Astral Resources NL (AAR) investor relations material

Project Overview and Development Status

• Mandilla Gold Project comprises Mandilla, Spargoville, and Feysville, with a 2.1 million ounce resource at 1 g/t, supporting a 2.75 Mtpa plant and targeting over 95,000 oz/year for the first 12 years.

• The project features conventional open-pit mining, strong metallurgy with 95% recovery at a coarse grind, and is located near Kalgoorlie in a tier-1 jurisdiction.

• Pre-feasibility published June 2025; DFS due March 2027, with ongoing drilling at Theia Deeps and infill to de-risk early production.

• Projected 12-year mine life at ~100,000 oz/year, with a 12-month payback and NPV up to $2B at current gold prices.

• Board and management have strong track records in mine development, geology, and corporate finance.

Project Development and Economics

• Mandilla PFS highlights robust economics: pre-tax NPV8 of A$1.4b, IRR of 101%, and payback in under a year at A$4,250/oz gold price.

• 2.75Mtpa plant with pre-production capex of A$180.4m, AISC over LOM at A$2,085/oz, and a 13.2-year mining life with 18.5 years of processing including stockpiles.

• Definitive Feasibility Study (DFS) underway with GR Engineering, detailed mine designs, and site layouts finalized; key approvals and tenement applications progressing.

• Debt financing and ITE review are underway to support transition from DFS to FID.

• Development schedule targets DFS delivery and final investment decision in 2026, with first gold production expected in 2027.

Exploration and Resource Growth

• Theia Deeps drilling has nearly doubled the vertical extent of mineralization, with infill drilling exceeding resource grade and significant high-grade intersections.

• Theia remains open at depth; diamond drilling since March 2026 has returned visible gold and quartz-sulphide veining, indicating resource extensions.

• Drilling results include intersections such as 53m at 4.67g/t Au and 45.53m at 2.15g/t Au, with ongoing assays and infill drilling to upgrade resource confidence.

• Stage 1 infill drilling (99 holes completed, 431 in progress) aims to convert the entire area to the Measured Resource category.

• Resource updates expected at Spargoville (next week), Kamperman (December quarter), and Theia (early next year).