Astral Resources NL (AAR) Q4 2025 TU earnings summary

Executive summary

• Mandilla Pre-Feasibility Study confirms a robust, large-scale gold project with a 19-year LoM, targeting 1.4Moz gold at AISC of $2,085/oz and rapid payback underpinned by strong economics at current gold prices.

• Group consolidated JORC 2012 Mineral Resource Estimate now stands at 50Mt at 1.1g/t Au for 1.76Moz gold, following updates at Mandilla, Feysville, and Spargoville.

• Acquisition of Maximus Resources completed, consolidating 100% ownership of Spargoville and expanding the project portfolio.

Financial highlights

• Mandilla PFS base case (A$4,250/oz gold) forecasts $6.0B revenue, $2.8B pre-tax free cash flow, $3.1B cumulative EBITDA, and $1.4B pre-tax NPV8, with IRR of 101% and payback under 1 year.

• At A$5,000/oz gold, revenue increases to $7.1B, pre-tax free cash flow to $3.9B, EBITDA to $4.2B, and NPV8 to $2.0B, with IRR of 136% and payback in 9 months.

• Cash on hand at 30 June 2025 was $18.6M; quarterly cash outflows totaled $4.0M, mainly for exploration (61%) and Maximus acquisition (18%).

• Net cash used in operating activities for the quarter was $396K; net cash used in investing activities was $3.16M.

• Estimated quarters of funding available is 7.1, with total available funding of $20.1M.

Outlook and guidance

• Board has approved progression of Mandilla to Definitive Feasibility Study, targeting FID in September 2026 and DFS delivery by June 2026.

• Ongoing exploration, infill, and extensional drilling at Mandilla, Feysville, and Spargoville to support resource growth and de-risking.

• Shortlisting of EPC contractors and water source drilling planned for the next quarter; debt advisory appointment expected early December 2025.