Astral Resources NL (AAR) Noosa Mining Investor Conference summary

Project Overview and Resource Growth

• The project holds a 1.8 million ounce resource across three hubs, with a 1.1 million ounce Probable Reserve and a history of adding ounces at under AUD 20/oz discovery cost.

• Mandilla is the flagship, contributing 1.43 million ounces, with 95% of ounces converting to production targets and 81% of the MRE from the Theia deposit.

• Feysville and Spargoville add further growth, with Feysville delivering 196,000 oz at 1.2 g/t and Spargoville 139,000 oz at 1.4 g/t.

• The Theia deposit at Mandilla has a probable reserve of 829,000 oz, with 99% conversion from indicated ounces and recent high-grade drilling results.

• Mandilla is the only ASX aspiring gold developer with a project of this scale in the Kalgoorlie/Kambalda region.

Financials and Funding

• Pre-feasibility study shows over 100% IRR, one-year payback, and AUD 1.4 billion NPV at AUD 4,250/oz gold price; NPV rises to AUD 2.0 billion at AUD 5,000/oz.

• All-in sustaining costs are under AUD 2,100/oz, with a 2.75Mtpa processing plant and pre-production capex of AUD 180.4 million.

• Over AUD 22 million in cash, with potential for another AUD 6 million from options expiring in October 2025.

• Market cap exceeds AUD 230 million, and the project is fully funded through to final investment decision.

• Maximus Resources transaction added tenure and 139,000 oz, optimizing infrastructure and reducing costs.

Operations, Infrastructure, and Location

• Projects are in the Kalgoorlie gold fields, less than 25km from Kambalda, with excellent access to infrastructure and services.

• Planned processing plant and facilities are 500 m from a major highway and near established mining towns.

• Mandilla is a large-scale open pit, producing 95,000 oz/year for 12 years, followed by 6.5 years of lower-grade production.

• Infrastructure-rich location reduces development risk and cost, with strong community and government support.

• The Maximus transaction enables optimal surface infrastructure design and cost efficiencies.