Ann: Heads of Agreement signed for Indian and global markets, page-4

Heads of Agreement signed for Indian and global markets

Andromeda Metals Limited (ASX: ADN) (Andromeda, the Company) is pleased to announce that it has signed a Heads of Agreement (HoA) to pursue business opportunities linked to the Indian industrial minerals market including kaolin distribution and the development and potential distribution of kaolin-zircon mixtures.

The non-binding HoA is with Opaque Ceramics Pvt Ltd (Opaque), an Indian company based in Ahmedabad in the Indian state of Gujarat, which began trading zirconium silicate opacifiers in 1978. It has since grown to become one of the world’s leading ceramic mineral technology companies with its market-leading range of micronised zircon products1.

Opaque manufactures an extensive range of zircon-based products and has an extensive global distribution network, centred around India’s major ceramics production centre of Morbi, that according to its website covers over 1,000 tile producers and 500 sanitaryware firms1.

Key terms for discussion under the HoA include:

• the purchase by Opaque of 5,000-10,000 wmt p.a. of Great White CRMTM for direct sales and distribution into the ceramic tile, ceramic glaze, porcelain tableware and sanitaryware markets in India and potentially other markets, including Bangladesh, Sri Lanka, Middle East, Saudi Arabia and Oman;

• development of a new product, utilising an additional 5,000-10,000 wmt p.a. of Great White kaolin product, to enhance or expand the existing range of Opaque zircon-based products, through incorporating the unique qualities of Great White kaolin, including high-brightness and its zircon- replacement potential; and,

• offtake term of 5 years, with first shipments planned during the first quarter (Q1) of calendar year 2025.

  The HoA provides that binding offtake agreements are to be negotiated expeditiously and in good faith, following a framework for end use customer acceptance and validation.

I would have thought this to be a PS Ann?
Either way another positive for the company, and shows yet again that BK has confidence moving forward.
SP action today was very good, shorts closing? time will tell. But TA wise it did reach my 026 target and is now comfortably broken out of the BB, and with no gaps. Happy with that!
Now where's that PS Ann re financing. hurry up and wait.