Andromeda Metals Limited has secured a significant financing milestone with the confirmation of credit approval from Merricks Capital for a debt facility of A$75 million. This facility is designed to support the development of the Great White Project and encompasses not only the principal amount but also capitalised interest, fees, cash reserving requirements, and a cost overrun tranche. The debt facility comes with a tenor of 78 months, including a 12-month grace period after project development completion, followed by a structured repayment schedule with a 50% bullet repayment at maturity. The arrangement is subject to a comprehensive security and covenant package, typical for facilities of this nature, and will be drawn down in stages with interest on the amounts utilised and fees on undrawn funds. Merricks Capital’s approval followed an extensive due diligence process that assessed the project’s technical, financial, legal, market, environmental, and social aspects, reinforcing the confidence in the Great White Project’s viability. As negotiations for the binding financing documentation progress, Andromeda Metals Limited, with advisor Pareto Securities, continues work towards meeting all customary conditions precedent, including securing the necessary balance of funding to support a final investment decision for Stage 1A+ of the project. Additionally, the financing terms include the issuance of 400,000,000 equity warrants to Merricks Capital at an exercise price set at a 10% premium to subsequent share pricing, pending required approvals. The news generates optimism among market watchers due to the credit facility’s confirmation, which serves as a significant endorsement of the project’s quality and the management team’s expertise. Bullish sentiment is supported by the rigorous due diligence that underpins the facility and the structured, staged drawdown which mitigates risk by aligning funding with project milestones. Furthermore, the facility’s comprehensive security and covenant package adds a layer of financial discipline to ensure adherence to performance metrics. Conversely, some caution is warranted owing to the remaining conditions precedent which include finalising financing documentation and securing additional equity funding before the final investment decision is reached. The reliance on these future steps introduces uncertainty that might temper market enthusiasm in the short term. Overall, while the credit approval marks a pivotal step forward, investors should monitor the unfolding developments as the company works to complete the remaining financing and operational conditions necessary for project execution.