Astral Resources NL (AAR) H2 2025 earnings summary

Executive summary

• Advanced Mandilla Gold Project to a positive Pre-Feasibility Study (PFS) with maiden ore reserves and robust economics, targeting 1.41Moz gold production over 19 years at 2.75Mtpa processing rate.

• Acquired Spargoville Project via takeover of Maximus Resources, expanding resource base and exploration upside.

• Updated Mineral Resource Estimates (MRE) for Mandilla (1.43Moz), Feysville (196koz), and Spargoville (139koz) announced.

• Extensive drilling across all projects, with over 48km drilled in FY25.

Financial highlights

• Net loss of $2.64 million for FY25, slightly higher than prior year ($2.58 million loss in FY24).

• Revenue from continuing operations was $794,500, up from $24,063 in FY24.

• Net assets increased to $87.4 million (FY24: $34.5 million), with working capital of $15.3 million.

• Cash and cash equivalents at year-end were $18.6 million (FY24: $5.8 million).

• 482.8 million new shares issued during the year, raising $25 million via placement and shares for Maximus acquisition.

Outlook and guidance

• Mandilla Definitive Feasibility Study (DFS) underway, targeted for completion in June 2026.

• MRE updates for Mandilla and Feysville targeted for March 2026.

• Ongoing exploration and drilling at Mandilla, Feysville, and Spargoville, with focus on resource growth and conversion.

• Continued evaluation of growth opportunities and transition from explorer to producer.