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Andromeda completes Wudinna divestment

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Andromeda Metals has finalised the divestment of its 25 per cent stake in the Wudinna gold project in Gawler Craton, South Australia.

Wudinna is now wholly owned by Cobra Resources, a gold explorer trading on the London Stock Exchange. For the stake, Cobra paid Andromeda $500,000 in cash and $1 million in Cobra shares.

“Andromeda confirms that the sale and purchase has completed and Andromeda’s wholly owned subsidiary Peninsula Resources received $500,000 in cash, in addition to the 52,010,000 Cobra shares that were issued in advance of completion,” Andromeda said.

Andromeda announced the Wudinna divestment in November 2023. Andromeda managing director and chief executive officer Bob Katsiouleris said the divestment is consistent with Andromeda’s strategy to divest non-core assets to support the commercialisation and development of the Great White project.

“This announcement, in addition to the recent announcement on the sale of Drummond epithermal gold project, demonstrates our strategic focus remains squarely focused on securing the funding required to support a final investment decision for the Great White project being made, and the commencement of construction,” Katsiouleris said in November.

For the Drummond project in Queensland, Andromeda allotted 29.5 million shares in Trigg Minerals in exchange for the reimbursement of expenses related to the sale of the project.

The shares were issued alongside an upfront payment of $27,000 in cash and a cash refund of $7500 in respect of the environmental bonds for the project.

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