Andromeda Metals Limited · ASX:ADN
Andromeda Metals — Shareholder Meeting (November 2025)
18 slides from Andromeda Metals's shareholder meeting presentation, Nov 20, 2025
Slide 1: Acting CEO Presentation Annual General Meeting
Andromeda For personal use only Acting CEO Presentation Annual General Meeting 20 November 2025 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 Andromeda Metals Ltd
Slide 2: Disclaimers and Important Information
Disclaimers and Important Information This presentation contains summary information about Andromeda, and its activities current only at the date of this presentation. Information in this presentation which is attributed to, or derived from, a third-party source has not been independently checked or
Slide 3: Andromeda Metals: Australia's next leading industrial & critical minerals company
Andromeda Metals Australia’s next leading industrial & critical minerals company 1 Development-ready: The Great White Project 2 Scoping Study3: High Purity Alumina • High-grade kaolin project delivering premium ceramic kaolin • Scoping Study demonstrates market-leading economics of For personal use
Slide 4: The Great White Project
For personal use only The Great White Project Kaolin Ore Refined Kaolin High-value end use markets 4
Slide 5: The Kaolin Market
The Kaolin Market Globally important industrial mineral with attractive market characteristics Large, De-commoditised Market Positive Supply-Demand Dynamics • Demand growth > global GDP • Large global market: +30Mtpa, +US$4bn3. • Highest growth segment in Andromeda’s targeted • Not a commodity marke
Slide 6: Stage 1A+ supported by binding offtakes
Stage 1A+ supported by binding offtakes 100% of planned production committed under binding offtake contracts Binding Offtake Agreements support Stage 1A+ production capacity5 Overview of Offtakers Offtaker Markets Wet metric tonnes per annum Ongoing contracted volumes>> 100,000 Stage 1A+ cumulative
Slide 7: Staged Delivery of a High-Value Project
The Great White Project Staged Delivery of a High-Value Project Characteristics 3-Stage Development with Robust Economics (NPV 8, real post-tax)1 High-grade 15.1Mt reserve supporting From Stage 2, Project will generate A$140m Stage 2 ≅ 120,000 wmt pa 28-year mine life annual EBITDA for 22 years Ca
Slide 8: Stage 1A+ funding
Stage 1A+ funding Progressing with Early Works while advancing towards FID A$90 million required for total Project capital expenditure and working capital: • A$84 million capital expenditure for Stage 1A+, less capital expenditure already incurred prior to FID; and • Working capital expected during
Slide 9: Pre-construction Activities in Progress
Pre-construction Activities in Progress Progressing with Early Works while advancing towards FID 1 Bond Payments – Being Processed Currently, in the process of making payments of $4.45 million to satisfy the rehabilitation and environmental compliance obligations required to commence site works at t
Slide 10: Stage 1A+ Processing Plant flyover
Stage 1A+ Processing Plant flyover An eagle-eye view of what the processing plant will look like For personal use only 10
Slide 11: High Purity Alumina (HPA)
For personal use only High Purity Alumina (HPA) 14
Slide 12: HPA Scoping Study
HPA Scoping Study Market-leading economics in a growing critical mineral market Justifies the commercialisation of Andromeda’s innovative HPA production technology capable Path to commercialisation Scoping of producing HPA from kaolin to 99.9985% purity (4N+) Study HPA Processing Facility capabl
Slide 13: 4N+ HPA Market
4N+ HPA Market Rapidly growing demand for a critical mineral Favourable Supply-Demand Forecast…1 …Driving Increase in Forecast Prices for 4N+ HPA1,2 • No benchmark pricing. Akin to kaolin, pricing is determined on the • Market demand for HPA is driven by growth in LEDs, lithium-ion value of a given
Slide 14: Scoping Study Results
Scoping Study Results Potential to become a leading global producer of low-cost, low-carbon HPA AUD USD Market-Leading Economics Target Production 10,000 tpa $70,000 Capital Intensity (USD/t) $66,133 $60,000 For personal use only NPV10 (pre-tax) $1,480 million US$947 million $50,000 $40,000 $37,104
Slide 15: Innovative Technology
Innovative Technology Scoping Study demonstrates market-leading economics • Novel flowsheet (lab-scale) produced 4N+ HPA using high-quality refined kaolin from the Great White Project (GWP)1. • The Scoping Study justifies the flowsheet commercialisation2, with costs forecast to be significantly less
Slide 16: HPA Project – Next Steps
HPA Project – Next Steps The outcomes of the Scoping Study warrant progressing the HPA Project to the next phase of the workplan. For personal use only Next steps, subject to funding and approvals: 1 2 3 4 5 Continuous Engagement Define target Development Pre-Feasibility pilot scale with potenti
Slide 17: Priorities Going Forward
Priorities Going Forward GWP Stage 1A+ GWP Future Expansion HPA Project Focused on securing Binding offtake for 50% of Pilot scale testwork For personal use only balance of funding to future expansion capacity underway2, to: support an FID. with Traxys.1 Optimise flowsheet for Finalise A$7
Slide 18: Andromeda
Andromeda For personal use only Annual General Meeting 20 November 2025 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 Andromeda Metals Ltd
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