Andromeda Metals launches $3m share plan for alumina project

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Andromeda Metals has launched a Share Purchase Plan targeting AUD 3 million (USD 1.95 million) to advance its High Purity Alumina Project and support the next stage of commercialisation.

Eligible shareholders can apply for new Andromeda shares at AUD 0.0059 (USD 0.0038) each, representing a discount of about 15 per cent to the company’s recent five-day volume-weighted average market price. Applications will close at 5 pm Australian Eastern Standard Time on August 31, 2026.

Funds to support HPA development

Andromeda said the funds will be used primarily to progress its High Purity Alumina Project, including completion of a pre-feasibility study.

The capital will also support co-product evaluation, technical and engineering work, pilot-scale activities, customer engagement and general working capital. If the plan does not raise the full target amount, the company’s board may adjust how the funds are allocated.

The Share Purchase Plan is intended to help Andromeda move its HPA project from laboratory-scale validation towards commercial evaluation.

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Pilot work targets 4N HPA

Andromeda is targeting 4N HPA, or alumina with a purity of at least 99.99 per cent. The company has completed commissioning of its pilot plant in South Australia and started optimisation and testwork activities.

The pilot plant is expected to produce commercial 4N HPA samples for prospective customers during the second half of 2026. These samples will allow potential customers to evaluate the material and support Andromeda’s broader commercialisation programme.

The company has previously reported producing 4N HPA at laboratory scale using refined kaolin from its Great White Project and a proprietary processing route. The pilot-scale programme is intended to determine whether the process can produce consistent material through continuous operations.

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Shareholder participation capped

Eligible shareholders can apply for up to AUD 30,000 (USD 19,500) worth of new shares. The participation limit is aggregated across the current offer and Andromeda’s November 2025 Share Purchase Plan.

The company does not expect the capital raising to materially affect control. It has also sought ASX waivers to enable multiple Share Purchase Plans within a 12-month period.

The new shares are expected to be issued on September 7, 2026, subject to the offer timetable and completion of the plan.

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