Andromeda Metals has earned a 51% interest in the Poochera Project after meeting Stage 1 expenditure commitment of $3 million. The Company has now committed to Stage 2 which will move ADN to 75% interest on expenditure of a further $3 million over 3 years or alternatively a decision to mine is made by the JV partners.

Andromeda acquires 51% interest in Poochera Project

Stage 1 expenditure commitment of $3.0 million met ahead of schedule, resulting in ADN now formally acquiring a 51% equity interest in the Poochera Halloysite-Kaolin Project.

The Company has elected to proceed immediately to Stage 2 through the sole contribution of a further $3.0 million to be spent by April 2023 in order to acquire a further 24% equity interest.

Alternatively, ADN will advance to an immediate 75% interest in the Project on a decision to mine made by the joint venture partners.

The Pre-Feasibility Study is proceeding to plan and scheduled for release during the second quarter of 2020.

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Andromeda acquires 51% interest in Poochera Project
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