ASTRAL RESOURCES NL — Capital/Financing Update 2025

Sep 2, 2025

ASX Announcement ASX: AAR 3 September 2025

EXCEPTIONAL IN-FILL RC DRILLING AT IRIS TO SUPPORT NEXT MINERAL RESOURCE UPDATE AT MANDILLA

High-grade gold intercepts include 4 metres at 21.9g/t, 2 metres at 12.8g/t and 5 metres at 5.73g/t, plus broad intercepts of 21 metres at 1.59g/t, 23 metres at 1.00g/t and 15 metres at 1.22g/t.

HIGHLIGHTS

Mandilla Project

• Assay results received for a 19-hole (2,971-metre) in-fill reverse circulation ( RC ) drill program completed recently at the Iris Deposit, part of Astral’s 100%-owned Mandilla Gold Project near Kalgoorlie. Best results include:

• 4 metres at 21.3g/t Au from 91m including 2 metres at 37.9g/t Au from 91m, as well as 2 metres at 12.8g/t Au from 120m including 1 metre at 24.4g/t Au from 120m in hole MDRC983;

• 21 metres at 1.59g/t Au from 148m including 1 metre at 13.5g/t Au from 166m in hole MDRC980;

• 3 metres at 2.17g/t Au from 45m, 5 metres at 5.73g/t Au from 99m including 1 metre at 20.8g/t Au from 99m and 15 metres at 1.22g/t Au from 110m in hole MDRC971;

• 23 metres at 1.00g/t Au from 156m in hole MDRC975;

• 13 metres at 1.21g/t Au from 134m in hole MDRC974;

• 7 metres at 2.20g/t Au from 69m including 1 metre at 10.0g/t Au from 69m in hole MDRC977;

• 16 metres at 0.88g/t Au from 60m and 12 metres at 0.78g/t Au from 93m in hole MDRC976;

• 5 metres at 1.82g/t Au from 69m and 11 metres at 0.86g/t Au from 79m in hole MDRC978;

• 27 metres at 0.69/t Au from 183m in hole MDRC982; and

• 18 metres at 0.66g/t Au from 82m in hole MDRC970.

• The program comprised two lines of drilling to follow up the successful in-fill RC program reported in December 2024. The additional two lines have increased the in-filled area (40 metre by 20 metre drill spacing) at the Iris deposit to 140 metres by 360 metres.

• The very high-grade results in MDRC983 ( 4 metres at 21.3g/t Au from 91m and 2 metres at 12.8g/t Au from 120m) are located outside of the Pre-Feasibility Study ( PFS ) pit designs suggesting potential may exist to provide additional high-grade feed for the proposed Mandilla Process Plant. Follow-up in-fill drilling south of this hole is planned.

• In-fill drilling is now underway at the Theia Deposit, with a 99-hole/10,000-metre program currently 20% complete.

Astral Resources

astral resources.com.au | ASX: AAR

Spargoville Project

• RC drilling is continuing at Eagles Nest, part of the 100%-owned Spargoville Project, with 68 holes for 11,000 metres drilled to date across several targets at Spargoville. Assay results are pending.

• Following completion of the Spargoville program, Astral will commence a 21-hole (2,500-metre) RC program on behalf of the joint venture ( JV ) with KOMIR to investigate lithium pegmatite targets identified from a previously completed geochemical survey across the JV tenure.

Astral Resources’ Managing Director Marc Ducler said :

“This is the second phase of in-fill drilling at Iris, with the strong results likely to support a further increase in Indicated Mineral Resources when we deliver our next update to the Mandilla Resource Estimate planned for the March Quarter of 2026.

“The focus of drilling remained on the central section of the Iris Deposit, extending the coverage of 20m x 40m drill density to a total area of 140m x 360m.

“The higher-grade core of the deposit has again delivered strong results, including 23 metres at 1.00g/t Au from 156m and 21 metres at 1.59g/t Au from 148m.

“Additionally, MDRC983 returned two very high-grade intersections outside of the current Pre-feasibility mine design, including 4 metres at 21.3g/t Au from 91m and 2 metres at 12.8g/t Au from 120m. These high-grade results will complement the next resource update at Iris, with further drilling to the south currently being planned.

“Astral currently has two RC drill rigs on site – the first finishing off a 13,500-metre regional RC program at Spargoville and the second completing the first phase of a three-phase in-fill program at Theia – which will encompass 99 holes for approximately 10,000 metres.

“Diamond drilling targeting high-grade shear-hosted gold mineralisation within and immediately adjacent to Theia is expected to commence early in in the December Quarter. The RC rig currently at Mandilla will relocate to Feysville to complete a 47-hole/7,000-metre program at Kamperman and undertake further greenfields exploration across the broader tenement package.

“Astral Resources’ drilling effort across its project portfolio is continuing to ramp up, as is the effort on the Mandilla Definitive Feasibility Study, with the preferred engineering partner expected to be appointed on completion of our competitive tender in the coming weeks.”

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Astral Resources NL (ASX: AAR) ( Astral or the Company ) is pleased to report assay results for a 21hole/3,702-metre in-fill program at the Iris Deposit, part of the 100%-owned Mandilla Gold Project ( Mandilla ), located approximately 70km south of Kalgoorlie in Western Australia (Figure 1).

==> picture [492 x 492] intentionally omitted <==

Figure 1 – Map illustrating the location of the Mandilla, Spargoville and Feysville Gold Projects.

MANDILLA GOLD PROJECT

The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.

The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).

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‐ Mandilla is covered by existing Mining Leases which are not subject to any third party royalties other than the standard WA Government gold royalty.

The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.

Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.

Significant NW to WNW-trending structures along the western flank of the project are interpreted from aeromagnetic data to cut through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which has a mineralised footprint extending over a strike length of more than 1.6km.

A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike length of approximately 600 metres, combining with Theia to form a mineralised zone extending over a strike length of more than 2.2 kilometres.

At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified which extends over a length of approximately 600 metres. A primary gold source is also present, with further drilling required to determine both the nature and structural controls on mineralisation and its extent.

Mineralisation delineated over approximately 800 metres of strike at the Hestia deposit, located approximately 500 metres west of Theia, is associated with a shear zone adjacent to a mafic/sediment contact, interpreted to be part of the major north-south trending group of thrust faults known as the Spargoville Shear Corridor.

Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the north, the Ghost Crab/Mt Marion mine (>1Moz).

The mineralisation at Hestia, which is present in a different geological setting to bedrock mineralisation at Theia and Iris, remains open both down-dip and along strike.

In April 2025, Astral announced a Mineral Resource Estimate ( MRE ) of 42Mt at 1.1 g/t Au for 1.43Moz of contained gold[1] for the Mandilla Gold Project.

Metallurgical testing undertaken on each of the main deposits at Mandilla – Theia, Iris, Eos and Hestia – has demonstrated high gravity recoverable gold, fast leach kinetics and exceptional overall gold recoveries with low reagent consumptions and coarse grinding[2,3] .

In June 2025, Astral announced the results of a Preliminary Feasibility Study for Mandilla ( PFS ) which – based on a standalone project comprising seven open pit mines feeding a 2.75Mtpa processing facility, producing 95koz per year for the first 12 years, and incorporating a gold price of A$4,250/oz – has a Net Present Value (8% discount rate) of $1.4 billion[4] .

1 - Mandilla JORC 2012 Mineral Resource Estimate: 31Mt at 1.1g/t Au for 1,034koz Indicated Mineral Resources and 11Mt at 1.1g/t Au for 392koz Inferred Mineral Resources (refer to Astral ASX announcement dated 3 April 2025)

2 - ASX Announcement 6 June 2022 “Outstanding metallurgical test-work results continue to de-risk Mandilla.”

3 - ASX Announcement 17 September 2024 “Outstanding metallurgical results further de-risk Mandilla.”

4 - Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025)

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Four open-pit mines at Mandilla were included in the PFS (Theia, Hestia, Eos and Iris), and three openpits mines at Feysville (Kamperman, Think Big and Rogan Josh).

A map of Mandilla illustrating both the local area geology and mineral deposits is set out in Figure 2.

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Figure 2 – Map of Mandilla Gold Project on local area geology.

IRIS RC DRILL RESULTS

The Iris Deposit hosts an MRE of 4.4Mt at 0.8g/t Au for 115koz of contained gold[5] .

5 - Iris JORC 2012 Mineral Resource Estimate: 2.8Mt at 0.8g/t Au for 68koz Indicated Mineral Resources and 1.6Mt at 0.8g/t Au for 40koz Inferred Mineral Resources. See ASX announcement 3 April 2025.

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Following the first phase of in-fill drilling completed in December 2024, the Iris MRE was upgraded from 10% Indicated to 63% Indicated.

In May 2025, Astral completed a second in-fill phase, comprising 19 holes for 2,971 metres across two drill lines.

The second phase, which increased the area covered by a 40 metre by 20 metre drill spacing from 60 metres by 280 metres up to 140 metres by 360 metres, was aimed at further increasing the percentage of Indicated Resources.

A map showing the drill-hole collar locations on local area geology is presented in Figure 3.

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Figure 3 – Map of Iris illustrating drill collar locations of recent and historical drilling on local area geology.

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Best results included:

• 4 metres at 21.3g/t Au from 91m including 2 metres at 37.9g/t Au from 91m, as well as 2 metres at 12.8g/t Au from 120m including 1 metre at 24.4g/t Au from 120m in hole MDRC983;

• 13 metres at 0.53g/t Au from 127m and 21 metres at 1.59g/t Au from 148m including 1 metre at 13.5g/t Au from 166m in hole MDRC980;

• 3 metres at 2.17g/t Au from 45m, 5 metres at 5.73g/t Au from 99m including 1 metre at 20.8g/t Au from 99m and 15 metres at 1.22g/t Au from 110m in hole MDRC971;

• 23 metres at 1.00g/t Au from 156m and 12 metres at 0.47g/t Au from 198m in hole MDRC975;

• 13 metres at 1.21g/t Au from 134m in hole MDRC974;

• 7 metres at 2.20g/t Au from 69m including 1 metre at 10.0g/t Au from 69m in hole MDRC977;

• 16 metres at 0.88g/t Au from 60m and 12 metres at 0.78g/t Au from 93m in hole MDRC976;

• 5 metres at 1.82g/t Au from 69m, 11 metres at 0.86g/t Au from 79m and 13 metres at 0.44g/t Au from 96m in hole MDRC978;

• 27 metres at 0.69g/t Au from 183m in hole MDRC982;

• 18 metres at 0.66g/t Au from 82m in hole MDRC970; and

• 16 metres at 0.47g/t Au from 45m in hole MDRC972.

The assay results align well with the modelled MRE, further supporting the integrity of the Resource model.

The Inferred higher grade “core” of the Iris deposit, which is located in the deepest part of the PFS pit design and represents the majority of the Mineral Resource, returned strongly mineralised gold intersections across both sections drilled, including 23 metres at 1.00g/t Au from 156m in MDRC975 and 21 metres at 1.59g/t Au from 148m in MDRC980.

This provides further confidence that this zone of mineralisation is likely to support conversion into the higher confidence Indicated category.

Of particular interest are two new zones of high-grade mineralisation intersected in MDRC983 ( 4 metres at 21.3g/t Au from 91m and 2m @ 12.79 g/t Au from 120m).

Located outside of the PFS pit designs, the results have the potential to add additional high-grade mineralisation to the Iris MRE.

In-fill drilling south of this hole will be conducted as follow-up.

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A cross-section (Section 1) that encompasses drill holes MDRC976 through to MDRC984 is set out in Figure 4 (see Figure 3 for section location).

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Figure 4 – Cross-section through Iris illustrating drill trace, assay results and geological interpretation (see Figure 3 for section location).

HESTIA RC DRILL RESULTS

The Hestia Deposit hosts an MRE of 2.4Mt at 1.2g/t Au for 91koz of contained gold[6] .

Following the acquisition of the Spargoville tenements and completion of the Mandilla PFS, a 24-hole (3,306 metre) RC drill program was undertaken at Hestia to sterilise the south waste rock landform location and test for an extension to an offset lode. The lode, which is offset east of the main Hestia Deposit by approximately 120 metres, was tested both to the north and south.

Hole MDRC998 returned a best assay result of 4 metres at 2.08g/t Au from 192m. This intercept was 40 metres south of the known extent of gold mineralisation at Hestia. Being the most western hole drilled on this section, it is more likely an extension of the main gold mineralised trend at Hestia. Further drill tests to the west will be planned.

6 - Hestia JORC 2012 Mineral Resource Estimate: 2.2Mt at 1.1g/t Au for 76koz Indicated Mineral Resources and 0.2Mt at 2.1g/t Au for 15koz Inferred Mineral Resources. See ASX announcement 3 April 2025.

8

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Drill holes MDRC999, AMRC001 – AMRC011 were drilled as three fences 120 metres apart and 160 metres south of the known extent of gold mineralisation at Hestia. No significant mineralisation was encountered and, hence, the program is considered to have been successful in sterilising the proposed waste landform footprint to the south.

A map showing the drill hole collar locations on local area geology is presented in Figure 3 above. A further map is presented below in Figure 5, highlighting the waste landforms south of Hestia relative to the drill hole collar locations.

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==> picture [443 x 678] intentionally omitted <==

Figure 5 – Mandilla Gold Project infrastructure layout relative to Hestia sterilization drilling

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EXPLORATION UPDATE

A regional exploration program consisting of 90 holes for 13,458 metres is currently underway at Spargoville. To date, this program has targeted prospects at Karramindie, 8500N, Trapdoor, Lindsays and Eagles Nest. Drill progress has been slowed by inclement weather, with the remaining drill holes at Eagles Nest expected to be completed this week.

On completion of the gold-focused program at Spargoville, the RC rig will commence a 21-hole (2,500metre) lithium exploration program on behalf of the KOMIR joint venture.

At Theia, a second RC rig commenced a 99-hole (10,000-metre) in-fill program to achieve a 12 metre x 12 metre drill spacing over an 80-metre by 120-metre area, drilling to a maximum hole depth of 150 metres within a portion of the Stage 1 pit as proposed in the recently completed PFS. This closespaced pattern was chosen to mimic a potential grade control pattern and provide similar data density to allow grade modelling simulation exercises that can assist future mine planning work. To date, 17 of the 99 holes have been completed. Assay results are pending.

Following completion of the RC drilling at Mandilla and Spargoville, an RC rig will return to Feysville to complete a 17-hole (3,000-metre) program at Kamperman and a 30-hole (4,000-metre) regional program.

A diamond drill rig is also planned to commence a 3,000-metre program targeting high-grade structures within the Theia deposit and also test conceptual targets identified from a combination of geophysics and structural mapping of the Theia DD core.

This program is expected to commence early in the December Quarter, 2025.

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CONSOLIDATED MINERAL RESOURCE & ORE RESERVE ESTIMATES

Group Ore Reserve Estimates

The Group’s consolidated JORC 2012 Ore Reserve Estimate as at the date of this report is detailed in Table 1 below.

Table 1 – Group Ore Reserves

Project	Probable	Probable	Probable	Total Ore Reserve	Total Ore Reserve	Total Ore Reserve
	Tonnes	Grade	Metal	Tonnes	Grade	Metal
	(Mt)	(Au g/t)	(oz Au)	(Mt)	(Au g/t)	(oz Au)
Mandilla7	34.3	0.9	1,000,000	34.3	0.9	1,000,000
Feysville7	2.3	1.2	88,000	2.3	1.2	88,000
Total	36.6	0.9	1,082,000	36.6	0.9	1,082,000
Ore Reserves are	a subset of Mineral Resources.
Ore Reserves are	estimated using a gold price of AUD $3,000 per ounce.
The preceding statement of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
The Ore Reserves for Mandilla are reported at a cut-off grade of 0.30 g/t Au lower cut-off and Feysville are reported at a cut-off grade of 0.40 g/t Au lower cut-off.

Group Mineral Resource Estimates

The Group’s consolidated JORC 2012 Mineral Resource Estimate as at the date of this report is detailed in Table 2 below.

Table 2 – Group Mineral Resources

Project	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total Mineral Resource	Total Mineral Resource	Total Mineral Resource
	Tonnes	Grade	Metal	Tonnes	Grade	Metal	Tonnes	Grade	Metal
	(Mt)	(Au g/t)	(oz Au)	(Mt)	(Au g/t)	(oz Au)	(Mt)	(Au g/t)	(oz Au)
Mandilla8	31	1.1	1,034,000	11	1.1	392,000	42	1.1	1,426,000
Feysville9	4	1.3	144,000	1	1.1	53,000	5	1.2	196,000
Spargoville10	2	1.3	81,000	1	1.6	58,000	3	1.4	139,000
Total	36	1.1	1,259,000	14	1.2	502,000	50	1.1	1,761,000
The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures
The Mineral Resources for Mandilla, Feysville and Spargoville are reported at a cut-off grade of 0.39 g/t Au lower cut-off and is constrained within pit shells derived using a gold price of AUD $3,500 per ounce for Mandilla and Spargoville and AUD$2,500 per ounce for Feysville.

7 - Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025)

8 - Mandilla JORC 2012 Mineral Resource Estimate: 31Mt at 1.1g/t Au for 1,034koz Indicated Mineral Resources and 11Mt at 1.1g/t Au for 392koz Inferred mineral Resources (refer to Astral ASX announcement dated 3 April 2025)

9 - Feysville JORC 2012 Mineral Resource Estimate: 4Mt at 1.3g/t Au for 144koz Indicated Mineral Resources and 1Mt at 1.1g/t Au for 53koz Inferred Mineral Resources (refer to Astral ASX announcement dated 1 November 2024).

10 - Spargoville JORC 2012 Mineral Resource Estimate: 2Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources (refer to Astral ASX announcement dated 7 May 2025).

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APPROVED FOR RELEASE

This announcement has been authorised for release by the Managing Director.

For further information:

Investors Media Marc Ducler Managing Director Astral Resources +61 8 9382 8822

Nicholas Read Read Corporate +61 419 929 046

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Competent Person’s Statements

Mandilla

The information in this announcement that relates to exploration targets and exploration results for the Mandilla Gold Project is based on, and fairly represents, information and supporting documentation compiled by Ms Julie ‐ Reid, who is a full time employee of Astral Resources NL. Ms Reid is a Competent Person and a Member of The Australasian Institute of Mining and Metallurgy. Ms Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Reid consents to the inclusion in this report of the material based on this information, in the form and context in which it appears.

The information in this announcement that relates to the Ore Reserves for the Mandilla Gold Project were announced in the Company’s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

The information in this announcement that relates to the Mineral Resources for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 3 April 2025 titled "Group Mineral Resource Increases to 1.62 million ounces with Indicated Resources at the Mandilla Gold Project Exceeding One Million Ounces". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 3 April 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

The information in this announcement that relates to metallurgical test work for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcements dated 28 January 2021, 6 June 2022, 17 September 2024 and 5 March 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements dated 28 January 2021, 6 June 2022, 17 September 2024 and 5 March 2025 and all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

Feysville

The information in this announcement that relates to exploration targets and exploration results for the Feysville Gold Project is based on, and fairly represents, information and supporting documentation compiled by Ms Julie ‐ Reid, who is a full time employee of Astral Resources NL. Ms Reid is a Competent Person and a Member of The Australasian Institute of Mining and Metallurgy. Ms Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Reid consents to the inclusion in this report of the material based on this information, in the form and context in which it appears.

The information in this announcement that relates to the Ore Reserves for the Feysville Gold Project were announced in the Company’s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

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The information in this announcement that relates to the Mineral Resources for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 1 November 2024 titled "Astral's Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 1 November 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

The information in this announcement that relates to metallurgical test work for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 22 May 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 22 May 2025 and all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

Spargoville

The information in this announcement that relates to the Mineral Resources for the Spargoville Project were announced in the Company’s ASX announcement dated 7 May 2025 titled "Astral's Group Gold Mineral Resource Increases to 1.76Moz with the inclusion of Spargoville Gold Project". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 7 May 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au.

Previously Reported Results

Exploration Results

The information in this announcement that relates to Exploration Results is extracted from the ASX Announcements (Original Announcements), which have been previously announced on the Company’s ASX Announcements Platform and the Company’s website at www.astralresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Announcements and that all material assumptions and technical parameters underpinning the estimates in the Original Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original announcement.

Pre-Feasibility Study

The information in this announcement that relates to the production target for the Mandilla Gold Project was reported by Astral in accordance with ASX Listing Rules and the JORC Code (2012 edition) in the announcement “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve" released to the ASX on 25 June 2025. A copy of that announcement is available at www.asx.com.au. Astral confirms it is not aware of any new information or data that materially affects the information included in that market announcement and that all material assumptions and technical parameters underpinning the production target, and the related forecast financial information derived from the production target in that market announcement continue to apply and have not materially changed. Astral confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement.

Forward Looking Statements

This announcement may contain certain “forward looking statements” which may not have been based solely on historical facts but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

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However, forward looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to exploration risk, resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we operate, and government regulation and judicial outcomes.

For more detailed discussion of such risks and other factors, see the Company’s other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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Appendix 1 – Drill Hole Details

Mandilla Gold Project

Table 3 – Drill hole data

Hole ID	Type	Hole Depth (m)	GDA (North)	GDA (East)	GDA RL	Dip	MGA Azmith
MDRC968	RC	78.0	6,526,678	359,977	317.1	-60	40
MDRC969	RC	84.0	6,526,648	359,951	317.3	-60	40
MDRC970	RC	114.0	6,526,611	359,920	317.4	-57	40
MDRC971	RC	126.0	6,526,612	359,898	317.4	-65	70
MDRC972	RC	135.0	6,526,555	359,874	317.6	-60	40
MDRC973	RC	78.0	6,526,641	359,998	317.7	-60	40
MDRC974	RC	204.0	6,526,433	359,770	318.1	-60	40
MDRC975	RC	210.0	6,526,402	359,743	318.1	-60	40
MDRC976	RC	144.0	6,526,518	359,895	318.1	-60	40
MDRC977	RC	174.0	6,526,464	359,796	317.9	-60	40
MDRC978	RC	198.0	6,526,426	359,817	318.5	-60	40
MDRC979	RC	120.0	6,526,579	359,947	317.8	-60	40
MDRC980	RC	204.0	6,526,395	359,790	318.5	-60	40
MDRC981	RC	114.0	6,526,603	359,976	317.8	-60	40
MDRC982	RC	222.0	6,526,363	359,762	318.8	-60	40
MDRC983	RC	138	6,526,543	359,923	318.0	-60	40
MDRC984	RC	240	6,526,331	359,735	319.1	-60	40
MDRC985	RC	244	6,526,371	359,716	318.1	-60	40
MDRC986	RC	144	6,526,525	359,848	317.7	-60	40
MDRC987	RC	120	6,527,379	358,657	323.9	-60	90
MDRC988	RC	120	6,527,379	358,617	324.5	-60	90
MDRC989	RC	120	6,527,379	358,577	325.0	-60	90
MDRC990	RC	150	6,527,340	358,678	323.6	-60	90
MDRC991	RC	120	6,527,340	358,638	324.0	-60	90
MDRC992	RC	120	6,527,340	358,598	324.4	-60	90
MDRC993	RC	120	6,527,298	358,655	323.6	-60	90
MDRC994	RC	120	6,527,298	358,615	324.3	-60	90
MDRC995	RC	126	6,527,144	358,687	323.5	-60	90
MDRC996	RC	150	6,527,144	358,647	323.8	-60	90
MDRC997	RC	186	6,527,144	358,607	324.2	-60	90
MDRC998	RC	222	6,527,144	358,567	324.7	-60	90
MDRC999	RC	126	6,527,024	358,767	324.5	-60	90
AMRC001	RC	126	6,527,024	358,727	325.6	-60	90
AMRC002	RC	120	6,527,024	358,687	326.3	-60	90
AMRC003	RC	150	6,527,024	358,647	326.5	-60	90
AMRC004	RC	120	6,526,904	358,807	324.0	-60	90

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AMRC005	RC	120	6,526,904	358,767	325.4	-60	90
AMRC006	RC	120	6,526,904	358,730	326.0	-60	90
AMRC007	RC	162	6,526,904	358,687	326.6	-60	90
AMRC008	RC	120	6,526,784	358,807	323.3	-60	90
AMRC009	RC	120	6,526,784	358,767	323.9	-60	90
AMRC010	RC	150	6,526,784	358,727	324.6	-60	90
AMRC011	RC	198	6,526,784	358,687	325.4	-60	90

Table 4 – Drilling Intersections

Hole ID	Location	From (m)	To (m)	Length (m)	Grade g/t Au
MDRC968	Iris	18	24	6	0.60
		29	31	2	0.67
		35	36	1	0.65
		48	50	2	0.36
MDRC969	Iris	52	54	2	0.80
		61	62	1	0.74
MDRC970	Iris	50	51	1	4.01
		65	71	6	0.31
		82	100	18	0.66
MDRC971	Iris	45	48	3	2.17
		67	68	1	0.8
		72	73	1	0.7
		78	83	5	0.3
		99	104	5	5.7
		Includes 1m at 20.8g/t from 99 metres
		110	125	15	1.22
MDRC972	Iris	53	69	16	0.47
		88	89	1	0.53
		111	114	3	0.47
		120	126	6	0.81
MDRC973	Iris	34	37	3	0.43
		56	60	4	0.56
MDRC974	Iris	118	123	5	0.91
		134	147	13	1.21
		156	158	2	0.82
		184	199	15	0.22
MDRC975	Iris	78	79	1	0.37
		156	179	23	1.00
		186	192	6	0.82
		198	210	12	0.47
MDRC976	Iris	50	52	2	1.06

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		60	76	16	0.88
		85	87	2	0.88
		93	105	12	0.78
		113	114	1	1.09
		117	134	17	0.18
MDRC977	Iris	69	76	7	2.20
		Includes 1m at 10.0g/t from 69 metres
MDRC978	Iris	69	74	5	1.82
		79	90	11	0.86
		96	109	13	0.44
		146	148	2	0.61
		177	181	4	0.68
MDRC979	Iris	48	49	1	0.35
		81	82	1	0.38
		105	106	1	0.43
MDRC980	Iris	62	63	1	1.26
		127	140	13	0.53
		148	169	21	1.59
		Includes 1m at 13.5g/t from 166 metres
		190	201	11	0.45
MDRC981	Iris	42	52	10	0.20
MDRC982	Iris	183	210	27	0.69
MDRC983	Iris	77	78	1	1.37
		91	95	4	21.29
		Includes 2m at 37.9g/t from 91 metres
		120	122	2	12.79
		Includes 1m at 24.4g/t from 120 metres
MDRC984	Iris	68	69	1	0.40
		217	218	1	1.05
		232	237	5	0.16
MDRC985	Iris	109	110	1	0.82
MDRC986	Iris	50	51	1	0.80
		64	66	2	0.81
		85	86	1	2.64
		95	99	4	0.57
		107	110	3	0.29
		124	131	7	0.43
		135	139	4	0.37
MDRC987	Hestia	NSI
MDRC988	Hestia	54	56	2	0.18
MDRC989	Hestia	NSI

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MDRC990	Hestia	NSI	NSI	NSI	NSI
MDRC991	Hestia	43	45	2	0.29
MDRC992	Hestia	NSI
MDRC993	Hestia	50	54	4.0	0.76
MDRC994	Hestia	91	93	2.0	0.21
MDRC995	Hestia	57	58	1.0	0.29
MDRC996	Hestia	64	66	2.0	2.30
		114	117	3.0	0.47
MDRC997	Hestia	56	59	3.0	0.12
		140	142	2.0	0.17
		157	158	1.0	0.41
MDRC998	Hestia	175	177	2.0	0.64
		192	196	4.0	2.08
MDRC999	Hestia	NSI
AMRC001	Hestia	NSI
AMRC002	Hestia	NSI
AMRC003	Hestia	148	150	2.0	1.60
AMRC004	Hestia	NSI
AMRC005	Hestia	NSI
AMRC006	Hestia	NSI
AMRC007	Hestia	NSI
AMRC008	Hestia	NSI
AMRC009	Hestia	NSI
AMRC010	Hestia	NSI
AMRC011	Hestia	NSI

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Appendix 2 – JORC 2012 Table 1

Mandilla Gold Project

Section 1 – Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	The project has been sampled using industry standard drilling techniques including diamond drilling (DD), and reverse circulation (RC) drilling and air-core (AC) drilling. The sampling described in this release has been carried out on the 2019, 2020, 2021, 2022, 2023, 2024 and 2025 DD, RC and AC drilling. All DD holes were drilled and sampled. The DD core is orientated, logged geologically and marked up for assay at a maximum sample interval of 1.2 metre constrained by geological or alteration boundaries. Drill core is cut in half by a diamond saw and half HQ or NQ2 core samples submitted for assay analysis. DD core was marked up by AAR geologists. The core was cut on site with AAR’s CoreWise saw. All samples were assayed by MinAnalytical/ALS/Intertek with company standards blanks and duplicates inserted at 25 metre intervals. All RC holes were drilled and sampled. The samples are collected at 1m intervals via a cyclone and splitter system and logged geologically. A four-and-a-half-inch RC hammer bit was used ensuring plus 20kg of sample collected per metre. All RC samples were collected in bulka bags in the AAR compound and trucked weekly to MinAnalytical/ALS in Kalgoorlie via Hannans Transport. All samples transported were submitted for analysis. Transported material of varying thickness throughout project was generally selectively sampled only where a paleochannel was evident. All samples were assayed by MinAnalytical/ALS with company standards blanks and duplicates inserted at 25 metre intervals. AC- 1m samples were collected from individual 1m sample piles. Sample weights were between 2 and 3 kg Historical - The historic data has been gathered by a number of owners since the 1980s. There is a lack of detailed information available pertaining to the equipment used, sample techniques, sample sizes, sample preparation and assaying methods used to generate these data sets. Down hole surveying of the drilling where documented has been undertaken using Eastman single shot cameras (in some of the historic drilling) and magnetic multi-shot tools and gyroscopic instrumentation. All Reverse Circulation (RC) drill samples were laid out in 1 metre increments and a representative 500 – 700 gram spear sample was collected from each pile and composited into a single sample every 4 metres. Average weight 2.5 – 3 kg sample. All Aircore samples were laid out in 1 metre increments and a representative 500 – 700 gram spear sample was collected from each pile and composited into a single sample every 4 metres. Average weight 2.5 – 3 kg sample. 1m samples were then collected from those composites assaying above 0.2g/t Au.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond drilling was cored using HQ and NQ2 diamond bits All RC holes were drilled using face sampling hammer reverse circulation technique with a four-and-a-half inch bit

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		All AC holes were drilled to blade refusal.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	DD: Diamond drilling collects uncontaminated fresh core samples which are cleaned at the drill site to remove drilling fluids and cuttings to present clean core for logging and sampling. RC: Definitive studies on RC recovery at Mandilla have not been undertaken systematically, however the combined weight of the sample reject and the sample collected indicated recoveries in the high nineties percentage range. Poor recoveries are recorded in the relevant sample sheet. No assessment has been made of the relationship between recovery and grade. Except for the top of the hole, while collaring there is no evidence of excessive loss of material and at this stage no information is available regarding possible bias due to sample loss. RC: RC face-sample bits and dust suppression were used to minimise sample loss. Drilling airlifted the water column above the bottom of the hole to ensure dry sampling. RC samples are collected through a cyclone and cone splitter, the rejects deposited on the ground, and the samples for the lab collected to a total mass optimised for photon assay (2.5 to 4 kg). AC: Poor recoveries are recorded in the relevant sample sheet. AC samples are collected through a cyclone, the rejects deposited on the ground, and the samples for the lab collected.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	All chips and drill core were geologically logged by company geologists, using their current company logging scheme. The majority of holes (80%+) within the mineralised intervals have lithology information which has provided sufficient detail to enable reliable interpretation of wireframe. The logging is qualitative in nature, describing oxidation state, grain size, an assignment of lithology code and stratigraphy code by geological interval. DDH: Logging of diamond drill core records lithology, mineralogy, mineralisation, weathering, colour and other features of the samples, and structural information from oriented drill core. All recent core was photographed in the core trays, with individual photographs taken of each tray both dry, and wet, and photos uploaded to the AAR Server. RC: Logging of RC chips records lithology, mineralogy, mineralisation, weathering, colour and other features of the samples. All samples are wet-sieved and stored in a chip tray. AC samples were logged for colour, weathering, grain size, lithology, alteration veining andmineralisation where possible
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	HQ and NQ2 diamond core was halved and the right side sampled. RC holes were drilled and sampled. The samples are collected at 1m intervals via a cyclone and splitter system and logged geologically. A four-and-a-half inch RC hammer bit was used ensuring plus 20kg of sample collected per metre. Historical - The RC drill samples were laid out in one metre intervals. Spear samples were taken and composited for analysis as described above. Representative samples from each 1m interval were collected and retained as described above. No documentation of the sampling of RC chips is available for the Historical Exploration drilling Recent RC drilling collects 1 metre RC drill samples that are channelled through a rotary cone-splitter, installed directly below a rig mounted cyclone, and an average 2-3 kg sample is collected in pre-numbered calico bags, and positioned on top of the rejects cone. Wet samples are noted on logs and sample sheets. Standard Western Australian sampling techniques applied. There has been no statistical work carried out at this stage.

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	• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	MinAnalytical/ALS assay standards, blanks and checks were inserted at regular intervals. Standards, company blanks and duplicates were inserted at 25 metre intervals. RC: 1 metre RC samples are split on the rig using a cone-splitter, mounted directly under the cyclone. Samples are collected to 2.5 to 4kg which is optimised for photon assay. Sample sizes are appropriate to the grain size of the material being sampled. Unable to comment on the appropriateness of sample sizes to grain size on historical data as no petrographic studies have been undertaken. Sample sizes are considered appropriate to give an indication of mineralisation given the particle size and the preference to keep the sample weight below a targeted 4kg mass which is the optimal weight to ensure representivity for photon assay. There has been no statistical work carried out at this stage.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Photon Assay technique at MinAnalytical Laboratory Services/ALS, Kalgoorlie and Intertek, Maddington. Samples submitted for analysis via Photon assay technique were dried, crushed to nominal 85% passing 2mm, linear split and a nominal 500g sub sample taken (method code PAP3512R) The 500g sample is assayed for gold by PhotonAssay (method code PAAU2) along with quality control samples including certified reference materials, blanks and sample duplicates. The MinAnalytical/ALS PhotonAssay Analysis Technique: - Developed by CSIRO and the Chrysos Corporation, This Photon Assay technique is a fast and chemical free alternative to the traditional fire assay process and utilizes high energy x-rays. The process is non-destructive on and utilises a significantly larger sample than the conventional 50g fire assay. MinAnalytical/ALS has thoroughly tested and validated the PhotonAssay process with results benchmarked against conventional fire assay. The National Association of Testing Authorities (NATA), Australia's national accreditation body for laboratories, has issued Min Analytical with accreditation for the technique in compliance with TSO/TEC 17025:2018-Testing. Certified Reference Material from Geostats Pty Ltd submitted at 75 metre intervals approximately. Blanks and duplicates also submitted at 75m intervals giving a 1:25 sample ratio. Referee sampling has not yet been carried out.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Geology Manager or Senior Geologist verified hole position on site. Standard data entry used on site, backed up in South Perth WA. No adjustments have been carried out. However, work is ongoing as samples can be assayed to extinction via the PhotonAssay Analysis Technique
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	Pre October 2023, DD and RC drill holes were picked up by Minecomp using a Leica RTK GPS. Since October 2023 Southern Cross Surveys were contracted to pick up all latest drilling collars using GSNS with manufacturers specifications +/- 10mm N,E and +/-15mm RL from Survey Control established from Landgate SSMs in RTK. AC Hole collar locations were recorded with a handheld GPS in MGA Zone 51S. RL was initially estimated then holes, once drilled were translated onto the surveyed topography wire frame using mining software. These updated RL’s were then loaded into the database. Grid: GDA94 Datum UTM Zone 51
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	Diamond drilling at Theia is at 40-40m to 40-80m spacing. Iris and Hestia have a number of selective diamond holes within each deposit. RC Drill hole spacing at Theia is a maximum of 40 x 40m. And approaching20 x 20m within the central areas. Iris and Hestia are

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	Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	generally 40x40 spacing with selected areas at 40x20m at Iris. Eos bedrock drilling is currently 80 x 40m spacing. AC Drill hole spacing is 10 to 50m on section, with 40m sectional spacing (approximate). The spacing is appropriate for the stage of exploration
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	All drill holes have been drilled normal to the interpreted strike. Most of the current holes at Theia are drilled on a 040 azimuth with minor variations applied where drill-hole spacing is limited. Other holes not drilled at 040 azimuth have been completed. Some holes have been drilled at other azimuths to test cross cutting structures and to hit western targets, avoiding surface infrastructure.
Sample security	• The measures taken to ensure sample security.	All samples taken daily to AAR yard in Kambalda West, then transported to the Laboratory in batches of up to 10 submissions
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	No audits have been carried out at this stage.

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Section 2 - Reporting of Exploration Results

Criteria	JORC Code Explanation				Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.		Tenement	Status	Location	Interest Held (%)
			E 15/1404	Granted	Western Australia	100
			M 15/96	Granted	Western Australia	Gold Rights 100
			M 15/633	Granted	Western Australia	Gold Rights 100
			E 15/1958	Granted	Western Australia	100
			P 15/6759	Granted	Western Australia	100
			P 15/6760	Granted	Western Australia	100
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.		Several programs of RC percussion, diamond and air core drilling were completed in the area between 1988-1999 by Western Mining Corporation (WMC). In early 1988 a significant soil anomaly was delineated, which was tested late 1988 early 1989 with a series of 4 percussion traverses and diamond drilling. Gold mineralisation was intersected in thin quartz veins within a shallowly dipping shear zone. 1989-90- limited exploration undertaken with geological mapping and 3 diamond holes completed. 1990-91- 20 RC holes and 26 AC were drilled to follow up a ground magnetic survey and soil anomaly. 1991-94 - no gold exploration undertaken 1994-95 – extensive AC programme to investigate gold dispersion. A WNW trending CS defined lineament appears to offset the Mandilla granite contact and surrounding sediments, Shallow patchy supergene (20-25m) mineralisation was identified, which coincides with the gold soil anomaly During 1995- 96 - Three AC traverses 400m apart and 920m in length were drilled 500m south of the Mandilla soil anomaly targeting the sheared granite felsic sediment contact. 1996-97 - A 69 hole AC program to the east of the anomaly was completed but proved to be ineffective due to thin regolith cover in the area. WID3215 returned 5m @7g/t from 69m to EOH. 1997-1998- 17 RC infill holes to test mineralisation intersected in previous drilling was completed. A number of bedrock intersections were returned including WID3278 with 4m @ 6.9g/t Au from 46m.
Geology	• Deposit type, geological setting and style of mineralisation.		The Mandilla Gold Project (Mandilla) is located approximately 70km south of Kalgoorlie, and about 25km south-west of Kambalda in Western Australia. The deposit is located on granted Mining Leases M15/633 (AAR gold rights), M15/96 (AAR gold rights) and Exploration Lease E15/1404 (wholly-owned by AAR). Regional Geology Mandilla is located within the south-west of the Lefroy Map Sheet 3235. It is situated in the Coolgardie Domain, on the western margin of the Kalgoorlie Terrain within the Wiluna-Norseman Greenstone Belt, Archaean Yilgarn Block. Mandilla is located between the western Kunanalling Shear, and the eastern Zuleika Shear. Project mineralisation is related to north-south trending major D211thrust faults known as the “Spargoville Trend”. The Spargoville Trend contains four linear belts of mafic to ultramafic lithologies (the Coolgardie Group) with intervening felsic rocks (the Black Flag Group) forming a D112anticline modified and repeated by intense D2 faulting and shearing. Flanking the Spargoville Trend to the east, a D2 Shear (possibly the Karramindie Shear) appears to host the Mandilla mineralisation along the western flank of the Emu Rocks Granite, which has intruded the felsic volcanoclastic sedimentary rocks of the Black Flag Group. This shear can be traced across the region, with a number of

11 D2 – Propagation of major crustal NNW thrust faults.

12 D1 – Crustal shortening.

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		deflections present. At these locations, granite stockworks have formed significant heterogeneity in the system and provide structural targets for mineralisation. The Mandilla mineralisation is interpreted to be such a target. Local Geology and Mineralisation Mandilla is located along the SE margin of M15/96 extending into the western edge of M15/633. It comprises an east and west zone, both of which are dominated by supergene mineralisation between 20 and 50 m depth below surface. Only the east zone shows any significant evidence of primary mineralisation, generally within coarse granular felsic rocks likely to be part of the granite outcropping to the east. Minor primary mineralisation occurs in sediments. The nature of gold mineralisation at Mandilla is complex, occurring along the western margin of a porphyritic granitoid that has intruded volcanoclastic sedimentary rocks. Gold mineralisation appears as a series of narrow, high grade quartz veins with relatively common visible gold, with grades over the width of the vein of up to several hundreds of grams per tonne. Surrounding these veins are lower grade alteration haloes. These haloes can, in places, coalesce to form quite thick zones of lower grade mineralisation. The mineralisation manifests itself as large zones of lower grade from ~0.5 – 1.5g/t Au with occasional higher grades of +5g/t Au over 1 or 2 metres. Further to the west of Theia close to the mafic/sediment contact a D2 shear sub parallels the Mandilla shear. Quartz veining and sulphides have been identified within the sediments close to the contact with high mag basalt within sheared siltstones and shales. In addition to the granite-hosted mineralisation, a paleochannel is situated above the granite/sediment contact that contains significant gold mineralisation. An 800 m section of the paleochannel was mined by AAR in 2006 and 2007, with production totalling 20,573 ounces.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	This information has been summarised in Table 1 and Table 2 of Appendix 1 of this ASX Announcement.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	No data aggregation methods have been used. A 100ppb Au lower cut off has been used to calculate grades for AC drilling A 0.3g/t Au lower cut off has been used to calculate grades for RC drilling, with maximum internal dilution of 5m. A cutoff grade of >0.5g*m has been applied for reporting purposes in the tables of results. This has not been applied.

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Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	The overall mineralisation trend strikes to the north-west at about 325°, with a sub-vertical dip. However, extensive structural logging from diamond core drilling of the quartz veins within the mineralised zones shows that the majority dip gently (10° to 30°) towards SSE to S (160° to 180°). The majority of drilling is conducted at an 040 azimuth and 60° dip to intersect the mineralisation at an optimum angle. A number of deeper holes have been oriented drilled at -60 to150°. The Hestia mineralisation is associated with a shear zone striking around 350°. The drill orientation at 090 azimuth and 60° dip is optimal for intersecting the mineralisation. AC drilling
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Please refer to the maps and cross sections in the body of this announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Balanced reporting has been applied.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No other substantive exploration data.
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Additional metallurgical testing may be required as the Mandilla Gold Project is progressed from preliminary feasibility to definitive feasibility for Hestia, Iris and Eos.

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