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Andromeda Metals Limited (ADN) Report Analysis

Corporate Events

Negative

Andromeda Metals Limited Appoints Austen Perrin...

2022-06-19 22:21:00

The Board of Directors of Andromeda Metals Limited announced the appointment of Austen Perrin as an Independent Non-Executive Director to the ...

Negative

Andromeda Metals Limited Ordinary Shares to Be ...

2022-05-05 13:28:00

Andromeda Metals Limited's Ordinary Shares will be deleted from other OTC effective from May 6, 2022 due to Inactive Security.

Negative

Andromeda Metals Limited Appoints Michael (Mick...

2022-04-06 02:48:00

The Board of Directors of Andromeda Metals Limited announced the appointment of Michael (Mick) Wilkes to the role of Independent Non-Executive...

Positive

Andromeda Metals Limited Completes its Definiti...

2022-04-06 01:28:00

Andromeda Metals Limited announced that is has completed its Definitive Feasibility Study (DFS) for the Great White Kaolin Project (GWKP, or t...

Neutral

Andromeda Announces Change of Registered Office...

2022-04-03 23:48:00

Andromeda Metals Limited advised in accordance with Listing Rule 3.1.4, its registered office and principal place of business has changed to: ...

Neutral

Andromeda Metals Limited - Analyst/Investor Day

2022-03-29 21:27:00

To provide update and outlook on current and ongoing activities

Positive

Andromeda Metals Limited Provides an Update on ...

2022-02-07 21:57:00

Andromeda Metals advised that it has received an update from Cobra Resources PLC (Cobra) detailing results from a recent 14-hole (2,144m) RC d...

Neutral

Andromeda Metals Limited Presents at SMI Confer...

2022-01-22 02:13:00

Andromeda Metals Limited Presents at SMI Conference, Jun-01-2022 . Venue: Zurich, Switzerland. Speakers: James E. Marsh, MD & Director.

Neutral

Swiss Mining Institute, Bally Capital Advisors...

2022-01-21 13:44:00

Swiss Mining Institute, Bally Capital Advisors SA, SMI Conference, Jun 01, 2022 through Jun 02, 2022. Venue: Zurich, Switzerland.

Positive

Andromeda Metals Ltd Receives Notification That...

2021-12-17 03:48:00

Andromeda Metals Ltd. announced that it has received notification that the Great White Kaolin Project Mining Proposal and Mining Lease Applica...

Positive

Andromeda Metals Limited and Iron Road Limited ...

2021-12-06 00:19:00

Andromeda Metals Ltd. announced that Iron Road and the company have entered into a non-binding MOU regarding the development of a deep, multi-...

Negative

Andromeda Metals Ltd Appoints Richard Flook as ...

2021-11-16 22:03:00

Andromeda Metals Ltd. announced the establishment of a Technical Advisory Committee ("Committee") and the appointment of Dr Richard Flook as a...

Positive

Andromeda Metals Limited (ASX:ADN) entered into...

2021-11-10 00:00:00

Andromeda Metals Limited (ASX:ADN) entered into a Bid Implementation Agreement to acquire Minotaur Exploration Limited (ASX:MEP) from a group ...

Neutral

Andromeda Metals Limited - Special Call

2021-11-09 23:14:00

To cover the details of today's ASX announcements regarding the transaction with Minotaur Exploration Limited and the update to the Company's ...

Positive

Andromeda Metals Limited Provides an Update on ...

2021-11-09 21:51:00

Andromeda Metals Limited provided an update on the progress the company has made on the Great White Kaolin Project (Great White) DFS, the impa...

Neutral

Andromeda Metals Limited Presents at The Noosa ...

2021-11-08 12:58:00

Andromeda Metals Limited Presents at The Noosa Mining Investor Conference, Nov-12-2021 09:00 AM. Speakers: James E. Marsh, MD & Director.

Negative

Andromeda Metals Ltd Appoints Tim Anderson as C...

2021-11-01 22:27:00

Andromeda Metals Ltd. announced the appointment of Mr. Tim Anderson as Chief Commercial Officer for the Company, effect 1 December 2021. Tim A...

Neutral

Andromeda Metals Limited - Shareholder/Analyst Call

2021-10-26 00:33:00

AGM

Neutral

Andromeda Metals Limited expected to report Q1 ...

2021-10-15 00:00:00

Andromeda Metals Limited expected to report Q1 2022 results on December 21, 2021. This event was calculated by S&P Global (Created on December...

Neutral

Andromeda Metals Limited, Annual General Meetin...

2021-10-04 21:22:00

Andromeda Metals Limited, Annual General Meeting, Nov 25, 2021, at 14:00 AUS Central Standard Time. Location: The Meeting Room, Adelaide Town ...

Positive

Andromeda Metals Limited and Minotaur Explorati...

2021-09-26 22:18:00

Andromeda Metals Limited announced that a bulk sample drilling program has commenced at the Great White Deposit, located on the Eyre Peninsula...

Negative

Andromeda Metals Limited Announces Appointment ...

2021-09-23 22:22:00

Andromeda Metals Limited announced the appointment of Melissa Holzberger as an independent Non-executive Director of the Company effective 23 ...

Neutral

Andromeda Metals Limited Presents at The NWR Re...

2021-09-22 03:48:00

Andromeda Metals Limited Presents at The NWR Resources Series Mining's Top Microcaps and Midcaps, Sep-28-2021 01:35 PM. Speakers: James E. Ma...

Negative

Andromeda Metals Limited Engages Dr. Bryn Harri...

2021-09-22 00:33:00

Andromeda Metals Limited announced that it has engaged Dr. Bryn Harris as a consultant and advisor to the Company. Dr. Harris is widely recogn...

Positive

Andromeda Metals Limited Announces Testing Resu...

2021-09-22 00:33:00

Andromeda Metals Limited announced testing results from Advanced Engineering Materials (AEM)'s HPA pilot test facility in Canada have confirme...

Neutral

Andromeda Metals Limited Signs Memorandum of Un...

2021-09-22 00:33:00

Andromeda Metals Limited announced first stage testing of Andromeda's provided kaolin ore in now complete which has successfully confirmed the...

Neutral

NWR Communications Pty Ltd, the NWR Resources S...

2021-09-20 23:14:00

NWR Communications Pty Ltd, The NWR Resources Series Mining's Top Microcaps and Midcaps, Sep 28, 2021 through Oct 26, 2021.

Positive

Andromeda Metals Limited(ASX:ADN) added to S&P ...

2021-09-20 00:00:00

Andromeda Metals Limited(ASX:ADN) added to S&P Global BMI Index

Positive

Andromeda Metals Limited Executes Binding Heads...

2021-08-12 00:38:00

Andromeda Metals Limited announced that it has executed a binding Heads of Agreement (HOA) with private entity Peninsula Exploration Pty Ltd. ...

Negative

Andromeda Metals Limited Announces Management Changes

2021-08-11 00:34:00

Andromeda Metals Limited announced that Mr. Nick Harding has advised of his resignation as an Executive Director and Company Secretary of the ...

Negative

Andromeda Metals Limited has completed a Follow...

2021-07-20 00:00:00

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 14.999883 million. Security Name: Ordinary Shares ...

Neutral

Andromeda Metals Limited Presents at Noosa Mini...

2021-06-30 18:19:00

Andromeda Metals Limited Presents at Noosa Mining and Exploration Investor Conference, Jul-16-2021 09:20 AM. Venue: Peppers Noosa Resort, Noos...

Negative

Andromeda Metals Limited has completed a Follow...

2021-06-30 00:00:00

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million. Security Name: Ordinary Shares Securit...

Negative

Andromeda Metals Limited has filed a Follow-on ...

2021-06-30 00:00:00

Andromeda Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 15 million. Security Name: Ordinary Shares Security Ty...

Negative

Andromeda Metals Limited Appoints Austen Perrin as Independent Non-Executive Director, Effective 1 July 2022

2022-06-19 22:21:00

The Board of Directors of Andromeda Metals Limited announced the appointment of Austen Perrin as an Independent Non-Executive Director to the Andromeda Board, effective 1 July 2022. Perrin is an experienced corporate executive and company director with more than 35 years of experience in corporate and financial roles. He has considerable knowledge of transport, logistics, infrastructure and the mining industries. He also has in-depth experience across commercial, accounting and the finance spectrums, commencing his career with KPMG. He has held Executive Director Roles at AJ Lucas Group Limited and Toll NZ Limited and Chief Financial Officer roles at AJ Lucas Group Limited, Whitehaven Coal Limited, Asciano Limited and Pacific National Limited. Mr. Perrin holds a Bachelor of Economics and Finance from Macquarie University, is a member of the Institute of Chartered Accountants in Australia and New Zealand; and graduate of the Australian Institute of Company Directors. Mr. Perrin is currently a Non-Executive Director at AJ Lucas Group Limited and Round Oak Minerals Pty Ltd.

Negative

Andromeda Metals Limited Ordinary Shares to Be Deleted from Other OTC

2022-05-05 13:28:00

Andromeda Metals Limited's Ordinary Shares will be deleted from other OTC effective from May 6, 2022 due to Inactive Security.

Negative

Andromeda Metals Limited Appoints Michael (Mick) Wilkes to the Role of Independent Non-Executive Chair

2022-04-06 02:48:00

The Board of Directors of Andromeda Metals Limited announced the appointment of Michael (Mick) Wilkes to the role of Independent Non-Executive Chair effective 6 April 2022. Mr. Wilkes is an experienced mining executive and company director with more than 35 years of broad international mining experience coupled with a successful track record of leading the development and operation of greenfield mines.

Positive

Andromeda Metals Limited Completes its Definitive Feasibility Study for the Great White Kaolin Project in South Australia and Updates Ore Reserve

2022-04-06 01:28:00

Andromeda Metals Limited announced that is has completed its Definitive Feasibility Study (DFS) for the Great White Kaolin Project (GWKP, or the Project) in South Australia. The DFS reflects the latest information on the Project and confirms strong long- term cashflows from its high-grade kaolin Mineral Resource and its unique products. Results from the DFS include the following: High margin cashflows, with pre-tax net present value (NPV)8 of AUD613m; Internal rate of return (IRR) of 36%; Earnings before interest, taxes, depreciation, and amortization (EBITDA) of AUD 2,283 million; 28 year life-of-mine; Average annual EBITDA of AUD 81.5 million; Four stage approach with an initial capital cost of AUD 93.8 million; 18-month design and construct duration to achieve first product to market; All capital expenditure subsequent to Stage One is currently intended to be funded by cash flows from the Project; Project payback period of 5.9 years to achieve 600,000 tpa ore throughput in Stage Three; Conventional mining and processing, resulting in high quality products; and Andromeda will now progress secondary approvals and detailed design. The DFS provides for the development of the base-line project underpinned by initial product range and allows for the opportunity to supply and build the market and customer base. With the work undertaken in this DFS, the Project is positioned to produce a range of high value kaolin products for sale domestically and overseas. The high quality, consistency and large tonnage of the GWKP provides for a long-term operation offering generational employment opportunities for Poochera and the surrounding districts with opportunities to diversify and grow their economies. The Project offers up to 70 long term jobs on a residential basis and provides an opportunity to reverse the contracting of the regional community population. Andromeda considers there is an ongoing and increasing demand for the GWKP products in a reducing global supply and Andromeda is well placed to capitalise on this opportunity. Ore Reserve: The GWKP DFS is based upon developing a single kaolin deposit, the Great White Deposit. Material classified as Measured and Indicated in the Mineral Resource estimate have been directly converted to Proved and Probable Reserve. The Ore Reserve comprises of 34% Proved Reserve and 66% Probable Reserve. The Production Target comprises of 34% Proved Reserve, 65% Probable Reserve and 1% Inferred Resource. Inferred Resources are not included in the Reserve and are not considered within the pit design process. The Ore Reserves are based on key modifying factors that include designs, schedules and cost estimates of the DFS that describes the development of the GWKP over a 29-year time frame. Material assumptionsof the DFS include: Metallurgical test work has been completed by reputable laboratories experienced in kaolin processing. This testwork supports modifying factors applied in the Ore Reserve estimate. The mining process has been based on Measured and Indicated Mineral Resources reported in accordance with the 2012 JORC code, together with mine designs and scheduling, geotechnical parameters and mining equipment determined from experienced mining engineers. The processing plant design has been developed by Andromeda personnel with experienced process engineers to support the flowsheet and the predicted yield, throughput, and production estimates of the Project. The infrastructure requirements have been defined by specialist engineers in conjunction with the Project Team. The detailed designs discussed above have been used as the basis for capital and operating costs estimates which have been corroborated by contractor and vendor quotes. Mining method: Kaolin mining at the GWKP utilises conventional load and haul open pit mining methods with excavator and off-road trucks supported by ancillary equipment. The kaolin is shallow lying and truncated at depth by a weathered granite. The deposit is predominantly free dig with some overlaying discontinuous rafts of calcrete and silcrete requiring occasional drill and blast. Mining works in the DFS are proposed to be undertaken by Contractors with grade and ore control managed by Andromeda. Stockpiles will be generated as part of the mining schedule and backfilling of the exhausted pits will commence as soon as practicable. Ongoing rehabilitation is planned, with revegetation programs to stabilise final landforms. Processing method: Great White Kaolin is a naturally high brightness kaolin clay. In situ the clay contains approximately 50% quartzite sand and 45% clay material. The raw clay is fed into the processing plant using a front-end loader. The concentrating process is a simple washing system that liberates the clay from the sand and then separates out the >45 µm fraction. The clay is dewatered and dried to make the Great White KCMTM90 and Great White HRMTM products. Further refining of the concentrate is undertaken as a slurry prior to dewatering using hydrocyclones reducing the content of coarse-grained minerals and minerals containingdeleterious elements such as iron. Higher quality products such as the Great White CRMTM and Great White PRMTM are further refined to meet customer specifications on brightness, halloysite content and fineness. The products are dried and packaged for delivery to distributors and end users.

Neutral

Andromeda Announces Change of Registered Office and Principal Place of Business

2022-04-03 23:48:00

Andromeda Metals Limited advised in accordance with Listing Rule 3.1.4, its registered office and principal place of business has changed to: Level 10, 431 King William Street, Adelaide SA 5000, effective April 04, 2022.

Neutral

Andromeda Metals Limited - Analyst/Investor Day

2022-03-29 21:27:00

To provide update and outlook on current and ongoing activities

Positive

Andromeda Metals Limited Provides an Update on Clarke Prospect

2022-02-07 21:57:00

Andromeda Metals advised that it has received an update from Cobra Resources PLC (Cobra) detailing results from a recent 14-hole (2,144m) RC drilling program, and reanalyses of previous drilling undertaken at the Clarke prospect from the Wudinna Gold Project on the Eyre Peninsula of South Australia. Cobra is earning into the project which is currently owned 100% by Peninsula Resources limited, a wholly owned subsidiary of Andromeda Metals Limited. The Clarke prospect is located approximately 1.75 km north of the inferred Baggy Green Gold Resource which stands at 94,000 ounces at 1.4g/t gold. In Cobra Resources' maiden 2020 drilling program at Clarke drillhole CBRC0009 intercepted from 69m, 31m at 3.06 g/t, refer ADN ASX announcement dated 8 December 2020 titled "Significant high-grade gold intercepted at Wudinna Gold Project". The new drilling at Clarke has extended the gold mineralisation over 400m of strike, split into two lodes, with the mineralisation remaining open to the northwest. Additionally, Rare Earth Element (REE) mineralisation has been identified in the saprolitic clays that overlie the gold mineralisation. Cobra geologists, supported by CSIRO XRD analysis and evaluation, have interpreted the REEs to be absorbed on to the saprolitic clays, a style of REE mineralisation known as Ionic Absorbed Clays (IAC). If confirmed to be IAC, the REE grades and intercepted widths will compare favourably to other IAC rare earth projects. Rare earth mineralisation is open in all directions and the continuity and consistency of rare earth mineralisation indicates that there may be a significant opportunity to increase the extent of the mineralisation's footprint. Similar saprolite horizons are also developed over the at Barns, White Tank and Baggy Green Deposits. Targeted REE analyses of the drill samples used to define these deposits presents as a low-cost exploration opportunity to define further rare earth mineralisation in the region. The Wudinna Gold Project Joint Venture comprises a 2,027km2 land holding in the Gawler Craton. The Wudinna Gold Project within the Joint Venture tenement holding comprises a cluster of gold prospects which includes the Barns, White Tank and Baggy Green Deposits. The Central Gawler Gold Province is a belt of gold-dominant mineralisation which formed approximately 1,590 million years ago during the regionally extensive Hiltaba/GRV tectonothermal event. Gold mineralisation at the Barns, White Tank and Baggy Green Deposits is hosted by variably deformed granodiorite/gneiss interpreted to belong to the Tunkillia Suite, a group of 1690Ma granitoids that form important host rocks in the Central Gawler Gold Province.

Neutral

Andromeda Metals Limited Presents at SMI Conference, Jun-01-2022

2022-01-22 02:13:00

Andromeda Metals Limited Presents at SMI Conference, Jun-01-2022 . Venue: Zurich, Switzerland. Speakers: James E. Marsh, MD & Director.

Neutral

Swiss Mining Institute, Bally Capital Advisors SA, SMI Conference, Jun 01, 2022 through Jun 02, 2022

2022-01-21 13:44:00

Swiss Mining Institute, Bally Capital Advisors SA, SMI Conference, Jun 01, 2022 through Jun 02, 2022. Venue: Zurich, Switzerland.

Positive

Andromeda Metals Ltd Receives Notification That the Great White Kaolin Project Mining Proposal and Mining Lease Application Have Been Assessed

2021-12-17 03:48:00

Andromeda Metals Ltd. announced that it has received notification that the Great White Kaolin Project Mining Proposal and Mining Lease Application have been assessed. With the outcome that the South Australia Minister for Energy and Mining has granted the Company the Mineral Lease (ML) and two Miscellaneous Purposes Licences (MPLs) for the Project. Andromeda is the manager of the Great White Kaolin Project, (ADN 75% and Minotaur Exploration Limited 25%). Grant of the ML and MPLs represents a major milestone for the Project and is the culmination of significant environmental and engineering works undertaken by the Company and supporting independent consulting companies. With these approvals, the Mining Lease conditions have been received which will form the basis for developing the next stage of approvals, the Program for Environmental Protection and Rehabilitation. These conditions are consistent with the original Mining Lease Application (incl. the Mining Proposal and Miscellaneous Purposes Licences Management Plans) lodged in February 2021. Under South Australian legislation, prior to granting a ML and/or MPL, the Minister for Energy and Mining must notify the applicant of the proposed terms and conditions. The applicant then has an opportunity to accept or may make submissions on those terms and conditions before the Minister finalises them and formally grants the tenement(s). Andromeda considered and was satisfied with the terms and conditions of the tenements and advised DEM that it had no submissions to make. This will reduce the timing associated with the next stage of the approval process. The ML Application, MPL applications and supporting Mining Proposal and MPL Management Plans for the Project were lodged with the South Australian Department for Energy and Mining (DEM) on 26 February 2021. The two MPLs are for an access road to the ML, and a water supply pipeline from Poochera. Collectively, the documentation describes the proposed Project, and considers all potential impacts on the environment. Community consultation is a key part of this process. Following receipt of Applications, DEM invited public submissions on the Applications and supporting documents, during a consultation period that was open until 29 April 2021. In August 2021, DEM accepted and published Andromeda's Mining Proposal Response Document, which outlines the Company's response to public and government agency submissions raised regarding the Project during the public consultation process. Andromeda will submit a Program for Environment Protection and Rehabilitation (PEPR) to DEM for subsequent approval. Both the tenements and PEPR approvals are required to allow the Project to progress to the construction phase which is anticipated during 2022. Considerable components of the ML application and MLA will be used in preparation of the PEPR, which will assist in completing the PEPR in the scheduled timeframe. The ML and MPL terms and conditions, State Governments assessment report and supporting technical appendices will be released by DEM and published on its website. In addition to this information, Andromeda has posted a list of Frequently Asked Questions, along with further information about the Project on the Company's website. Andromeda has undertaken significant work on the Definitive Feasibility Study (DFS) and has made considerable progress since securing a major paints and coatings product (Great White PRMTM) offtake agreement in June 2021, as well as a previously announced premium ceramic product (Great White CRMTM) offtake agreement in March 2021. The Andromeda team is dedicated to delivering a robust DFS while the Company continues its progression on the journey from explorer to developer and ultimately to operator/producer.

Positive

Andromeda Metals Limited and Iron Road Limited Enters into Non-Binding MOU Regarding the Development of A Deep, Multi-Commodity Port At Cape Hardy

2021-12-06 00:19:00

Andromeda Metals Ltd. announced that Iron Road and the company have entered into a non-binding MOU regarding the development of a deep, multi-commodity port at Cape Hardy. Andromeda has entered into the agreement as part of exploring a number of potential port development options to support the future growth across Andromeda's portfolio of projects on Eyre Peninsula, specifically the Mount Hope project. Andromeda is currently in the process of developing its Great White Kaolin- Halloysite project near Poochera on Eyre Peninsula and is progressing those plans through the use of existing ports on Eyre Peninsula. With the growth of other regional businesses, agricultural output, aquiculture and mining, Andromeda considers its own plans and those of Eyre Peninsula will be better serviced with additional port facilities and supports the safe and sensitive development of such.

Negative

Andromeda Metals Ltd Appoints Richard Flook as Member of Technical Advisory Committee

2021-11-16 22:03:00

Andromeda Metals Ltd. announced the establishment of a Technical Advisory Committee ("Committee") and the appointment of Dr Richard Flook as a key member of the Committee. The company recognised a need for specialist skills and experience in order to progress several of its projects towards commercialisation and so has therefore established a Technical Advisory Committee. The Committee will work closely with Managing Director, James Marsh and newly appointed Chief Commercial Officer, Tim Anderson. The Committee will be chaired by Company Chair, Rhod Grivas, with other external members expected to join the Committee in due course. The Committee charter is to provide oversight and review of research and development programs and provide technical advice on new commercial and business opportunities. Richard Flook is a specialist mineral and chemical consultant and former Managing Director of Shinagawa Refractories Australasia Pty Ltd, a manufacturer and supplier of quality refractory and insulating materials. He was involved in the development of minerals businesses with Australian Consolidated Industries, Steetley Industries, Anglo American, Normandy Mining and Omya.

Positive

Andromeda Metals Limited (ASX:ADN) entered into a Bid Implementation Agreement to acquire Minotaur Exploration Limited (ASX:MEP) from a group of shareholders for approximately AUD 120 million.

2021-11-10 00:00:00

Andromeda Metals Limited (ASX:ADN) entered into a Bid Implementation Agreement to acquire Minotaur Exploration Limited (ASX:MEP) from a group of shareholders for approximately AUD 120 million on November 10, 2021. Under the terms, Andromeda will issue 1.15 shares for each share. As part of the deal, Minotaur will demerge its copper and gold assets into a subsidiary, Breakaway Resources, which it intends to list on the ASX. The demerger will be undertaken in parallel with the acquisition. Reimbursement fee is set to AUD 1 million. No Minotaur Director has been offered a position on the Andromeda board. The Combined Entity will be managed by the existing board and management of Andromeda. Andromeda has indicated that if it becomes entitled to compulsory acquire any outstanding Minotaur Shares, it intends to proceed with the compulsory acquisition of these Shares and options. The Offer is subject to certain conditions customary for a transaction of this nature, including a 90% minimum acceptance condition, deal protection mechanisms including “no shop, no talk” restrictions, a market-standard break fee payable in certain circumstances, regulatory approvals and consents, Minotaur Shareholder approval for the Demerger and other conditions. Minotaur’s Board has unanimously recommended that all Minotaur shareholders accept this Offer, in the absence of a superior proposal. Minotaur’s Directors and several of Minotaur’s largest Shareholders, who collectively represent 14.5% of Minotaur’s issued Shares, have each committed to accept the Offer. As on January 20, 2022, the transaction was approved by the shareholders of Minotaur Exploration Limited. The Offer expires on January 31, 2022. As on January 24, 2022, announced that Offer will remain open for acceptance until February 14, 2022 unless withdrawn or further extended. As on January 24, 2022, the Demerger Condition Statement has been fulfilled, but all other Conditions are still pending and the voting power of the Bidder and its associate (in aggregate) in Minotaur is approximately 65%. As of February 7, 2022, the transaction becomes unconditional and is expected to complete on February 25, 2022. Taylor Collison Limited acted as financial advisor and Andrew Corletto, Kent Grey, Lachlan McNamara, Molly Stephens and Paul Ingram of MinterEllison acted as legal advisors to Andromeda Metals Limited. Minotaur has appointed Argonaut Limited as financial advisor and Steinepreis Paganin as legal advisor. Computershare Investor Services Pty Limited acted as registrar to Minotaur Exploration Limited. Ernst & Young Capital Advisors, LLC acted as due diligence provider for Andromeda.

Neutral

Andromeda Metals Limited - Special Call

2021-11-09 23:14:00

To cover the details of today's ASX announcements regarding the transaction with Minotaur Exploration Limited and the update to the Company's Definitive Feasibility Study (DFS)

Positive

Andromeda Metals Limited Provides an Update on the Progress the Company Made on the Great White Kaolin Project

2021-11-09 21:51:00

Andromeda Metals Limited provided an update on the progress the company has made on the Great White Kaolin Project (Great White) DFS, the impact of the recently announced proposed transaction with its Great White joint venture partner, Minotaur Exploration Limited (Minotaur) and potential Great White ownership consolidation, the optimisation work and scenario analysis currently being undertaken as part of the DFS, the DFS timetable and some of Andromeda's other higher value initiatives outside of Great White. DFS Update: Andromeda has undertaken significant work on the DFS and has made considerable progress since securing its major paints and coatings product (PRMTM) offtake agreement in June 2021, aswell as its previously announced premium ceramic product (CRMTM) offtake agreement in March 2021. Andromeda's offtake agreement with Jiangsu Mineral Sources International Trading Co. Ltd. (MSI) has provided the Company with the opportunity to produce and sell a higher value PRMTMproduct in addition to CRMTM. This diversified product mix has required some fundamental changes to the single product Pre-Feasibility Study (PFS) released in June 2020. In order to facilitate the production of both CRMTM and PRMTM, significant changes have been made to the mine plan, processing plant and transport logistics. As such, the DFS is not a simple update nor capable of simple comparatives to the PFS, but rather a new bottom-up study which has required and continues to require significant work and analysis to understand the optimal development pathway and product mix. As foreshadowed in Andromeda's 21 June 2021 "Diversified Product Strategy for Great White Kaolin Project" announcement, one key consequence of incorporating the flexibility to produce the higher value PRMTM product in addition to CRMTM product, is increased upfront capitalexpenditure to account for a multi-product processing plant. Whilst this change increases the upfront expenditure requirement, the overall project economics may benefit from several factors including: Stronger early cash flow from the incorporation of a second and higher value refinedproduct (PRMTM); A multi-phased processing plant development approach, reducing the upfront capital expenditure burden and associated funding requirement. Second phase growth is expected to be supported by project cash flow; A processing plant optimised to produce a diversity of products for different applications, currently being studied by the Company; Full control over product production quality to ensure consistent premium grades.The potential early inclusion of a lower capital expenditure Direct Shipping Ore (DSO) production component. Andromeda has made considerable progress with potential DSO offtake partners over the last three months and the inclusion of DSO would provide solid early cash flow, which could be deployed to fund the capital cost of the process plant; and Potentially more attractive finance terms (if debt finance is required) due to the existenceof binding offtake agreements and lower project risk due to the diversified product base. Andromeda is continuing to work through various development scenarios, the optimal product mix balance, the timing of any DSO inclusion, further offtake opportunities and the optimisation of costs to balance risk, funding, Investment Rate of Return (IRR) and Net Present Value (NPV). Combination with Minotaur: The announced potential acquisition of Minotaur, and resultant consolidated and simplified ownership structure of Great White, has potential to provide Andromeda with full Great White development optionality and greater project funding alternatives. Consolidating the ownership of Great White (and Natural Nanotech) provides Andromeda with the optionality to explore a number of different project development scenarios not previously considered in the PFS or existing DFS.With Andromeda and Minotaur now having jointly announced an unanimously recommended transaction, the Andromeda team is now focused on understanding which potential development scenarios unlock the greatest value for Andromeda (and accepting Minotaur) shareholders. To fully understand, optimise and incorporate these scenarios into the DFS, further time is required.

Neutral

Andromeda Metals Limited Presents at The Noosa Mining Investor Conference, Nov-12-2021 09:00 AM

2021-11-08 12:58:00

Andromeda Metals Limited Presents at The Noosa Mining Investor Conference, Nov-12-2021 09:00 AM. Speakers: James E. Marsh, MD & Director.

Negative

Andromeda Metals Ltd Appoints Tim Anderson as Chief Commercial Officer, Effective 1 December 2021

2021-11-01 22:27:00

Andromeda Metals Ltd. announced the appointment of Mr. Tim Anderson as Chief Commercial Officer for the Company, effect 1 December 2021. Tim Anderson has over 30 years of national and international business development experience in a diverse range of industries. Tim has extensive experience in managing business development, legal relationships and agreements. He has previously held roles as Business Development Manager for the commercial development company of the University of Adelaide, Chief Executive Officer for Optimatics and National Business Development Manager for Piper Alderman.

Neutral

Andromeda Metals Limited - Shareholder/Analyst Call

2021-10-26 00:33:00

AGM

Neutral

Andromeda Metals Limited expected to report Q1 2022 results on December 21, 2021.

2021-10-15 00:00:00

Andromeda Metals Limited expected to report Q1 2022 results on December 21, 2021. This event was calculated by S&P Global (Created on December 14, 2021).

Neutral

Andromeda Metals Limited, Annual General Meeting, Nov 25, 2021

2021-10-04 21:22:00

Andromeda Metals Limited, Annual General Meeting, Nov 25, 2021, at 14:00 AUS Central Standard Time. Location: The Meeting Room, Adelaide Town Hall 128 King William Street Adeladie South Australia Australia Agenda: To consider adoption of the remuneration report for the year ended 30 June 2021; to consider election of directors; to consider ratification of issue of placement shares; to consider issue of performance rights; to consider issue of options to a related party; and to consider any other business that may be brought forward in accordance with the Company's Constitution.

Positive

Andromeda Metals Limited and Minotaur Exploration Limited Announce Bulk Sample Drilling Program Commence At the Great White Deposit, Located on the Eyre Peninsula of South Australia

2021-09-26 22:18:00

Andromeda Metals Limited announced that a bulk sample drilling program has commenced at the Great White Deposit, located on the Eyre Peninsula of South Australia which is in joint venture between ADN (75%) and Minotaur Exploration Limited (25%). The drilling will provide material for multiple projects aimed at developing new markets that will be in addition to the current Definitive Feasibility Study's (DFS) Great White CRMTM (for ceramics) and Great White PRMTM (coatings) products. The drilling will provide about 1.5 tonnes of high purity halloysite kaolin to ADN and MEP's 50:50 JV Company, Natural Nanotech Ltd, which in partnership with University of Newcastle's Global Innovative Centre for Advanced Nanomaterials (GICAN), are undertaking R&D into new technology applications of halloysite nanotubes. Andromeda is in the process of installing a large pilot-scale kaolin processing centrifuge at the Streaky Bay pilot plant which will be used to upgrade halloysite purity. Great White halloysite-kaolin has previously been successfully synthesized by GICAN to create advanced nanomaterials to specifically adsorb CO2 from a mixture of gases, up to 1.1 tonne of CO2 per tonne of material has been achieved, and work is ongoing to target the capture of 2 tonnes of CO2 per tonne of material. The Great White JV's Streaky Bay pilot plant has been upgraded to replicate the proposed wet processing production plant flow sheet with new screening and hydro-cyclones to achieve the Great White PRMTM product in line with the product specifications for the MSI Binding Offtake Agreement. This has finalised the testing required for the Definitive Feasibility Study and 70 kilograms of ultrabright, high purity product of greater than 90% powdered brightness has been produced as marketing samples for delivery to offtake partners. Material from the current drilling program will be refined at the JV's Streaky Bay pilot plant before being sent to GICAN. There the halloysite will be used for the production and functionalisation of nanotubes that will be used in a direct air and direct emissions capture carbon capture pilot plant. The carbon capture pilot plant has been designed to be able to continuously capture and discharge this CO2 and convert it into a clean fuel such as methanol, which will effectively close the carbon loop. Great White halloysite nanotubes (HNT) have remarkable selective adsorptive and differentially chargeable properties and can be functionalised and/or engineered to create advanced nanomaterial frameworks for a range of new technology uses. Kaolin from the 34Mt Great White Resource containing about 40% halloysite has been specifically functionalised to adsorb CO2 at over 25 mmol/gm at O°C/30 bar. It is anticipated that the material currently being extracted will achieve a much higher halloysite purity and increase the carbon capture ability significantly.

Negative

Andromeda Metals Limited Announces Appointment of Independent Non-Executive Director

2021-09-23 22:22:00

Andromeda Metals Limited announced the appointment of Melissa Holzberger as an independent Non-executive Director of the Company effective 23 September 2021.

Neutral

Andromeda Metals Limited Presents at The NWR Resources Series Mining's Top Microcaps and Midcaps, Sep-28-2021 01:35 PM

2021-09-22 03:48:00

Andromeda Metals Limited Presents at The NWR Resources Series Mining's Top Microcaps and Midcaps, Sep-28-2021 01:35 PM. Speakers: James E. Marsh, MD & Director.

Negative

Andromeda Metals Limited Engages Dr. Bryn Harris as Consultant and Advisor

2021-09-22 00:33:00

Andromeda Metals Limited announced that it has engaged Dr. Bryn Harris as a consultant and advisor to the Company. Dr. Harris is widely recognised globally as a leading expert on chloride-based processing, having designed, built and commissioned commercial plants. Dr. Harris holds numerous patents on chloride processes and was the invited keynote speaker for the 2019 ALTA nickel-cobalt-copper and CIM Chloride 2021 conferences. Dr. Harris was the recipient of their Sherritt Award for Hydrometallurgy in 1995 and has also acted as an Expert Witness involving some chloride-based processes. Dr. Harris is also being assisted by Dr. Mike Dry.

Positive

Andromeda Metals Limited Announces Testing Results from Advanced Engineering Materials HPA Pilot Test Facility in Canada

2021-09-22 00:33:00

Andromeda Metals Limited announced testing results from Advanced Engineering Materials (AEM)'s HPA pilot test facility in Canada have confirmed Great White halloysite-kaolin as a premium grade feed material for the HPA production process Positively the incredibly low levels of specific impurities in Andromeda supplied feed indicates that approx. 3 tonnes of Great White Feed will produce approx. 1 tonne of 4N or better HPA whereas the normal ratio is about 10:1.

Neutral

Andromeda Metals Limited Signs Memorandum of Understanding with AEM Technologies Inc

2021-09-22 00:33:00

Andromeda Metals Limited announced first stage testing of Andromeda's provided kaolin ore in now complete which has successfully confirmed the feed material as being in a "class of its own" as a kaolin feed material. The kaolin feedstock was digested using a miniclave to give an aluminium chloride solution. Multiple acid digestions were then carried out to give a very thorough evaluation. Pure aluminium chloride solution is clear with colouration indicating impurity, which demonstrates the sensitivity of the process considering the extremely low levels of impurities found in this kaolin. The purification stage was very effective and as a result the final stages of the process arepredicted to yield a high purity final HPA product within the timeframe of the extended agreement. ADN signed a Memorandum of Understanding (MoU) with AEM Technologies Inc, part of the Advanced Energy Minerals group (AEM) and entered an initial 90-day exclusivity period to explore a HPA Licensing transaction that is intended to include testing ADN kaolin feed, process feasibility studies and potential licensing and marketing arrangements. AEM's Cap Chat HPA Process Plant, located in Quebec Canada, uses its patented process to make 99.99% ("4N") and 99.999% ("5N") pure high purity alumina. With proven technology and extensive patents, Cap Chat is recognised as environmentally friendly with its focus on reducing reagent consumption and transitioning to a near "zero carbon emission" energy consumption plant. The facility is the only one of its type globally that is capable of producing 4/5N HPA from a kaolin feed. Having commissioned the plant in 2020, AEM is now in offtake discussions with potential customers around the world. The MoU was signed with AEM to enable kaolin samples from Andromeda's projects on the Eyre Peninsula to be evaluated using the AEM proven process to determine its suitability for HPA manufacture, and potentially lead to the construction by Andromeda of a HPA plant under a Licensing agreement with AEM, which could also include the marketing of HPA manufactured product by ADN through AEM's global distribution network. The MoU was subsequently extended to enable completion of the suitability testing as well as remaining due diligence work.

Neutral

NWR Communications Pty Ltd, the NWR Resources Series Mining's Top Microcaps and Midcaps, Sep 28, 2021 through Oct 26, 2021

2021-09-20 23:14:00

NWR Communications Pty Ltd, The NWR Resources Series Mining's Top Microcaps and Midcaps, Sep 28, 2021 through Oct 26, 2021.

Positive

Andromeda Metals Limited(ASX:ADN) added to S&P Global BMI Index

2021-09-20 00:00:00

Andromeda Metals Limited(ASX:ADN) added to S&P Global BMI Index

Positive

Andromeda Metals Limited Executes Binding Heads of Agreement with Peninsula Exploration Pty Ltd to Form the Eyre Kaolin Project Joint Venture

2021-08-12 00:38:00

Andromeda Metals Limited announced that it has executed a binding Heads of Agreement (HOA) with private entity Peninsula Exploration Pty Ltd. (Peninsula) to form the Eyre Kaolin Project Joint Venture (EKJV). Peninsula holds title to four exploration licence applications that cover 2,799 square kilometres located on the Eyre Peninsula of South Australia and which are adjacent to, or close proximity to, tenements that comprise the Great White Kaolin Joint Venture. Andromeda can earn up to an 80% interest in the EKJV tenements through sole funding expenditure of $2.75 million over 6 years from commencement of the Joint Venture. Following a geological review of Australia and especially the Eyre Peninsula, the ground held by Peninsula was identified as containing halloysite kaolin targets similar to those found at numerous places across the Great White and Mount Hope Project ground. The Peninsula tenements have recorded occurrences of kaolin, and existing data suggests that the tenement package has the potential to host halloysite with the physical properties sought by Andromeda. The Andromeda Geology Team has gained considerable understanding on the formation and occurrence of halloysite over the past three years of intensive studies, which led to the identification of this ground and the new Joint Venture. The principal terms of the Farm-In and Joint Venture Heads of Agreement are as follows: Andromeda to make an initial payment to Peninsula of $20,000 upon execution of the HOA. A minimum expenditure requirement of $140,000 (exclusive of tenement rents) to be spent by Andromeda on the Project tenements within 12 months of commencement of the EKJV. Stage 1 expenditure obligation by Andromeda of $750,000 (exclusive of tenement rents and which is inclusive of the minimum expenditure requirement) within 3 years of commencement to earn a 51% interest in the EKJV (Stage 1 commitment). Andromeda can elect to sole fund an additional $2 million over a further 3 years on meeting Stage 1 to earn an additional 29% interest, taking its overall interest in the EKJV to 80% (Stage 2 commitment). If a JORC 2012 compliant Measured and Indicated Resource of at least 50Mt is calculated over the EKJV tenements, Andromeda will issue Peninsula with $500,000 worth of AND shares. Peninsula has the option to convert its remaining 20% interest into a 1.5% net profit royalty following a Decision to Mine. The Eyre Kaolin Project comprises four exploration licence applications held by Peninsula Exploration Pty Ltd. The South Australian Department for Energy and Mining has given Notification of Proposed Exploration Licence Terms and Conditions pursuant to Regulation 46 for all four exploration licence applications and these will be granted for an initial period of six years on acceptance of conditions and payment of licence fees. By entering into the Eyre Kaolin Project Joint Venture, Andromeda more than doubles its holding of tenements on the western Eyre Peninsula in this highly regarded region that is prospective for the discovery of world class halloysite-kaolin deposits.

Negative

Andromeda Metals Limited Announces Management Changes

2021-08-11 00:34:00

Andromeda Metals Limited announced that Mr. Nick Harding has advised of his resignation as an Executive Director and Company Secretary of the Company. Mr. Harding will continue to contribute in a consulting capacity through a handover phase. The Company has appointed Andrea Betti as interim Company Secretary until a permanent appointment is made. Andrea Betti is a corporate governance professional with over 20 years' experience in accounting, corporate governance, finance and corporate banking. She has acted as Company Secretary for companies in the private and publicly listed sectors.

Negative

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 14.999883 million.

2021-07-20 00:00:00

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 14.999883 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 99,999,219 Price\Range: AUD 0.15 Discount Per Security: AUD 0.003

Neutral

Andromeda Metals Limited Presents at Noosa Mining and Exploration Investor Conference, Jul-16-2021 09:20 AM

2021-06-30 18:19:00

Andromeda Metals Limited Presents at Noosa Mining and Exploration Investor Conference, Jul-16-2021 09:20 AM. Venue: Peppers Noosa Resort, Noosa Heads, Queensland, Australia. Speakers: James E. Marsh, MD & Director.

Negative

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million.

2021-06-30 00:00:00

Andromeda Metals Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 200,000,000 Price\Range: AUD 0.15 Discount Per Security: AUD 0.009 Transaction Features: Subsequent Direct Listing

Negative

Andromeda Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 15 million.

2021-06-30 00:00:00

Andromeda Metals Limited has filed a Follow-on Equity Offering in the amount of AUD 15 million. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 100,000,000 Price\Range: AUD 0.15 Discount Per Security: AUD 0.003

Fundamental Summary

Andromeda Metals's recently released results from Q4 indicate that Andromeda Metals is performing reasonably well and on par with its peers. Its income, value, and income factors all individually appear positive and give support for optimism regarding the likelihood of continued positive performance. We therefore gave Andromeda Metals a total score of 71 out of 100 and a HOLD recommendation.

Andromeda Metals announced earnings results for the full year ended June 30, 2021. For the full year, the company announced net loss was AUD 6.443 million compared to AUD 3.447 million a year ago. Basic loss per share from continuing operations was AUD 0.0033 compared to AUD 0.0024 a year ago.

Business Description

Andromeda Metals, together with its subsidiaries, operates as a mineral exploration company in Australia. The company explores for halloysite, gold, and copper deposits. Its primary project is the Great White Kaolin project located in the Eyre Peninsula in South Australia. The company was formerly known as Adelaide Resources Limited and changed its name to Andromeda Metals in December 2016. Andromeda Metals was incorporated in 1993 and is based in Adelaide, Australia.

Sector Overview

Andromeda Metals is included in the Metals & Mining according to GICS (global industry classification standard). The Metals & Mining industry is included in the Materials sector. It includes the producers of aluminum, iron, steel, gold, other diversified metals and minerals, and their related products, as well as the mining and production the above materials. Andromeda Metals's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 60.2 206.9% 74
Liabilities 2.8 -10.7% 78
Price to Book 5.0 -74.7% 78
Cash & Equivalents 42.8 773.0% 64
Equity 57.4 248.2% 55
EBITDA -7.6 -25.3% 62
Total Revenues 0.0 0.0% 87
Parameter Value Change Score
Return on Equity -21.4 54.4% 66
Net Cashflow 34.9 1729.8% 68
Capital Expenditure -5.2 -1.2% 76
Asset Turnover 0.0 0.0% 60
Free Cashflow -0.0 -12.3% 69

* All values are TTM

The below chart reflects Andromeda Metals's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Andromeda Metals's peer average final assessment score stands on 63.0, Andromeda Metals's score is 71.

  •  ADN
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
BHP Group Limited 208.5B 58 71 75
Hold
69
69 0 1
Fortescue Metals Group Limited 55.0B 65 67 75
Hold
68
68 1 1
Newcrest Mining Limited 19.4B 52 66 57
Underperform
56
56 2 1
South32 Limited 18.7B 84 72 78
Buy
82
82 3 1
Mineral Resources Limited 9.2B 55 63 61
Underperform
56
56 4 1
Lynas Rare Earths Limited 8.3B 70 69 70
Hold
71
71 5 1
Northern Star Resources Limited 8.2B 56 56 73
Underperform
55
55 6 1
IGO Limited 7.8B 50 78 72
Hold
71
71 7 1
BlueScope Steel Limited 7.3B 85 72 52
Hold
72
72 8 1
Pilbara Minerals Limited 6.9B 86 69 86
Buy
83
83 9 1
Allkem Limited 6.9B 57 61 82
Hold
65
65 10 1
OZ Minerals Limited 6.2B 74 66 78
Hold
74
74 11 1
Evolution Mining Limited 4.8B 82 64 50
Hold
64
64 12 1
Alumina Limited 4.4B 50 79 72
Hold
70
70 13 1
OZ Minerals Holdings Pty Ltd 4.0B 84 61 50
Hold
73
73 14 1
Iluka Resources Limited 3.9B 77 60 74
Hold
68
68 15 1
Andean Resources Ltd. 3.7B 86 97 41
Buy
84
84 16 1
Coronado Global Resources Inc. 2.9B 83 74 81
Strong Buy
87
87 17 1
Nickel Industries Limited 2.8B 54 60 70
Underperform
56
56 18 1
AVZ Minerals Limited 2.8B 95 68 58
Hold
75
75 19 1
Sims Limited 2.7B 68 69 82
Hold
74
74 20 1
Zimplats Holdings Limited 2.6B 77 68 64
Hold
71
71 21 1
Liontown Resources Limited 2.4B 81 84 62
Buy
84
84 22 1
Perseus Mining Limited 2.3B 81 65 83
Hold
77
77 23 1
Deterra Royalties Limited 2.3B 77 61 75
Hold
69
69 24 1
Sandfire Resources Limited 1.9B 82 69 76
Buy
79
79 25 1
Core Lithium Ltd 1.8B 83 70 69
Hold
76
76 26 1
Chalice Mining Limited 1.5B 54 81 55
Hold
67
67 27 1
Grange Resources Limited 1.5B 65 64 73
Hold
66
66 28 1
Capricorn Metals Ltd 1.3B 86 69 82
Buy
82
82 29 1
West African Resources Limited 1.3B 87 59 66
Hold
68
68 30 1
Silver Lake Resources Limited 1.2B 66 63 58
Hold
62
62 31 1
De Grey Mining Limited 1.2B 66 47 73
Underperform
53
53 32 1
Gold Road Resources Limited 1.2B 64 67 56
Hold
63
63 33 1
Lake Resources NL 1.2B 66 73 68
Hold
71
71 34 1
Sayona Mining Limited 1.2B 66 73 68
Hold
71
71 35 1
Regis Resources Limited 1.1B 53 53 69
Underperform
50
50 36 1
Piedmont Lithium Inc. 1.1B 88 77 60
Buy
84
84 37 1
5E Advanced Materials Inc. 927.2M 47 58 61
Underperform
51
51 38 1
ioneer Ltd 867.9M 85 69 51
Hold
70
70 39 1
Syrah Resources Limited 856.9M 49 50 69
Underperform
46
46 40 1
Equigold NL 854.0M 50 65 87
Hold
67
67 41 1
Ramelius Resources Limited 828.4M 56 68 62
Hold
60
60 42 1
Vulcan Energy Resources Limited 826.7M 67 78 71
Hold
77
77 43 1
Jervois Global Limited 813.1M 78 71 54
Hold
72
72 44 1
Mincor Resources NL 808.9M 62 77 57
Hold
67
67 45 1
Imdex Limited 796.9M 71 56 74
Hold
70
70 46 1
Bellevue Gold Limited 722.0M 84 69 54
Hold
70
70 47 1
St Barbara Limited 701.5M 53 70 56
Underperform
59
59 48 1
Emerald Resources NL 679.4M 60 68 84
Hold
70
70 49 1
Red 5 Limited 671.6M 47 75 59
Hold
61
61 50 1
Boart Longyear Group Ltd. 651.0M 60 74 68
Hold
69
69 51 1
Mount Gibson Iron Limited 629.5M 48 78 64
Hold
66
66 52 1
Westgold Resources Limited 575.3M 54 65 63
Underperform
58
58 53 1
OM Holdings Limited 563.6M 84 75 82
Buy
85
85 54 1
Australian Strategic Materials Ltd 540.9M 51 74 72
Hold
67
67 55 1
Neometals Ltd 531.9M 60 72 60
Hold
65
65 56 1
Adriatic Metals PLC 528.8M 66 73 68
Hold
71
71 57 1
Argosy Minerals Limited 467.8M 66 73 68
Hold
71
71 58 1
Perenti Global Limited 461.4M 60 78 67
Hold
72
72 59 1
Champion Iron Limited 441.1M 58 71 55
Hold
64
64 60 1
Panoramic Resources Limited 420.4M 58 71 67
Hold
66
66 61 1
Hastings Technology Metals Limited 404.8M 65 68 67
Hold
68
68 62 1
Alkane Resources Limited 402.0M 78 70 68
Hold
73
73 63 1
Centaurus Metals Limited 397.2M 66 73 68
Hold
71
71 64 1
Bowen Coking Coal Limited 385.5M 66 73 68
Hold
71
71 65 1
Jupiter Mines Limited 372.2M 66 81 50
Hold
64
64 66 1
Galan Lithium Limited 362.2M 66 73 68
Hold
71
71 67 1
Talga Group Ltd 359.9M 53 60 62
Underperform
53
53 68 1
BCI Minerals Limited 349.8M 71 68 60
Hold
66
66 69 1
Metals X Limited 344.8M 68 87 68
Buy
82
82 70 1
Pantoro Limited 330.8M 66 73 68
Hold
71
71 71 1
Aurelia Metals Limited 327.8M 65 58 60
Underperform
56
56 72 1
Macmahon Holdings Limited 283.7M 68 65 62
Hold
66
66 73 1
Lotus Resources Limited 277.3M 66 73 68
Hold
71
71 74 1
Firefinch Limited 236.2M 66 73 68
Hold
71
71 75 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Andromeda Metals's stock is now priced below its 5-day, 50-day, and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a negative setup in the near, medium, and long-term. The company is trading near it's 12-month low, which signals it struggle to keep above it support price. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Andromeda Metals's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 37.

Bearish 37
Close Price 0.07
52W Low 0.07
52W High 0.24
5D MA 0.07
50D MA 0.09
200D MA 0.16
MACD -0.01
RSI 0.18
STOCH 26.32

Balance Sheet Analysis

Two main balance sheet metrics are driving the positive outlook for Andromeda Metals's financial strength going forward. Andromeda Metals has done an excellent job managing its liabilities. Andromeda Metals's liabilities stood at 2.8 in the current filing, which represents a -10.7% change from the previous report. These liabilities changes appear balanced compared to their peers and project the message that management is capable and focused on balancing asset growth, resource allocation, and growing liabilities. Therefore, we rated their liabilities movement with a score of 78. Also, Andromeda Metals publishes impressive results related to book value factors in this report. Specifically, price to book ratio (P/B) now sits at 5.0 and represents a -74.7% change from the previous report. Their industry-leading book value factors momentum reinforces an expectation for future positive momentum for their stock price going forward. Consequently, their book value factors movement received a grade of 78. On the other hand, Equity, jumped out as looking problematic. Andromeda Metals management produced disappointing equity metrics this period, which stood at 57.4, representing a 248.2% change. This parameter often affects companies in the same industry and market capitalization by up to 5.9%. Their equity metrics appear unremarkable relative to their peers. Its equity movement component, therefore, received a grade of 55. Therefore, we scored its balance sheet a 66.

Parameter Value Change Score
Assets 60.2 206.9% 74
Liabilities 2.8 -10.7% 78
Price to Book 5.0 -74.7% 78
Cash & Equivalents 42.8 773.0% 64
Equity 57.4 248.2% 55
* All values are TTM

The below chart describes Andromeda Metals's performance as reflected on its balance sheet with respect to its peers. While Andromeda Metals received a balance sheet score of 66, the average of its peers stands on 65.0.

  •  ADN
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
BHP Group Limited 208.5B 74 92 47 52 76 58 0 1
Fortescue Metals Group Limited 55.0B 83 66 68 55 69 65 1 1
Newcrest Mining Limited 19.4B 85 72 46 46 73 52 2 1
South32 Limited 18.7B 74 73 80 79 74 84 3 1
Mineral Resources Limited 9.2B 83 73 52 42 90 55 4 1
Lynas Rare Earths Limited 8.3B 74 59 77 62 68 70 5 1
Northern Star Resources Limited 8.2B 87 70 56 48 65 56 6 1
IGO Limited 7.8B 43 37 80 42 63 50 7 1
BlueScope Steel Limited 7.3B 64 75 87 90 68 85 8 1
Pilbara Minerals Limited 6.9B 87 59 81 87 56 86 9 1
Allkem Limited 6.9B 53 64 44 65 89 57 10 1
OZ Minerals Limited 6.2B 87 72 72 69 72 74 11 1
Evolution Mining Limited 4.8B 47 57 76 96 54 82 12 1
Alumina Limited 4.4B 51 69 50 46 84 50 13 1
OZ Minerals Holdings Pty Ltd 4.0B 81 62 51 97 87 84 14 1
Iluka Resources Limited 3.9B 76 66 87 69 53 77 15 1
Andean Resources Ltd. 3.7B 70 37 60 97 92 86 16 1
Coronado Global Resources Inc. 2.9B 44 56 87 85 71 83 17 1
Nickel Industries Limited 2.8B 41 44 72 50 70 54 18 1
AVZ Minerals Limited 2.8B 99 56 82 98 66 95 19 1
Sims Limited 2.7B 85 72 83 49 57 68 20 1
Zimplats Holdings Limited 2.6B 80 69 68 76 73 77 21 1
Liontown Resources Limited 2.4B 43 55 82 97 37 81 22 1
Perseus Mining Limited 2.3B 81 70 73 82 66 81 23 1
Deterra Royalties Limited 2.3B 99 79 61 75 68 77 24 1
Sandfire Resources Limited 1.9B 41 64 87 87 73 82 25 1
Core Lithium Ltd 1.8B 37 55 82 94 66 83 26 1
Chalice Mining Limited 1.5B 98 78 39 46 89 54 27 1
Grange Resources Limited 1.5B 54 70 51 71 92 65 28 1
Capricorn Metals Ltd 1.3B 69 59 81 91 65 86 29 1
West African Resources Limited 1.3B 92 56 81 92 42 87 30 1
Silver Lake Resources Limited 1.2B 69 62 62 71 57 66 31 1
De Grey Mining Limited 1.2B 44 49 79 69 48 66 32 1
Gold Road Resources Limited 1.2B 83 72 56 65 60 64 33 1
Lake Resources NL 1.2B 78 74 55 64 78 66 34 1
Sayona Mining Limited 1.2B 78 74 55 64 78 66 35 1
Regis Resources Limited 1.1B 77 74 51 48 63 53 36 1
Piedmont Lithium Inc. 1.1B 97 54 82 97 39 88 37 1
5E Advanced Materials Inc. 927.2M 44 83 54 45 37 47 38 1
ioneer Ltd 867.9M 98 56 80 86 52 85 39 1
Syrah Resources Limited 856.9M 63 75 38 46 94 49 40 1
Equigold NL 854.0M 57 46 86 50 45 50 41 1
Ramelius Resources Limited 828.4M 67 41 78 48 49 56 42 1
Vulcan Energy Resources Limited 826.7M 39 53 80 74 41 67 43 1
Jervois Global Limited 813.1M 71 71 44 94 95 78 44 1
Mincor Resources NL 808.9M 83 78 43 62 56 62 45 1
Imdex Limited 796.9M 59 69 83 61 75 71 46 1
Bellevue Gold Limited 722.0M 96 56 81 87 42 84 47 1
St Barbara Limited 701.5M 80 69 51 49 61 53 48 1
Emerald Resources NL 679.4M 51 58 80 51 57 60 49 1
Red 5 Limited 671.6M 49 45 39 55 96 47 50 1
Boart Longyear Group Ltd. 651.0M 85 79 39 60 87 60 51 1
Mount Gibson Iron Limited 629.5M 94 76 39 41 74 48 52 1
Westgold Resources Limited 575.3M 77 65 55 47 73 54 53 1
OM Holdings Limited 563.6M 84 69 84 81 50 84 54 1
Australian Strategic Materials Ltd 540.9M 44 69 55 46 84 51 55 1
Neometals Ltd 531.9M 97 77 46 50 97 60 56 1
Adriatic Metals PLC 528.8M 78 74 55 64 78 66 57 1
Argosy Minerals Limited 467.8M 78 74 55 64 78 66 58 1
Perenti Global Limited 461.4M 68 71 51 61 74 60 59 1
Champion Iron Limited 441.1M 66 49 73 47 67 58 60 1
Panoramic Resources Limited 420.4M 78 75 43 58 85 58 61 1
Hastings Technology Metals Limited 404.8M 75 72 56 67 67 65 62 1
Alkane Resources Limited 402.0M 45 56 83 88 40 78 63 1
Centaurus Metals Limited 397.2M 78 74 55 64 78 66 64 1
Bowen Coking Coal Limited 385.5M 78 74 55 64 78 66 65 1
Jupiter Mines Limited 372.2M 63 93 46 52 80 66 66 1
Galan Lithium Limited 362.2M 78 74 55 64 78 66 67 1
Talga Group Ltd 359.9M 90 78 38 45 95 53 68 1
BCI Minerals Limited 349.8M 86 73 58 67 82 71 69 1
Metals X Limited 344.8M 90 77 50 67 80 68 70 1
Pantoro Limited 330.8M 78 74 55 64 78 66 71 1
Aurelia Metals Limited 327.8M 85 69 59 60 72 65 72 1
Macmahon Holdings Limited 283.7M 47 61 72 78 44 68 73 1
Lotus Resources Limited 277.3M 78 74 55 64 78 66 74 1
Firefinch Limited 236.2M 78 74 55 64 78 66 75 1

Income Statement Analysis

Andromeda Metals appears likely to maintain its strong income statement metrics and momentum going forward. Andromeda Metals reported highly encouraging numbers for its revenue efficiency. This parameter often affects companies in the same industry and market capitalization by up to 24.0%. Their impressive revenue efficiency is even more impressive relative to its peers and competitors in the current market. The company's revenue efficiency, therefore, received a grade of 87. Also, Andromeda Metals's reported return on equity (ROE) ratio was -21.4, representing a change of 54.4%. Its return factor metrics are even more remarkable when compared to their peers. Therefore, its return factors component earned a score of 66. However, one discouraging result, EBITDA, stood out. Andromeda Metals's EBIDTA now sits at -7.6 and represents -25.3% change from the last reporting period. This metric might have a 20.0 percent impact on companies in the same industry and with the same market capitalization. Their EBITDA metrics are even more problematic when compared to their peers. Discouraging results like these statistically lead to negative pressure in stock prices, so we rated their EBITDA a grade of 62. Consequently, their income statement earned a rank of 73.

Parameter Value Change Score
EBITDA -7.6 -25.3% 62
Total Revenues 0.0 0.0% 87
Return on Equity -21.4 54.4% 66
* All values are TTM

The below chart describes Andromeda Metals's performance as reflected on its income statement with respect to its peers. While Andromeda Metals received a income statement score of 73 , the average of its peers stands on 65.0.

  •  ADN
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
BHP Group Limited 208.5B 64 79 79 71 0 1
Fortescue Metals Group Limited 55.0B 58 78 75 67 1 1
Newcrest Mining Limited 19.4B 95 45 48 66 2 1
South32 Limited 18.7B 47 94 95 72 3 1
Mineral Resources Limited 9.2B 94 42 44 63 4 1
Lynas Rare Earths Limited 8.3B 50 91 83 69 5 1
Northern Star Resources Limited 8.2B 48 66 68 56 6 1
IGO Limited 7.8B 98 72 48 78 7 1
BlueScope Steel Limited 7.3B 86 71 66 72 8 1
Pilbara Minerals Limited 6.9B 38 96 96 69 9 1
Allkem Limited 6.9B 46 75 74 61 10 1
OZ Minerals Limited 6.2B 48 82 82 66 11 1
Evolution Mining Limited 4.8B 94 46 43 64 12 1
Alumina Limited 4.4B 87 73 76 79 13 1
OZ Minerals Holdings Pty Ltd 4.0B 39 88 45 61 14 1
Iluka Resources Limited 3.9B 50 62 89 60 15 1
Andean Resources Ltd. 3.7B 37 89 91 97 16 1
Coronado Global Resources Inc. 2.9B 39 98 97 74 17 1
Nickel Industries Limited 2.8B 66 61 55 60 18 1
AVZ Minerals Limited 2.8B 87 63 41 68 19 1
Sims Limited 2.7B 45 90 92 69 20 1
Zimplats Holdings Limited 2.6B 94 50 52 68 21 1
Liontown Resources Limited 2.4B 87 78 91 84 22 1
Perseus Mining Limited 2.3B 42 88 83 65 23 1
Deterra Royalties Limited 2.3B 45 83 66 61 24 1
Sandfire Resources Limited 1.9B 64 73 74 69 25 1
Core Lithium Ltd 1.8B 87 47 81 70 26 1
Chalice Mining Limited 1.5B 99 65 76 81 27 1
Grange Resources Limited 1.5B 74 61 61 64 28 1
Capricorn Metals Ltd 1.3B 37 98 97 69 29 1
West African Resources Limited 1.3B 43 84 63 59 30 1
Silver Lake Resources Limited 1.2B 95 42 41 63 31 1
De Grey Mining Limited 1.2B 44 45 76 47 32 1
Gold Road Resources Limited 1.2B 94 48 49 67 33 1
Lake Resources NL 1.2B 87 62 66 73 34 1
Sayona Mining Limited 1.2B 87 62 66 73 35 1
Regis Resources Limited 1.1B 65 50 45 53 36 1
Piedmont Lithium Inc. 1.1B 87 63 68 77 37 1
5E Advanced Materials Inc. 927.2M 74 37 56 58 38 1
ioneer Ltd 867.9M 87 55 60 69 39 1
Syrah Resources Limited 856.9M 38 67 62 50 40 1
Equigold NL 854.0M 79 44 91 65 41 1
Ramelius Resources Limited 828.4M 94 51 48 68 42 1
Vulcan Energy Resources Limited 826.7M 87 67 84 78 43 1
Jervois Global Limited 813.1M 37 94 93 71 44 1
Mincor Resources NL 808.9M 98 57 59 77 45 1
Imdex Limited 796.9M 77 60 56 56 46 1
Bellevue Gold Limited 722.0M 87 44 83 69 47 1
St Barbara Limited 701.5M 93 56 53 70 48 1
Emerald Resources NL 679.4M 37 96 94 68 49 1
Red 5 Limited 671.6M 95 58 66 75 50 1
Boart Longyear Group Ltd. 651.0M 93 58 67 74 51 1
Mount Gibson Iron Limited 629.5M 99 62 66 78 52 1
Westgold Resources Limited 575.3M 84 58 43 65 53 1
OM Holdings Limited 563.6M 50 96 97 75 54 1
Australian Strategic Materials Ltd 540.9M 91 62 66 74 55 1
Neometals Ltd 531.9M 87 66 56 72 56 1
Adriatic Metals PLC 528.8M 87 62 66 73 57 1
Argosy Minerals Limited 467.8M 87 62 66 73 58 1
Perenti Global Limited 461.4M 73 81 87 78 59 1
Champion Iron Limited 441.1M 95 50 45 71 60 1
Panoramic Resources Limited 420.4M 95 50 62 71 61 1
Hastings Technology Metals Limited 404.8M 90 51 53 68 62 1
Alkane Resources Limited 402.0M 68 74 74 70 63 1
Centaurus Metals Limited 397.2M 87 62 66 73 64 1
Bowen Coking Coal Limited 385.5M 87 62 66 73 65 1
Jupiter Mines Limited 372.2M 96 46 50 81 66 1
Galan Lithium Limited 362.2M 87 62 66 73 67 1
Talga Group Ltd 359.9M 87 40 47 60 68 1
BCI Minerals Limited 349.8M 94 47 56 68 69 1
Metals X Limited 344.8M 94 84 79 87 70 1
Pantoro Limited 330.8M 87 62 66 73 71 1
Aurelia Metals Limited 327.8M 68 58 49 58 72 1
Macmahon Holdings Limited 283.7M 88 51 48 65 73 1
Lotus Resources Limited 277.3M 87 62 66 73 74 1
Firefinch Limited 236.2M 87 62 66 73 75 1

Cash Flow Analysis

Overall, Andromeda Metals's critical cash flow metrics appear to signal strong support and a high likelihood of positive growth going forward. Andromeda Metals's management was effective in improving its CapEx, which now sits at -5.2 and represents -1.2% change from the previous report. The company appears to be headed in the right direction regarding resource allocation, exhibiting prudent capital expenditure growth compared to its peers. Therefore, its CapEx movement component earned a score of 76. Also, Andromeda Metals did a great job related to free cash flow this period, which stood at -0.0, representing a -12.3% change from the previous filing. Companies in the same industry and market capitalization are typically affected by this parameter by up to 4.3%. These free cash flow numbers show that management has executed well while generating cash flow and encouraging growth. Consequently, their free cash flow movement received a grade of 69. That said, one metric, Asset Turnover, stood out as particularly concerning. Asset turnover metrics during this period were surprisingly weak. Their reported asset turnover metrics of 0.0, which represents a 0.0% change from the previous report. Companies in the same sector and market capitalization will usually be affected by up to 2.7 percent by this parameter. Their asset turnover numbers are significantly less impressive when compared to their peers and competitors. Correspondingly, their asset turnover movement received a grade of 60. Because its management is doing an excellent job managing these critical metrics, the cash flow was given a score of 68.

Parameter Value Change Score
Net Cashflow 34.9 1729.8% 68
Capital Expenditure -5.2 -1.2% 76
Asset Turnover 0.0 0.0% 60
Free Cashflow -0.0 -12.3% 69
* All values are TTM

The below chart describes Andromeda Metals's performance as reflected on its cash flow with respect to its peers. While Andromeda Metals received a cash flow score of 68, the average of its peers stands on 68.0.

  •  ADN
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
BHP Group Limited 208.5B 70 77 80 71 75 0 1
Fortescue Metals Group Limited 55.0B 74 78 69 74 75 1 1
Newcrest Mining Limited 19.4B 58 48 63 55 57 2 1
South32 Limited 18.7B 72 86 82 75 78 3 1
Mineral Resources Limited 9.2B 58 69 54 63 61 4 1
Lynas Rare Earths Limited 8.3B 78 63 76 58 70 5 1
Northern Star Resources Limited 8.2B 70 58 54 91 73 6 1
IGO Limited 7.8B 80 73 66 57 72 7 1
BlueScope Steel Limited 7.3B 48 47 56 70 52 8 1
Pilbara Minerals Limited 6.9B 87 97 76 78 86 9 1
Allkem Limited 6.9B 75 77 70 84 82 10 1
OZ Minerals Limited 6.2B 69 97 66 73 78 11 1
Evolution Mining Limited 4.8B 54 49 61 39 50 12 1
Alumina Limited 4.4B 68 74 76 70 72 13 1
OZ Minerals Holdings Pty Ltd 4.0B 49 86 84 39 50 14 1
Iluka Resources Limited 3.9B 75 84 52 74 74 15 1
Andean Resources Ltd. 3.7B 40 55 56 37 41 16 1
Coronado Global Resources Inc. 2.9B 77 86 53 93 81 17 1
Nickel Industries Limited 2.8B 75 63 76 61 70 18 1
AVZ Minerals Limited 2.8B 60 69 76 37 58 19 1
Sims Limited 2.7B 83 98 56 82 82 20 1
Zimplats Holdings Limited 2.6B 75 77 63 44 64 21 1
Liontown Resources Limited 2.4B 59 69 76 51 62 22 1
Perseus Mining Limited 2.3B 69 94 90 83 83 23 1
Deterra Royalties Limited 2.3B 77 88 96 51 75 24 1
Sandfire Resources Limited 1.9B 73 85 63 71 76 25 1
Core Lithium Ltd 1.8B 61 69 76 72 69 26 1
Chalice Mining Limited 1.5B 53 62 84 38 55 27 1
Grange Resources Limited 1.5B 75 79 76 62 73 28 1
Capricorn Metals Ltd 1.3B 81 83 81 79 82 29 1
West African Resources Limited 1.3B 73 84 42 58 66 30 1
Silver Lake Resources Limited 1.2B 63 53 64 47 58 31 1
De Grey Mining Limited 1.2B 80 69 76 61 73 32 1
Gold Road Resources Limited 1.2B 57 57 54 50 56 33 1
Lake Resources NL 1.2B 68 69 76 60 68 34 1
Sayona Mining Limited 1.2B 68 69 76 60 68 35 1
Regis Resources Limited 1.1B 65 76 68 69 69 36 1
Piedmont Lithium Inc. 1.1B 59 62 69 54 60 37 1
5E Advanced Materials Inc. 927.2M 55 48 71 71 61 38 1
ioneer Ltd 867.9M 47 57 54 51 51 39 1
Syrah Resources Limited 856.9M 59 58 43 98 69 40 1
Equigold NL 854.0M 91 69 72 84 87 41 1
Ramelius Resources Limited 828.4M 59 56 81 58 62 42 1
Vulcan Energy Resources Limited 826.7M 67 69 76 69 71 43 1
Jervois Global Limited 813.1M 43 51 38 82 54 44 1
Mincor Resources NL 808.9M 63 63 72 45 57 45 1
Imdex Limited 796.9M 71 72 79 73 74 46 1
Bellevue Gold Limited 722.0M 51 64 56 51 54 47 1
St Barbara Limited 701.5M 54 46 71 55 56 48 1
Emerald Resources NL 679.4M 84 81 80 81 84 49 1
Red 5 Limited 671.6M 68 49 48 59 59 50 1
Boart Longyear Group Ltd. 651.0M 62 74 81 63 68 51 1
Mount Gibson Iron Limited 629.5M 68 69 59 56 64 52 1
Westgold Resources Limited 575.3M 59 69 71 59 63 53 1
OM Holdings Limited 563.6M 75 90 90 75 82 54 1
Australian Strategic Materials Ltd 540.9M 72 69 76 69 72 55 1
Neometals Ltd 531.9M 62 54 71 52 60 56 1
Adriatic Metals PLC 528.8M 68 69 76 60 68 57 1
Argosy Minerals Limited 467.8M 68 69 76 60 68 58 1
Perenti Global Limited 461.4M 61 69 54 78 67 59 1
Champion Iron Limited 441.1M 56 69 51 49 55 60 1
Panoramic Resources Limited 420.4M 69 69 79 54 67 61 1
Hastings Technology Metals Limited 404.8M 65 68 74 57 67 62 1
Alkane Resources Limited 402.0M 69 58 68 71 68 63 1
Centaurus Metals Limited 397.2M 68 69 76 60 68 64 1
Bowen Coking Coal Limited 385.5M 68 69 76 60 68 65 1
Jupiter Mines Limited 372.2M 51 51 84 44 50 66 1
Galan Lithium Limited 362.2M 68 69 76 60 68 67 1
Talga Group Ltd 359.9M 53 48 76 70 62 68 1
BCI Minerals Limited 349.8M 62 54 76 49 60 69 1
Metals X Limited 344.8M 70 81 72 55 68 70 1
Pantoro Limited 330.8M 68 69 76 60 68 71 1
Aurelia Metals Limited 327.8M 72 58 54 49 60 72 1
Macmahon Holdings Limited 283.7M 72 53 46 57 62 73 1
Lotus Resources Limited 277.3M 68 69 76 60 68 74 1
Firefinch Limited 236.2M 68 69 76 60 68 75 1

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