ANDROMEDA METALS LIMITED — Capital/Financing Update 2021

Jul 6, 2021

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69 King William Road UNLEY South Australia 5061

ABN 75 061 503 375

Telephone: +61 8 8271 0600 Facsimile: +61 8 8271 0033 info@andromet.com.au www.andromet.com.au

7 July 2021

Company Announcements Office Australian Securities Exchange Limited PO Box H224 Australia Square NSW 1215

Notice under Section 708A(5) of the Corporations Act

Today Andromeda Metals Limited (ASX: ADN) completed the placement of 200,000,000 fully paid ordinary shares at an issue price of $0.015 per share to institutional and professional and sophisticated investors, raising gross proceeds of $30,000,000 before costs. An Appendix 2A has been released dated 7 July 2021 in respect to the issue of the new fully paid ordinary shares.

In accordance with the requirements of section 708A(5)(e) of the Corporations Act 2007 (Act), under which this notice is given, the Company confirms that:

1. The issued Shares are part of the class of ordinary shares quoted on ASX.

2. The Company issued the Shares without disclosure to investors under Part 6D.2 of the Act, in reliance on sections 708 and that notification is being given under 708A(5)(e) of the Act.

3. As at the date of this notice:

   • (a) the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company;

   • (b) the Company has complied with section 674 of the Act; and

4. As at the date of this notice, there is no information:

   • (a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

   • (b) that investors and their professional advisers would reasonably require, and would reasonably expect to find in a disclosure document, for the purpose of making an informed assessment of:

     • i. the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

     • ii. the rights and liabilities attaching to the issued Shares.

Yours sincerely

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Nick Harding

Executive Director and Company Secretary