Astral Resources Mandilla Gold Project Delivers Exceptional PFS Economics

Astral Resources: Unlocking Multi-Decade Gold Production at Mandilla

The Astral Resources Mandilla Gold Project represents a compelling transformation from explorer to gold producer, targeting 95,000oz per annum production from their flagship operation. With a robust Pre-Feasibility Study (PFS) delivering exceptional economics and a growing 1.8Moz resource base across three projects, the company is positioning itself as a major player in Western Australia's goldfields.

The presentation emphasises three core strategic pillars: de-risking the high-grade Theia deposit, aggressive exploration across 20km of prospective strike, and advancing the Astral Resources Mandilla Gold Project toward development. With $80.3M in cash and a $477M market capitalisation, Astral appears well-positioned to execute its multi-decade mining vision.

Mandilla PFS Delivers World-Class Economics

The June 2025 Pre-Feasibility Study showcases Mandilla as a genuinely transformational asset with metrics that stand out even in today's elevated gold price environment. Furthermore, the study demonstrates the project's exceptional leverage to gold prices whilst maintaining robust economics.

Production Profile & Mine Life

The presentation outlined the Astral Resources Mandilla Gold Project's impressive production profile:

• 95,000oz per annum for initial 12 years
• 13.2-year mining life, 18.5-year processing life
• Average grade of 1.1g/t over first 12 years
• Additional 6.5 years processing low-grade stockpiles at 42,000oz per annum

Financial Returns at Conservative $4,250/oz Gold

Exceptional Returns at Current $7,000/oz Gold Price

The presentation demonstrated remarkable leverage to gold prices whilst maintaining robust economics even at more conservative assumptions. In addition, all-in sustaining costs of $2,085/oz provide substantial margins at current gold prices.

De-Risking Theia: Outstanding Infill Results

The presentation highlighted Astral's systematic approach to de-risking their cornerstone Theia deposit through a comprehensive 99-hole, 11,121m infill programme completed throughout 2025. Consequently, this methodical approach has significantly reduced geological risk for early production phases.

Standout Drill Results Include

The presentation detailed exceptional intersections from the infill programme:

• 32m at 10.8g/t Au from 50m
• 2m at 95.9g/t Au from 105m
• 4m at 46.8g/t Au from 130m
• 21m at 7.13g/t Au from 40m
• 18m at 6.67g/t Au from 100m

According to the presentation, the entire infill programme averaged an impressive 52 gram-metres across all holes, with assayed grades averaging 1.93g/t Au. This performance strongly supports the planned 4:1 strip ratio for the Stage 1 starter pit, validating the PFS assumptions and de-risking early production phases.

Key Insight

The consistent high-grade intersections across the entire Theia infill programme demonstrate the deposit's robust continuity and validate the conservative approach taken in the PFS modelling.

Aggressive Exploration: Multiple Growth Vectors

The presentation outlined how Astral is systematically expanding its resource base across three key fronts beyond Theia. Furthermore, this multi-pronged approach provides multiple catalysts for resource growth at the Astral Resources Mandilla Gold Project.

Kamperman: 83,700oz and Growing

The presentation detailed results from a recent 17-hole, 2,954m programme:

• 14m at 6.79g/t Au from 192m
• 13m at 6.60g/t Au from 44m
• 21m at 3.11g/t Au from 115m

According to the presentation, broad zones of new mineralisation were identified well outside the current Mineral Resource Estimate, indicating substantial upside potential.

Spargoville: 20km of Prospective Strike

The presentation outlined the recently completed 76-hole, 11,744m RC programme representing Astral's first systematic exploration of this highly prospective tenure. However, the results already demonstrate the significant potential of this area.

8500N Results:

• 11m at 1.2g/t Au from 95m and 26m at 2.0g/t Au from 111m
• 20m at 1.4g/t Au from 43m and 13m at 1.2g/t Au from 111m

Eagles Nest & Trapdoor-Lindsay's Discoveries:

• 3m at 16.9g/t Au from 71m (Eagles Nest)
• 9m at 5.2g/t Au from 105m (Eagles Nest)
• 6m at 3.4g/t Au from 63m (Trapdoor-Lindsay's)

The presentation emphasised that with over 20km of prospective strike and multiple kilometre-scale gold-in-soil anomalies, Spargoville represents a significant exploration opportunity. For instance, this could materially expand the group's resource base beyond the current Mandilla operation.

Understanding Gram-Metres: A Key Exploration Metric

Gram-metres represents a crucial metric for evaluating exploration success, calculated by multiplying the assayed grade by the length of the mineralised interval. For example, a 10m intersection at 5g/t yields 50 gram-metres.

This metric allows investors to quickly compare the relative significance of different drill results. Astral's Theia infill programme averaging 52 gram-metres across 99 holes demonstrates exceptional consistency and indicates a well-mineralised system.

Industry experience suggests that drill programmes consistently averaging above 30 gram-metres typically translate to robust, mineable ore bodies. Consequently, this provides confidence in the economic potential of discoveries.

Why it matters to investors: Gram-metres provide an early indicator of deposit quality and mining potential, helping assess whether exploration success will translate to economic outcomes.

Near-Term Cash Generation: Feysville Think Big

The presentation outlined how Astral has executed a Letter of Intent to mine approximately 33,000oz from the Think Big deposit at Feysville. Furthermore, this provides early revenue to fund Mandilla development.

Development Progress

According to the presentation, development progress includes:

• Native Title Agreement executed with Marlinyu Ghoorlie
• Notice of Intent and Vegetation Clearing Permit submitted
• Mining Development and Closure Plan to follow
• Contractual negotiations with mining contractor well advanced

This strategic approach mirrors successful development models where early cash flow from satellite deposits funds larger project development. In addition, it de-risks the overall development timeline for the main operation.

DFS Progress: Building Toward Development

The presentation detailed how the Definitive Feasibility Study (DFS) is progressing on multiple fronts with key appointments strengthening the development team. However, the systematic approach demonstrates management's commitment to development readiness.

Key Appointments & Progress

The presentation outlined significant developments:

• GR Engineering engaged for DFS and Target Cost model
• Taylor Collison appointed for debt processes (multiple banks expressing interest)
• Level Solutions providing project management support
• Comminution flowsheet finalised
• Process water miscellaneous licence granted

The systematic approach to team building and permit acquisition demonstrates management's commitment to development readiness and execution capability. Furthermore, this methodical progress reduces development risk for investors.

Why Investors Should Follow Astral Resources

The presentation demonstrated that Astral Resources represents a compelling investment opportunity combining multiple value drivers rarely found in a single gold development story. For instance, the company offers both development certainty and exploration upside.

1. Exceptional Project Economics

The Mandilla PFS delivers world-class returns with rapid payback periods and substantial free cash flow generation. At current gold prices, the project offers $3.4B NPV against a modest $180M pre-production capital requirement.

2. Systematic De-Risking

The comprehensive Theia infill programme has systematically reduced geological risk whilst confirming high-grade continuity. Consequently, this methodical approach minimises execution risk for early production phases.

3. Multiple Growth Vectors

With 1.8Moz in resources across three projects and 20km+ of prospective strike, Astral offers both development certainty and exploration upside. Furthermore, recent drilling at Kamperman and Spargoville indicates significant resource growth potential.

4. Strategic Location

Operating in Western Australia's proven Goldfields region provides access to established infrastructure, skilled workforce, and supportive regulatory environment. In addition, these are critical factors for successful project development.

5. Financial Strength

With $80.3M in cash and clear development pathway, Astral appears well-positioned to advance Mandilla whilst maintaining aggressive exploration. However, this strong balance sheet provides flexibility for growth opportunities.

Investment Thesis Summary

Astral Resources has positioned itself as a premier gold development story, combining exceptional project economics at Mandilla with multiple high-potential exploration targets. The systematic de-risking approach and strong cash position provide investors with exposure to both near-term development catalysts and longer-term exploration upside in one of the world's premier gold mining jurisdictions.

The company's focus on execution excellence, combined with the exceptional economics demonstrated in the Mandilla PFS, positions Astral as a compelling opportunity. Furthermore, investors seeking exposure to Western Australian gold development with genuine multi-decade potential will find the Astral Resources Mandilla Gold Project particularly attractive in the current market environment.

Could Astral Resources Be Your Next Gold Investment?

With exceptional project economics delivering a 6-month payback at current gold prices, 1.8Moz in resources across three projects, and $80.3M in cash to fund development, Astral Resources presents a compelling opportunity for investors seeking exposure to Western Australia's goldfields. The company's systematic de-risking approach at Theia, combined with aggressive exploration across 20km of prospective strike at Spargoville, offers both near-term development catalysts and long-term growth potential. To explore how Astral's multi-decade mining vision and world-class Mandilla economics could fit into your investment portfolio, visit astralresources.com.au for comprehensive company information and the latest project updates.