Astral Resources Nl · ASX:AAR
Astral Resources Nl — Astral Resources — Mining Forum Americas 2026
28 slides from Astral Resources Nl's conference presentation, Sep 28, 2026
Slide 1: Advancing the Mandilla Gold Project into Development
Advancing the Mandilla rsonal use only Gold Project into Development Mining Forum Americas September 2026 Marc Ducler Managing Director
Slide 2: Important Information and Disclaimer
Important Information and Disclaimer The following notices and disclaimers apply to this presentation, and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation has been author
Slide 3: Important Information and Disclaimer
Important Information and Disclaimer Production Target The total Life of Mine Production Target (and forecast financial information derived from the Production Target) referred to in this presentation is underpinned by approximately 75% by Probable Ore Resources, approximately 5% by Indicated Minera
Slide 4: Important Information and Disclaimer
Important Information and Disclaimer Previously Reported Results Exploration Results The information in this presentation that relates to Exploration Results is extracted from the ASX Announcements (Original Announcements), which have been previously announced on the Company’s ASX Announcements Plat
Slide 5: Astral Resources Investment Highlights
Astral Resources Investment Highlights rsonal use only Tier-1 location in the 2.1Moz Mineral +95kozpa Robust WA Goldfields Resource and production profile economics and growing (first 12 years) rapid payback Developing a new circa 100kozpa long-life gold project near Kalgoorlie Strong balance sheet
Slide 6: The Mandilla Gold Project is…
The Mandilla Gold Project is… A significant long-life, high-margin rsonal use only gold development in Australia A large and growing gold system in the WA Goldfields Conventional open pit mining and processing with strong metallurgy Demonstrating significant exploration upside across the tenement po
Slide 7: Corporate Overview
Corporate Overview Company Snapshot Share Price Performance rsonal use only Share Price Market Capitalisation A$0.18 A$325.6M Shares On Issue Cash on Hand 1,809M A$65.1M (Jun Qtr 2026) Options / Rights Enterprise Value 16.3M/13.4M A$260.5M (Ave exercise price 9c) Research Coverage Significant Shareh
Slide 8: Corporate Overview
Corporate Overview Company Snapshot Peer Comparison: Enterprise Value per Resource Ounce (A$/oz)1 rsonal use only $400 Share Price Market Capitalisation $360 A$0.18 A$325.6M $350 $324 $313 $300 $261 Shares On Issue Cash on Hand $250 1,809M A$65.1M $201 $200 Average: $183/oz $159 $156 (Jun Qtr 2026)
Slide 9: Corporate & Technical Capability
Corporate & Technical Capability Board of Directors rsonal use only Mark Connelly Justin Osborne Peter Stern David Varcoe Marc Ducler Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Managing Director Mark is a Corporate Mr Osborne has over 30 Is a graduate
Slide 10: Mandilla PFS Highlights – Compelling Project Economics
Mandilla PFS Highlights – Compelling Project Economics Project rsonal use only Economics at A$2.9B2 A$5.6B A$2,148/oz +95kozpa 6 months Spot Au Price US$2.0B US$3.9B US$1,504/oz Production profile Payback (A$6,250 / US$4,375) NPV8 (pre-tax) FCF AISC over LOM +95kozpa Long Profitable, Funding Robust
Slide 11: Mandilla Definitive Feasibility Study
Mandilla Definitive Feasibility Study • GR Engineering working on the DFS and Target Cost model rsonal use only • Capital and operating costs have been received • ITE underway (initial scope limited to the April 2026 MRE) • Detailed mine designs, schedules and mine costing underway • LUA executed wi
Slide 12: Development Schedule – Clear Pathway to Production
Development Schedule* – Clear Pathway to Production Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 rsonal use only In Progress Stage 1 Thea in-fill Think Big Mining DFS Delivery Debt process underway Approvals Final Investment Decision * DFS timing impacted by finalisation of site l
Slide 13: Theia – The key deposit – remains open at depth
Theia – The key deposit –remains open at depth • Diamond drilling program has been underway since March 2026 rsonal use only • 16 holes for 9,763 metres completed to date • Original program 6-hole (3,000m) expanded to 21-hole (11,000) • All completed holes have logged significant quartz-sulphide vei
Slide 14: Theia Deeps Drilling Progress
Theia Deeps Drilling Progress rsonal use only • AMRCD263 returned significant gold mineralisation 600m downhole • AMRCD259 returned significant gold mineralisation 735m downhole • Drilling has demonstrated significant gold mineralisation and a potential extension of Theia up to 350 metres below the
Slide 15: Theia Deeps Drilling Progress (continued)
Theia Deeps Drilling Progress (continued) • This section is located further 100m south of rsonal use only the previous section • AMRCD378 returned significant gold mineralisation 53m at 4.67g/t Au starting below the base of the Resource shell • AMRCD377 (assays pending) has logged significant quartz
Slide 16: Theia de-risking – drilling to achieve Measured Resource category
Theia de-risking – drilling to achieve the higher confidence Measured Resource category • 99 holes (11,121m) in-fill rsonal use only completed at Stage 1 (average 1.93g/t Au) • 431 holes (44,400m) in-fill in progress at Stage 1 (average 1.39g/t Au for the first 144 holes for 14,533m) • 43 holes (4,3
Slide 17: Feysville – Satellite Opportunity
Feysville – Satellite Opportunity • Feysville Project located 14km south of Kalgoorlie – emerging high-grade satellite operation rsonal use only • Feeding into central production and processing hub located at Mandilla - comprises multiple deposits – Think Big, Kamperman, Rogan Josh • Mining tenement
Slide 18: Feysville – Think Big Monetisation
Feysville – Think Big Monetisation • LOI executed to mine ~ 32,000oz from Think Big as an early revenue rsonal use only opportunity to fund development of the Mandilla Gold Project • Native Title Agreement executed with Marlinyu Ghoorlie • Mining Tenement M 26/846 recently granted • NVCP approved an
Slide 19: Feysville – Think Big Monetisation
Feysville – Think Big Monetisation • 6,000m of RC drilling completed to in-fill Think Big ahead of mining rsonal use only • Best results include: • 11m at 7.34g/t Au • 12m at 5.89g/t Au • 3m at 10.0g/t Au, 2m at 9.53g/t Au and 9m at 6.01g/t Au • 2m at 8.01g/t Au, 12m at 2.99g/t Au and 12m at 4.14g/t
Slide 20: Spargoville – Significant Exploration Upside
Spargoville – Significant Exploration Upside ~14km of highly prospective strike between the Holes > 100m Wattle Dam and Eagle Complex with very little deep rsonal use only depth assayed drilling outside of known Resource areas for gold across Spargoville • Two high-priority areas identified for imme
Slide 21: Key Catalysts
Key Catalysts Theia in-fill and Theia Deeps diamond drilling rsonal use only Tenement ownership simplification and development approvals progress Kamperman and Spargoville exploration Kamperman and Spargoville MRE updates Think Big mine production Mandilla MRE updates DFS completion 21
Slide 22: Investment Summary
Investment Summary rsonal use only Emerging WA gold Robust long-life Significant resource developer project economics growth potential Strong balance Clear pathway sheet to DFS astralresources.com.au ASX:AAR | 22
Slide 23: Contact Us
rsonal use only Contact Us Suite 2, 6 Lyall St, South Perth, WA, 6151 T: +61 8 9382 8822 E: info@astralresources.com.au ASX:AAR astralresources.com.au * Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentr
Slide 24: Appendix - PFS Financials
Appendix 1 - PFS Financials Key Financial Assumptions Gold Price Assumed Discount Rate A$/oz % 4,250 8 Foreign Exchange AUD:USD 0.65 600 2,400 Key Project Metrics Stage 1 Cash Flow 2,100 Payable Metal Koz 1,414 500 Gold Revenue A$M 6,011 rsonal use only 1,800 Mining Costs – Total A$M 1,594 400 1,500
Slide 25: Appendix – Mineral Resources & Ore Reserves
Appendix 2 – Mineral Resources & Ore Reserves Group Ore Reserve Estimate rsonal use only Probable Total Ore Reserve Project Tonnes Grade Metal Tonnes Grade Metal (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) Mandilla 34.3 0.9 1,000,000 34.3 0.9 1,000,000 Feysville 2.3 1.2 88,000 2.3 1.2 88,000 Total 3
Slide 26: Appendix – June Quarter 2026 Data & Mineral Resource Estimate for gold developers
Appendix 3 – June Quarter 2026 Data & Mineral Resource Estimate for gold developers Company Code Cash Debt Source MRE Source rsonal use only Antipa Minerals AZY $39.1 $0.0 Quarterly Activities/Appendix 5B Cash Flow Report 2.90Moz Noosa Mining Conference Presentation Brightstar Resources BTR $122.0 $
Slide 27: Appendix – Logging Table
Appendix 4 – Logging Table Average Average Average Average Average Downhole Logged Downhole Logged Downhole Logged Downhole Logged Downhole Logged Hole ID quartz Hole ID quartz Hole ID quartz Hole ID quartz Hole ID quartz depth (m) mineralisation depth (m) mineralisation depth (m) mineralisation dep
Slide 28: Appendix – Logging Table
Appendix 4 – Logging Table Average Average Average Average Downhole Logged Downhole Logged Downhole Logged Downhole Logged Hole ID quartz Hole ID quartz Hole ID quartz Hole ID quartz depth (m) mineralisation depth (m) mineralisation depth (m) mineralisation depth (m) mineralisation percentage percen