Astral Resources NL (AAR) Investor Presentation summary

Strategic direction and project development

• Advancing Mandilla Gold Project towards development, targeting 100kozpa gold production with a PFS due in June quarter 2025 and ongoing exploration to expand resources.

• Merger with Maximus Resources consolidates a 144km² contiguous land package, enhancing development flexibility and exploration potential.

• Combined group holds ~$25.2M in cash, eliminating near-term capital raising needs.

• Approvals, power studies, and contractor engagement underway to support project timelines.

• Located in a Tier-1 mining jurisdiction near Kalgoorlie, benefiting from infrastructure and community support.

Financial and operational highlights

• Scoping Study outlines a 7.8-year mining and 10.4-year processing life, with 100kozpa production for the first 7.4 years and 845koz total over 11 years.

• Post-tax NPV8 of $995M, post-tax free cash flow of $1,544M, and a 4-month payback at A$4,500/oz gold price.

• All-in sustaining cost (AISC) of A$1,692/oz over LOM, with pre-production capex of A$123M.

• Sensitivity analysis shows robust project economics across a range of gold prices.

• Simple, conventional open-pit mining and processing with >95% metallurgical recovery.

Resource base and exploration

• Combined Mineral Resource Estimate of 1.46Moz at 1.1g/t Au, with Mandilla at 1.27Moz and Feysville at 196koz.

• Theia deposit at Mandilla is the cornerstone, hosting 1.02Moz in a single large open pit.

• Recent drilling at Theia supports resource conversion and confirms model accuracy.

• Feysville project adds 5Mt at 1.2g/t Au, with new discoveries at Kamperman and Rogan Josh at low discovery costs.

• High-grade intercepts at Kamperman, with recent results yet to be incorporated into the resource model.