Astral Resources NL (AAR) Investor presentation summary

Investment highlights

• Mandilla is positioned as a long-life gold development in WA’s Goldfields, with conventional open-pit mining and processing, 95.5% recovery, and nearby infrastructure.

• Group Mineral Resource totals 2.214Moz at 1.0g/t Au; Ore Reserves total 1.082Moz at 0.9g/t Au.

• Cash was A$65.1M at Jun Qtr 2026; enterprise value was A$242.4M, with no debt shown in the peer comparison data.

Mandilla project economics

• PFS at A$4,250/oz gold forecasts pre-tax NPV8 of A$1.4B, pre-tax IRR of 101%, and 0.92-year payback from first gold; post-tax NPV8 is A$1.001B and IRR 86%.

• Production profile exceeds 95kozpa for the first 12 years; mine life is 13.2 years, with 18.5 years of processing including 6.5 years of LG stockpiles at 42kozpa.

• LOM AISC is A$2,085/oz; PFS pre-production capital expenditure is A$180M, with A$47M in pre-production mining and G&A costs.

• Production target is underpinned by ~75% Probable Ore Reserves, ~5% Indicated Resources not converted to Reserves, and ~20% Inferred Resources; forecast payback is under one year.

Development and Theia drilling

• GR Engineering is working on the DFS and target-cost model; capital and operating costs have been received, mine designs and schedules are underway, and site layouts are finalised.

• Native title agreement was executed with the Marlinyu Ghoorlie Native Title Claim Group; environmental and works approval submissions were targeted for the December Quarter.

• Theia deep drilling expanded from 6 holes for 3,000m to 21 holes for 11,000m; 18 holes were completed, with logged quartz-sulphide veins and visible gold in completed holes.

• Drilling indicated potential Theia mineralisation up to 350m below the April 2026 MRE shell; results included 52.75m at 4.67g/t Au and 33m at 5.02g/t Au below the resource shell.

• Theia infill work includes 99 Stage 1 holes completed at 1.93g/t Au average and 431 in progress; completion is expected to move all Stage 1 into the Measured Resource category.