Slide 1: Donald Rare Earths & Mineral Sands Project
Donald Rare Earths & Mineral Sands Project Globally Significant, Tier-1 Australian Critical Minerals Project Multi-phase development pathway Astron Corporation Limited (ASX:ATR) Investor Presentation – June 2023
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
Slide 3: Investment Highlights
Investment Highlights A multi-generational (50 years+) supplier of critical minerals and downstream valuable materials for decarbonisation Compelling financial metrics and Major approvals in hand, Tier 1 project of global significance multi-phased approach project technically de-risked Phase 1 DFS:
Slide 4: Astron Corporation: Corporate Overview
Astron Corporation: Corporate Overview Astron’s objective is to become a globally significant source of strategic minerals leveraging upon its unique resource position Yingkou Mineral Separation Plant ASX Code ASX:ATR Operational Mineral Separation Plant focused on the Securities on Issue 133.6 M re
Slide 5: Experienced Project Team To Deliver the Donald Project
Experienced Project Team To Deliver the Donald Project Highly experienced Board & Management team with extensive experience in corporate development Formerly responsible for corporate development and exploration at RGC Limited, overseeing the merger of RGC and Westralian Sands Limited to form Iluka
Slide 6: The Donald Rare Earths & Mineral Sands Project
The Donald Rare Earths & Mineral Sands Project 100% owned world class asset in supportive jurisdiction with key regulatory approvals in place Combined, MIN5532 and RL2002 supports a mine life of 58 years Located in the Wimmera Region, ~300kms to the NW of Melbourne, Approximately 70kms from the clos
Slide 7: Bringing to Life a Globally Significant Rare Earths and Zircon Project
Bringing to Life a Globally Significant Rare Earths and Zircon Project Rare Earths - Relative In-situ Rare Earth Resource Mineral Sands - Relative In-situ Resource & Grade of Ti & Zr the largest zircon project globally, with Contained TREO Resource1 (Mt) 3.0% 5.0 By monazite alone, third largest rar
Slide 8: Phased Approach to Long Term Value Delivery
Phased Approach to Long Term Value Delivery Unparalleled resource position enables phased development, with multiple independent value-chains Mineral Chemical Mining Concentrating Metallisation Processing Processing Phase 1 + 2a Phase 3 Production of a rare earth element concentrate and Further expa
Slide 9: The Donald Project - Phase 1
The Donald Project - Phase 1 Dual revenue stream underwritten by conventional mining operations and proven process flowsheet Phase 1 plans to produce two Phase 1 - Process Flow Diagram products, rare earth elements Conventional, established and proven flowsheet concentrate (REEC) containing deliveri
Slide 10: Definitive Timetable to Phase 1 Production + Cashflow
Definitive Timetable to Phase 1 Production + Cashflow Supported by Advanced Regulatory Approvals and Extensive Engineering Test-work and De-risking Advanced Regulatory Approval Status Phase 1 Development Timetable 17% of total Mineral Resources to be used in Phase 1, Key Approval Requirement Complet
Slide 11: The Donald Project - Phase 2
The Donald Project - Phase 2 Duplication of mining throughput and the production of final mineral sands products Phase 2b involves the construction of a mineral Phase 2B - Process Flow Diagram separation plant (MSP) to produce final mineral Equity component of Phase 2 Capex to be sands products of p
Slide 12: Rare Earth Element Concentrate Market Tailwinds
Rare Earth Element Concentrate Market Tailwinds Globally significant Western rare earth supply at a time of increasing product demand Market Demand Rare earth market demand forecast to 2035 • TREO demand anticipated to increase three-fold at a CAGR of 6.0% from 2022 to 2035, driven by the expanding
Slide 13: Mineral Sands – Market Supply Issues
Mineral Sands – Market Supply Issues New long-life supply essential as traditional stalwart sources of supply mature Global zircon supply / demand balance: 2010–2030 • Demand is expected to grow steadily at a 1,800 compound annual growth rate of 2.8% p.a. 1,600 Existing supply Likely new projects Un
Slide 14: Further Information
Further Information Tiger Brown Managing Director Tel: +61 3 5385 7088 Email: contact@astronlimited.com Joshua Theunissen Company Secretary Tel: +61 3 5385 7088 Email: contact@astronlimited.com
Slide 15: Phase 1 & 2 Combined Financials
Appendix: Phase 1 & 2 Combined Financials Robust financial metrics deliver long-life, sustainable cash flows to drive shareholder value REEC Zircon Capital expenditure breakdown ($Am) Phase 1 Phase 2a Phase 2b Combined Reserves Phase 2 Production Production Mining Unit Plant 20.5 20.5 - 20.5 Wet Con
Slide 16: Cash Flow Profile
Appendix: Cash Flow Profile Robust financial metrics deliver long-life, sustainable cash flows to drive shareholder value 500 15,000 m AUD (cumulative) 'm AUD 400 12,500 10,000 300 7,500 200 5,000 100 2,500 - - (100) (2,500) (5,000) (200) (7,500) (300) (10,000) (400) (12,500) (500) (15,000) 2023 202
Slide 17: Sensitivity Analysis
Appendix: Sensitivity Analysis Sensitivity analysis illustrates robust financial metrics able to withstand cyclical downturns • Sensitivity analysis shows that even with large movements in the key variables, the Project returns a very attractive Post-tax NPV. Pricing Deck - Rare Earths (Low/High) 1,
Slide 18: Industry Revenue to Cash Cost Ratio
Appendix: Industry Revenue to Cash Cost Ratio The profitability of the Donald Project is illustrated by its competitive, first quartile R:CC ratio 5.0 1st 2nd 3rd 4th Quartile Quartile Quartile 4.0 R/C Ratio 3.0 Industry Weighted Average RC 1.95 2.0 1.0 0.0 25% 50% 75% 100% Source: TZMI RC Curve Ben
Slide 19: Funding Strategy
Appendix: Funding Strategy Project capital expenditure estimate to be funded by efficient deployment of debt and equity capital DEBT • ICA Partners appointed as Donald Project debt financial advisor • ICA Partners is a globally recognised, resource specialist firm experienced in critical mineral pro
Slide 20: Considered, Targeted Offtake Approach
Appendix: Considered, Targeted Offtake Approach Globally recognised offtake partners to be targeted Identification of Potential Offtake Partners Direct 1-on-1 Negotiations with Selected Parties Conversion of Term Sheet into Detailed Offtake • Leveraging Astron’s many years of industry • Working dire
Slide 21: Quality Product Attributes
Appendix: Quality Product Attributes Astron’s attractive reserve assemblage translates into a high-quality product suite ensuring market acceptance Rare Earth Element Concentrate (REEC) Heavy Mineral Concentrate (HMC) • Donald’s REEC product is a high-quality monazite, xenotime concentrate that cont
Slide 22: Rare Earth Product Testing – Valuable REEC
Appendix: Rare Earth Product Testing – Valuable REEC Strategically positioned at the head of the value chain, Astron is in active discussions with Typical Donald Project Rare Earth Product1 prospective processing partners for off-take agreements. By producing a rare earth concentrate on- Company Ast
Slide 23: Premium Zircon – Superior Attributes
Appendix: Premium Zircon – Superior Attributes The premium zircon produced from Donald HMC has been independently confirmed by Foshan Ceramics Institute (leading Chinese ceramics institute) to be suitable for the premium ceramics market. Astron has extensive and long-term engagement with Zircon cust
Slide 24: History of Astron Corporation
Appendix: History of Astron Corporation Listed in 1983, Astron Corporation has nearly 40 years' experience in the strategic minerals industries 1983 1992 2001 2007 2012 2015 2019 2022 Listed on the ASX Import of zircon Advanced Materials Sold China Initial Ore Reserve First pilot plant Second Donald
Slide 25: Donald Project – Ore Reserve Statement
Appendix: Donald Project – Ore Reserve Statement MIN5532 RL2002 outside of MIN5532 The Ore Reserve has been classified as Proven Ore Reserves, based on Measured Mineral The Ore Reserve has been classified as Proven Ore Reserves, based on Measured Mineral Resources and Probable Ore Reserves, based on
Slide 26: Donald Project – Mineral Resource Statement
Appendix: Donald Project – Mineral Resource Statement Mineral Resource above a 1% total HM cut-off Mineral Resource where VHM data is available reported above a cut-off of 1% total HM Classification Tonnes Total HM Slimes Oversize % of total HM (Mt) (%) (%) (%) Classification Tonnes HM Slimes Oversi
Slide 27: Competitor Information & Disclosure
Appendix: Competitor Information & Disclosure SELECT COMPETITOR INFORMATION SOURCES 1. ASX Announcement, Sheffield Resources, ASX: SFX, Investor Presentation, 11 April 2023, Construction Stage 2. Kalbar Operations Pty Ltd, Investor Presentation to TZMI, November 2020, Development Stage 3. WIM Resour