Astron Limited · ASX:ATR
Astron — TZMI Congress (November 2025)
24 slides from Astron's conference presentation, Nov 13, 2025
Slide 1: Donald Rare Earths & Mineral Sands Project
www.astronlimited.com.au For personal use only Donald Rare Earths & Mineral Sands Project A shovel-ready, low-cost, low-capex, scalable opportunity ATR Investor Presentation ASX Code: ATR 13 November 2025
Slide 2: Disclaimer
www.astronlimited.com.au Disclaimer CAUTIONARY STATEMENT COMPETENT PERSONS STATEMENT For personal use only This presentation has been prepared by Astron Corporation Limited (Astron or the Company). The information contained in The information in this report that relates to the MIN5532 Mineral Resour
Slide 3: Key Highlights
www.astronlimited.com.au Key Highlights For personal use only Total in-situ total rare earth oxides of ~1.7Mt (Fourth largest ex-China), in-situ zircon of Globally significant mineral resource 22Mt (largest in the world). Rare earth element concentrate (REEC) and heavy mineral concentrate (HMC) unde
Slide 4: Astron and its Partners
www.astronlimited.com.au Astron and its Partners For personal use only ATR ASX Code Yingkou Mineral Separation Plant $298m Market Cap (11 Noovember 2025) H MC $122m Net Assets s rth (30 Jun 2025) Donald & Jackson Projects Ea re Ra 4
Slide 5: Donald Rare Earths & Mineral Sands Project
www.astronlimited.com.au Donald Rare Earths & Mineral Sands Project For personal use only Near-term, low CAPEX, low OPEX source of western rare earths Globally significant Major project critical mineral project1 approvals in-hand 1st 4th EPBC Work Plan Global in-situ Ex-China rare ✓ ✓ zircon resourc
Slide 6: Unique Product Mix Life of Mine Revenue Mix
www.astronlimited.com.au Unique Product Mix Life of Mine Revenue Mix For personal use only Diversified revenues from both light & heavy rare earths, as well as from mineral sands products Zircon & titania applications Revenue mix1 1st 5 yrs LoM Light rare earths 30.4% 31.5% Rare earth applications H
Slide 7: Rare earth supply & demand
www.astronlimited.com.au Rare earth supply & demand For personal use only Nd/Pr supply and demand curve to 2039 Dy & Tb supply and demand curve to 2039 4.0 1.2 200.0 3.5 1.0 150.0 Tb Oxide kt Dy Oxide kt NdPr Oxide kt 3.0 0.8 100.0 2.5 0.6 50.0 2.0 1.5 0.4 - 2024 2026 2028 2030 2032 2034 2036 2038 2
Slide 8: Mineral sands supply & demand
www.astronlimited.com.au Mineral sands supply & demand For personal use only Zircon supply and demand curve to 2033 Titanium supply and demand curve to 2033 1,500.0 11,000.0 1,400.0 10,500.0 1,300.0 '000 TiO2 Units 10,000.0 Zr '000t 1,200.0 9,500.0 1,100.0 9,000.0 1,000.0 900.0 8,500.0 800.0 8,000.0
Slide 9: Building a Western Heavy Rare Earths Value Chain
www.astronlimited.com.au Donald Joint Venture Astron Energy For personal use only Limited Fuels Building a Western Heavy Rare Earths Value Chain 100% 100% HMC REEC “Donald Project … is one of the richest deposits of HREEs in the world, which we 51% 49% could bring into production by the end of 2027,
Slide 10: Energy Fuels Inc.
www.astronlimited.com.au Energy Fuels Inc. NYSE-American, TSX-listed critical minerals company For personal use only (market cap of ~US$4.0 B)1 A leading U.S. Critical Minerals company 1. As of 11 November 2025 Establishing an auditable, western rare earth supply chain from mine to metals, producing
Slide 11: Low CAPEX, Low OPEX, Scalable R.E. Production
www.astronlimited.com.au Low CAPEX, Low OPEX, Scalable R.E. Production For personal use only 1,800 Mountain Pass Grade • Phase 1 of the Donald Project one of the (NdPr %) leading low-OPEX, low-CAPEX 1,600 14-19 significant sources of rare earths. 20-24 • According to analysis completed by 1,400 Argu
Slide 12: Phase Economics
www.astronlimited.com.au Phase 1 Economics1 For personal use only Metrics Phase 1 • Phase 1 economics updated at Q3 2025 in preparation for the final investment decision. Pre-tax NPV8 (FID) $837m • Financial analysis of Donald Project Phase 1 indicates a Pre-tax IRR 22.1% pre-tax real NPV8 of $837 m
Slide 13: Phase Economics in detail
www.astronlimited.com.au Phase 1 Economics in detail1 For personal use only A$m LIFE OF MINE CASH FLOW FORECAST Process plant 209.7 Earthworks 63.3 Onsite infrastructure 25.3 Project execution 41.5 Operational readiness 17.5 Offsite infrastructure 27.7 Other 23.2 REVENUE ASSUMPTIONS Contingency 30.6
Slide 14: Funding Structure
www.astronlimited.com.au Funding Structure For personal use only • Joint Venture established with U.S.-based Energy Fuels Inc. to provide BASE CASE – SOURCES & USES the initial equity contribution for the Donald Project. Sources A$m • Project development targeting a 50:50 debt-equity capital structu
Slide 15: Project Financing – Progressing Senior Term Loan
www.astronlimited.com.au Project Financing – Progressing Senior Term Loan For personal use only The Project, with its long life, and robust economics backed by a dual-revenue stream is suitable for a term loan facility. The company has targeted traditional commercial lenders and export Letter of sup
Slide 16: Board & Management
www.astronlimited.com.au Board & Management Board For personal use only George Lloyd Tiger Brown Mark Elliott Kang Rong Gerard King Chair Managing Director Non-Executive Director Non-Executive Director Non-Executive Director Executive Sean Chelius Grant Huggins Jessica Reid Joshua Theunissen Greg Be
Slide 17: Process Flow Diagram
Process Flow Diagram www.astronlimited.com.au The Donald Project — Phase 1 Conventional, Established and Proven Flowsheet For personal use only • Mining overburden via conventional truck and excavator method, with topsoil, subsoil and overburden stockpiled separately. Ore mined by dozer push. • Mini
Slide 18: Approvals & De-risking
www.astronlimited.com.au Approvals & De-risking Land Access For personal use only • The Venture either owns or has executed access agreements that cover the land within the Work Plan area. Environmental Mining Cultural Work Geology & Mining Effects Licence Heritage Plan Statement Management • Over 8
Slide 19: Project Schedule
www.astronlimited.com.au Project Schedule For personal use only CY2025 CY2026 CY2027 Activity Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Project Financing Negotiations ✓ On-Min Approvals ✓ Off-Min Approvals ✓ Earthworks/Mining Tender & Design Award Mob. Pre-Strip & Construction Comm. Operations Water Design C
Slide 20: Scalable Economics
www.astronlimited.com.au Scalable Economics For personal use only Opportunity to leverage unique resource position China Mineral Separation Plant • Capture additional value • Direct access to end users & customers Donald Project – Phase 2 “Doubling” • Construction commencement as soon as 2029 • PFS
Slide 21: Mineral sands mine lifecycle
www.astronlimited.com.au Mineral sands mine lifecycle Environment & Social 1 Exc avation 2 Ta ilin gs r etu rn For personal use only Mining the building blocks for the clean energy transition Progressive rehabilitation of land to its original form Auditable source of rare earths distinguished from c
Slide 22: Next steps
www.astronlimited.com.au Next steps For personal use only Final • Update detailed mine-plan based on revised pre-production drilling assays. Investment • Progress contract negotiations to ready-to-execute. Decision Report • Update resource reports to comply with NI43-101 & SK-1300 requirements. • Co
Slide 23: Contact Us
www.astronlimited.com.au For personal use only Contact Us Address +61 3 5285 7088 L10, 224 Queen St, investor@astronlimited.com.au Melbourne, VIC, ASX: ATR 3000 Australia Get in touch 23
Slide 24: Appendix A – Mineral Resource Statement
www.astronlimited.com.au Appendix A – Mineral Resource Statement For personal use only 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) (%) (%) (%) Class