Andromeda Metals (ASX:ADN) share price climbs 18%

The Andromeda Metals share price shot higher today, 4 days after the company released a number of announcements.

| More on:

Should you invest $1,000 in Pilbara Minerals Limited right now?

Before you buy Pilbara Minerals Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Pilbara Minerals Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

surging asx share price represented by piggy bank with rocket attached to it

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Today the Andromeda Metals Ltd (ASX: ADN) share price climbed 18.75% to 19 cents before dropping back to close at 18 cents per share. This gain comes 4 days after the company released a number of announcements to the market.

What did Andromeda Metals announce recently?

During the quarter ended 30 September, the Great White Kaolin joint venture in which Andromeda Metals has a 75% interest revealed the following:

  • Maiden reserve of 12.5 million tonnes of kaolinized granite classified as a probable reserve, comprising 15% halloysite and 78% kaolinite.
  • Assay results from aircore drilling revealed an extensive area of kaolin consisting of 2.4 kms by 0.5  kms. 
  • An inferred resource of 51.5 million tonnes of kaolinized granite

Elsewhere, at the company's Mount Hope kaolin project, a new inferred resource of 18 million tonnes of kaolinised granite was estimated during the last quarter.

Drilling of the Andromeda Metals Drummond Epithermal gold joint venture commenced in late September by Evolution Mining Ltd (ASX: EVN), with results pending.

At the company's Eyre Peninsula gold joint venture, an RC drilling program of up to 6,750 metres recently commenced across a number of targets. 

Additional updates from the most recent quarter September included:

  • The company spent $1.22 million on exploration and evaluation
  • Andromeda Metals received cash of $2.03 million from the exercise of options 
  • Cash on hand was $3.66 million at 30 September 2020

Andromeda Metals also announced that it had appointed financial services firm Taylor Collison to advise it on mergers and acquisitions along with equity capital markets transactions. 

About the Andromeda Metals share price

Andromeda Metals is a minerals exploration company with a focus on halloysite-kaolin, gold and copper. The company has assets in South Australia, Western Australia and Queensland. Andromeda Metals has been listed on the ASX since 1996.

Andromeda Metals shares are up 873.68 % since their 52-week low of 1.9 cents and up 270% since the beginning of the year. The Andromeda Metals share price is up 362.5% since this time last year.

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Resources Shares

Miner looking at a tablet.
Resources Shares

BHP shares are up 9% in a month. Are they still good value?

Is Australia’s largest miner a big opportunity?

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Resources Shares

Did you catch what happened with the big 3 ASX 200 mining stocks in April?

BHP, Rio Tinto, and Fortescue all reported their latest mining results in April.

Read more »

Miner looking at a tablet.
Resources Shares

After its earnings result, what's Macquarie's price target on Fortescue shares?

Let’s dig into what Macquarie thinks of Fortescue after its quarterly update.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

The Mineral Resources share price is down 72% in a year. Time to pounce?

Two top experts ran their slide rules over Mineral Resources shares. Here’s what they found.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price shoots 15% higher on third-quarter report

The ASX 200 iron ore and lithium giant has released its 3Q FY25 activities report.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Why Macquarie says this ASX 200 mining stock could rocket 67% in a year

Macquarie forecasts a big potential rebound for this diversified ASX 200 miner.

Read more »

Female miner smiling at a mine site.
Resources Shares

3 reasons why the Fortescue share price could still be a buy

Here’s why I view Fortescue as an opportunity.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

Here's the latest earnings forecast out to 2029 for Rio Tinto shares

Let’s unearth what this mining giant is predicted to achieve.

Read more »