Astral Resources NL (AAR) investor relations material

Resource growth and exploration

• Resource base expanded to 1.8 million ounces across three hubs in the WA Goldfields, with ongoing drilling and plans for further growth.

• New ounces added at a low exploration cost of $19 per ounce, with recent drilling programs yielding promising results.

• Recent acquisition of Maximus Resources added 139,000 ounces and 144 sq km of tenure, reducing haulage and operating costs.

• High conversion rates from resource to production target, with 95% for Mandela and 86% for Faisal.

• Multiple drilling programs underway, including 10,000 meters at Thea and 7,000 meters at Fayesville, supporting ongoing resource growth.

Project development and financials

• Prefeasibility study released in June shows $2.3 billion NPV at spot gold price, 8% discount rate, and 160% IRR, with an eight-month payback.

• 1.1 million ounce reserve established, with plans to complete DFS by June 2026 and move to construction for first gold by December 2027.

• Projected annual production of 95,000 ounces for 12 years, followed by 42,000 ounces for 6.5 years, supporting a multi-decade operation.

• All-in sustaining costs at $2,100 per ounce, with robust financials at both prefeasibility and current spot prices.

• Peak negative cash flow of $230 million, with $180 million allocated to the process plant and $47 million to preproduction mining.

Corporate and market position

• Strong cash position with $19 million as of June and potential for $6 million from expiring options.

• Institutional ownership increased from 8% to over 26% in the past year, with recent growth occurring on market.

• Share price nearly doubled since last year’s conference.

• Macro environment for gold provides favorable tailwinds, supporting long-term business foundations.

• Well-funded to deliver DFS and progress to full permitting and funding.