Andromeda Metals Limited (ADN) AI Stock Analysis

• Market Cap: AU$60.08M
• Dividend Yield: N/A
• Average Volume (3M): 15.47M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.36
• Revenue Growth: N/A
• EPS Growth: 21.74%
• Country: AU
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 4,623,563,000
• 10 Day Avg. Volume: 11,046,707
• 30 Day Avg. Volume: 15,467,179
• PEG Ratio: 0.31
• Price to Book (P/B): 0.26
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$0.01 ▲(40.00% Upside)
• Action: Reiterated Date: 02/14/26
• Date: Action: Reiterated 02/14/26

The score is primarily weighed down by weak financial performance driven by a pre-revenue profile, ongoing losses, and continued negative free cash flow, despite some improvement in 2025. Technical signals are also soft, with the share price below major moving averages and negative MACD. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.

Positive Factors

Conservative balance sheet / low leverage

Very low debt-to-equity materially reduces financial risk and preserves flexibility to fund project development. For a pre-revenue developer, low leverage lengthens runway, supports further equity or project financing, and improves resilience to execution delays over coming months.

Improving cash burn trajectory

A directional reduction in operating and free cash burn signals improving cost control and program efficiency. If sustained, this reduces near-term financing needs, extends development runway, and increases the likelihood the company can reach key milestones without immediate dilutive capital raises.

Clear, diversified monetisation model for kaolin assets

Having multiple monetisation pathways (product sales, offtake/milestones, JV or asset sales) reduces single-path execution risk. For industrial minerals, this flexibility enhances long-term commercialisation prospects and offers several routes to cash generation as the project advances.

Negative Factors

Pre-revenue company

No operating revenues means the business model has not yet converted resources into commercial sales. This leaves project economics unproven, increases dependency on external funding, and makes near-term progression highly sensitive to development execution and market qualification.

Persistent negative operating and free cash flow

Ongoing negative cash flows erode reserves and necessitate capital raises or partnerships. That reliance can dilute existing shareholders, limit ability to scale processing capacity, and create timing risk if financing windows close before revenue generation occurs.

Negative returns on equity from sustained losses

Consistent negative ROE shows shareholder capital is not generating profit, which hampers the company’s ability to attract long-term institutional investment. Until project cash flows turn positive, capital access and valuation support remain constrained.

Andromeda Metals Limited Business Overview & Revenue Model

Company Description

Andromeda Metals Limited, 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 Limited in December 2016. The company was incorporated in 1993 and is based in Adelaide, Australia.

How the Company Makes Money

Andromeda Metals Limited generates revenue through the exploration, development, and commercialization of its mineral resources, particularly halloysite-kaolin and high-purity alumina (HPA). The company extracts these minerals from its mining projects, processes them, and sells the refined products to industries that require high-quality raw materials. Key revenue streams include the sale of halloysite-kaolin for ceramics and paints, and HPA for applications in LED lighting and battery technologies. Strategic partnerships with other mining and technology companies may also enhance Andromeda's operational capabilities and market reach, contributing to its earnings.

Andromeda Metals Limited Financial Statement Overview

Summary

Overall financials reflect a pre-revenue company with persistent operating and net losses (income statement weakness) and negative operating/free cash flow (ongoing cash burn). The main offset is a conservatively levered balance sheet with very low debt-to-equity, and recent improvement in loss and cash burn trends in 2025 versus 2024.

Income Statement

The company is pre-revenue across all reported annual periods (total revenue remains at 0), with consistent operating losses. Losses widened into 2022–2023 (EBIT and net income more negative), then improved in 2024–2025 (net loss narrowed from -7.3m in 2024 to -6.0m in 2025). Gross profit is negative each year, indicating ongoing costs without sales scale yet. Overall, improving cost trajectory recently, but profitability and revenue visibility remain weak.

Balance Sheet

The balance sheet is conservatively levered: total debt is small relative to equity (debt-to-equity stays near ~0.2%–1.0% over the period, ~0.23% in 2025), which reduces financial risk. Equity and assets are large and relatively stable versus debt, supporting funding flexibility. The key weakness is negative returns on equity each year due to ongoing losses (still negative in 2025), meaning shareholder capital is not yet generating profits.

Cash Flow

Cash generation remains a clear pressure point: operating cash flow and free cash flow are negative every year, reflecting cash burn to fund development. There is improvement in 2025 versus 2024 (free cash flow burn reduced from about -12.9m to -9.0m; operating cash burn improved modestly), but the business is still dependent on external funding until revenue ramps. The main positive is a directionally better cash burn profile recently, though volatility persists across years.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-433.11K	-491.00K	-425.00K	-191.00K	-93.23K
EBITDA	-5.62M	-6.45M	-10.58M	-8.30M	-6.08M
Net Income	-6.04M	-7.27M	-9.46M	-8.73M	-6.44M
Balance Sheet
Total Assets	160.21M	158.07M	165.03M	174.22M	17.76M
Cash, Cash Equivalents and Short-Term Investments	7.14M	5.44M	15.30M	32.85M	4.90M
Total Debt	365.44K	581.34K	727.12K	846.14K	83.56K
Total Liabilities	2.27M	3.19M	2.87M	3.03M	1.27M
Stockholders Equity	157.93M	154.88M	162.16M	171.19M	16.49M
Cash Flow
Free Cash Flow	-9.05M	-12.95M	-17.38M	-10.23M	-6.85M
Operating Cash Flow	-4.77M	-5.05M	-8.78M	-5.12M	-1.73M
Investing Cash Flow	-1.40M	-4.56M	-8.58M	-9.86M	-4.29M
Financing Cash Flow	7.87M	-247.60K	-197.01K	42.93M	7.93M

Andromeda Metals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MEU	56 Neutral	AU$174.34M	-96.67	-8.09%	―	―	-275.00%
VHM	52 Neutral	AU$112.57M	-14.57	-10.49%	―	―	16.52%
EPM	46 Neutral	AU$69.13M	-52.50	-7.13%	―	―	33.33%
ADN	45 Neutral	AU$60.08M	-7.22	-3.86%	―	―	21.74%
GCM	45 Neutral	AU$43.40M	-11.54	-18.16%	―	―	-18.18%
AGR	44 Neutral	AU$26.72M	-6.09	-7.25%	―	―	78.30%

Andromeda Metals Limited Corporate Events

Andromeda Advances Funding, Early Works and HPA Pilot Plans for Great White Project

Andromeda Metals reported steady progress in the December 2025 quarter on securing funding and advancing site activities for its Great White Project, including moving due diligence forward with a prospective cornerstone asset-level investor and progressing conditions precedent and documentation for a $75 million debt facility with Merricks Capital. The company also raised more than $14 million through an equity placement, share purchase plan and director participation to fund early works at Great White, equipment procurement for the Stage 1A+ development, advancement of the HPA project, and product marketing, while simultaneously refining engineering design and commencing test work for pilot-scale continuous HPA production using Great White kaolin feedstock, positioning the business closer to a final investment decision and potential future production.

The most recent analyst rating on (AU:ADN) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Andromeda Metals Limited stock, see the AU:ADN Stock Forecast page.

Andromeda Metals Seeks ASX Quotation for Additional Ordinary Shares

Andromeda Metals Limited has applied to the ASX for quotation of 128,571 new fully paid ordinary shares, issued on 16 January 2026. The modest increase in quoted securities reflects the conversion or exercise of existing options or other convertible instruments, slightly expanding the company’s share base and providing additional tradable equity for investors without indicating a major capital raising or structural change.

The most recent analyst rating on (AU:ADN) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Andromeda Metals Limited stock, see the AU:ADN Stock Forecast page.

Andromeda Metals Options Lapse Clarifies Capital Structure

Andromeda Metals Limited has announced the cessation of 1,650,000 ADNAA options, which expired unexercised on 31 December 2025. The lapse of these options slightly reduces the pool of potential equity dilution for existing shareholders and clarifies the company’s current issued capital structure, but does not directly impact its operating activities or projects.

The most recent analyst rating on (AU:ADN) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Andromeda Metals Limited stock, see the AU:ADN Stock Forecast page.

Andromeda Advances Early Works at Great White Project After Meeting Environmental Obligations

Andromeda Metals Limited has completed several key Early Works milestones at its Great White Project, including payment of required environmental compliance obligations, construction of mine access, bulk earthworks for the Stage 1A+ processing plant, geotechnical drilling, and securing insurance arrangements. Engineering detailed design for the processing plant and water infrastructure, as well as transport of long-lead equipment from overseas, are currently underway and supported by proceeds from a recent $14 million capital raising. The company has also stepped up local engagement by holding community information sessions in Poochera and Streaky Bay, aiming to keep stakeholders informed on the project’s progress and environmental compliance, which collectively positions the project closer to full-scale development and enhances Andromeda’s standing as it moves toward production.

Andromeda Metals Director Increases Stake

Andromeda Metals Limited has announced a change in the director’s interest, specifically for Jean-Dominique Sorel. On December 11, 2025, Sorel acquired 1,714,285 shares and 1,028,571 listed options, valued at $30,000, under a securities placement. This change reflects an increase in Sorel’s direct holdings, which may indicate confidence in the company’s future prospects.

Andromeda Metals Announces Director’s Interest Change

Andromeda Metals Limited announced a change in the director’s interest, specifically involving Sue-Ann Higgins. The change includes the acquisition of 34,285 listed options exercisable at $0.026, expiring on December 11, 2027, under a share purchase plan. This adjustment in the director’s holdings reflects the company’s ongoing efforts to align management interests with shareholder value, potentially impacting the company’s governance and stakeholder confidence.

Andromeda Metals Issues Cleansing Notice for New Share Issuance

Andromeda Metals Limited has issued a cleansing notice under section 708A(5)(e) of the Corporations Act 2001, following the issuance of over 6.9 million fully paid ordinary shares. These shares were issued without disclosure to investors, in compliance with the relevant provisions of the Corporations Act. The announcement indicates that there is no excluded information that needs to be disclosed, suggesting transparency and adherence to regulatory requirements, which may reassure stakeholders about the company’s compliance and operational integrity.

Andromeda Metals Expands Capital with New Securities Issuance

Andromeda Metals Limited has announced the issuance of 5,272,109 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange. This move is part of the company’s strategy to enhance its capital structure and potentially improve its market positioning, offering stakeholders an opportunity for increased investment and growth.

Andromeda Metals Announces Option Ownership Structure

Andromeda Metals Limited has announced a snapshot of its listed options, which are set to expire on December 11, 2027, at a price of $0.026. The report reveals that a significant majority of these options, 99.10%, are held by 170 holders, indicating a concentrated ownership structure. This concentration of ownership could imply potential strategic control or influence over the company’s future decisions and market activities.

Andromeda Metals Reveals Top Holders of Listed Options

Andromeda Metals Limited has released a snapshot of its top 20 holders of listed options expiring on December 11, 2027, at a price of $0.026. The top holders include major financial institutions such as Citicorp Nominees Pty Limited and UBS Nominees Pty Ltd, which collectively hold a significant portion of the options. This distribution of options indicates a strong interest from prominent investors, potentially impacting the company’s market perception and stakeholder confidence.

Andromeda Metals Limited Announces New Securities Quotation

Andromeda Metals Limited has announced a new application for the quotation of securities as part of transactions previously disclosed to the market. This move is part of the company’s strategic efforts to enhance its financial positioning and operational capabilities. The issuance of these securities, dated December 11, 2025, is expected to impact the company’s market presence by potentially increasing its capital base and providing more flexibility in its financial operations.

Andromeda Metals Successfully Passes All Resolutions at General Meeting

Andromeda Metals Limited held a General Meeting where all resolutions were successfully passed. The resolutions included the ratification and approval of various share and option issues, which are strategic moves to enhance the company’s financial standing and operational capabilities. This outcome is likely to strengthen Andromeda Metals’ position in the market and provide opportunities for growth, benefiting stakeholders and supporting future projects.

Andromeda Metals Limited Announces New Options Offering

Andromeda Metals Limited has announced a prospectus for the issuance of approximately 446 million Placement Options, 34.2 million SPP Options, and 13 million Broker Options, all with an exercise price of $0.026. This move is part of their strategic financial offerings to participants in their Placement and SPP, subject to shareholder approval. The issuance aims to enhance the company’s capital structure and provide financial flexibility, potentially impacting their market positioning and offering opportunities for stakeholders.

Andromeda Metals Initiates Early Works at Great White Project

Andromeda Metals Limited has announced the commencement of early works at the Great White Project following the registration of a $3.79 million rehabilitation bond and a $670k payment to the Native Vegetation Fund. The early works include site preparation, construction of a mine access road, and drilling activities, with detailed design and equipment transport arrangements underway. The company is actively engaging with local stakeholders and continues to work on securing additional funding to support further development, emphasizing its commitment to regulatory compliance and community contribution.

Andromeda Metals Director Increases Stake with Service Fee Options

Andromeda Metals Limited announced a change in the director’s interest, with Jean-Dominique Marie Yves Sorel acquiring 4,633,180 zero exercise price options issued in lieu of fees, increasing his total holdings to 12,906,166 Service Fee Options. This issuance under the employee incentive plan reflects the company’s strategy to align director interests with company performance, potentially impacting its governance and stakeholder confidence.

Andromeda Metals Announces Director’s Increased Stake Through Incentive Plan

Andromeda Metals Limited announced a change in the director’s interest, with Director Miguel Joaquin Galindo Cercos acquiring 4,633,180 zero exercise price options, increasing his total holdings to 11,887,952 Service Fee Options. This change reflects an issuance of securities under the company’s employee incentive plan, indicating a strategic move to align the director’s interests with company performance and potentially impacting stakeholder perception positively.

Andromeda Metals Announces Director’s Share Acquisition

Andromeda Metals Limited announced a change in the director’s interest, specifically regarding Sue-Ann Higgins. The change involves an acquisition of 571,429 shares under a share purchase plan, valued at $10,000, increasing her total holdings to 1,404,762 shares. This adjustment in director holdings may reflect confidence in the company’s future prospects, potentially influencing stakeholder perceptions and market positioning.

Andromeda Metals Issues Unquoted Equity Securities to Employees

Andromeda Metals Limited announced the issuance of 9,266,360 unquoted equity securities under an employee incentive scheme, which are not intended to be quoted on the ASX. This move could potentially enhance employee engagement and retention, aligning their interests with the company’s long-term growth objectives.