Astron Limited · ASX:ATR
Astron — Noosa Conference (July 2025)
16 slides from Astron's conference presentation, Jul 24, 2025
Slide 1: Donald Rare Earths & Mineral Sands Project
www.astronlimited.com.au For personal use only Donald Rare Earths & Mineral Sands Project A low-cost, high margin rare earths operation on the cusp of construction Presented by Tiger Brown 24 July 2025
Slide 2: Disclaimer
www.astronlimited.com.au Disclaimer For personal use only CAUTIONARY STATEMENT COMPETENT PERSONS STATEMENT 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 Reso
Slide 3: Astron and its Partners
www.astronlimited.com.au Astron and its Partners For personal use only Globally Significant Resource Position White Mesa-Mill • Donald Project (51%-owned) • Jackson Project (100% owned) Dual-product Stream Robust economics • Rare earths to Energy Fuels • Ti, Zr, to Astron & Partners Donald Project N
Slide 4: Near-term, low CAPEX, low OPEX source of western rare earths
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 5: Donald Joint Venture
www.astronlimited.com.au Donald Joint Venture For personal use only Heavy Rare Earths are critical for Building a Western Heavy Rare Earths Value Chain strategic applications, where Dy, Tb allows permanent magnets to operate “Donald Project … is one of the richest deposits of HREEs in the world, whi
Slide 6: Energy Fuels Inc.
www.astronlimited.com.au Energy Fuels Inc. NYSE-American, TSX-listed critical minerals company For personal use only A leading U.S. Critical Minerals company (market cap of ~US$2.0 B) Providing materials for clean energy, defence, health case and other high- value end use applications Establishing a
Slide 7: Phase 1 Economics
www.astronlimited.com.au Phase 1 Metrics Unit Phase 1 For personal use only Pre-tax NPV8 (FID) $m 837 Pre-tax IRR % 22.1 Post-tax NPV8 (FID) Post-tax IRR $m % 522 17.6 Economics Payback period from start of operations years 5.0 Execution capital cost $m 439 Planned Operations Cumulative free cash fl
Slide 8: Low CAPEX, Low OPEX, Scalable RE Production
www.astronlimited.com.au Low CAPEX, Low OPEX, Scalable RE Production For personal use only 1,800 Mountain Pass 1,600 Grade (NdPr %) 14-19 20-24 1,400 25-29 30+ Mt Weld 1,200 CAPEX (US$M) 1,000 800 600 Donald 400 200 0 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00 OPEX ($/kg TREO) S
Slide 9: Major Approvals In-Hand
www.astronlimited.com.au Major Approvals In-Hand For personal use only Environmental Mining Cultural Work Land Access Effects Licence Heritage Plan The Venture either owns or have Statement Granted 2010 Management Approved 2025 executed access agreements that Granted 2008 Plan cover the land within
Slide 10: Extensive Evaluation and De-risking
www.astronlimited.com.au Extensive Evaluation and De-risking For personal use only Geology & Mining Engineering Early Works - Underway Delineated reserves Pilot scale processing plant Water pipeline tie-in • Over 85% of Reserves - Proven • AACE Level 2 Feasibility Study • Water pipeline contract exe
Slide 11: 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 12: 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 as soon as 2029 • PFS Economics, 1.
Slide 13: Mineral sands mine lifecycle
www.astronlimited.com.au Mineral sands mine lifecycle Environment & Social 1 2 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 conflict supply Mining on predomi
Slide 14: 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 Review Off-Min Approvals Earthworks/Mining Tender & Design Award Mob. Pre-Strip & Construction Comm. Operations Water D
Slide 15: Next steps
www.astronlimited.com.au Next steps For personal use only Final • Update detailed mine-plan based on revised in-fill drilling assays Investment • Progress contract negotiations to ready-to-execute Decision Report • Update resource reports to comply with NI43-101 & SK-1300 requirements • Continue to
Slide 16: Contact Us
www.astronlimited.com.au For personal use only Contact Us Address Joshua Theunissen L10, 224 Queen St, 03 5285 7088 Melbourne, VIC, investor@astronlimited.com.au 3000 Australia Get in touch 16