Andromeda offloads final 25% stake in Wudinna

Andromeda Metals (ASX:ADN) has completed the sale of its remaining 25% interest in the Wudinna Gold Project in South Australia to privately-held Lady Alice Mines and Cobra Resources (LSE:COBR). 

Andromeda, which has a market capitalisation of $52.87 million, sold the remaining interest for $500,000 cash and $1 million Cobra shares, which have now been received by its wholly owned subsidiary Peninsula Resources. 

“It is pleasing to complete the Agreement and obtain 100% ownership of Wudinna, which is an exceptionally prospective landholding containing gold resources, uranium mineralisation and, of course, the transformational ionic rare earths discovery,” Cobra CEO Rupert Verco says.

“Given the strong gold and uranium markets, we are evaluating how to best progress our existing gold resource and highly prospective uranium assets whilst we focus on advancing the Boland rare earths discovery.”

On 15 November 2023, Andromeda announced it was selling its remaining interest in Wudinna, via Peninsula Resources, as part of a corporate strategy. 

CEO and Managing Director Bob Katsiouleris said at the time that the sale is consistent with the company’s strategy of divesting non-core assets to support commercialising and developing the Great White Project. 

The Great White project contains several deposits containing halloysite tubes and kaolinite plates in the Eyre Peninsula of South Australia. 

Andromeda Metals is an Australian company focused on industrial minerals. The company is engaged in the sustainable supply of industrial minerals and the advancement of nanotechnologies. 

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Images: Andromeda Metals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.