Astral Resources Gold Portfolio

Consolidated gold development portfolio of Astral Resources NL in the Eastern Goldfields of Western Australia, comprising the Mandilla, Feysville and Spargoville gold projects (plus the early-stage Carnilya Hill prospect). The three principal projects host a combined JORC 2012 Mineral Resource Estimate of 50Mt at 1.1g/t Au for 1.76Moz and a maiden Probable Ore Reserve of 36.6Mt at 0.9g/t Au for ~1.08Moz, declared with the June 2025 Mandilla Pre-Feasibility Study. The PFS envisions open-pit mining feeding a 2.75Mtpa CIP processing plant over a ~19-year life of mine, producing ~1.41Moz (~95koz/yr). Base-case (A$4,250/oz) pre-tax unleveraged NPV8 is ~A$1.4B (IRR ~101%); an A$5,000/oz upside case lifts NPV8 to ~A$2.0B (IRR ~136%). Pre-production and working capital is estimated at ~A$227M. The company is transitioning from explorer to producer, advancing the project to Definitive Feasibility Study.