Astral Resources Nl · ASX:AAR
Astral Resources Nl — Melbourne Mining Club Cutting Edge Series (July 2026)
25 slides from Astral Resources Nl's conference presentation, Jul 15, 2026
Slide 1: Mandilla Gold Project: Building a West Australian long-life, high-margin gold project
For personal use only Mandilla Gold Project: Building a West Australian long-life, high-margin gold project Melbourne Mining Club Cutting Edge Series July 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 For personal 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
Slide 6: Why Mandilla Matters…
Why Mandilla Matters… A significant long-life, high-margin For personal use only gold development in Australia Large, coherent gold system in established mining jurisdiction Conventional open pit mining and processing with strong metallurgy Significant exploration upside across tenure Tier-1 locatio
Slide 7: Corporate Overview
Corporate Overview Company Snapshot Share Price Performance For personal use only Share Price Market Capitalisation A$0.12 A$207.1M Shares On Issue Cash on Hand 1,801M A$73.0M (Mar Qtr 2026) Options / Rights Enterprise Value 20.3M/20.2M A$134.1M (Ave exercise price 11.4c) Research Coverage Significa
Slide 8: Corporate & Technical Capability
Corporate & Technical Capability Board of Directors For personal use only Mark Connelly Justin Osborne Peter Stern David Varcoe Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Mark is a Corporate Executive with Mr Osborne has over 30 years Is a graduate of
Slide 9: Mandilla PFS Highlights – Compelling Project Economics
Mandilla PFS Highlights – Compelling Project Economics Project For personal use only Economics at $2.7B2 $5.2B A$ 2,140/oz +95kozpa 6 months Spot Au Price NPV8 FCF AISC over LOM Production profile Payback (pre-tax) ($6,000) +95kozpa Long Profitable, Funding Robust Simple and production mine life hig
Slide 10: Mandilla Definitive Feasibility Study
Mandilla Definitive Feasibility Study • GR Engineering engaged to complete DFS and For personal use only deliver an agreed Target Cost model • Independent Technical Expert report underway (initial scope limited to the April 2026 MRE) • Capital and operating costs received and under internal review •
Slide 11: 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 For personal 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
Slide 12: 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 For personal use only • 9 holes for 5,650 metres completed to date • Original program 6-hole (3,000m) expanded to 12-hole (7,500) • All completed holes have logged significant quartz-sulphide
Slide 13: Theia Deeps Drilling Progress
Theia Deeps Drilling Progress For personal 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 belo
Slide 14: Theia Deeps Drilling Progress (continued)
Theia Deeps Drilling Progress (continued) • AMRCD261 returned significant gold For personal use only mineralisation 54m at 2.38g/t Au starting below the base of the proposed pit • AMRCD262 (assays pending – expected during Sept-26 quarter) has logged significant quartz-sulphide veining and visible g
Slide 15: Theia de-risking – drilling to achieve the higher confidence Measured Resource category
Theia de-risking – drilling to achieve the higher confidence Measured Resource category • 99 holes (11,121m) in-fill For personal use only completed at Stage 1 (average 1.93g/t Au) • 43 holes (4,324m) in-fill completed at Stage 2 (average 1.22g/t Au) • 431 holes (44,400m) in-fill in progress at Stag
Slide 16: Feysville – Satellite Opportunity
Feysville – Satellite Opportunity • Feysville Project located 14km For personal use only south of Kalgoorlie – emerging high- grade satellite operation • Feeding into central production and processing hub located at Mandilla • Comprises multiple deposits – Think Big, Kamperman, Rogan Josh • Kamperma
Slide 17: Exploration Growth
Exploration Growth Kamperman 83,700oz and growing For personal use only Modest 17-hole (2,954m) recently completed Best results included: • 14m at 6.79g/t Au from 192m • 13m at 6.60g/t Au from 44m • 21m at 3.11g/t Au from 115m • 15m at 3.70g/t Au from 123m • 23m at 2.75g/t Au from 180m • 14m at 2.66
Slide 18: Feysville – Think Big Monetisation
Feysville – Think Big Monetisation • LOI executed to mine ~ 32,000oz from Think For personal use only Big as an early revenue opportunity to fund development of the Mandilla Gold Project • Native Title Agreement executed with Marlinyu Ghoorlie • Mining Tenement M 26/846 recently granted • NVCP and M
Slide 19: 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 For personal use only depth assayed deep drilling outside of known Resource areas for gold across Spargoville • Two high-priority areas identified fo
Slide 20: Key Catalysts
Key Catalysts Theia Deeps diamond drilling For personal use only Kamperman and Spargoville exploration Think Big mine production Mandilla, Kamperman and Spargoville MRE updates DFS completion astralresources.com.au ASX:AAR | 20
Slide 21: Investment Summary
Investment Summary For personal 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 | 21
Slide 22: Appendix - PFS Financials Key Financial Assumptions
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 For personal 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 T
Slide 24: Appendix – Logging Table
Appendix 3 – 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 25: 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
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