Astral Resources NL (AAR) Investor Presentation summary

Project overview and resource base

• Mandilla and Feysville projects are located in the West Australian Goldfields, with a combined resource of 1.46Moz at 1.1g/t Au across 42Mt, including 1.27Moz at Mandilla and 196koz at Feysville.

• Mandilla features a large-scale, long-life mine plan with robust financials, targeting 100kozpa gold production for the first 7 years and 845koz over an 11-year LOM.

• Feysville, 14km south of Kalgoorlie, offers potential for multiple 100koz-scale deposits, with recent upgrades and maiden resources at Kamperman and Rogan Josh.

• Ongoing exploration and drilling continue to expand the resource base and project scale.

• Theia is the cornerstone deposit at Mandilla, representing 81% of its resource with 1.02Moz in a single large open pit.

Financial highlights and project economics

• Scoping Study base case assumes a gold price of A$2,750/oz, delivering a pre-tax NPV of $442M, IRR of 73%, and free cash flow of $740M, with a payback period of 9 months.

• Project economics are highly sensitive to gold price, with NPV rising to $1,183M and free cash flow to $1,853M at A$4,100/oz.

• Pre-production capital expenditure is $123M, with total LOM capital of $214M and capital intensity of $1,899/oz p.a.

• Annual EBITDA is projected at $88.8M, with LOM EBITDA of $954M.

• Cash on hand as of 30 September 2024 is $24.1M, and market capitalisation is $162M.

Resource details and geology

• Mandilla's resource is 37Mt at 1.1g/t Au, with Theia (29Mt at 1.1g/t Au for 1,021koz), Hestia (2.9Mt at 0.9g/t Au for 82koz), Iris (4.4Mt at 0.8g/t Au for 115koz), and Eos (1Mt at 1.5g/t Au for 48koz).

• Feysville's resource is 5Mt at 1.2g/t Au, with Think Big (2.4Mt at 1.1g/t Au for 85.2koz), Kamperman (2Mt at 1.3g/t Au for 83.8koz), and Rogan Josh (0.7Mt at 1.3g/t Au for 27.4koz).

• Mineralisation styles include shear-hosted quartz, gently dipping quartz veins, and palaeochannel deposits, with significant supergene enrichment at Rogan Josh.

• Discovery costs are low, averaging $19–22/oz for new deposits at Feysville.

• Visible gold has been observed in drill core, with assay results pending.