Astral Resources Theia Drilling Confirms Exceptional Gold Mineralisation

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Outstanding Final Results Confirm Geological Interpretation

The Astral Resources NL Theia deposit drilling results have delivered exceptional outcomes, with the completion of this 11,121-metre drilling programme on a tight 12-metre by 12-metre spacing providing exceptional confidence in the Stage 1 Theia open pit design. Furthermore, the latest batch of 17 holes (2,018m) delivered multiple high-grade intersections that demonstrate the consistency of gold mineralisation across the deposit.

Key highlights from the final results include:

• 21m at 7.13g/t Au from 40m including 2m at 63.8g/t Au (AMRC120)
• 43m at 2.46g/t Au from 48m including multiple high-grade zones (AMRC118)
• 28m at 3.38g/t Au from 102m including 1m at 35.0g/t Au (AMRC115)
• 33m at 2.21g/t Au from 44m including 1m at 14.3g/t Au (AMRC119)
• 19m at 1.81g/t Au from 68m and 4m at 46.8g/t Au including the spectacular 1m at 184.7g/t Au (AMRC116)

Understanding Gram x Metres: A Key Mining Metric

Gram x metres represents the product of grade multiplied by interval length, providing a measure of gold endowment per drill hole. Moreover, this metric combines both the quality of mineralisation (grade) and the quantity (interval width) into a single measurement that helps evaluate the overall metal content encountered in drilling.

The programme's average of 52.2 gram x metres per hole is exceptional and demonstrates both the consistency and high-grade nature of the Theia mineralisation. In addition, this metric helps investors understand the robustness of mineralisation – indicating a combination of good grades over meaningful widths rather than narrow high-grade intercepts that might not be economically viable at scale.

For context, gram x metres values above 20-30 are generally considered encouraging in gold exploration. Consequently, Astral's 52.2 average is particularly significant for demonstrating the deposit's mining potential.

Theia: The Foundation of Mandilla's Success

The Theia Deposit represents the cornerstone of the Mandilla Gold Project, hosting 33.3Mt at 1.1g/t Au for 1.2Moz of contained gold. Furthermore, it contributes 75% of the total 1.48Moz outlined in the Pre-Feasibility Study.

Stage 1 Development Plans:

• 4.2Mt at 1.1g/t Au for 146,000 ounces over first 21 months
• Strip ratio of 4:1 – highly favourable for early cash generation
• 80m x 120m panel now infilled to 12m x 12m spacing for mining confidence

The cross-section analysis shows strong correlation between the latest drill results and the 2025 Mineral Resource Estimate model. As a result, this validates the geological interpretation and provides confidence for mining planning.

What Makes the Theia Deposit Exceptional?

The Astral Resources NL Theia deposit drilling results confirm several key characteristics that set this deposit apart from typical gold discoveries. For instance, the consistent high-grade mineralisation across the entire deposit footprint demonstrates exceptional geological continuity.

The deposit's shallow depth and favourable geometry create optimal conditions for open pit mining. However, it's the combination of grade, continuity, and metallurgical characteristics that truly distinguishes Theia as a world-class starter pit opportunity.

Multiple Exploration Programmes Advancing in Parallel

Beyond Theia, Astral is maintaining momentum across multiple fronts. For instance, several concurrent programmes are advancing the overall project development timeline.

Diamond Drilling Programme Completed:

• 7 holes for 2,423 metres testing the "230 shear" structure and eastern mineralisation
• Visual examination confirms intensely sheared structures with assays pending

Theia West Development:

• 9 of 11 RC holes completed testing 120-metre spacing between previous intercepts
• Programme ongoing with strike and infill testing

Feysville Gold Project:

• 17-hole programme (2,954m) completed at Kamperman Deposit
• Testing high-grade footwall mineralisation and parallel vein systems
• Results pending and expected to enhance the project economics

How Do These Programmes Support Overall Development?

The strategic approach to multiple concurrent programmes maximises exploration efficiency whilst maintaining focus on the primary Theia development. Furthermore, each programme targets specific geological opportunities that could enhance the overall project economics.

The systematic approach ensures that the Astral Resources NL Theia deposit drilling results remain the foundation whilst building additional value through targeted exploration at satellite deposits.

Robust Resource Base Supporting Development

Astral's consolidated position across three key projects provides exceptional scale and development optionality. In addition, the diversified resource base reduces single-asset risk whilst maximising operational synergies.

Ore Reserve Estimate:

• 36.6Mt @ 0.9g/t for 1.08Moz providing 12+ year mine life
• Based on conservative $3,000/oz gold price assumption

Investment Thesis: World-Class Location, Exceptional Economics

The Mandilla Gold Project's location in Western Australia's premier Kalgoorlie region positions it alongside world-class operations. For instance, it sits near the Golden Mile Super Pit, St Ives Gold Mine, and Beta Hunt Gold Mine. Consequently, this infrastructure-rich environment provides significant operational advantages.

Key Investment Highlights:

• Exceptional starter pit economics with 4:1 strip ratio at Theia Stage 1
• Proven metallurgy with high gravity recoverable gold and fast leach kinetics
• No third-party royalties beyond standard WA Government gold royalty
• Definitive Feasibility Study progressing for completion in 2025

Pre-Feasibility Study Economics (June 2025):

• $1.4 billion NPV8 at $4,250/oz gold price
• $2.9 billion NPV8 at $6,250/oz gold price
• 95koz annual production for first 12 years
• 2.75Mtpa processing facility supporting seven open pit mines

What Sets This Project Apart from Competitors?

The combination of location, resource quality, and proven metallurgy creates a compelling investment proposition. However, it's the exceptional starter pit economics that truly differentiate this opportunity from other gold development projects.

The Astral Resources NL Theia deposit drilling results have systematically de-risked the project whilst demonstrating consistent high-grade mineralisation. Furthermore, the infrastructure advantages and established mining jurisdiction reduce development risk significantly.

Why Investors Should Follow Astral Resources

The completion of this comprehensive infill programme represents a major de-risking milestone for what is shaping up as one of Western Australia's most exciting new gold development projects. Moreover, with 1.76Moz of total resources, a 1.08Moz ore reserve, and exceptional starter pit economics, Astral Resources has systematically built a compelling development story.

Near-term catalysts include:

• Assay results from diamond drilling and Feysville programmes
• Completion of Definitive Feasibility Study in 2025
• Continued resource growth from ongoing exploration
• Development timeline announcements

The systematic approach to de-risking through dense drilling, combined with the project's location in a world-class mining jurisdiction and proven metallurgy, positions Astral as a compelling gold development opportunity. Furthermore, the exceptional gram x metre results across the entire programme demonstrate the consistency of high-grade mineralisation that forms the foundation for robust mining economics.

What Are the Key Risk Factors to Consider?

Whilst the project demonstrates exceptional potential, investors should consider standard mining development risks. For instance, capital cost inflation, permitting delays, and gold price volatility could impact project economics.

However, the comprehensive nature of the Astral Resources NL Theia deposit drilling results, combined with proven metallurgy and established infrastructure, significantly mitigates many typical development risks. In addition, the conservative economic assumptions provide a buffer against potential cost increases.

"Astral Resources has validated Theia as an exceptional starter pit through systematic drilling, setting the foundation for a major new gold operation in the heart of Western Australia's premier mining region. With over 1.7Moz of resources, proven metallurgy, and outstanding economics, the company deserves close attention as it advances toward production."

Ready to Explore Astral Resources' Investment Potential?

With the completion of this comprehensive 11,121-metre drilling programme confirming exceptional gold mineralisation at Theia, Astral Resources has systematically de-risked what could become one of Western Australia's most significant new gold operations. The outstanding results, combined with 1.76Moz of total resources and proven metallurgy in a world-class mining jurisdiction, present a compelling development story for investors seeking exposure to the next generation of Australian gold production.

Discover how Astral Resources' strategic approach to project development and exceptional starter pit economics could position your portfolio for the company's journey toward production. Visit Astral Resources to access comprehensive investor information, technical reports, and the latest updates on this exciting gold development opportunity.