Astral Resources NL (AAR) Mining Forum Americas 2026 summary

Project Overview and Development Plans

• 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 for large-scale open-pit mining and robust economics.

• The project targets over 95,000 oz/year production for the first 12 years, with a projected 12–13.2 year mine life and rapid payback.

• Pre-feasibility published June 2025, DFS due March 2027, with development schedule targeting DFS delivery and FID in 2026 and first gold production in 2027.

• Projected NPV of $1B at $2,975/oz gold price, approaching $2B at current prices, and pre-tax NPV8 of A$1.4b at A$4,250/oz gold price.

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

Technical Progress and Exploration

• Theia Deeps drilling has nearly doubled the vertical extent of mineralization, with infill drilling exceeding resource grade expectations and significant visible gold and quartz-sulphide veining.

• 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.

• High metallurgical recoveries (95%) at a coarse grind (150 micron) support cost-effective processing.

• Ongoing drilling at Spargoville and Kamperman, with recent heritage clearances enabling imminent activity and MRE updates expected.

Financials, Funding, and Peer Comparison

• Well-funded for DFS and development, with $46M in cash and early revenue from Feysville JV expected to add $35M; A$65m cash as of June 2026 and EV of A$260.5m.

• Project IRR of 190% at $4,300/oz gold and 101% at A$4,250/oz, with six to twelve-month payback and $4B free cash flow projected.

• Trading at a significant discount to peers (Ausgold, Musgrave Minerals), with EV/oz metrics less than half of comparables.

• Pre-production capex of A$180.4m and AISC over LOM at A$2,085/oz.

• Recent transaction simplified tenure ownership, enabling unfettered project development and approvals.