Astron Limited · ASX:ATR
Astron — Investor Presentation (June 2026)
27 slides from Astron's investor presentation, Jun 11, 2026
Slide 1: Globally significant, near term source of critical minerals
www.astronlimited.com.au Globally significant, near term source of critical minerals Donald Project Phase 1 bankable feasibility study & Phase 2 revised economic study Investor Presentation 11 June 2026 ASX Code: ATR All figures are denominated in Australian Dollars unless otherwise stated
Slide 2: Disclaimer
Disclaimer CAUTIONARY STATEMENT COMPETENT PERSONS STATEMENT This presentation has been prepared by Astron Corporation Limited (Astron or the Company). The information The information in this report that relates to the MIN5532 Mineral Resource estimate is based on information and contained in this pr
Slide 3: Our objective is to deliver shareholder value through the commercialisation of the Donald Project
Astron Limited ASX:ATR Our objective is to deliver shareholder value through the commercialisation of the Donald Project The Donald Rare Earth and Mineral Sands Project is a Tier 1 mining asset comprising the world’s largest zircon resource and one of the world’s largestlight and heavy rare earth re
Slide 4: Board & Management
Board & Management Experienced board and management teams to deliver project George Lloyd Tiger Brown Chairman Managing Director 30+ years in resource industry, corporate development, and finance. Former Joined Astron in 2018 in business development roles. Joined board in 2019 and RGC Limited execut
Slide 5: The Donald Rare Earths and Mineral Sands Project
The Donald Rare Earths and Mineral Sands Project Near term, low CAPEX, low OPEX source of western rare earths supply Project Overview Project Location • Will produce a Heavy Mineral Concentrate (HMC) containing zircon and titania, and a rare • ~300km from Melbourne, VIC. earth element concentrate (R
Slide 6: Donald Project Joint Venture
Donald Project Joint Venture Establishing a Western Rare Earths Value Chain Joint venture terms1 Energy Fuels • Energy Fuels to earn up to 49.0% JV interest through A$183m cash • Leading US Critical minerals company (market cap of ~US$3.69 B)2. commitment and US$17.5m in Energy Fuels Inc (NYSEAMERIC
Slide 7: Phase 1 Capital Cost and Operating Position
Phase 1 Capital Cost and Operating Position Modest capex & high operating margin to weather external market dynamics Capital Cost Summary (real A$m Q4 2025)1,2 Standalone BFS Base Case Operating Financial Summary, first 5 years of operations1 Capital Item A$m Process Plant 188.0 Mining 48.0 Earthwor
Slide 8: Donald Project Phase 1: BFS Financial Dashboard
Donald Project Phase 1: BFS Financial Dashboard1 Tier 1 mining asset with attractive base case returns Phase 1 net operating cash flow Financial Metrics Cash flow from operations Cash flow from investing Metric Unit Phase 1 LOM 300 3,500 Pre-tax NPV8 (FID) $m 759 Cumulated cash flow Pre-tax IRR % 19
Slide 9: Geology, Mineral Resource, and Ore Reserve
Geology, Mineral Resource, and Ore Reserve WIM-style deposit of critical minerals exhibiting consistency and scale • The Project is a WIM-style deposit containing zircon, titanium-bearing WIM-style Deposits1 minerals such as rutile, ilmenite and leucoxene, and rare earth bearing monazite and xenotim
Slide 10: Mining Operations
Mining Operations Conventional mining method with in-pit MUP OPEX savings Mining Tailings • Operations will comprise free-digging (no drilling or blasting) open-pit • An external TSF will provide one year of tailings storage, then tailings mining with conventional truck and shovel practices for over
Slide 11: Processing Flowsheet
Processing Flowsheet Conventional flowsheet using proven ore processing techniques Conventional, Established and Proven Flowsheet Process Flow Diagram • Mining Unit Plant consists of off-the-shelf equipment, including a trommel. • WCP flowsheet developed using proven separation techniques of Mineral
Slide 12: Non-Process Infrastructure
Non-Process Infrastructure Established regional infrastructure & water supply pipeline built • Power supplied from a microgrid hybrid power station, consisting of diesel power station, battery energy storage, Power Supply and a solar farm. • 6.975GL raw water supply from Taylors Lake secured with GW
Slide 13: Transport and Logistics
Transport and Logistics Local farming industry provides existing transport infrastructure REEC logistics Utilising existing Infrastructure • Astron engaged TAM International to develop a shipping and handling • The Donald Project’s location in the Wimmera region benefits from plan for the REEC produ
Slide 14: Environment, Social and Governance
Environment, Social and Governance Astron is active in the local community and committed to responsible mining Astron has been involved in the community for more than 20 years, and we Approvals & Government support have deep understanding of our obligation to meet expectations in the key ESG areas v
Slide 15: Product Revenue
Product Revenue Dual product streams provide revenue source diversification, supported by favourable commodity supply and demand dynamics Phase 1+2 Donald Project revenue mix to 2046 Revenue mix ZrO2 TiO2 LREE HREE • Two distinct concentrate revenue streams reduce single-commodity exposure. 100% • M
Slide 16: Rare Earth Market Overview
Rare Earth Market Overview Globally significant rare earth supply coming online during increased product demand • The Donald Project will produce a rare earth element concentrate (REEC) Forecast Rare Earths Demand Growth to 20401 product containing light and heavy rare earth bearing minerals monazit
Slide 17: Competitive Analysis: HRE % vs. Market Capitalisation
Competitive Analysis: HRE % vs. Market Capitalisation Significant HREs with pathway to separable oxides and beyond via Energy Fuels Donald Project offers a first-mover advantage with fully integrated pathway to oxides through Energy Fuels, despite Astron’s market capitalisation lagging comparable pe
Slide 18: Rare Earth Pricing
Rare Earth Pricing Current rare earth spot prices support upside to base case assumptions • The Western rare earth premium over China prices reflects a geopolitical Heavy rare earth price scenarios shift for countries to secure alternative supply sources of critical minerals, as well as a growing ra
Slide 19: Mineral Sands Market Overview
Mineral Sands Market Overview The Donald Project will produce HMC consisting of zircon and titania feedstocks • The Donald Project will produce a heavy mineral concentrate product Zircon Supply and Demand Curve to 2033 (HMC) consisting of zircon and titania feedstocks, which are both 1,500 classifie
Slide 20: Phase 1 Execution Schedule
Phase 1 Execution Schedule One of the fastest Western rare earth project schedules to first production CY2026 CY2027 CY2028 Activity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Project Financing Negotiations On-Min Approvals Off-Min Approvals Earthworks/Mining Tender & Design Award Mob. Pre-Strip & Construc
Slide 21: Execution Plan
Execution Plan Astron is the JV manager, key suppliers awarded major contracts As a part of the Joint Venture Agreement, Astron Mineral Sands Pty Ltd has been appointed the manager of the project. The dedicated project team consists of Astron Mineral Sands project personnel and the Agilitus Project
Slide 22: Development Opportunities
Development Opportunities Near and Long-term plans to realise upside in future project development Donald Project Phase 2 Project Tenement Map • Tenement RL2002, a further 48.7% of the Astron’s global mineral resource. • Key operating design parameters include: − Duplication of Phase 1 operations, i
Slide 23: Phase 2 Revised Economic Study
Phase 2 Revised Economic Study Incremental value realisation from globally significant resource base Financial Metrics Phase 1+2 Forecast Operating Economics2 Metric Unit Phase 11 Phase 1 +22 Pre-tax NPV8 (FID) $m 462 1,480 Pre-tax IRR % 15.6 20.8 Post-tax NPV8 (FID) $m 759 2,279 Post-tax IRR % 19.3
Slide 24: Get in touch
Contact Us Address +61 3 5385 7088 L10, 224 Queen St, investor@astronlimited.com.au Melbourne, VIC, ASX: ATR 3000 Australia Get in touch 24
Slide 25: Appendix A: Resource Tables
Appendix A: Resource Tables Total MIN5532 Resource with VHM assemblage above a 1% HM cut-off Total Mineral Resource where VHM data available not including MIN5532, above a 1% HM cut-off Class Tonnes Total HM Slime OS Zircon Rutile Leucoxene Ilmenite Monazite Xenotime Rutile+Ana Class Tonnes Total HM
Slide 26: Appendix B: Reserve Tables
Appendix B: Reserve Tables MIN5532 (phase 1 mining licence) Ore Reserve Class Tonnes Total HM Slimes Oversize Zircon Monazite Xenotime TiO2 ZrO2+HfO2 Pr6O11 Nd2O3 Dy2O3 Tb4O7 TREO Mt (%) (%) (%) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) First
Slide 27: Appendix C: Comparison Table
Appendix C: Comparison Table Select rare earth projects’ rare earth assemblage as a % of TREO1 Wolverin Monte Kangan- Serra Mountain Project Donald Eneabba Wimmera Mt Weld Nolans Titan Goshen Colossus Caldeira Carina e Alto kunde Verde Pass Company ATR / EF ILU2 ILU2 LYC3 ARU4 IPX5 VHM 6 NTU7 BRE8 L