I'm as keen as anyone to see the further progress of ADN and of...

I'm as keen as anyone to see the further progress of ADN and of course this includes the release of the DFS.

The December quarterly (IMO) indicates that the DFS is inline with the expected timeframes. TO of MEP was to be completed within the first quarter, Tick.. Then the re-workings of the DFS thereafter, which is where we are at. Apart from JM being a little over energetic with trying to get this DFS out as early as possible, the broader communications from ADN below indicates that all is on time and on track.

Just a refresher:
DFS Timetable
Andromeda is now aiming to finalise the DFS once the takeover of Minotaur has been completed, thus
consolidating the Great White Kaolin Project. This will allow the DFS to reflect a single, 100% owner of the
project (and the associated benefits) as well as eliminate the need for the DFS to go through joint venture
approval processes prior to its release. It is anticipated that the takeover will be completed within the first
quarter of 2022. Progress of the DFS continues, and will incorporate the following including the bottom up work required for a multi-product (CRM™ plus PRM™) development:
 Further analysis of the benefits of DSO/concentrate;
 Further analysis on the optimal product mix;
 The value versus risk trade-off; and
 The optionality that comes with 100% ownership of Great White.
Andromeda has balanced the drawbacks of a timetable delay of the DFS with the benefits of ownership
consolidation, further project value optimisation and the inclusion of other opportunities, all factors
capable of unlocking significant value for Andromeda (and Minotaur) shareholders.
Further details of the DFS progress are set out in Andromeda’s announcement dated 10th November 2021
titled Definitive Feasibility Study Update.

Cheers,

GS