Exceptional High-Grade Gold Discovered at Astral Resources Spargoville Project

Astral Resources has announced exceptional high-grade gold at Astral Resources NL from its latest drilling campaign at the Spargoville Gold Project's Wattle Dam Complex in Western Australia. The 39-hole reverse circulation programme has returned some of the best intercepts seen at the project, with standout results including 13m at 7.10g/t Au and 5m at 9.35g/t Au, significantly strengthening the investment case for this emerging gold producer.

Drilling Campaign Delivers Outstanding Results

The recent RC drilling programme targeted in-fill and extensional drilling at the Redback, Huntsman and Trapdoor deposits within the Wattle Dam Complex. Furthermore, the campaign has exceeded expectations, with multiple high-grade intersections confirming the quality and continuity of mineralisation at depth.

Key Drilling Highlights

Additional significant results include:

• 7m at 3.95g/t Au from 80m (SGRC092)
• 10m at 2.30g/t Au from 118m (SGRC094)
• 5m at 4.12g/t Au from 50m (SGRC118)
• 3m at 5.89g/t Au from 77m (SGRC084)

These intersections represent the deepest tests on their respective drilling lines, demonstrating that mineralisation remains open at depth. Consequently, this provides strong evidence for resource expansion potential.

Geological Understanding Advances

The drilling campaign has refined the geological model for the Wattle Dam Complex, with high-grade gold at Astral Resources NL appearing to be associated with the eastern contact of an interpreted porphyry. This geological interpretation aligns with successful gold deposits throughout the region and provides a robust framework for future exploration targeting.

Importantly, the mineralisation is proving to be steeper than previously interpreted, which could have positive implications for mining economics and resource estimation. In addition, the programme has also extended known mineralisation from the Huntsman lodes by up to 150 metres from the current resource boundary.

Managing Director Commentary

"Best results from the programme include 13m at 7.1g/t Au (SGRC089), 10m at 2.30g/t Au (SGRC094), 4m at 11.0g/t Au (SGRC098), 8m at 1.33g/t Au (SGRC105), 8m at 1.17g/t Au (SGRC118) and 15m at 2.04g/t Au (SGRC122). The mineralisation, which is steeper than previously interpreted and appears to be associated with the eastern contact of a porphyry unit, remains open at depth."

Marc Ducler, Managing Director

Understanding Mineral Resource Estimates

For investors new to mining terminology, a Mineral Resource Estimate represents a calculated tonnage and grade of mineralisation that has reasonable prospects for economic extraction. Resources are classified into three categories based on geological confidence:

• Measured Resources: Highest confidence, typically used for mine planning
• Indicated Resources: Moderate confidence, suitable for preliminary feasibility studies
• Inferred Resources: Lower confidence, early-stage exploration results

The Spargoville Wattle Dam Complex currently hosts 2.1Mt at 1.3g/t Au for 91,000oz of contained gold across multiple deposits. Furthermore, the recent drilling aims to upgrade resource classifications and expand the total resource base ahead of an updated MRE expected in the back half of 2026.

Spargoville's Strategic Position and Expansion Potential

The Spargoville Gold Project sits strategically 2km west of Astral's flagship Mandilla Gold Project and 20km west of Gold Fields' prolific +20-million-ounce St Ives gold camp. This positioning places Spargoville within one of Western Australia's most gold-endowed geological terrains.

Current Resource Base

The project benefits from established infrastructure and proximity to Astral's planned 2.75Mtpa processing facility outlined in the Mandilla Preliminary Feasibility Study. However, this demonstrated a Net Present Value of $1.4 billion.

Exploration Pipeline Expands Significantly

Beyond the immediate drilling success, Astral has completed a comprehensive Exploration Targeting Workshop that has identified multiple high-priority exploration targets across more than 20 kilometres of prospective strike. These targets focus on splay faults off the regional Karramindie and Spargoville Shears, which exhibit similar geometries to the successful Wattle Dam deposit and nearby St Ives operations.

The targeting work leverages the observation that gold exploration at Spargoville has been historically limited. For instance, most work focused on nickel exploration since the 1970s. Where gold exploration has occurred, it has largely been confined to shallow drilling with minimal deeper testing beyond the Wattle Dam deposit itself.

Parallel Development at Mandilla Advances

While Spargoville exploration accelerates, development work continues across Astral's broader project portfolio. At the flagship Mandilla project, three rigs are currently operating:

• Diamond drilling testing depth extensions at the Theia deposit below current pit designs
• RC in-fill drilling to de-risk the first two stages of Theia open pit development
• Sterilisation drilling for waste rock landforms and processing infrastructure

Heritage surveys have been completed to facilitate process water exploration. Furthermore, additional surveys are underway at the Think Big project to advance the early gold mining opportunity with development partner MMS.

Investment Thesis Strengthened

The latest drilling results significantly strengthen Astral's investment proposition across several key dimensions. These results showcase the potential for high-grade gold at Astral Resources NL to continue delivering exceptional value.

Resource Growth Potential

• Mineralisation remains open at depth across all tested areas
• 150-metre extensions identified at Huntsman deposit
• Multiple high-priority targets identified across 20km+ of prospective strike
• Updated MRE expected to reflect drilling success in back half of 2026

Strategic Infrastructure Advantage

• 2km proximity to planned Mandilla processing facility
• Location within highly gold-endowed Yilgarn Block geology
• Established mining jurisdiction with supportive regulatory framework

Financial Position and Development Timeline

• Multiple income streams potential from Think Big JV partnership
• Three-rig programme demonstrates strong operational capability
• Heritage clearances progressing for key development areas

Operational Excellence

• Consistent high-grade intersections demonstrate geological understanding
• Multiple deposit types providing operational flexibility
• Experienced management team with proven development track record

Why Should Investors Monitor This Development?

The combination of exceptional high-grade drilling results, significant resource expansion potential, and strategic infrastructure positioning makes Astral Resources a compelling opportunity in the Australian gold sector. The discovery of high-grade gold at Astral Resources NL reinforces the company's position as a serious contender in the region.

The company has demonstrated its ability to consistently identify and develop high-quality gold deposits. Consequently, the Spargoville results reinforce the prospectivity of its broader project portfolio. With multiple catalysts approaching including resource updates, heritage clearances, and JV finalisations, Astral offers investors exposure to a well-managed gold development story with significant upside potential.

Key Takeaway

Astral Resources has positioned itself as a major player in Western Australia's gold sector, with the latest Spargoville drilling results demonstrating significant high-grade potential that could materially impact the company's resource base. With multiple catalysts expected through 2026, including resource updates and development milestones, investors should monitor this emerging gold producer closely.

Are You Ready to Explore Astral Resources' High-Grade Gold Opportunity?

These exceptional drilling results at the Spargoville Gold Project, delivering grades up to 40.0g/t Au and demonstrating significant resource expansion potential, represent just the beginning of Astral Resources' development story. With multiple catalysts approaching through 2026, including updated resource estimates and continued exploration across more than 20 kilometres of prospective strike, this emerging gold producer offers compelling investment potential in one of Western Australia's most gold-endowed regions. To discover more about Astral Resources' comprehensive project portfolio, strategic positioning near major infrastructure, and upcoming development milestones, visit astralresources.com.au and evaluate this opportunity for your investment consideration.