Astral Resources Nl · ASX:AAR
Astral Resources Nl — Adelaide Gather Round Conference 2026
25 slides from Astral Resources Nl's conference presentation, Apr 9, 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 Adelaide Gather Round Conference April 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 1.8Moz 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$0.205 A$369.2M Shares On Issue Cash on Hand 1,801M A$75.9M (Dec Qtr 2025) Options / Rights Enterprise Value 20.3M/20.2M A$293.3M (Ave exercise price 11.4c) Research Coverage Signific
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 $3.2B2 $6.3B A$ 2,163/oz +95kozpa 6 months Spot Au Price NPV8 FCF AISC over LOM Production profile Payback ($6,750) +95kozpa Long Profitable, Funding Robust Simple and production mine life high-margin q
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 • Taylor Collison appointed to drive debt process with several banks expressing interest • Level Solutions appointed to provide project management support for
Slide 11: Development Schedule – Clear Pathway to Production
Development Schedule – Clear Pathway to Production Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 For personal use only Completed PFS delivered In Progress Stage 1 Thea in-fill DFS workstreams advancing Debt process underway Approvals in process Final Investment Decision astralresou
Slide 12: Mandilla Deposits
Mandilla Deposits For personal use only Theia remains open at 1.4Moz discovered to ~1Moz in a single depth – potential UG to be date at sub $20/oz in open pit at Theia explored discovery cost Hestia Theia Iris Eos astralresources.com.au ASX:AAR | 12
Slide 13: Theia – The key deposit – potentially remains open at depth
Theia – The key deposit – potentially remains open at depth For personal use only • Six-holes (~ 3,000m) planned to test Theia extents at depth • Testing the current interpretation of shallow, SW dipping mineralisation with a steep internal west- dipping HG zone • Testing an eastern plunge theory, w
Slide 14: Theia – The key deposit – potentially remains open at depth
Theia – The key deposit – potentially remains open at depth West down- plunge (pipe) RJ26_THD021 RJ26_THD025 For personal use only PFS Stage 1 Pit PFS Pre-collar Stage 5 220m Pit Parallel HGZ? Mineralisation periodicity? ERF – important to mineralisation? Sediment contact 560m 520m planned planned d
Slide 15: Theia De-Risking
Theia De-Risking For personal use only • 99 holes completed at the cornerstone Theia deposit • 11,121m drilled • Average 52 gram x metres3 across the entire program • Average grade 1.93g/t Au • 4:1 strip ratio in the Stage 1 starter pit Results continue to support the proposed Stage 1 starter pit an
Slide 16: Theia De-Risking
For personal use only Theia De-Risking* • 32m at 10.8g/t Au from 50m • 18m at 6.67g/t Au from 100m • 4m at 46.8g/t Au from 130m • 2m at 95.9g/t Au from 105m • 19m at 3.53g/t Au from 73m • 21m at 7.13g/t Au from 40m • 40m at 1.1g/t Au from 73m • 25m at 3.20g/t Au from 44m • 43m at 2.46g/t Au from 48m
Slide 17: 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 18: 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 19: 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 for T
Slide 20: Spargoville – Significant Exploration Upside
Holes > 100m Spargoville – Significant Exploration Upside depth assayed for gold across Spargoville ~14km of highly prospective strike between the tenements For personal use only Wattle Dam and Eagle Complex with very little deep drilling outside of known Resource areas • Two high-priority areas ide
Slide 21: Key Catalysts
Key Catalysts Mandilla MRE update For personal use only Kamperman and Spargoville MRE update Think Big mining agreement Ongoing exploration – incl. Theia at Depth DFS completion Project financing milestones astralresources.com.au ASX:AAR | 21
Slide 22: 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 | 22
Slide 23: 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 24: 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 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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