The theory is that if they have the confidence to buy shares, it could be a sign that things are going well and they expect them to appreciate in value.

With that in mind, listed below are five ASX mining shares that have reported insider buying recently:

Andromeda Metals Ltd (ASX: ADN)

A non-executive director of this ASX-listed emerging industrial minerals producer has been buying shares on the market. A change of director's interest notice reveals that Austen Perrin picked up 939,598 shares between 19 June and 21 June for a total consideration of $38,889.37.

Challenger Gold Ltd (ASX: CEL)

Another ASX mining share reporting insider buying has been gold developer Challenger Gold. According to a notice, the company's non-executive chairman, Fletcher Quinn, bought 1 million shares through an on-market trade on 23 June. Quinn paid a total of $113,720 for the parcel of shares.

Lunnon Metals Ltd (ASX: LM8)

This nickel and gold explorer has also reported some insider buying. Non-executive director Deborah Lord bought 35,000 shares at an average of 93 cents per share on 22 June. This represents a total consideration of $32,550.

Nova Minerals Ltd (ASX: NVA)

A couple of directors of this gold developer have been buying its shares on-market. CEO Chris Gerteisen picked up a modest 25,000 for $6,500. Whereas executive director Craig Bentley snapped up 512,144 shares for a total consideration of $135,355.15. Nova Minerals is developing North America's next major gold trend, Estelle, to become a world-class, tier-one, global gold producer.

Prospect Resources Ltd (ASX: PSC)

A final ASX mining share that has reported insider buying is Prospect Resources. It is a lithium explorer with operations in Zimbabwe. Three directors have been buying shares recently. This includes Gerry Fahey picking up 300,000 shares for 10.5 cents per share on 20 June, Sam Hosack snapping up 1,670,000 shares for between 10.5 cents and 14.07 cents per share across 20 June and 22 June, and Mark Wheatley buying 500,000 shares at 10.5 cents per share on 19 June.

The post 5 ASX mining directors buying up their company shares in the past week appeared first on The Motley Fool Australia.

So let's look at four ASX All Ords shares that insiders have been buying up this January.

4 ASX All Ords shares that insiders have been buying up in 2023

Liontown Resources Ltd (ASX: LTR)

First up today is ASX lithium share Liontown Resources. As we covered a few days ago, Liontown chair Tim Goyder made a big investment in the company he runs earlier this month.

Goyder picked up a cool million shares at a cost of $1.5 million back on 20 January. The shares traded in a range of $1.375 and $1.465 on that day. This indicates that Goyder is sitting on a tidy profit today, given the shares are currently going for $1.64 at the time of writing.

New Hope Corporation Limited (ASX: NHC)

ASX coal miner New Hope is next up. This energy share has had one of the best runs on the All Ords over the past year or so, up more than 160% since January 2022. One insider thanking their lucky stars would be non-executive director, Jacqueline McGill.

McGill bought more than 10,000 shares of the company back on 6 January for $5.88 each, costing the director almost $59,000. This comes after McGill also bought 20,000 shares back in June last year for $3.66 each.

Today New Hope is asking $5.98 a share, meaning McGill would be a very happy camper indeed.

Andromeda Metals Ltd (ASX: ADN)

Our third ASX All Ords share worth taking a look at is the copper and gold explorer Andromeda Metals. More than one Andromeda insider has been putting money where their mouths are this month. Firstly, independent non-executive chair Michael Wilkes. Wilkes acquired 1.06 million new shares in Andromeda over 10-11 January, costing the director close to $53,000. This implies a buy price of around 5 cents per share.

But we also had managing director James Marsh pick up just over 1.9 million new shares over 13-16 January. This transaction was worth around $110,000, implying a buy price of just over 5.8 cents per share.

Andromeda non-executive director Melissa Holzberger didn't want to miss out either. Holzberger netted another 384,615 shares on 16 January, for a cost of $24,615. That implies a cost per share of 6.2 cents.

So on today's current Andromeda Metals share price of 5.6 cents per share, Wilkes would certainly be doing the best out of all of these recent insider purchases.

Race Oncology Ltd (ASX: RAC)

Finally today, we have ASX All Ords healthcare share Race Oncology. As we covered earlier this month, executive director and chief science officer Dr Daniel Tillett spent January buying up shares in the company. Tillett bought an additional 25,550 shares in Race over 11-13 January, at a total cost of $50,223.

That implies an average purchase price of $1.966 per share. In the days after this buy, Race shares went as high as $2.07, but the company is trading at $1.95 per share today.

The post 4 ASX All Ords shares insiders have been buying up in January appeared first on The Motley Fool Australia.

Andromeda shares are currently trading 10.23% higher at 9.7 cents each after closing at 8.8 cents a share on Friday

Let's look into why investors are buying up Andromeda's stock today.

Why Andromeda shares are taking off today

The company announced another binding offtake agreement today, this time with Japanese porcelain manufacturer Plantan Yamada.

The multi-generational porcelain manufacturer will purchase 43,000 tonnes of Andromeda's semi-refined kaolin concentrate from its Great White Kaolin Project over the first three years of its operation.

Significantly, the binding agreement is for a price above Andromeda's feasibility study pricing.

The company's Managing Director James Marsh said it was an important milestone for the company:

This Agreement with a multi-generational leading Japanese porcelain producer [is] yet another significant milestone for Andromeda and the Great White Kaolin Project. It is the second binding agreement for our initial Great White KCM 90 product and provides excellent support for the strategic decision to start with this in Stage 1 of operations. 

In July, the company signed an agreement with Asia Minerals Resources to supply 38,500 tons of halloysite-kaolin.

Andromeda also said it's in negotiations with other undisclosed partners to finalise additional strategic offtake agreements.

The company's Great White Kaolin Project is located in the Eyre Peninsula of South Australia with an estimated 34.6 metric tonnes worth of mineral resource deposits. 

Andromeda Metals share price snapshot

Despite today's good news, the Andromeda share price is down 48% year to date and almost 40% over the last 12 months. 

As such, the company's shares are significantly underperforming the S&P/ASX 300 Metals and Mining Index (ASX: XMM). It's dropped 3.62% year to date and 12% since this time last year.

However, it's been a good month for the company, with its shares gaining almost 30%. At the current share price, Andromeda's market capitalisation is $298 million.

The post Andromeda share price leaps 10% on 'another significant milestone' appeared first on The Motley Fool Australia.

Shares in the ASX resource explorer closed yesterday at 8.9 cents and are currently trading for 10.3 cents, up 15%.

Here's what's piquing ASX investor interest this morning.

What's driving ASX investors to hit the buy button?

The Andromeda Metals share price is surging after the company reported signing a legally binding offtake agreement with Asia Minerals Resources (AMR) to supply halloysite-kaolin from its Great White Kaolin Project.

The agreement with the Vietnam and Hong Kong based AMR is for up to a total of 38,500 tonnes of its Great White KC 90 product over the first three years of production. The company said it will receive a price higher than its Definitive Feasibility Study pricing.

The company said the agreement opens the door to sales into the ceramics sector in Vietnam, Malaysia, Singapore, Bangladesh, India, Pakistan, Philippines, South Korea, Indonesia, Thailand and the United Arab Emirates.

Commenting on the agreement, Andromeda Metal's managing director, James Marsh said:

This agreement with AMR is a significant milestone for Andromeda as it is the first one for our initial Great White KCM 90 product with a leader in the world of high-quality ceramics, which confirms the quality and value of the unique Great White resource. We look forward to a long and productive relationship with AMR.

Looking ahead, the Andromeda Metals share price could be getting some extra tailwinds from the company's report that it is progressing with additional negotiations "to lock in strategic offtake agreements" for the balance of its initial Great White plant output. Those agreements will help further de-risk the project.

Andromeda Metals share price snapshot

Despite today's big jump, the Andromeda Metals share price remains down 46% in 2022. That compares to a year-to-date loss of 12% posted by the All Ordinaries Index (ASX: XAO).

The post Andromeda Metals share price surges 15% on 'significant milestone' appeared first on The Motley Fool Australia.

However, its enthusiastic performance might be in response to recent turbulence.

At the time of writing, the Andromeda share price is 13 cents, 31.58% higher than its previous close.

For context, the broader market is also in the green today, though, not to such a dramatic extent. Right now, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both up around 0.5%.

So, what could be driving the Andromeda share price today? Let's take a look.

What's pushing Andromeda's stock higher on Friday?

Andromeda's stock is launching nearly 32% on Friday after tumbling 45% over the previous two sessions.

The halloysite-kaolin-focused producer of industrial metals released the definitive feasibility study for its Great White Kaolin Project on Wednesday.

The project was a joint venture between Andromeda and the previously ASX-listed Minotaur Exploration.

The pair merged in February, with Minotaur shareholders each receiving 1.5 shares in Andromeda for their investment.

Under its definitive feasibility study, the Great White Kaolin Project was given a valuation of $613 million and an internal rate of return of 36%.

Previously, the project's prefeasibility study indicated a valuation of $736 million and an internal rate of return of 175%.  

On the release of the latest study on Wednesday, the Andromeda share price tumbled 33%. It ditched another 16% the following day.

Thus, today's movements might be the market's way of correcting the company's valuation following the sell-off.

Andromeda share price snapshot

Today's gains haven't been enough to boost the industrial metals stock back into the long-term green.

Right now, the Andromeda share price is 34% lower than it was at the start of 2022. It has also fallen 57% since this time last year.

The post Why is the Andromeda share price skyrocketing 32% on Friday? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Andromeda Metals Ltd (ASX: ADN)

The Andromeda Metals share price has continued to sink and is down a further 15% to 9.8 cents. Investors have been selling this kaolin explorer's shares this week following the release of a bitterly disappointing definitive feasibility study (DFS) for the Great White Kaolin Project in South Australia. Management revealed an internal rate of return (IRR) of 36% and a 5.9 years payback, which compares unfavourably to previous estimates of 175% and 15 months, respectively.

ARB Corporation Limited (ASX: ARB)

The ARB share price is down 5% to $39.39. Part of this decline is attributable to the 4×4 parts manufacturer's shares trading ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to receiving this fully franked 39 cents per share dividend later this month on 22 April.

BCI Minerals Ltd (ASX: BCI)

The BCI Minerals share price is down 7% to 44.2 cents. This follows the release of an update on its Mardie project this morning. Comments around costs appear to have spooked investors. Management commented: "Cost pressures are evident across the mining and construction sectors in Western Australia. We are closely monitoring and managing our contracts and are reviewing the inflationary impact on the total Mardie capital cost."

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is down 6% to $49.59. This appears to have been driven by weakness in the tech sector today following another very poor night of trade on the Nasdaq index on Wall Street. It isn't just WiseTech that is tumbling today. At the time of writing, the S&P ASX All Technology index is down 3.1%.

The post Why Andromeda Metals, ARB, BCI Minerals, and WiseTech shares are tumbling lower appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Andromeda Metals Ltd (ASX: ADN)

The Andromeda Metals share price is down 36% to 11.2 cents. This follows the release of the definitive feasibility study (DFS) for the Great White Kaolin Project in South Australia. Management estimates that the project has a pre-tax net present value (NPV) of $613 million. Some investors appear to have been expecting a much larger kaolin project.

Block Inc (ASX: SQ2)

The Block share price is down 7% to $178.48. This follows an equally sharp decline for the payments giant's shares on Wall Street last night. Investors were selling tech stocks amid fears that rate rises could slow economic growth. It isn't just Block that is falling on Wednesday. The S&P/ASX All Technology index is down by 2.4% this afternoon.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is down 4% to 77 cents. This follows news that the uranium producer has completed a $200 million institutional placement. These funds were raised at an 8.9% discount of 72 cents per new share. Paladin Energy launched its capital raising to support the restart of the globally significant Langer Heinrich Mine.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 5% to $1.47. Investors have been selling this buy now pay later provider's shares following weakness in the tech sector and a subdued response to its share purchase plan. In respect to the latter, Zip has raised an additional $24 million at $1.48 per new share. This was less than half the $50 million it was seeking from retail shareholders.

The post Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping appeared first on The Motley Fool Australia.

• The Andromeda share price surged 13.95% today
• Andromeda's takeover offer for Minotaur was "overwhelmingly" accepted
• Only a few conditions remain before takeover at the end of January

The Andromeda Metals Ltd (ASX: ADN) share price is in the news again today following an update on its takeover offer for Minotaur Exploration Ltd (ASX: MEP).

At market close, the Andromeda share price was up 13.95% trading at 24 cents apiece, and the Minotaur share price was up 12.5% trading at 27 cents.

Andomeda's takeover decision

Today, Andromeda announced that Minotaur shareholders had approved the proposed demerger of its copper and gold assets into its subsidiary Demetallica at its general meeting today.

This means all non-kaolin related assets, including copper, gold and other projects in Queensland and South Australia, will be moved under the umbrella of Demetallica.

Demetallica will then push for an initial public offering (IPO) and apply for ASX listing in April.

The demerger was one of the major conditions of Andromeda's takeover offer, and leaves just a few other conditions to be addressed before finalising on 7pm 31 January, unless extended or withdrawn.

This includes a including a minimum 90% acceptance of the offer, no "material adverse advent" or "prescribed occurrences".

The demerger, which was a condition of the takeover offer, was made today at the Minotaur general meeting.

Last days for Minotaur Exploration

Just yesterday, Minotaur released its cash flow and activities update for the quarter ending 31 December, reporting it had $5.61 billion available in funding for future operating activities — a potential draw for Andromeda investors.

Today, Minotaur non-executive chair Roger Higgins addressed shareholders for potentially the last time. He said:

If the demerger resolutions are carried today Minotaur will inevitably become a subsidiary of Andromeda Metals Ltd (ASX: ADN) and, in due course, very likely be removed from the ASX list.

But not everyone will be seeing these new changes for the companies — today, Andromeda chair and non-executive director Rhoderick Grivas announced his resignation due to "family reasons".

Andromeda share price snapshot

The Andromeda share price dropped by almost 20% in the past 12 months. It hit its 52-week-low of 14 cents in mid September, just before announcing positive HPA test results from its Canadian facility.

The company has a market capitalisation of $534 million and 2.48 billion shares outstanding.

The post Andromeda (ASX:ADN) share price rocketed 14% today. Here's why appeared first on The Motley Fool Australia.

• Investors have responded well to Minotaur's quarterly cash flow and activities update for the period ended 31 December 2021
• Minotaur's cash position took a backward step at the end of December, resulting in a 46% decline in cash and cash equivalents
• The company also gave an update on the proposed takeover offer from Andromeda Metals
  Minotaur shares have climbed more than 17% this year to date.

Shares in mining and resources company Minotaur Exploration Ltd (ASX: MEP) are inching higher in afternoon trade and are now swapping hands at 23.5 cents apiece.

Investors have responded well to Minotaur's quarterly cash flow and activities update for the period ended 31 December 2021. In the report, the company also covered details of the proposed merger with Andromeda Metals Ltd (ASX: ADN). Here are more details.

Why's the Minotaur Exploration share price edging higher?

The company advised that it held cash of $2.29 million following an exploration expenditure of $2.2 million at the end of the quarter.

Minotaur's cash position took a backward step at the end of December, resulting in a 46% decline in cash and cash equivalents from $4.24 million in the previous quarter.

Factoring in all available sources of liquidity, Minotaur estimates it has $5.81 billion in total available funding for future operating activities. This gives the company an estimated 2.69 quarters of runway at its current burn rate.

Minotaur also gave an update on the proposed takeover offer from Andromeda Metals that first surfaced in November 2021.

Back then Andromeda lodged a scrip for scrip takeover offer by a subsequent bid implementation agreement. Minotaur then put the proposal to shareholders via a bidder's and target's statement in December.

The company says that as of 18 January, Andromeda had "received acceptances for 59% of Minotaur's issued shares".

Minotaur's board also unanimously recommended shareholders accept the offer, which Andromeda stated is due to close on 31 January 2022, per the release.

Not only that, but the takeover is "conditional, primarily, on Minotaur's shareholders approving the separation of Minotaur's non-kaolin assets and their transfer to subsidiary Demetallica Ltd, with Demetallica to be formally demerged from Minotaur".

Demetallica will prepare for an initial public offering (IPO) and ASX listing in April 2022 according to the company's announcement.

Under this arrangement, Minotaur's roughly 3,300 shareholders will receive around 1,000 new shares in Demetallica for each 20,000 Minotaur shares held, subject to that approval at a meeting on 20 January 2022.

Aside from this update, Minotaur also rehashed the seven market-sensitive updates it released in December, that's seen its share price climb more than 20% in the last month.

Minotaur Resources share price snapshot

In the last 12 months, the Minotaur share price has climbed over 38% after rallying 20% in the past month.

This year to date it has jumped out of the blocks as well, spiking over 17% since January 1.

Each of these returns has outpaced the benchmark S&P/ASX 200 Index (ASX: XJO)'s return within the last 12 months.

The post Minotaur Resources (ASX:MEP) share price spikes on Andromeda, quarterly update appeared first on The Motley Fool Australia.

Whilst there's nothing price-sensitive out of Andromeda's camp today, its share price has crept up gradually after bouncing off a 15 cent low in December.

Why's the Andromeda share price soaring today?

In the absence of any market-moving information or news, it's not abundantly clear on exactly what is behind the monstrous jump in the Andromeda share price today.

However, investors have been piling into the company these past few weeks, such that shares have exploded more than 32% in the last month.

That's a huge step ahead of the S&P/ASX 200 Index (ASX: XJO)'s return of less than 1% over the past month.

Underpinning the growth is a pair of market updates released in the back end of 2021. Firstly, the company announced its pending merger with Minotaur Exploration Ltd (ASX: MEP) last year. If the merger is given the green light, Andromeda would then be the 100% owner of the Great White kaolin project.

The proposal of 1.15 new Andromeda shares for each Minotaur share will close on 31 January after Minotaur directors unanimously recommended its shareholders to accept the offer.

Aside from this, South Australian Energy and Mining Minister Dan van Holst Pellekaan, granted mining leases for the Great White kaolin project last month as well.

The decision marks another step closer to becoming a "world-class" producer of kaolin minerals, according to managing director James Marsh at the time.

"Once in production a whole range of new and significant halloysite-kaolin opportunities will open up for us, and I would like to thank the whole Andromeda team for their dedication and professionalism", Marsh said.

Andromeda share price snapshot

Despite the recent strengths, the Andromeda share price has fallen more than 23% in the last 12 months.

Yet, it has climbed over 32% in the past month and is now up almost 22% for the year to date.

So far, this year to date, Andromeda is outpacing the broad index's loss of less than 1%.

The post Why is the Andromeda Metals (ASX:ADN) share price leaping another 18% today? appeared first on The Motley Fool Australia.

Shares in the mining company have soared from 15.5 cents to 19.5 cents in the past four weeks, up 26%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up around 3% over the past month.

Let's take a look at what may be weighing on the minds of investors.

New mining lease

Andromeda is a South Australian explorer aiming to supply high-quality industrial minerals to the global market. The company's flagship project is the Great White kaolin project on the state's Eyre Peninsula.

Two significant factors weighed on the Andromeda Metals share price in the past month. The first is the pending merger with Minotaur Exploration Ltd (ASX: MEP). If approved, it would provide Andromeda with 100% ownership of the Great White kaolin project.

Andromeda is offering 1.15 new Andromeda shares for each Minotaur share. This offer opened on 8 December and will close on 31 January. Minotaur Directors unanimously recommended shareholders accept the Andromeda offer in a statement released to the market on 8 December. Shares in Andromeda increased 13% between the close on 7 December and 10 December.

The second major event to help the Andromeda share price was the South Australia Minister for Energy and Mining Dan van Holst Pellekaan granting a mining lease and two supporting licences for the Great White kaolin project. Andromeda released a statement to the market on 17 December describing this approval as a "significant positive step forward" for the project. Shares in the company soared nearly 6% between market close on 16 December and 17 December.

Commenting on this approval, managing director James Marsh said:

This really is a fantastic success for all Andromeda stakeholders and a crucial milestone in the evolution of the company. It will allow us to progress with full confidence into a very exciting 2022 and become a sustainable, world-class producer of kaolin minerals.

Once in production a whole range of new and significant halloysite-kaolin opportunities will open up for us, and I would like to thank the whole Andromeda team for their dedication and professionalism.

Andromeda share price snapshot

The Andromeda share price has fallen 34% over the past year but is up more than 5% this week.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 11% to investors in the past year.

This ASX share commands a market capitalisation of around $484 million based on its current share price.

The post Why has the Andromeda (ASX:ADN) share price rocketed 26% in a month? appeared first on The Motley Fool Australia.

Andromeda shares have been out of the money after it announced plans to merge with Minotaur Exploration Ltd (ASX: MEP).

The merger would see the creation of a 'leading' minerals and technology company. It would do this by consolidating 100% ownership of the Great White Kaolin project and Natural Nanotech into Andromeda. 

Here are the details.

Andromeda and Minotaur Exploration to merge

Investors were exiting their Andromeda positions at a rapid pace on news of the planned merger – but not on Minotaur's side.

Unlike Andromeda, the Minotaur share price finished 38.46% higher at 18 cents after today's announcement.

Andromeda announced it will acquire Minotaur via an off-market takeover, with the pair signing a bid implementation agreement to do so.

The deal will see an exchange of 1.15 new Andromeda shares for every Minotaur share owned. This values Minotaur shares at 20.8 shares apiece, or $108 million at the company level.

At this rate, Andromeda is paying a premium of about 60% to Minotaur's closing price on 8 November, and a more than 67% premium on its 30-day volume weight-adjusted price.

It also implies a 60% premium on Minotaur's current market capitalisation of $65 million.

The acquisition is an 'accretive' one for Andromeda that "unlocks significant strategic and financial benefits" via a number of moving parts.

This includes increasing its shareholders' "effective equity interest in Great White and Natural Nanotech" alongside "consolidating 100% ownership of Great White and Natural Nanotech into a single entity."

This, the company states, will provide Andromeda with full development optionality to continue expanding operations.

In addition, the deal will result in Minotaur shareholders holding an approximate 19.5% interest in the 'enlarged' Andromeda.

For Andromeda investors, the release notes a potential benefit by "Providing an enhanced investment proposition for existing and new shareholders with potential for market re-rating of Andromeda's share price post offer completion."

Andromeda share price snapshot

The Andromeda share price has been swimming in a sea of red these past 12 months. Andromeda shares have posted a loss of ~11% in that time.

This comes after tanking a further 40% this year to date, well behind the benchmark S&P/ASX 200 Index (ASX: XJO) gain of 12.7%.

The post Andromeda (ASX:ADN) share price plummets 17% on merger appeared first on The Motley Fool Australia.

In morning trade, the mineral exploration company's shares are up 46% to 19 cents.

Why is the Minotaur Exploration share price rocketing higher?

Investors have been bidding the Minotaur Exploration share price higher today after it revealed plans to merge with Andromeda Metals Ltd (ASX: ADN).

According to the release, the two parties have entered into a bid implementation agreement (BIA), pursuant to which Andromeda will acquire Minotaur by way of an off-market takeover offer.

Andromeda has offered 1.15 Andromeda shares for every Minotaur share. Based on a five-day volume weighted average Andromeda share price of 18.1 cents, this implies a value of $0.208 per share.

This represents a 59.8% premium to the Minotaur Exploration share price at yesterday's close and values the company at $108 million.

Why merge?

The release explains that once fully implemented, Andromeda will consolidate 100% ownership of both the Great White Kaolin Project and the Natural Nanotech business via the acquisition of Minotaur's current 25% and 50% respective joint venture interests.

Management believes this will deliver a simplified and streamlined ownership and will enable the design, funding mix and timetable for the development of the Great White Kaolin Project.

It will also enable enhanced development and commercialisation of any future intellectual property from Natural Nanotech. This includes any new technology created for halloysite applications and uses, such as battery technology, water purification, and carbon capture

The Minotaur Board of Directors and several of Minotaur's largest shareholders intend to accept the offer. The Board also unanimously recommends that shareholders do the same. This is in the absence of a superior proposal.

Demerger

In addition, Minotaur revealed that it intends to demerge its existing copper and gold exploration assets through its subsidiary, Breakaway Resources.

This will be undertaken via a pro-rata in specie distribution of Breakaway shares to Minotaur shareholders.

Management notes that the demerger enables Minotaur shareholders to retain full exposure to the value and the potential upside of these assets and the benefit of Minotaur's highly credentialled board and management team in a clearly focused exploration company which is intended to be listed on the ASX.

Despite today's gain, the Minotaur Exploration share price is now actually only trading flat in 2021.

The post Why the Minotaur Exploration (ASX:MEP) share price is rocketing 46% higher appeared first on The Motley Fool Australia.

Over the quarter ended 30 September 2021, the company worked to commercialise product from its Great White Kaolin Project, entered a new joint venture, and completed a $15 million share purchase plan.

However, the market has reacted poorly to Andromeda's release. At the time of writing, the Andromeda share price is 18.8 cents, 10.71% lower than its previous close.

Let's take a look at the quarter that's been for the mineral exploration company.

Andromeda share price falls on quarterly report

The Andromeda share price has slipped despite the company releasing an outline of a seemingly productive quarter.

Great White Kaolin Project

The company's 75%-owned Great White Kaolin Project is still pending approval, with its mining lease application under assessment by regulators.

Andromeda has been focusing on signing binding offtake agreements for the approximately 40,000 tonne per annum of product remaining from the phase 1 plant production capacity.

The additional product will go to the ceramic sector. The company has sent samples to potential customers and distributors for approval testing. The product received good results and negotiations are ongoing.

The project's definitive feasibility study (DFS) is also continuing. The project's trademarked PRM products, useful for making coatings, and CRM products, used in ceramics, are incorporated in the DFS.

Andromeda is continuing its studies to find other uses for Great White Kaolin products.

The company began a bulk sample drilling program at the Great White project. Once processed, the material from the program will provide around 1.5 tonne of high purity halloysite kaolin to Andromeda's 50%-owned Natural Nanotech Ltd.

Natural Nanotech is partnering with the University of Newcastle's Global Innovative Centre for Advanced Nanomaterials to research and develop new applications of halloysite nanotubes. Such applications could include carbon capture and storage, and energy storage.

The samples will also provide material for a cosmetics marketing exercise. Andromeda notes high-purity halloysite-kaolin is highly valued in the cosmetics industry. The product will also be tested to find if it can be used in the concrete industry.

The company's kaolin is also undergoing testing that might see it used as a feedstock for high purity alumina.

Joint ventures

Additionally, Andromeda signed a binding heads of agreement with Peninsula Exploration Pty Ltd to form the Eyre Kaolin Project Joint Venture.

Peninsula holds four exploration licences covering around 2.8 square kilometres on South Australia's Eyre Peninsula. The licences are near the Great White project and contain halloysite kaolin targets.

Andromeda could earn an 80% interest in the Eyre Kaolin tenements by spending $2.75 million at the project over 6 years.

Further, the company's joint venture partner, Cobra Resources PLC, met an expenditure commitment and earned a 65% interest in Eyre Peninsula Gold Project tenements over the quarter. Cobra plans to spend another $1.25 million to earn a 75% interest in the project.

Capital raise

Andromeda also completed a $15 million share purchase plan during the quarter.

It followed on from a $30 million placement completed on 30 July.

The funds are set to go towards purchasing equipment and product development.

Andromeda share price snapshot

The Andromeda share price gained 6.6% over the first quarter of financial year 2022.

However, this year has taken its toll on the company's stock. Right now, it's trading for 32% less than it was at the start of 2021.

The post The Andromeda (ASX:ADN) share price is sliding 10% today. Here's why appeared first on The Motley Fool Australia.

This follows the company releasing a key update on its Great White kaolin deposit in South Australia.

Here's what we know.

What did Andromeda announce?

Andromeda advised that a bulk sample collection program has commenced at its Great White deposit.

The deposit contains kaolin, a rock from which the clay-type mineral kaolinite is derived. Kaolinite has been used for centuries as the main ingredient in porcelain.

Large samples will be extracted from the "high-purity" area to "provide material for the natural nanotech's prototype carbon and conversion pilot plant".

The company's update also notes that Andromeda's Streaky Bay kaolin refining plant has been upgraded and "arranged to replicated the proposed Great White wet processing plant".

A large amount of Andromeda's "ultrabright, high purity Great White PRM (kaolin) product of over 90% ISO brightness" has already been produced at Streaky Bay, the company says.

Aside from this, two other revenue streams will be added to progress commercialisation of Andromeda's product.

Firstly, high-grade halloysite-kaolin will be produced and used for the approval testing market for cosmetics labels.

"Tonne amounts" of the company's Halloysite Rheology Modifier (HRM) concrete additive will also be extracted to build sales. HRM technology improves the handling and behaviour of concrete.

Andromeda has already sent a large amount of regional calcrete for testing to see how it performs in upgrading local roads and mining preparations.

It seems investors are welcoming the news, pushing the Andromeda share price higher on the day.

Andromeda Metals share price snapshot

The Andromeda share price has been swimming in a sea of red these past 12 months, posting a loss of 8%.

Indeed, the company's shares are 48% in the red this year to date and have slipped a further 10% in the last month alone.

At the time of writing, Andromeda Metals has a market capitalisation of $357 million.

The post The Andromeda (ASX:ADN) share price rises on bulk sample update appeared first on The Motley Fool Australia.

Andromeda has entered an agreement to join forces with an unlisted company, Peninsula Exploration to explore 4 tenements located near Andromeda's Great White Kaolin Project.

The Andromeda share price is up 4.25% on the back of the news today. Shares in the mineral exploration company are currently swapping hands for 16 cents apiece.

Let's take a closer look at Andromeda's new partnership.

New joint venture

Andromeda's new partnership will form the Eyre Kaolin Project Joint Venture.

Andromeda's geology team expects the site to be prospective for halloysite, and kaolin clay has already been found there.

According to Andromeda, targets at the project have returned similar results to the Great White and Mount Hope Projects.

The Andromeda share price has a history of soaring on good news regarding the company's kaolin ventures.

Peninsula Exploration already holds the exploration licences for 4 tenements covering a 2,799 sqm area on South Australia's Eyre Peninsula.

Andromeda has agreed to pay Peninsula $20,000 to enter the joint venture. Over the next 12 months, the company will spend a further $140,000 on the project.

In the project's first stage, if Andromeda spends $750,000, it will earn a 51% interest in the joint venture.

After the first stage, Andromeda could earn another 29% by spending an additional $2 million.

At that point, Peninsula can choose to swap its 20% holding for a 1.5% net profit royalty if the companies decide to mine the tenements.  

Andromeda share price snapshot

Today's gains haven't been enough to boost the Andromeda share price out of the red this year.

Andromeda shares are trading hands for 47.7% less than they were at the start of 2021.

However, the share price has grown by 224% since this time last year.

The company has a market capitalisation of almost $400 million. There are approximately 2.46 billion shares outstanding.

The post Andromeda (ASX:ADN) share price higher on new joint venture appeared first on The Motley Fool Australia.

At the time of writing, Andromeda shares are down 1.88% to 15.7 cents. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.5% to a record high 7,866 points.

Board reshuffle

In a statement to the ASX, Andromeda advised that Nick Harding has tendered his resignation from the board. Mr Harding served as an executive director and company secretary to the company.

In his past 11 years, Mr Harding assisted Andromeda to grow from a junior explorer to an established player in the mining industry. However, he has since decided to retire and pursue other opportunities and personal ambitions.

As such Andrea Betti has been appointed as the interim company secretary until a permanent replacement is found.

Ms Betti, a corporate governance professional, brings over 20 years of experience specialising in accounting, corporate governance, finance and corporate banking. Furthermore, Ms Betti has acted as company secretary for a number of businesses in the private and public sectors.

Currently, she is a director of a corporate advisory firm located in Perth, Western Australia.

Ms Betti is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of Australia. She holds an array of qualifications that most notably include a Bachelor of Commerce and a Master of Business Administration.

Mr Harding will continue to contribute in a consulting capacity through a handover phase.

Andromeda chair, Rhod Grivas commented:

On behalf of the Board of Andromeda, I would like to extend our sincere thanks to Nick for his efforts and contribution to the Company over the many years he has served as a Director, CFO and Company Secretary.

Nick has given distinguished service to the Company for more than 11 years and his substantial contribution in guiding the Company through some lean years and the significant transactions that have led to the Company being where it is today, are to be commended. We wish Nick all the very best for the future.

About the Andromeda share price

Andromeda shares have fallen roughly 40% year-to-date, but have risen 200% over the past 12 months. The company's share price reached a record high of 45 cents in March, before being sold off in the following months.

Andromeda commands a market capitalisation of around $387.5 million, with more than 2.4 billion shares on its registry.

The post Andromeda (ASX:ADN) share price edges lower on board reshuffle appeared first on The Motley Fool Australia.

During afternoon trade, the mineral exploration company's shares are up 12.9% to an intraday high of 17.5 cents.

Oversubscribed SPP

Investors are driving up the Andromeda Metals share price following the company's strongly supported Share Purchase Plan (SPP).

According to its release, Andromeda has successfully completed its SPP, raising $15 million. The offer received almost 1,600 applications from existing shareholders, who applied for more than $26.2 million under the SPP.

The retail component will see 100 million new shares created at a price of 15 cents each. This follows the recently completed $30 million placement.

Most of the $45 million raised will go towards the development of the company's Great White Kaolin Project. It will be used for pre-construction activities and long lead items such as plant equipment purchases.

Furthermore, the funds will be also be allocated to ongoing research and development, exploration programs and working capital requirements.

The SPP shares are expected to be issued today, and be available for trading from tomorrow.

Andromeda managing director James Marsh commented:

With the combined funds received from the Placement and SPP, the company now has the financial capacity to meet its share of final feasibility study costs and commitment to early lead time items under the joint venture with Minotaur and allow construction and mining to commence at the project in 2022 once a final decision to proceed is made by the joint venture partners.

Andromeda Metals share price snapshot

Investors would have mixed feelings depending on when Andromeda shares were picked up. Year-to-date, the company's share price is down 36%. However over the past 12 months, its shares are up 250%.

Based on today's prices, Andromeda has a market capitalisation of roughly $401 million, with approximately 2.3 billion shares on issue.

The post Here's why the Andromeda Metals (ASX:ADN) share price is jumping 13% appeared first on The Motley Fool Australia.

During late afternoon trade, Andromeda shares are down a sizeable 15.56% to 15.2 cents.

Let's take a closer look at what the company announced to the ASX market.

Capital raising completed

Investors have been punishing the Andromeda share price in fear of an impending shareholder dilution.

According to its release, Andromeda successfully raised $30 million (before costs) by a way of placement. The company received strong support from new and existing shareholders, with the introduction of high-quality domestic and offshore institutions.

The offer will see roughly 200 million new ordinary shares, at a price of 15 cents each, allocated to participating investors. This represents a 16.7% discount on the issued capital prior to when the company announced the placement (18 cents).

Andromeda will use the proceeds from the capital raise to fund a number of initiatives. This includes the bulk of the money going towards the Great White Project pre-construction and long lead items such as plant equipment purchases. In addition, the remaining amount will be allocated to Detailed Feasibility Studies (DFS), product development and marketing, research and exploration activities, and general working capital requirements.

Complementing the placement, Andromeda will also launch a Share Purchase Plan (SPP) to retail investors. The offer will see the company hoping to raise a further $15 million, with 100 million new shares created. The terms of the SPP will be the same conditions as the placement.

Settlement is expected to occur on Tuesday 6 July 2021, with the new shares available for trading the day after.

Andromeda's managing director, James Marsh, commented:

The Company thanks our existing shareholders for their ongoing support and welcomes the new institutional investors to the register. The support led to demand in excess of the funds sought by the Company. Andromeda has not had to raise funds for the past two years and the equity funding, on the back of the MSI binding offtake agreement, provides the Company with the financial support it needs to complete the Great White DFS later this year, leading into construction and mining next year.

About the Andromeda share price

Adding to today woes, Andromeda shares have fallen around 45% year-to-date, but have risen 200% over the past year. The company's share price reached a record high of 45 cents in March, before being sold off.

Andromeda presides a market capitalisation of roughly $329 million, with more than 2.1 billion shares outstanding.

The post Andromeda (ASX:ADN) share price sinks 15% on capital raising update appeared first on The Motley Fool Australia.

The Andromeda share price is down 8% trading at 20.5 cents at the time of writing.

What did Andromeda announce?

Offtake agreements

Earlier this month, the Andromeda share price surged as much as 27% to 27.5 cents following a significant binding offtake agreement for the supply of kaolin product.

The offtake agreement secured a much higher price to what was used in the company's pre-feasibility study, of A$700/tonne for ceramic grade material.

Additionally, the offtake agreement introduces a second product stream of ultra-bright, high-purity kaolin product, known as "Great White PRM'. The company says this will provide the benefit of product diversification and assist in managing offtake market risk.

Today's announcement advises that Conrad Partners, a commodity marketing agency, has engaged with high end ceramic users in China to secure additional offtake agreements for Andromeda. Some potential customers have previously signed letters of intent for Great White products. Conrad aims to translate potential interest into binding offtake agreements.

Additionally, Andromeda is in advanced discussion with potential customers located in Europe, the Middle East and other parts of Asia for the Great White refined halloysite-kaolin product.

Definitive feasibility study update

Andromeda advises that its definitive feasibility study (DFS) is "well advanced" but has only focused on the production of Great White CRM for the ceramics market.

The recent binding offtake agreement for Great White PRM for the coatings and polymer market will need to be incorporated into the DFS.

Mining lease application

Andromeda previously lodged a mining please application with the South Australian Department for Energy and Mining (DEM) on 25 February 2021.

The company forecasts the receipt of the mining please approval by mid-2022 in line with DFS and bankable feasibility study (BFS) completion.

Other updates

Andromeda is testing the potential use of its halloysite-kaolin product as a rheology modifier product for the concrete industry. The company has successfully lodged a patent and is currently undertaking additional test work. It said the addition of halloysite-kaolin to concrete could potentially reduce concrete costs, lower carbon footprint and improve performance for concrete suppliers.

The potential concrete application is currently in a testing phase and product marketing has yet to be performed. The company advised that this is unlikely to be included in the DFS.

Andromeda entered into a memorandum of understanding with AEM to use its patented process to make high purity alumina (HPA) using kaolin back in May.

Today's announcement advised that HPA studies are progressing and samples have been provided to AEM for testing.

The Andromeda share price in 2021

Despite today's positive list of updates, the Andromeda share price has slipped 6.67% to 21 cents today.

It's possible today's sharp fall could be exacerbated by the 1.8% drop in the S&P/ASX 200 Index (ASX: XJO).

The Andromeda share price is down 32% this year, with a year-to-date low of 16 cents.

The post Andromeda (ASX:ADN) share price slides 8% despite positive updates appeared first on The Motley Fool Australia.