 DFS shows strong economics through a 3 staged development over a 28-year life-of-mine11 51% interest in the Eyre Kaolin Joint Venture, with four exploration licences covering 2,799 km2 Exploration being undertaken for kaolin with properties complementary to those of the Great White Deposit. 100% interest in tenements, over which significant areas of ultra-high bright white kaolin, with exceptionally low iron contaminant levels, have been defined. Proprietary process developed over 8 years of R&D to produce high purity alumina from kaolin Proprietary process proven at lab-scale to produce HPA to 99.9985% purity Opportunity to become a market-leading global supplier of low-cost, low-carbon HPA FY26 OUTCOMES On site Early Works completed Transportation of key long lead equipment items and storage in Australia completed Progressed project funding process to secure balance of funding to support FID Postponed in-house analysis of the 2025 Chairlift drill samples to prioritise Great White grade control drilling Tenement maintained Continued consideration of exploration and evaluation activities. HPA Pilot Plant commissioned Commencement of pilot plant optimisation and testwork program Continuous pilot scale 4N+ HPA produced to 99.9986% Strategic HPA Heads of Agreement signed with Traxys for US Market Andromeda Metals Limited 12 The Great White Project SOUTH AUSTRALIA 100% Andromeda The Great White Project is located on South Australia’s Eyre Peninsula, approximately 635 km west by road from Adelaide and approximately 15 kilometres south-west of Poochera (see Figure 1). It comprises 3 mining tenements and 3 exploration tenements that host high-quality kaolin deposits, containing naturally occurring kaolinite plates and halloysite tubes. The GWP is development-ready, with all key approvals for commencement of construction, feasibility studies completed, and 4 binding offtake agreements finalised for the initial Stage 1A+ development for nominal production of 100,000 wet metric tonnes per annum (wmt pa). The project funding process is well-advanced, with development subject to funding and a final investment decision. Figure 1 - The Great White Project regional location map. Project funding During FY26, the Company progressed its strategy to secure the balance of funding required to support a final investment decision for the GWP’s initial Stage 1A+ development of (FID), alongside the $75 million debt facility previously credit-approved by Merricks Capital. This included 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 by the cornerstone investor was completed and negotiations on key commercial terms and documentation had reached final stages, before being interrupted due to the ongoing geopolitical developments in the Middle East. The Company continues to assess a range of alternative funding, strategic and corporate opportunities to unlock value from the GWP. Following the progress achieved and capital discipline maintained during Early Works activities (see Early Works section on page 17), the balance of equity funding required to reach a final investment decision for the development of Stage 1A+ (FID) was reduced to approximately $40 million12 . Commercial strategy 12 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. Annual Report 2026 13 Andromeda’s commercial strategy has identified a product portfolio of high-quality kaolin products able to command premium pricing, in growing established markets. This includes: • Great White CRM™ and Great White KCM™90 which were determined to be high value products in the established and growing markets for high-quality large-format ceramic tiles and slabs, and porcelain tableware • Great White HRM™ is identified as a complementary product, which requires further customer product validation which is being undertaken. The identified uses of Great White HRM™ are as a rheology modifier and as an additive in the global market for low-carbon concrete production. The commercial strategy also identified the significant opportunity to further beneficiate GWP’s kaolin products to produce the critical mineral high-purity alumina (HPA) and for this to become a high-value accretive complementary product (see HPA Project section on page 21). Andromeda’s core products are ideally suited for, and targeted at, the high-quality ceramic tiles and slabs, and porcelain tableware market segments. These market segments are large and established, where customers require the quality of kaolin products to be maintained consistently over time. Table 1 - Andromeda’s core and complementary product portfolio Product Description End-use markets CORE Great White CRM™P Fully refined ultra-fine dried kaolin product with high brightness. Optimised for use in high-quality porcelain tableware. Great White CRM™T Fully refined ultra-fine dried kaolin product with high brightness and high alumina content. Optimised for use in high-quality ceramic tiles and slabs. Great White KCM™90 Refined, bright white kaolin product. For use in ceramics and can also be used to improve lower grade resources to increase the total value of the resultant combined product, for use in other industry applications. COMPLEMENTARY Great White HRM™ Concrete additive to reduce carbon Optimised for use as a cement additive in the production of low-carbon concrete. Highly reactive halloysite- kaolin rheology modifier High solids slurries including concrete and a large range of associated applications where its suspension properties are very effective. High-Purity Alumina (HPA) Beneficiation of GWP kaolin products into the critical mineral HPA Light-emitting diode lighting (LEDs), Lithium- ion batteries semi-conductors, and other high-performance technologies Figure 2 - Images show (from left) kaolin clay from Andromeda’s GWP, which is then refined and Andromeda Metals Limited 14 processed, before being graded and packaged into various products that meet our clients’ exacting specifications. Target markets Target segments Europe Key markets – Spain & Italy High-end ceramics: tiles and countertops Spain #1 importer of kaolin1 #7 ceramic tile producer2 #3 exporter of ceramic tiles3 Italy #4 importer of kaolin1 #8 ceramic tile producer2 #4 exporter ceramics tiles3 Countertops4 US$160 billion global market opening to porcelain slabs due to silicosis risk Stage 1A+ path to market Binding offtakes with IberoClays and Traxys Asia Pacific Key markets – India & Japan High-end ceramics – tiles, tableware and countertops India #9 importer of kaolin1 #2 ceramic tile producer (14% CAGR)2 #2 exporter of ceramic tiles3 Japan #3 importer of kaolin1 Leading high-end porcelain tableware producer6 Countertops4 As above – US$160 billion global market opening to porcelain slabs due to silicosis risk Stage 1A+ path to market Binding offtakes with Plantan Yamada and Traxys China A broad range of high-end applications via distribution Largest market #1 consumer of kaolin #2 importer of kaolin1 #1 ceramic tile producer2 #1 exporter ceramic tiles2 Deep high end-market Multiple applications High long-term growth5 Kaolin imports CAGR of 3.3% to 2041 Stage 1A+ path to market Binding offtake with Foshan Gaoming 1. Based on World Bank data. 2. World production and consumption of ceramic tiles, 14th Edition (MECS/Acimac) September 2026 3. Top 10 countries for ceramic tile exports in 2018-2022 in million square metres, and Compound Annual Growth Rate (CAGR) 2018-22, Baraldi, 2023. 4. Global Countertop Industry Report, Freedonia Group, March 2023. 5. HQ Kaolin Market Study, TZMI, 2025. 6. Kaolin consumption by leading tableware manufacturers in Asia (excluding China), Hart, 2021. Annual Report 2026 15 To support premium pricing of kaolin products from GWP into these segments, an extensive series of product validation work and trials have been conducted. Successful product validation programs require credible independent institutions and/or potential offtake partners with the requisite industry expertise, capability, with the requisite equipment to test and validate the high-quality and value in use of Andromeda’s products. For Great White CRM™ and Great White KCM™90, this has included: • Independent test work, international benchmarking and value in use analysis, conducted by Spain’s Institute of Technical Ceramics (ITC); • Product characterisation and international benchmarking conducted by IberoClays; and, • Successful commercial scale pilot plant ceramic glaze trials. The product validation program for these products determined they: • exhibited world class levels of brightness, aluminium-to-iron ratios and mechanical strength when fired; • represented above-market value in use in the fast- growing large format porcelain and ceramic tile and glaze segments13,14 ; and, • supported potential use in the ultra-white and super-white ceramic slab segments15 . Further product validation trials were conducted to extend the use of Great White CRM™ into ceramic and porcelain glaze formulations10 . The trials assessed the use of Great White CRM™ in two key glaze formulation segments: • a standard glaze composition to manufacture single-fired wall tiles with a glossy white opaque finish, with kaolin content of 8.3% by weight; and, • a matt “smaltobbio” glaze composition for the manufacture of porcelain tiles, with a kaolin content of 22%. The findings of the trials successfully validated Great White CRM™ as a high-quality kaolin product for use in industrial glaze formulations, enhancing Andromeda Metals’ position as a key supplier to the ceramic industry. The successful results from the product validation trials supported products marketing efforts, which ultimately led to the