Astral Resources NL (AAR) Q1 2026 TU earnings summary

Executive summary

• Significant exploration and drilling activity across Mandilla, Feysville, and Spargoville projects, with over 31,000 metres of RC drilling completed and key assay results reported during and after the quarter.

• Progress on Mandilla Project's Definitive Feasibility Study (DFS) with key management and advisory appointments, targeting DFS completion by mid-2026 and first gold production by end-2027.

• Letter of Intent signed for a JV to develop the Think Big deposit at Feysville, with MMS funding 100% of development costs, aiming for mining to commence in Q3 2026.

• Land Use Agreement executed with Marlinyu Ghoorlie Native Title Claimant Group, facilitating mining activities at Feysville.

Financial highlights

• Cash on hand of $15.9 million as at 30 September 2025, with an additional $4.97 million received from option exercises after quarter-end.

• Quarterly cash outflows totaled $4.2 million, primarily for exploration (86%), with inflows of $1.5 million from option exercises and interest.

• Estimated quarters of funding available: 4.34, based on current cash and outgoings.

Outlook and guidance

• Mandilla DFS on track for completion by mid-2026, with FID expected in September 2026 quarter and first gold production targeted by end-2027.

• Early production opportunity at Think Big deposit, with JV aiming to commence mining in Q3 2026.

• Ongoing and planned drilling at Mandilla (Theia) and Feysville (Kamperman and regional targets) to further expand resources.