FY2021
First binding product offtakes
Great White agreements with Plantan Yamada and MSI supported the development case. The July 2021 equity raise occurred after this financial year.
ASX: ADN · Five-year financial review
(ASX: ADN) Andromeda Metals Financial Review - FY2021~25
Andromeda consolidated ownership of Great White, completed studies and secured offtakes, but development funding remained central to the financial story. Its enlarged exploration asset balance should not be read as cash available for construction. This review separates the Minotaur acquisition, annual cash use and the equity raisings that supported the project.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
Cash at June 2025
A$7.142m
After new equity financing during FY2025.
FY2025 statutory loss
A$6.038m
An accounting loss, not total project cash spend.
Exploration carrying amount
A$144.023m
Includes acquisition history; not a market valuation.
FY2025 net financing cash
A$7.873m
After issue costs, lease payments and interest.
Five years in context
Great White moved from studies and early product offtakes towards an expanded staged development plan. The FY2022 Minotaur takeover simplified ownership and substantially changed the accounting asset base. Its share consideration must not be read as a cash exploration payment.
Offtake agreements establish commercial arrangements for future output, not completed shipments or recognised operating revenue. The selected annual record therefore centres on project spending, liquidity and financing; forecast capacity is kept out of historical production charts.
Events behind the numbers
FY2022
Ownership consolidated through Minotaur
Control was obtained in February 2022 and compulsory acquisition completed in March. The transaction was accounted for as an asset acquisition.
FY2023
Construction approvals progress
PEPR and EPA works approvals were received in March 2023. Approval to build does not mean construction was fully financed or production had begun.
FY2024
Expanded initial stage planned
New offtakes and the May 2024 decision supported a larger Stage 1A+ plan. Traxys was signed in July 2024, after the June balance date.
FY2025
New equity supports the funding process
August 2024 and May 2025 raisings supported working capital while project funding progressed. Potential future option proceeds remain conditional.
FINANCIAL REVIEW / 01
The cash buffer follows the financing cycle
The large FY2022 raise was followed by two years of cash drawdown. FY2025 equity financing restored part of that buffer while operating and investing activities remained cash-negative. A lower annual loss is not evidence that project funding needs have disappeared.
Cash at the five balance dates
A$ million
Closing cash
AI-generated presentation · values from Five-year earnings and cash record; no missing values plotted as zero.
Cash consumed and financing received
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Five-year earnings and cash record; no missing values plotted as zero.
Five-year earnings and cash record
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Statutory loss after tax | (6.443) | (8.733) | (9.461) | (7.269) | (6.038) |
| Net operating cash flow | (1.738) | (5.141) | (9.135) | (5.052) | (4.770) |
| Net investing cash flow | (4.280) | (9.829) | (8.193) | (4.565) | (1.397) |
| Net financing cash flow | 7.924 | 42.918 | (0.224) | (0.248) | 7.873 |
| Closing cash | 4.905 | 32.853 | 15.301 | 5.436 | 7.142 |
Loss is an accounting result; cash-flow subtotals are signed receipts or outflows. Neither is a production-volume measure.
The FY2022 period includes the Minotaur acquisition and a major equity raising. It is a change in scale and ownership, not organic operating growth.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Separate the acquisition step-change from organic spending
Exploration assets jumped following the Minotaur acquisition. Subsequent movements are much smaller, but the carrying balance still dominates total assets. This is why an equity-rich balance sheet can coexist with a continuing requirement for development cash.
Exploration carrying value and total equity
A$ million
Exploration and evaluation carrying amountTotal equity
AI-generated presentation · values from The acquired asset base and remaining liquidity; no missing values plotted as zero.
The acquired asset base and remaining liquidity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 17.756 | 174.224 | 165.030 | 158.068 | 160.208 |
| Exploration and evaluation carrying amount | 11.317 | 137.367 | 142.124 | 143.987 | 144.023 |
| Property, plant and equipment | 0.213 | 2.134 | 2.714 | 5.949 | 6.565 |
| Total liabilities | 1.266 | 3.033 | 2.874 | 3.192 | 2.274 |
| Total equity | 16.489 | 171.191 | 162.157 | 154.876 | 157.934 |
| Net current assets | 4.550 | 32.033 | 17.651 | 3.425 | 6.862 |
Exploration assets reflect acquisition and accumulated development-related costs; they are neither cash nor a market valuation of mineral resources.
Net current assets is calculated. It does not establish that the entire project is funded, and total equity cannot be spent as cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Lower cash expenditure is only part of the change
Cash exploration and PP&E payments decreased in FY2025 from FY2024 levels. Grants and sales of financial investments also reduced the net investing outflow. Impairment remains a separate non-cash accounting charge and is not treated as additional cash capex.
Exploration and PP&E cash outflows
A$ million
Exploration and evaluation cash paymentsPP&E cash payments
AI-generated presentation · values from Annual investment cash versus impairment; no missing values plotted as zero.
Annual investment cash versus impairment
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Exploration and evaluation cash payments | (5.010) | (4.036) | (7.521) | (4.835) | (2.802) |
| PP&E cash payments | (0.113) | (1.071) | (1.077) | (3.060) | (1.476) |
| Exploration impairment expense | (0.038) | (0.422) | (0.672) | (0.854) | (0.133) |
| Exploration expenditure expensed | (0.024) | (0.018) | (0.072) | (0.010) | (0.021) |
Cash payments and accounting expenses are separate bases: do not sum these rows as a cash-spend total.
The latest smaller investing outflow also reflects grant receipts and share-sale proceeds. It is not explained solely by a reduction in project activity.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
The exploration roll-forward explains the nearly flat balance
FY2025 exploration costs incurred were largely offset by government grants received or receivable, with smaller impairment and write-off charges. The resulting near-flat asset carrying amount therefore does not mean that exploration work stopped.
Why FY2025 exploration assets barely changed
A$ million
| Metric | FY2025 |
|---|---|
| Opening carrying amount | 143.987 |
| Exploration expenditure incurred | 2.835 |
| Government grants received / receivable offset | (2.645) |
| Impairment | (0.133) |
| Write-off | (0.021) |
| Closing carrying amount | 144.023 |
The disclosed movement reconciles: opening + expenditure - grants - impairment - write-off = closing.
The grant offset includes receivables as well as receipts; it is not the same number as grants collected in the cash-flow statement.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Offtakes and future options are not balance-date cash
The latest equity raisings generated actual cash, while the potential A$11.6m from attached options depended on exercise. The company and auditor retained material going-concern uncertainty if additional funding were not obtained. Those conditions remain relevant despite the improved cash balance.
FY2025 funding and investment offsets
A$ million
| Metric | FY2025 |
|---|---|
| Gross proceeds from share issues | 8.821 |
| Capital raising costs | (0.651) |
| Grant receipts - operating | 0.582 |
| Grant receipts - investing | 1.790 |
| Proceeds from sale of shares held as investments | 0.950 |
These are selected sources and costs across different cash-flow categories, not another financing subtotal.
Share sales are disposals of financial investments, distinct from issuing new Andromeda shares. Conditional proceeds from unexercised options are not included.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only existing frozen annual extractions were used. No original PDFs, parsed body, fresh DB lookup, financial web research or new fact extraction. This is primary-author consistency review, not independent audit.
- Values are A$ million unless otherwise stated. Resource tonnage, reserves, offtake commitments, future plant capacity and historical sales are not interchangeable.
- Minotaur control and completion dates differ within FY2022. The source-described asset acquisition is a scope break; the asset increase is not represented as organic cash capex.
- July2021 equity funding, July2024 Traxys agreement and August2024 equity funding are assigned to their actual fiscal periods rather than the annual report in which a subsequent event was discussed.
- Grants offsetting capitalised costs include receivables and need not equal cash receipts. Potential option exercise funding is not treated as received.
- In this historical review, future production capacity and contract volumes are not plotted as realised mine output.
Annual-report source registry
- Andromeda Metals Limited - Annual Report to ShareholdersExisting annual extracted data, balance date 2021-06-30. Original and comparative observations retain their document identities.
- Andromeda Metals Limited - Annual Report to shareholdersExisting annual extracted data, balance date 2022-06-30. Original and comparative observations retain their document identities.
- Andromeda Metals Limited - Annual Report to shareholdersExisting annual extracted data, balance date 2023-06-30. Original and comparative observations retain their document identities.
- Andromeda Metals Limited - Annual Report to shareholdersExisting annual extracted data, balance date 2024-06-30. Original and comparative observations retain their document identities.
- Andromeda Metals Limited - Annual Report to shareholdersExisting annual extracted data, balance date 2025-06-30. Original and comparative observations retain their document identities.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.