Astral Resources NL (AAR) Investor Presentation summary

Strategic vision and project overview

• Aims to become Kalgoorlie's next 100kozpa gold producer, leveraging a robust resource base and development pipeline.

• Focused on Mandilla and Feysville projects, both located in Western Australia's premier gold mining region.

• Mandilla Scoping Study outlines a large-scale, long-life mine with conservative financial assumptions.

• Mandilla's Theia deposit is the cornerstone, representing 81% of the project's resource.

• Feysville offers additional growth potential with multiple 100koz scale deposits.

Resource growth and exploration

• Group Mineral Resource Estimate (MRE) has grown to 1.46Moz at 1.1g/t Au, with Mandilla at 1.27Moz and Feysville at 196koz.

• Discovery costs remain low, with recent additions at A$18–19/oz.

• Ongoing drilling continues to expand project scale and upgrade resource categories.

• Recent in-fill and reconnaissance drilling at Feysville and Kamperman has identified high-grade zones and analogues.

• Kamperman drilling returned standout intercepts, including 1m at 419g/t Au and broader zones of mineralisation.

Financial highlights and project economics

• Scoping Study projects 100kozpa gold production for the first 7.4 years, with a total of 845koz over 11 years.

• NPV8 of $442M, free cashflow of $740M, and a payback period of ~9 months at a gold price of $2,750/oz.

• AISC of A$1,648/oz over the life of mine, with robust margins and simple, conventional processing.

• Project is highly sensitive to gold price, with significant upside at higher prices.

• Strong balance sheet with A$28M cash on hand and a supportive shareholder base.