Andromeda Metals Limited · ASX:ADN
Andromeda Metals — Investor Presentation (July 2026)
29 slides from Andromeda Metals's investor presentation, Jul 13, 2026
Slide 1: Company Update
Andromeda For personal use only Company Update 13 July 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
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: Australia's Next Leading Industrial & Critical Minerals Company
Australia’s Next Leading Industrial & Critical Minerals Company Andromeda is advancing two high-value projects, leveraging its high-quality kaolin resource Development ready industrial minerals platform with pathway into critical minerals 1 The Great White Project: development ready 2 High Purity Al
Slide 4: Andromeda's Competitive Advantages
Andromeda’s Competitive Advantages Transforming a high-quality resource into high-value products Rare combination of near-term cashflow1 and long-term critical minerals upside The Great White Project High Purity Alumina (HPA) Project For personal use only High-quality feedstock High-quality feedstoc
Slide 5: The Great White Project: development-ready
High-grade Kaolin Project – De-risked and Ready to Develop 1 The Great White Project: development-ready • High-grade kaolin project delivering premium kaolin products for For personal use only use in high-end ceramics over a 28-year mine life o A$763M post-tax NPV8 ; 43% IRR; A$140M p.a. average EBI
Slide 6: What makes Great White Kaolin special?
What makes Great White Kaolin special? Market leading properties of Great White CRM 1 Great White CRM properties and applications2 Quality increases For personal use only Low Iron/Alumina ratio (Fe2O3/Al2O3) vs global kaolin samples High dry mechanical strength is highly valued in large format porce
Slide 7: Andromeda's Target Markets
Andromeda’s Target Markets High quality kaolin products for premium ceramics Validated premium ceramic kaolins for use in ceramic formulations to deliver premium products Ceramic Product: Great White CRM T Engobe & Frits* A refined high-quality product for the high-end • application opportunities fo
Slide 8: GWP Stage 1A+ supported by Binding Offtakes
GWP Stage 1A+ supported by Binding Offtakes 100% of planned production committed under binding offtake contracts Binding Offtake Agreements support Stage 1A+ Overview of Offtakers production capacity5 Offtaker Markets Wet metric tonnes per annum Ongoing contracted volumes>> 100,000 Stage 1A+ nominal
Slide 9: GWP Stage 1A+ Funding
GWP Stage 1A+ Funding Early Works completed in preparation of FID Credit Approved A$75 million debt facility1 Balance Of Equity Funding ➢ Extensive due diligence undertaken by Merricks Capital on the technical, financial, legal, market, environment and social Funding process underway to secure ~$40
Slide 10: Unlocking Critical Minerals from a High-Quality Kaolin Resource
Unlocking Critical Minerals from a High–Quality Kaolin Resource 2 High Purity Alumina Project • Great White kaolin has high alumina and low impurity levels For personal use only • Andromeda has developed a proprietary process to produce high purity alumina from kaolin • 8+ years of investigation, re
Slide 11: What is HPA used for?
What is HPA used for? HPA underpins the global transition to low-carbon and energy efficient technologies High Growth End-Use Markets1 Competing 3N-5N HPA Demand by End Use1 For personal use only Sapphire Light-emitting diodes (LEDs) Lithium-ion battery (LIB) separators glass Polishing & CMP Phospho
Slide 12: Next Generation HPA applications
Next Generation HPA applications HPA is used in next generation applications, including data centres powering AI, aerospace and defence1 For personal use only Semi-conductors powering AI Aerospace Defence Synthetic Sapphire for Armored Vehicles and Defence Aerospace and Optical and Semiconductors an
Slide 13: HPA Scoping Study Results
HPA 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 NPV10 (pre-tax) $1,480 million US$947 million For personal use only NPV10 (post-tax)1 $1,010 million US$647 million IRR2 88% (pre-tax) 69%
Slide 14: Strategic Relevance – global markets
Strategic Relevance – global markets Why Andromeda’s HPA is strategically relevant across global markets US Asia Europe Critical mineral supply Supports the establishment of a new source of HPA supply For personal use only Supply chain relevance Increases resilience in high-tech manufacturing sector
Slide 15: Corporate Profile
Corporate Profile Andromeda Metals Limited (ASX:ADN) Led by a highly experienced board and management team, including members $0.030 who have funded, built, and delivered successful projects, as well as those with significant expertise in the sales and marketing of metals and industrial minerals. $0
Slide 16: Investment Highlights
Investment Highlights Dual-sector positioning across industrial and critical minerals, with multiple re-rating triggers Near-term ➢ Advancing towards final funding to support FID catalyst: For personal use only Great Strong project ➢ A$763m post-tax NPV and 43% IRR across staged Finalising funding f
Slide 17: Appendix
For personal use only APPENDIX ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 17
Slide 18: The Great White Project - Kaolin Market
The Great White Project - 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 •
Slide 19: The Great White Project: 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 From Stage 2, Project will generate A$140m Stage 2 120,000 wmt pa supporting 28-year mine life annual EBITDA for 22 years Ca
Slide 20: The Great White Project - Project economics
The Great White Project - Project economics Robust returns with low capex hurdle Andromeda has assessed the economics of each Stage of development • Standalone economics of each Stage analysed – i.e. the discrete added value of each Stage to determine investment decision • NPV calculated at an 8% di
Slide 21: The Great White Project - LOM progressive cashflow
The Great White Project - Project economics LOM progressive cashflow Rapid payback followed by 22 years of $140 million average annual EBITDA • Generational asset delivers significant long-term cash generation 250 2,500 For personal use only 200 2,000 150 1,500 100 1,000 $ millions 50 500 - - (50) (
Slide 22: What is HPA and why does purity matter?
What is HPA and why does purity matter? Product Characteristics Desired Properties • Aluminium oxide (Al2O3) is a white mineral provided in a variety of forms and classified by purity • Ultra-pure grades (5N and 6N) are essential in For personal use only semiconductors, light-emitting diodes (LED),
Slide 23: Why is HPA a critical mineral?
Why is HPA a critical mineral? HPA is classified as a Critical Mineral in Australia, the USA and Europe3. Emerging Supply Deficit1 Concentration of supply2 • Demand driven by growth in advanced technology applications For personal use only – semi-conductors, LEDs, lithium-ion battery coatings, micro
Slide 24: Driving increased price expectations for 4N+ HPA
Driving increased price expectations for 4N+ HPA1,2 4N+ HPA prices forecast to rise to 2030, well above Andromeda’s conservative assumption1,2 Market Pricing Price Forecast 2025 - 2030 For personal use only • No benchmark pricing – HPA priced based on its value for USD40 39.2 specific end-use applic
Slide 25: How is HPA traditionally produced?
How is HPA traditionally produced? Traditionally, HPA has been primarily produced via Aluminium Alkoxide Process using aluminium feedstock Constraints of this process Aluminium Alkoxide Process For personal use only ➢ High-priced aluminium metal feedstock ➢ Energy-intensive and multi-step process Al
Slide 26: Building next generation of HPA
Building next generation of HPA Andromeda’s High-Quality Andromeda’s Novel HPA Low-cost, Kaolin Process lower-carbon HPA1 For personal use only ✓ High-quality kaolin from GWP is ✓ Use of established, proven ➢ Flexible product forms ideally suited to producing HPA: commercial metallurgical units ✓ Se
Slide 27: 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 28: 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 Evaluation by Define target Development Pre-Feasibility pilot-scale potential mark
Slide 29: The Great White Mineral Company
Andromeda For personal use only 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