Astral Resources NL (AAR) investor relations material

Project updates and timeline

• Delivery of the Definitive Feasibility Study (DFS) for Mandilla has been delayed due to ownership structure complexities, now scheduled for the March quarter of 2027, with first gold production targeted for 2027.

• Pre-Feasibility Study (PFS) completed, assuming a gold price of AUD 4,250; current gold prices are significantly higher, enhancing project economics.

• Early revenue opportunity secured through a JV at Feysville's Think Big, with mining to commence in the March quarter and revenue expected in the June quarter next year.

• Ongoing infill drilling at Mandilla and Feysville is de-risking the mine plan and supporting resource upgrades.

• Key near-term catalysts include Theia Deeps drilling, Kamperman and Spargoville exploration, Think Big mine production, and MRE updates.

Strategic project overview

• Advancing a long-life, high-margin gold project in Western Australia with a 2.1Moz mineral resource, targeting over 95kozpa production for the first 12 years and a rapid payback period.

• The Mandilla Project is positioned in a tier-1 mining jurisdiction with world-class infrastructure and low sovereign risk, supported by a strong balance sheet and clear pathway to DFS.

• The project leverages conventional open pit mining and processing, with significant exploration upside across Mandilla, Feysville, and Spargoville tenements.

Financial position and project economics

• Cash reserves stand at AUD 65.1 million, with an additional AUD 50 million expected from the JV, supporting development funding.

• At current gold prices, Mandilla's payback period is six months, IRR is 170%, and free cash flow approaches AUD 5 billion.

• Pre-feasibility study (PFS) indicates a pre-tax NPV8 of $1.4B, IRR of 101%, and payback in under one year at a gold price of A$4,250/oz.

• All-in sustaining cost (AISC) over the life of mine is A$2,085/oz, with a 2.75Mtpa plant and pre-production capital of A$180.4M.

• Equity requirement for project build is expected to be lower than peers due to strong funding and early revenue streams.