Andromeda Metals (ADN) H2 2026 earnings summary

Executive summary

• FY26 priorities were advancing the Great White Project (GWP) toward a final investment decision (FID) and progressing High Purity Alumina (HPA) commercialisation; no substantive mining production occurred.

• GWP Early Works were completed, including site access, plant-pad earthworks, drilling and delivery of key long-lead equipment to Australia, leaving the project development-ready but dependent on funding and FID.

• Continuous pilot production achieved HPA purity of 99.9986%, above the 4N threshold; a non-binding Traxys HOA targets a potential US sales-agency agreement.

Financial highlights

• FY26 other income was $596,257, down 21.6% from $760,443 in FY25.

• Net loss was $105.03m, including a one-off $98.94m exploration-asset impairment; excluding the impairment, net loss was $6.09m versus $6.04m in FY25.

• Cash and cash equivalents were $3.20m at 30 June 2026, down from $7.14m; operating cash outflow was $5.17m and investing cash outflow was $11.55m.

• Exploration and evaluation expenditure was $7.14m, up 154.7% from $2.80m in FY25, with spending predominantly directed to GWP advancement.

Outlook and guidance

• FY27 priorities are to secure a value-accretive GWP funding pathway and advance HPA commercialisation; estimated equity funding to support Stage 1A+ FID was reduced to ~ $40m alongside Merricks Capital's credit-approved $75m facility.

• The HPA program is intended to optimise the continuous flowsheet, produce customer samples and assess amorphous silica and gallium as potential co-products; a pre-feasibility study is being advanced.

• GWP Stage 1A+ targets nominal production of 100,000 wet metric tonnes per year, supported by four binding offtake agreements; development remains subject to funding and FID.