Astral Resources Gold Drill Results Strengthen Mandilla Resource Potential

Exceptional Gold Drill Results Bolster Astral's Mandilla Resource Potential

Astral Resources (ASX: AAR) has announced exceptional in-fill drilling results from its Iris Deposit, part of the company's 100%-owned Mandilla Gold Project near Kalgoorlie, Western Australia. The results feature both high-grade gold intercepts and broad zones of consistent mineralisation that are likely to support an increase in Indicated Mineral Resources in the company's next resource update.

High-Grade Intercepts Expand Mandilla's Resource Potential

The recent 19-hole (2,971-meter) in-fill reverse circulation (RC) drill program at the Iris Deposit delivered impressive results, including:

• 4 meters at 21.3g/t Au from 91m (including 2 meters at 37.9g/t Au)
• 2 meters at 12.8g/t Au from 120m (including 1 meter at 24.4g/t Au)
• 5 meters at 5.73g/t Au from 99m (including 1 meter at 20.8g/t Au)
• 21 meters at 1.59g/t Au from 148m
• 23 meters at 1.00g/t Au from 156m
• 15 meters at 1.22g/t Au from 110m

Notably, the high-grade results in hole MDRC983 (4 meters at 21.3g/t Au and 2 meters at 12.8g/t Au) were located outside the current Pre-Feasibility Study (PFS) pit designs, suggesting potential for additional high-grade feed for the proposed Mandilla processing plant.

"This is the second phase of in-fill drilling at Iris, with the strong results likely to support a further increase in Indicated Mineral Resources when we deliver our next update to the Mandilla Resource Estimate planned for the March Quarter of 2026," commented Marc Ducler, Astral Resources' Managing Director.

Strategic In-Fill Program Extends Resource Confidence

The recent drilling program has significantly expanded the area covered by detailed drilling at the Iris deposit:

• The program comprised two lines of drilling, following up on the successful in-fill RC program reported in December 2024
• The additional drilling has increased the in-filled area (40 meter by 20 meter drill spacing) at Iris to 140 meters by 360 meters
• This expanded coverage is expected to increase the percentage of Indicated Resources in the next resource update

The higher-grade core of the deposit continues to deliver strong results, with broad intercepts such as 23 meters at 1.00g/t Au and 21 meters at 1.59g/t Au providing further confidence in the resource model.

Understanding Geological Controls on Gold Mineralisation

Gold mineralisation at the Mandilla project occurs in several geological settings:

• At Theia and Iris, mineralisation consists of structurally controlled quartz vein arrays and hydrothermal alteration near the western margin of the Emu Rocks Granite
• Significant northwest to west-northwest trending structures along the western flank of the project are interpreted to cut through the granitic intrusion
• These structures are considered important in localising gold mineralisation at Theia, which has a mineralised footprint extending over 1.6km
• A second sub-parallel structure hosts gold mineralisation at the Iris deposit, with a mineralised footprint of approximately 600 meters

The combined mineralised zone at Theia and Iris extends over a strike length of more than 2.2 kilometers, making it a substantial gold system.

Impressive Resource Base and PFS Economics

Astral's Mandilla Gold Project hosts an impressive mineral resource estimate of 42Mt at 1.1 g/t Au for 1.43Moz of contained gold. The project's Pre-Feasibility Study (PFS) published in June 2025 demonstrated robust economics:

• Based on a standalone project with seven open pit mines feeding a 2.75Mtpa processing facility
• Production profile of 95,000 ounces per year for the first 12 years
• Net Present Value (8% discount rate) of $1.4 billion (based on A$4,250/oz gold price)
• Four open-pit mines at Mandilla (Theia, Hestia, Eos and Iris) and three open-pit mines at Feysville (Kamperman, Think Big and Rogan Josh)

Active Exploration Program Across Multiple Projects

Astral Resources is conducting an aggressive exploration program across its project portfolio:

• In-fill drilling is now underway at the Theia Deposit, with a 99-hole/10,000-meter program currently 20% complete
• RC drilling is continuing at Eagles Nest, part of the 100%-owned Spargoville Project, with 68 holes for 11,000 meters drilled to date
• Following completion of the Spargoville program, Astral will commence a 21-hole (2,500-meter) RC program on behalf of the joint venture with KOMIR to investigate lithium pegmatite targets
• Diamond drilling targeting high-grade shear-hosted gold mineralisation within and adjacent to Theia is expected to commence early in the December Quarter

"Astral Resources' drilling effort across its project portfolio is continuing to ramp up, as is the effort on the Mandilla Definitive Feasibility Study, with the preferred engineering partner expected to be appointed on completion of our competitive tender in the coming weeks," noted Marc Ducler.

Understanding Grade Control: Why In-Fill Drilling Matters

For investors new to mining exploration, in-fill drilling is a critical step in advancing a resource toward development. The process involves drilling holes at closer spacing within a known mineralised zone to:

1. Increase confidence in the continuity and grade of the mineralisation
2. Upgrade resources from Inferred to Indicated categories
3. Provide data for detailed mine planning and grade control strategies

At Theia, Astral is conducting a 99-hole program to achieve 12 meter x 12 meter drill spacing over an 80-meter by 120-meter area within the Stage 1 pit. This close-spaced pattern mimics a potential grade control pattern and provides similar data density to allow grade modeling simulation exercises that can assist future mine planning work.

The upgrade from Inferred to Indicated resources is significant for investors as it demonstrates higher geological confidence and allows resources to be considered for conversion to reserves in economic studies.

Why Investors Should Follow Astral Resources

Astral Resources represents a compelling investment opportunity in the gold sector for several reasons:

1. Substantial Resource Base: With a consolidated mineral resource of 50Mt at 1.1 g/t Au for 1.76Moz across its project portfolio, Astral has established a significant gold inventory.

2. Strong Project Economics: The Mandilla PFS demonstrated robust economics with a $1.4 billion NPV (8% discount rate), positioning the project as a potentially significant gold producer.

3. Resource Growth Potential: The latest Astral Resources gold drill results at Iris, particularly the high-grade intercepts outside the current pit design, demonstrate clear potential for resource growth.

4. Diversified Project Portfolio: With active exploration across Mandilla, Spargoville, and Feysville, Astral has multiple opportunities for discovery and resource expansion.

5. Clear Development Pathway: With the Definitive Feasibility Study underway and engineering partner selection in progress, Astral is advancing Mandilla toward development.

As the company continues its aggressive drilling campaign and advances toward the next Mineral Resource update in the March Quarter of 2026, investors should watch for further news on resource growth, feasibility study progress, and potential project development timelines.

Want to Learn More About Astral's Advancing Gold Projects?

For investors seeking exposure to a rapidly advancing gold developer with high-grade discoveries and robust project economics, Astral Resources presents a compelling opportunity. To discover more about their impressive Mandilla Gold Project, ongoing drilling campaigns, and development timeline towards their 95,000 ounce per annum production target, visit Astral Resources' website for the latest investor information and project updates.