Andromeda Metals Limited has launched a Share Purchase Plan targeting approximately $3 million in funding to support the advancement of its High Purity Alumina Project through the completion of a Pre-Feasibility Study.

Eligible shareholders registered in Australia, New Zealand or Luxembourg as of 11 August 2026 can apply for up to $30,000 worth of new shares at $0.0059 per share. The purchase price represents a 15% discount to the volume-weighted average market price of $0.0069 calculated over the last five trading days prior to the announcement. The plan opens on 17 August 2026 and closes on 31 August 2026, with the company holding discretion to accept oversubscriptions or scale back applications.

The HPA Project has advanced from laboratory-scale validation to pilot-scale testwork, with pilot plant commissioning complete and optimisation activities underway.

Proceeds from the capital raising will be directed toward completing the HPA Pre-Feasibility Study, covering raise costs, and providing general working capital. If the full target amount is not raised, the board may reduce or reprioritise fund uses or consider alternative funding arrangements. The company expects to produce commercial 4N HPA samples for prospective customer evaluation during the second half of calendar year 2026.

“The HPA Project represents a significant value-enhancement opportunity for Andromeda shareholders. This capital raising will allow Andromeda to progress the project through to completion of a Pre-Feasibility Study, which is the next milestone in commercialisation, building on the successful commissioning of the pilot plant and further advancing this critical minerals opportunity.”

— Sarah Clarke, Acting Chief Executive Officer

Execution of the plan depends on ASX waivers for exceptions to Listing Rules 7.2 and 10.12, allowing the company to proceed with a second share purchase plan within a 12-month period without deducting from placement capacity or restricting director participation. If the waivers are not granted, share issuance will be capped at the 15% placement capacity under Listing Rule 7.1, and directors and related parties will be excluded unless shareholder approval is obtained.

Read the full announcement: Share Purchase Plan to raise approximately $3 million