Astral Resources NL (AAR) RRS Gold Coast 2025 summary

Resource growth and exploration

• Resource base expanded to 1.8 million ounces across three hubs in WA Goldfields, with ongoing drilling and plans for further growth.

• New ounces added at a low exploration cost of $19 per ounce, reflecting efficient resource conversion.

• Recent drilling programs at Mandila and Feysville have yielded strong results, with high-grade intercepts and confidence in further resource expansion.

• Acquisition of Maximus Resources secured additional tenure and resources, reducing operational risk and costs.

• High conversion rates from resource to production target, with 95% at Mandila and 86% at Feysville.

Project development and financials

• Pre-feasibility study (PFS) released in June shows $2.3 billion NPV at spot gold price, 8% discount rate, and 160% IRR.

• 1.1 million ounce reserve established, with a projected 13.2-year mine life and 18.5 years of processing.

• All-in sustaining costs at AUD 2,100/oz, with robust free cash flow projections of up to AUD 4.2 billion at current prices.

• Peak negative cash flow of AUD 230 million, with major capital allocated to process plant and pre-production mining.

• Aggressive but achievable schedule targets gold production by December 2027.

Corporate and market position

• Strong cash position with AUD 90 million as of June quarter and potential for an additional AUD 6 million from options.

• Institutional ownership has increased from 8% to over 26% in the past year, with recent growth occurring on market.

• Share price has nearly doubled since last year’s conference.

• Favorable macro environment for gold supports long-term business foundations.