Astral Resources NL (AAR) Diggers & Dealers Mining Forum 2025 summary

Key project highlights

• 1.8 million oz in resources across three hubs, with 1.1 million oz in reserve as per pre-feasibility and Mandilla as the cornerstone deposit.

• Pre-feasibility study shows 100% IRR, one-year payback, and AUD 1.4 billion NPV at AUD 4,250/oz gold price, with DFS underway and aggressive exploration for further growth.

• Project targets 95,000 oz per annum for 12 years, with an 18.5-year mine life and sub-AUD 2,100/oz all-in sustaining costs.

• Well-funded with AUD 18.6–90 million in the bank and potential for an additional AUD 6 million from options, supporting development through to FID.

• Strategic land package in the Kalgoorlie/Kambalda region, with infrastructure advantages and proximity to major mining hubs.

Growth, drilling, and resource development

• Ongoing and planned drilling at Mandilla, Feysville, Spargoville, Theia, Iris, and Hestia, with 20,000 m planned across key sites.

• High conversion rates: 95% of Mandilla and 86% of Feysville resources convert to production targets.

• Theia deposit alone holds 829,000 oz probable reserve, with 99% conversion from indicated ounces.

• Recent merger with Maximus Resources completed, restating Spargoville MRE and increasing group MRE to 1.76Moz.

• Feysville satellite hub adds meaningful cash flow, contributing 132,000 oz to pre-feasibility and $250M free cash flow as a satellite mine.

Financial and operational outlook

• At AUD 4,250/oz, pre-tax NPV is AUD 1.4B, pre-tax free cash flow is AUD 2.8B, and payback is ~12 months; at AUD 5,000/oz, NPV rises to AUD 2.0B and free cash flow to AUD 3.9B.

• All-in sustaining cost (AISC) over the life of mine is AUD 2,085/oz, with robust margins and a capital intensity of AUD 2,381/oz p.a.

• Pre-feasibility delivered on time and within guidance, supporting robust financial projections.

• Focus on de-risking through infill drilling, tenure consolidation, and front-end engineering.

• Strong community and government support in an infrastructure-rich, regulatory-friendly region.