Astral Resources Nl · ASX:AAR
Astral Resources Nl — Australian Gold Conference (October 2026)
25 slides from Astral Resources Nl's conference presentation, Oct 14, 2026
Slide 1: Advancing the Mandilla Gold Project into Development
Advancing the Mandilla rsonal use only Gold Project into Development 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 rsonal use only Tier-1 location in the 2.2Moz 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 sheet
Slide 6: The Mandilla Gold Project is…
The Mandilla Gold Project is… A significant long-life, high-margin rsonal use only gold development in Australia A large and growing gold system in the WA Goldfields Conventional open pit mining and processing with strong metallurgy Demonstrating significant exploration upside across the tenement po
Slide 7: Corporate Overview
Corporate Overview Company Snapshot Share Price Performance rsonal use only Share Price Market Capitalisation A$0.17 A$307.5M Shares On Issue Cash on Hand 1,809M A$65.1M (Jun Qtr 2026) Options / Rights Enterprise Value 16.3M/13.4M A$242.4M (Ave exercise price 9c) Research Coverage Significant Shareh
Slide 8: Corporate Overview: Peer Comparison
Corporate Overview Company Snapshot Peer Comparison: Enterprise Value per Resource Ounce (A$/oz)1 rsonal use only Share Price Market Capitalisation $450 $399 A$0.17 A$307.5M $400 $350 $301 Shares On Issue Cash on Hand $300 $269 $256 1,809M A$65.1M $250 $200 $192 Average: $173/oz (Jun Qtr 2026) $140
Slide 9: Corporate & Technical Capability
Corporate & Technical Capability Board of Directors rsonal use only Mark Connelly Justin Osborne Peter Stern David Varcoe Marc Ducler Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Managing Director Mark is a Corporate Mr Osborne has over 30 Is a graduate
Slide 10: Mandilla PFS Highlights – Compelling Project Economics
Mandilla PFS Highlights – Compelling Project Economics Project rsonal 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 high-marg
Slide 11: Mandilla Definitive Feasibility Study
Mandilla Definitive Feasibility Study • GR Engineering working on the DFS and Target Cost model rsonal use only • Capital and operating costs have been received • ITE underway (initial scope limited to the April 2026 MRE) • Detailed mine designs, schedules and mine costing underway • LUA executed wi
Slide 12: Theia – The key deposit – remains open at depth
Theia – The key deposit –remains open at depth rsonal use only • Diamond drilling program has been underway since March 2026 • 18 holes completed to date • Original program 6-hole (3,000m) expanded to 21-hole (11,000) • All completed holes have logged significant quartz-sulphide vein percentages and
Slide 13: Theia Deeps Drilling Progress
Theia Deeps Drilling Progress rsonal use only • AMRCD263 returned significant gold mineralisation 600m downhole AMRCD163: 15.7m @ 3.4g/t Au from 320.4m • AMRCD259 returned significant gold mineralisation 735m downhole AMRCD163: 127.3m @ 1.2g/t Au from 352m • Drilling has demonstrated significant gol
Slide 14: Theia Deeps Drilling Progress (continued)
Theia Deeps Drilling Progress (continued) • This section is located further 100m south of the rsonal use only previous section • AMRCD378 returned significant gold mineralisation 53m at 4.67g/t Au starting below the base of the Resource shell • AMRCD377 also returned significant gold mineralisation
Slide 15: Theia de-risking – drilling to achieve Measured Resource category
Theia de-risking – drilling to achieve the higher confidence Measured Resource category • 99 holes (11,121m) in-fill rsonal use only completed at Stage 1 (average 1.93g/t Au) • 431 holes (44,400m) in-fill in progress at Stage 1 (average 1.39g/t Au for the first 144 holes for 14,533m) • 43 holes (4,3
Slide 16: Feysville – Satellite Opportunity
Feysville – Satellite Opportunity • Feysville Project located 14km south of Kalgoorlie – emerging high-grade satellite operation rsonal use only • Feeding into central production and processing hub located at Mandilla - comprises multiple deposits – Think Big, Kamperman, Rogan Josh • Mining tenement
Slide 17: Feysville – Think Big Monetisation
Feysville – Think Big Monetisation • LOI executed to mine ~ 32,000oz from Think Big as an early revenue rsonal use only opportunity to fund development of the Mandilla Gold Project • Native Title Agreement executed with Marlinyu Ghoorlie • Mining Tenement M 26/846 recently granted • NVCP approved an
Slide 18: Feysville – Think Big Monetisation
Feysville – Think Big Monetisation • 6,000m of RC drilling completed to in-fill Think Big ahead of mining rsonal use only • Best results include: • 11m at 7.34g/t Au • 12m at 5.89g/t Au • 3m at 10.0g/t Au, 2m at 9.53g/t Au and 9m at 6.01g/t Au • 2m at 8.01g/t Au, 12m at 2.99g/t Au and 12m at 4.14g/t
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 deep rsonal use only depth assayed drilling outside of known Resource areas for gold across Spargoville • Two high-priority areas identified for imme
Slide 20: Key Catalysts
Key Catalysts Theia in-fill and Theia Deeps diamond drilling rsonal use only Kamperman and Spargoville exploration Kamperman MRE update Think Big mine production Mandilla MRE update DFS completion 20
Slide 21: Investment Summary
Investment Summary rsonal 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: Contact Us
rsonal 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 * Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentr
Slide 23: 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$M 6,011 rsonal use only 1,800 Mining Costs – Total A$M 1,594 400 1,500
Slide 24: Appendix – Mineral Resources & Ore Reserves
Appendix 2 – Mineral Resources & Ore Reserves Group Ore Reserve Estimate Probable Total Ore Reserve rsonal use only 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 Total 3
Slide 25: Appendix – June Quarter 2026 Data & Mineral Resource Estimate for gold developers
Appendix 3 – June Quarter 2026 Data & Mineral Resource Estimate for gold developers Company Code Cash Debt Source MRE Source Antipa Minerals AZY $39.1 $0.0 Quarterly Activities/Appendix 5B Cash Flow Report 2.90Moz Noosa Mining Conference Presentation rsonal use only Brightstar Resources BTR $122.0 $
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