The key thing with Andromeda is that they are using toll-refining (which is common in Industrial Minerals) as away to boost margins on the product. This allows them to self-fund the plant from cashflow without diluting shareholders.
Most operations start with high CAPEX that dilutes shareholders. Andromeda are starting with a low capex hurdle for achieving cashflow. Just $13M of startup CAPEX (Andromeda's share of this is 75%).
Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-30
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