ADN - Andromeda Metals

Andromeda ADN announces that it has sold the ordinary shares in Trigg Minerals Limited (ASX: TMG) the Company received through the sale of the Drummond Epithermal Gold Project.

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The 29.5 million shares were sold via a block trade at 0.7 cents per share, with total proceeds of $206,500 received from the sale.

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core competency .. .. selling off things?

ADN is pleased to announce that it has sold the ordinary shares in Cobra Resources PLC (LSE: COBR) received from the sale of its remaining 25% interest in the Wudinna Project. The 52,010,000 Cobra shares were sold via an off market transfer for total proceeds of A$950,000.

MC of $24 million

Dona Ferentes said:

MC of $24 million
View attachment 193953

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cuniform or new barcode?

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PROJECT FUNDING
• Stage 1A+ project funding process was progressed, with due diligence being undertaken by a select number of capital providers.
• Entered into exclusive negotiations for debt project financing facility with Merricks Capital with a limit of up to A$75 million.

OPERATIONS
• Procurement of long lead items for Stage 1A progressed, with majority of long lead items now fabricated and warehoused, ready for shipment to site.
• Significant operational planning and project readiness activities underway, to support efficient delivery of Stage 1A+ of the Project.

EXPLORATION
• Drilling commenced at the Chairlift Deposit, to test for potential extensions and better define the high brightness, low titanium portions of the deposit.

CORPORATE
• $2.34 million tax refund received in cash related to tax incentives for research & development activities undertaken during the 2024 financial year, following the awarding of an Advance Finding for Stage 1A+ by Australian Government.
• $950,000 in proceeds received following the sale of shares in Cobra Resources PLC (LSE: COBR) received from the sale of its remaining 25% interest Wudinna Gold Project.

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TH, effective immediately, pending an announcement regarding a capital raising.
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yep, that's how it goes

20 May:
Successful completion of $5 million Placement
..of shares to institutional and sophisticated investors at $0.013 per New Share announced on 12 May 2025 has successfully completed, raising approximately $5 million before costs.
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and, now, no news since quarterly

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29 July - HIGHLIGHTS
PROJECT FUNDING
• Merricks Capital confirmed credit approval for a debt facility of A$75 million, including principal, capitalised interest and fees, cash reserving requirements and a cost overrun tranche.
• Funding process for the balance of Stage 1A+ project funding progressed, with select number of capital providers undertaking due diligence.

TECHNICAL
• Successful validation of Great White CRM™ as a high-quality kaolin product foruse in industrial glaze formulations, opening up new sales opportunities to the ceramic industry.

OPERATIONS
• Stage 1A+ detailed plant design and engineering was advanced.
• Significant operational planning and project readiness activities undertaken to support efficient delivery of Stage 1A+ of the Project.

EXPLORATION
• Drilling conducted at the Chairlift Deposit, with samples sent for analysis to test for potential extensions and better define the high brightness, low titanium portions of the deposit.

HPA PROJECT
• Test work results confirmed high purity alumina (HPA) produced to 99.9985% purity, validating the Company’s novel flowsheet using high-quality refined kaolin product from the GWP.

CORPORATE
• Share Placement to institutional and sophisticated investors raising ~$5 million, before costs.

$0.014

1. No
2. No
3.
3. If the answer to question 1 is “no”, is there any other explanation that ADN may have for the recent trading in its securities?
As has been well publicised, ADN is currently undertaking a funding process for the development of the Great White Project. On 4 June 2025, ADN announced Merricks Capital had confirmed credit approval for a A$75million debt facility and ADN has actively been seeking the balance of funding required to support the development of the Great White Project. In progressing through its project funding process, the Company has engaged with a range of capital market participants and a select number of capital providers have undertaken due diligence with a view towards a potential investment in Great White Project or the Company.

Further, as detailed in the Quarterly Activities Report dated 29 July 2025, the Company has commenced a scoping study to assess the market opportunity for progressing its High Purity Alumina strategy. Market anticipation of positive outcomes from both the funding process and the HPA scoping study may be influencing trading activity.
4. In compliance

For September competition I pick ADN as there may be positive outcomes from both the funding process and the HPA scoping study this month.

@Joe Blow

Antirnator said:

For September competition I pick ADN as there may be positive outcomes from both the funding process and the HPA scoping study this month.

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speeding ticket 18 Aug

.... another one soon?

Dona Ferentes said:

speeding ticket 18 Aug

.... another one soon?

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Only if an announcements arrives other wise it will most likely slide again.

round up the usual suspects
$0.018

The Company provides the following responses to ASX’s queries:
1. Is ADN aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?
Yes, ADN recently commissioned a report from East Coast Research, which was released publicly this morning. ADN believes this explains the recent trading in its securities.

ADN also notes the following:
• as detailed in the Quarterly Activities Report dated 29 July 2025, the Company is undertaking a scoping study to assess the market opportunity for progressing its High Purity Alumina strategy. This scoping study is close to finalisation and it is anticipated it will released to the market this week; and
• as has been well publicised, the Company is undertaking a funding process for funds required for the development of the Great White Project. On 4 June 2025, ADN announced Merricks Capital had confirmed credit approval for a A$75million debt facility and ADN has actively been seeking the balance of funding required to support the development of the Great White Project. ADN is now in advanced confidential discussions with capital providers (on an indicative and non-binding basis).

As both the upcoming HPA scoping study and the funding process have been well publicised in the market for some time, ADN does not believe the share market activity today is as a result of these matters.

2. If the answer to question 1 is “yes”.
(a) Is ADN relying on Listing Rule 3.1A not to announce that information under Listing Rule 3.1? Please note that the recent trading in ADN’s securities would suggest to ASX that such information may have ceased to be confidential and therefore ADN may no longer be able to rely on Listing Rule 3.1A. Accordingly, if the answer to this question is “yes”, you need to contact us immediately to discuss the situation.
Yes – the scoping study has not yet been finalised and adopted by the Board and confidential negotiations with capital providers are incomplete, non-binding and indicative.

(b) Can an announcement be made immediately? Please note, if the answer to this question is “no”, you need to contact us immediately to discuss requesting a trading halt (see below).
No, announcements cannot be made immediately on these matters. Any such announcement at this stage could potentially be misleading as the matters are not concluded.

(c) If an announcement cannot be made immediately, why not and when is it expected that an announcement will be made?
The findings of the HPA Scoping Study will be released when the study is finalised and approved by the Board. That is anticipated to occur this week.

Any binding material agreement that is entered into with a capital provider will be announced immediately. Timing for this is dependent on negotiations with third parties.

I sense a capital raise coming soon.

@Dona Ferentes how come the speeding ticket is one way only, however when the floor falls out of the stock price there is crickets

countrylad said:

@Dona Ferentes how come the speeding ticket is one way only, however when the floor falls out of the stock price there is crickets

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