Astral Resources Nl · ASX:AAR
Astral Resources Nl — RRS Summer Series Dec 2025
24 slides from Astral Resources Nl's conference presentation, Dec 4, 2025
Slide 1: Advancing Mandilla towards a multi-decade 100kozpa gold mining development
Advancing Mandilla towards a multi- For personal use only decade 100kozpa gold mining development RRS Summer Series | Dec 2025 Marc Ducler Managing Director astralresources.com.au
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: Our focus is simple
Our focus is simple For personal use only 1. De-risk project development 2. Maintain an aggressive exploration focus 3. Drive the Mandilla DFS astralresources.com.au ASX:AAR | 5
Slide 6: Corporate Overview
Corporate Overview Shares On Issue Significant Shareholders: 1,475M For personal use only Market Capitalisation A$346.6M (at $0.235 per share) Options / Rights 20.3M/20.2M (Ave exercise price 11.4c) Board of Directors Management Team Board & Management 4.3% Mark Connelly Justin Osborne Marc Ducler J
Slide 7: Multi-Decade, De-Risked Development in a Tier-1 Location
Multi-Decade, De-Risked Development in a Tier-1 Location Mandilla PFS delivered a long-life mine development For personal use only using conservative cost and revenue assumptions. At $4,250/oz gold price 95kozpa of gold production1 Pre-tax NPV8 of $1.4B Pre-tax free cashflow of $2.8B Payback
Slide 8: PFS Highlights – Significant scale and longer life
PFS Highlights – Significant scale and longer life +95kozpa Long Profitable, Funding Robust Simple and For personal use only production mine life high-margin quantum Financials conventional profile (at A$4,250/oz Au) in reach (post Capex/Pre-tax at A$4,250/oz Au) 1.1g/t average 13.2 yrs AISC 2.75Mtp
Slide 9: De-risking Mandilla's Theia Deposit
De-risking Mandilla’s Theia Deposit • 11,121m of in-fill RC drilling is complete in Stage 1 of Theia down to 200mRL to test the For personal use only MRE response to grade control drilling at a 12m x 12m drill density – further de-risking the Mandilla development • Approximately 3,000m of diamond dr
Slide 10: Successful in-fill program completed
Successful in-fill program completed For personal use only • The Theia in-fill program of 99 holes (11,121m) has averaged 52 gram x metres2 across the entire program • The assayed grade across all intervals reported averaged 1.93g/t Au • This continues to bode very well for the 4:1 strip ratio Stage
Slide 11: September 2025 reported cross-section
10 September 2025 reported cross-section For personal use only • Initial results from the first 17 holes of the 99-hole (11,121m) infill program include: • 32m at 10.8g/t Au from 50m • 2m at 95.9g/t Au from 105m • 1m at 19.8g/t Au from 45m and 34m at 1.6g/t Au from 62m • 9m at 5.1g/t Au from 62m • 1
Slide 12: October 2025 reported cross-section
15 October 2025 reported cross-section For personal use only • A further 29 holes of the 99-hole (11,121m) infill program returned further strong results including: • 14 metres at 6.89g/t Au from 57m • 14 metres at 4.10g/t Au from 44m • 24 metres at 2.24g/t Au from 52m • 21 metres at 2.26g/t Au from
Slide 13: October 2025 reported cross-section
23 October 2025 reported cross-section For personal use only • A further 16 holes of the 99-hole (11,121m) in-fill program continued to deliver strong results including: • 6 metres at 17.3g/t Au from 91m • 40 metres at 2.90g/t Au from 45m • 38 metres at 1.66g/t Au from 60m • 41 metres at 1.49g/t Au
Slide 14: November 2025 reported cross-section
18 November 2025 reported cross-section For personal use only • A further 20 holes of the 99-hole (11,121m) in-fill program demonstrated further strong results including: • 18 metres at 6.67g/t Au from 100m • 19 metres at 3.53g/t Au from 73m • 25 metres at 3.20g/t Au from 44m • 39 metres at 2.98g/t
Slide 15: December 2025 reported cross-section
2 December 2025 reported cross-section For personal use only • The final 17 holes of the 99-hole (11,121m) in-fill program had best assay results including: • 4 metres at 46.8g/t Au from 130m • 21 metres at 7.13g/t Au from 40m • 43 metres at 2.46g/t Au from 48m • 28 metres at 3.38g/t Au from 102m •
Slide 16: Aggressive Exploration
Aggressive Exploration Theia West – targeting a potential controlling structure in the Sedimentary For personal use only package immediately west of Theia One line of 6 RC holes (1,332m), drilled 120m apart to test for a potential controlling structure west of Theia Two holes returned significant go
Slide 17: Spargoville Initial Exploration Program
Spargoville Initial Exploration Program First RC program by Astral recently completed on the Spargoville tenure, 76 holes (11,744m) drilled For personal use only Results at 8500N indicate early potential to continue to grow the MRE: • 11m at 1.2g/t Au from 95m and 26m at 2.0g/t Au from 111m • 20m at
Slide 18: Feysville – Kamperman Exploration and Think Big Monetisation
Feysville – Kamperman Exploration and Think Big Monetisation • Extensional and in-fill drilling at Kamperman recently For personal use only completed with 16 holes (3,000m) drilled. Results are pending. • LOI executed to mine ~ 30,000oz of Think Big as an early revenue opportunity to fund developmen
Slide 19: Mandilla DFS
Mandilla DFS • Several senior appointments to drive Mandilla DFS. For personal use only • GR Engineering engaged to complete DFS and deliver an agreed Target Cost model. • Taylor Collison appointed to drive debt process with several banks expressing interest. • Level Solutions appointed to provide p
Slide 20: Forward work plans
Forward work plans Year 2025 2026 2027 Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 End of Quarter Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec For personal use only 3,300m regional RC drilling at Feysville (completed) 3,000m infill RC drilling at Iris (completed) 3,300m extensional/sterilisation
Slide 21: Measured and Focused
Measured and Focused For personal use only De-risking the Theia open pit Pursuing greenfields exploration Putting the right team in place Progressing approvals Driving the DFS astralresources.com.au ASX:AAR | 21
Slide 22: 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$M 6,011 For personal use only 1,800 Mining Costs – Total A$M 1,594 400
Slide 23: Appendix – Mineral Resources & Ore Reserves
Appendix 2 – Mineral Resources & Ore Reserves Group Ore Reserve Estimate Group Mineral Resource Estimate For personal use only Probable Total Ore Reserve Indicated Inferred Total Mineral Resource Project Tonnes Grade Metal Tonnes Grade Metal Project Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade
Slide 24: Contact Us
For personal 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