Highlights:

  • Andromeda Metals completed a $3.04 million Capital raising through its Share Purchase Plan and placement.
  • The raising included $2.94 million from the SPP and $102,000 from a Placement component.
  • A total of 342 shareholders participated in the Share Purchase Plan.
  • Funds will support advancement of the High Purity Alumina Project, including completion of a Pre-feasibility Study.
  • Shares were issued at an issue price of $0.0059 per share under the capital raising.

Andromeda Metals Limited (ASX:ADN) has completed a $3.04 million capital raising through its Share Purchase Plan (SPP) and placement of ordinary shares, with proceeds to be directed towards advancing its High Purity Alumina (HPA) Project and supporting general Working Capital requirements.

During the morning Trading session on 4 September 2026, Andromeda Metals (ASX:ADN) was trading at AUD 0.0060, unchanged on the day. The company’s shares remained down 40.00% over the past year.

The capital raising was designed to provide funding support as the company progresses development activities across its industrial minerals portfolio, including work associated with the completion of a Pre-feasibility Study (PFS) for the HPA Project.

Capital Raising Details

Andromeda Metals reported that the SPP was well supported by eligible shareholders, with 342 shareholders participating in the offer. The company had initially targeted approximately $3 million in funding before costs through the SPP, with the ability to accept additional subscriptions at its discretion.

Following completion of the SPP and the acceptance of certain applications from non-related parties within the company’s placement capacity, Andromeda raised a total of $3,044,576 before costs.

The majority of funds came through the SPP, which contributed $2.94 million. A further $102,000 was raised through the company’s placement capacity under Section 708 of the Corporations Act 2001 and ASX Listing Rule 7.1.

The placement involved the issue of 17,288,138 shares at an issue price of $0.0059 per share, which was the same price offered under the SPP.

Funding Focus

The proceeds from the capital raising will be allocated towards the continued advancement of Andromeda’s High Purity Alumina Project, including activities supporting completion of the PFS.

The company will also use part of the funds for general working capital requirements and costs associated with completing the capital raising process.

The successful completion of the raise provides Andromeda with additional capital to continue progressing its project activities while maintaining funding flexibility for corporate and operational requirements.

Industrial Minerals Portfolio

Andromeda Metals is an Australia-based industrial minerals company focused on the sustainable Supply of industrial minerals and the development of nanotechnology applications.

The company’s portfolio includes the Great White Project (GWP), located near Poochera on South Australia’s Eyre Peninsula. The project contains deposits featuring a naturally occurring blend of halloysite tubes and kaolinite plates.

Andromeda also holds the Mount Hope Kaolin Project, located approximately 80 kilometres northwest of Port Lincoln on the Eyre Peninsula. The project contains high-quality kaolin resources.

In addition to its kaolin and halloysite projects, the company is advancing the Eyre Kaolin Project, which consists of four exploration tenements covering 2,799 square kilometres on the Western Eyre Peninsula.

The company also maintains exposure to copper and gold exploration opportunities across Australia.

Shareholder Participation

Andromeda’s Board acknowledged Shareholder participation in the SPP and thanked investors for their ongoing support of the company.

The shares issued under the SPP and placement are scheduled for Quotation on the ASX on Monday, 7 September 2026, following the issue of shares on Friday, 4 September 2026. Holding statements and confirmation advice are expected to be dispatched on Tuesday, 8 September 2026.

The company noted that the timetable dates are indicative and may change, with any material amendments to be communicated to the ASX.

Investor Takeaway

Andromeda Metals’ completed $3.04 million capital raising provides additional funding to support the advancement of its High Purity Alumina Project and ongoing corporate requirements. Investors may continue to monitor progress on the HPA Project, including the completion of the Pre-feasibility Study, along with developments across the company’s broader industrial minerals portfolio.