leadf
logo-loader
viewAndromeda Metals Ltd

Andromeda Metals in trading halt ahead of Eyre Peninsula Gold Project JV exploration results

The company has established a firm foundation to transition to a producer at its South Australian halloysite-kaolin deposits, underpinning expectations of the board and the market alike.

Andromeda Metals Ltd - Andromeda Metals in trading halt ahead of Eyre Peninsula Gold Project exploration results
Andromeda's vision is to be a sustainable industrial minerals producer of high-quality halloysite-kaolin and high purity alumina material

Andromeda Metals Ltd (ASX:ADN) has an announcement pending in regard to exploration results from the Eyre Peninsula Gold Project joint venture with Cobra Resources PLC (LON:COBR) in South Australia and is in a trading halt.

The halt has been granted by the ASX and will remain in place until the start of regular trading on Tuesday, December 8, or when an announcement is released to the market, whichever occurs earliest.

Andromeda's market cap sits at approximately $499.9 million and shares last traded at 24 cents after reaching a new 13-year high of 37.5 cents last month.

Pathway to producer

ADN is well-placed to transition from explorer to producer as the JV with Minotaur Exploration Ltd (ASX:MEP) is on a fast-track to start mining at the Great White Halloysite-Kaolin Project in South Australia, pending approvals.

Chairman Rhod Grivas said at the recent AGM: “Andromeda is setting to transition from an explorer to a miner, to underpin the expectations of the board and the market alike.

“To achieve this, we will employ a significant workforce to undertake the mining as well as develop the systems to support them.”

At the AGM he highlighted ADN’s growth over the preceding 18 months from the signing of a JV agreement with Minotaur in April 2018, to the appointment of James Marsh as managing director, estimation of a JORC 2012 resource at the majority-owned Great White deposit to the completion of a scoping study.

Quick facts: Andromeda Metals Ltd

Price: 0.28 AUD

ASX:ADN
Market: ASX
Market Cap: $602.76 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Andromeda Metals Ltd named herein, including the promotion by the Company of Andromeda Metals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Minotaur Exploration's Andrew Woskett highlights its technical credentials...

Minotaur Exploration's (ASX:MEP) Andrew Woskett speaks to Proactive's Andrew Scott soon after announcing they're to proceed with the acquisition of the Pyramid Gold project in north Queensland. The project is 180 kilometres south of Townsville, covers 150 square kilometres and includes two main...

on 25/11/20

2 min read