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.