Astral Resources NL (AAR) 2025 Precious Metals Summit - Beaver Creek summary

Resource growth and exploration

• Resource base expanded to 1.8 million ounces with three emerging hubs and ongoing drilling programs.

• Discovery costs for new ounces average less than $13 per ounce, supporting cost-effective growth.

• Recent acquisition added 139,000 ounces of pit-constrained resources and 144 sq km of tenure for exploration.

• High conversion rates from resource to production target, with 95% at Mandilla and 86% at Feysville.

• Ongoing drilling at Mandilla and Feysville, with significant fresh rock gold opportunities identified.

Project development and financials

• Pre-feasibility study released in June shows $900 million NPV at 8% discount rate, $1.8 billion free cash flow, and 100% IRR at $2,750 gold price.

• Mine life projected at 13.2 years, with 95,000 ounces per annum for the first 12 years and further production from low-grade stockpiles.

• All-in sustaining costs estimated at $1,350 per ounce, with a one-year payback period.

• Well-funded with $12 million cash and potential for an additional $4 million from in-the-money options.

• Institutional ownership has increased from 8% to 27% over the past year.

Infrastructure and location advantages

• Projects are located in the Kalgoorlie goldfields, 44 miles south of Kalgoorlie, with strong infrastructure and regulatory support.

• Mandilla project benefits from proximity to highways, piped water and gas, and nearby accommodation and airstrip.

• No competing land use and low sovereign risk jurisdiction help mitigate permitting risks.

• Infrastructure-rich setting expected to lower construction and operating costs.