ASTRAL RESOURCES NL — Investor Presentation 2023

May 15, 2023

ASX Announcement 16 May 2023

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AAR TO PRESENT AT THE RESOURCES RISING STARS GOLD COAST CONFERENCE

Astral Resources NL (ASX: AAR) ( AAR , Astral or the Company ) is pleased to advise that Managing Director Marc Ducler will be presenting at the 2023 Resources Rising Stars Investor Conference on the Gold Coast today, Tuesday 16 May 2023 at 3:45pm AEST.

The presentation slides to be delivered by Mr Ducler are attached.

Investors can watch the conference livestream at no cost by registering at www.rrsinvestor.com.

This announcement has been approved for release by the Company Secretary.

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-- ENDS --

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Building critical mass on Kalgoorlie’s doorstep



 1.15Moz Resource base across two projects  Over 125,000m of drilling in past three years  Next Resource due Q3 2023, paving way for Scoping Study in 2H 2023

ASX: AAR

astralresources.com.au

Disclaimer

The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate in light of your particular Investment Needs, Objectives and Financial Circumstances. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Astral Resources NL, their directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

Compliance Statement

The information in this presentation that relates to Estimation and Reporting of Mineral Resources for the Mandilla Gold Project is based on information compiled by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Job is an independent consultant employed by Cube Consulting. Mr Job has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Mr Job consents to the inclusion in this presentation of the matters based on the information in the form and context in which it appears.

The information in this presentation that relates to Estimation and Reporting of Mineral Resources for the Feysville Gold Project is based on information compiled by Mr Richard Maddocks, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Maddocks is an independent consultant to the Company. Mr Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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. Mr Maddocks consents to the inclusion in this announcement of the matters based on the information in the form and context in which it appears

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The information in this presentation that relates to exploration targets and exploration results is based on information 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 presentation of the material based on this information, in the form and context in which it appears.

The information in this presentation that relates to metallurgical test work for the Mandilla Gold Project is based on, and fairly represents, information and supporting documentation compiled by Mr Marc Ducler, who is a full-time employee of Astral Resources NL. Mr Ducler is a Competent Person and a Member of The Australasian Institute of Mining and Metallurgy. The information that relates to processing and metallurgy is based on work conducted by ALS Metallurgy Pty Ltd (ALS Metallurgy) on diamond drilling samples collected under the direction of Mr Ducler and fairly represents the information compiled by him from the completed ALS Metallurgy testwork. Mr Ducler 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. Mr Ducler consents to the inclusion in this presentation of the material based on this information, in the form and context in which it appears.

Previously Reported Results

There is information in this presentation relating to exploration results which were previously announced on 16 July 2009, 31 January 2017, 14 February 2018, 23 April 2018, 15 May 2018, 15 August 2018, 26 March 2019, 8 April 2019, 16 July 2019, 19 June 2020, 11 August 2020, 15 September 2020, 17 February 2021, 26 March 2021, 20 April 2021, 20 May 2021, 29 July 2021, 26 August 2021, 27 September 2021, 6 October 2021, 3 November 2021, 15 December 2021, 22 February 2022, 3 May 2022, 6 June 2022, 5 July 2022, 13 July 2022, 10 August 2022, 23 August 2022, 21 September 2022, 13 October 2022, 3 November 2022, 30 November 2022, 15 March 2023, 12 April 2023, 24 April 2023 and 15 May 2023. Other than as disclosed in those announcements, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

ASX: AAR | 2

Key Investment Highlights

• Large, high-quality resource inventory around Kalgoorlie: 32.9Mt at 1.1g/t Au for 1.15Moz contained gold[1 ]

• Mandilla MRE now stands at 30Mt at 1.1g/t Au for 1.03Moz

• The Mandilla MRE has grown by 1Moz in three years, next update due early Q3 2023

• Drilling at Mandilla is continuing to return high-grade gold mineralisation over broad widths with results in excess of 100-gram metres, demonstrating the significant gold endowment of the system

• December 2022 MRE added 250,000oz at a discovery cost of $16 per oz

• Over 45,000m of drilling completed in 2022 – 30,000m likely before the end of the first half 2023

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• Astral is building the critical mass to support successful mine development

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1 Combined JORC 2012 MRE includes; Indicated Mineral Resources of 12.6Mt at 1.1g/t Au for 430koz and Inferred Mineral Resources of 20.3Mt at 1.1g/t Au for 720koz

Corporate Overview

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Shares On Issue Market Capitalisation Share Price
0.120 2500000
718.7M $54.6M
(at $0.076 per share)
0.100
2000000
Options / Rights Cash on Hand
46.6M/9.6M $5.0M 0.080
(Ave exercise price 14c) (As at 31 Mar 2023 post raise) 1500000
0.060
1000000
Significant Shareholders: 0.040
Board & Management 6.4% 500000
0.020
Braham Entities 9.3%
Jones Entities 9.1%
0.000 0
Burke Entities 7.3%
Top 20 55.0%
Volume VWAP
Institutions 6.2%
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Corporate & Technical Skills that Deliver

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Board of Directors

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Leigh Warnick Non-Executive Chairman

Leigh Warnick is an experienced corporate and resources lawyer. He practices as a barrister in Perth. He has 20 years’ experience as a director of listed public companies.

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Justin Osborne Non-Executive Director

Mr Osborne has over 30 years experience as an exploration geologist. He was previously an Executive Director at Gold Road Resources (ASX: GOR) and was pivotal to the resource development of the world class Gruyere Gold Deposit (6.6Moz Au).

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Peter Stern

Non-Executive Director

Is a graduate of Monash University with a Bachelor of Science (geology major). Mr Stern’s career has been in corporate advisory, spending six years with Macquarie Bank and three years with both UBS and Deutsche Bank.

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David Varcoe Non-Executive Director

David Varcoe is a mining engineer has more than 30 years experience in the industry. He has extensive operational and managerial experience across a number of commodities including gold, iron ore, copper, diamonds, coal, uranium and rare earths.

Management Team

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Marc Ducler Managing Director Marc Ducler has over 20 years’ experience in the mining industry. He was previously the Managing Director of Egan Street Resources (ASX:EGA) until its successful takeover by Silver Lake Resources (ASX:SLR).

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Brendon Morton Jed Whitford Chief Financial Officer & General Manager Business Company Secretary Development and Projects Brendon has over 20 years Jed is a Mining Engineer with experience including a significant more than 20 years industry amount of experience in the global experience. His experience resources sector, including spans predominantly Gold and Australia, Africa and Asia. Brendon Base Metals operations with has held a number of executive companies including Western financial and company secretarial Mining, Gold Fields, Golder roles with both ASX listed and Associates, Xstrata and unlisted companies operating in the Glencore. resources sector.

Julie Reid Geology Manager Julie has 36 years experience working throughout Australia, Vietnam and Indonesia covering a range of commodities within diversified geological terrain. Julie holds a Batchelor of Applied Science from Curtin University of Technology.

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Mandilla Gold Project

• Located in a premier gold mining jurisdiction 70km south of Kalgoorlie

• Total MRE at Mandilla has grown to 30Mt at 1.1g/t Au for 1,034,000oz of contained gold, the Mandilla MRE has increased by more than 100% in 18 months , adding 1,000,000oz in Mineral Resources within three years

• Met testing demonstrates free-milling ore with excellent gold recoveries and low reagent consumptions

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22km to the
+20Moz
St Ives Gold Mine
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• Mandilla is rapidly approaching the critical mass to support mine development

Comprises four deposits:

1. Theia – 85% of the Mandilla MRE, with infill and extensional drilling currently underway

2. Eos – Higher grade relatively shallow palaeochannel, with fresh rock potential demonstrated and with further testing underway

3. Hestia – Newest discovery, on a separate shear zone. Infill and extensional drilling has demonstrated potential for significant resource growth

4. Iris – Extending to the north-east

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Compelling results from 2022 drilling….

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• Theia diamond drilling returned 25m at 10.57g/t Au from 206m in MDGT007, 32.3m at 5.44g/t Au from 175.7m and 15.07m at 2.24g/t Au from 269.93m in MDRCD511, 283-gram metres[2] in MDRCD644 including; 16.0m at 2.12g/t Au , 47.9m at 0.74g/t Au , 25.2m at 2.02g/t Au , 16.7m at 1.38g/t Au , 41.2m at 1.71g/t Au and 16.8m at 2.64g/t Au

• Air core drilling at Eos returned 3m at 11.85g/t Au from 52m in MDAC540, 2m at 13.38g/t Au from 51m in MDAC501

• RC drilling at Hestia returned 6m at 7.07g/t Au from 107m in MDRC616, 1m at 26.15g/t Au from 13m and 12m at 1.07g/t Au from 52m in MDRC587

2023 drilling campaigns delivering just as strongly

• Theia RC and diamond drilling returned 253-gram metres in MDRCD660 including; 38.6m at 2.10g/t Au , 25.3m at 1.12g/t Au and 44..3m at 1.89g/t Au , 187-gram metres in MDRCD675 including; 13m at 2.95g/t Au , 23.8m at 2.41g/t Au and 29m at 2.61g/t Au, and 61m at 1.54g/t Au from 79m in MDRC730

• RC drilling at Hestia returned 10m at 6.35g/t Au from 133m in MDRC698, 6m at 6.07g/t Au from 85m in MDRCD694, 8m at 3.61g/t Au from 95m in MDRC690 and 9m at 3.21g/t Au from 192m in MDRC688

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2 gram metres – refers to the assay result multiplied by the sampled interval which is summed over the reported intersection

Mandilla – December 2022 MRE Update

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33% increase – 220,000oz added from 6,447m of drilling – 2023 diamond drilling averaging 114-gram metres – points to further resource growth EOS 345 metres IRIS 190% increase in ounces , 33% increase in grade – potential for fresh rock mineralisation to abut the palaeochannel has been demonstrated and is subject to further testing – analogous to Theia

0.30 - > 0.60 g/t Au 0.60 - > 2.00 g/t Au > 2.00 g/t Au HESTIA THEIA IRIS 345 metres Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) Classification Tonnes (Mt) Gold (g/t) Ounces (koz) Indicated 12 1.1 410 Inferred 18 1.1 624 Total 30 1.1 1,034 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. ncrease– ,oz ae rom , averaging 114-gram metres – points to furth 190% increase in o fresh rock minerali demonstrated and Theia Significant unclassified mineralisation– recently drilled – demonstrating potential for significant resource growth	0.30 - > 0.60 g/t Au 0.60 - > 2.00 g/t Au > 2.00 g/t Au HESTIA THEIA IRIS 345 metres Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) Classification Tonnes (Mt) Gold (g/t) Ounces (koz) Indicated 12 1.1 410 Inferred 18 1.1 624 Total 30 1.1 1,034 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. ncrease– ,oz ae rom , averaging 114-gram metres – points to furth 190% increase in o fresh rock minerali demonstrated and Theia Significant unclassified mineralisation– recently drilled – demonstrating potential for significant resource growth	0.30 - > 0.60 g/t Au 0.60 - > 2.00 g/t Au > 2.00 g/t Au HESTIA THEIA IRIS 345 metres Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) Classification Tonnes (Mt) Gold (g/t) Ounces (koz) Indicated 12 1.1 410 Inferred 18 1.1 624 Total 30 1.1 1,034 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. ncrease– ,oz ae rom , averaging 114-gram metres – points to furth 190% increase in o fresh rock minerali demonstrated and Theia Significant unclassified mineralisation– recently drilled – demonstrating potential for significant resource growth	0.30 - > 0.60 g/t Au 0.60 - > 2.00 g/t Au > 2.00 g/t Au HESTIA THEIA IRIS 345 metres Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) Classification Tonnes (Mt) Gold (g/t) Ounces (koz) Indicated 12 1.1 410 Inferred 18 1.1 624 Total 30 1.1 1,034 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. ncrease– ,oz ae rom , averaging 114-gram metres – points to furth 190% increase in o fresh rock minerali demonstrated and Theia Significant unclassified mineralisation– recently drilled – demonstrating potential for significant resource growth	0.30 - > 0.60 g/t Au 0.60 - > 2.00 g/t Au > 2.00 g/t Au HESTIA THEIA IRIS 345 metres Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) Classification Tonnes (Mt) Gold (g/t) Ounces (koz) Indicated 12 1.1 410 Inferred 18 1.1 624 Total 30 1.1 1,034 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. ncrease– ,oz ae rom , averaging 114-gram metres – points to furth 190% increase in o fresh rock minerali demonstrated and Theia Significant unclassified mineralisation– recently drilled – demonstrating potential for significant resource growth
	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au)
	Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
	Indicated	12	1.1	410
	Inferred	18	1.1	624
	Total	30	1.1	1,034
	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 MRE was estimated using a 0.39 g/t Au lower cut-off and is constrained within pit shells derived using a gold price of AUD$2,500 per ounce (consistent with the maiden MRE) Resources that are outside of the illustrated pit shells are not classified

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First DD holes of 2023 at Mandilla – deliver 257-gram metres and 183-gram metres

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– next holes look even better

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• MDRCD734 and MDRCD735 were drilled on the same azimuth as the 283-gram metre MDRCD644 and the 253-gram metre MDRCD660 BUT 40m further to the north-east

• Both drill-holes have been logged and 13 instances of visible gold have been observed in each hole

• Assays are pending

Cautionary Note

The Company cautions that visual identification of gold is not an estimate of grade or assay results expected from laboratory analysis. Visible gold is not a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grades of any visual mineralisation reported. Assays are pending and are expected to be received during May/June 2023.

ASX: AAR | 10

2023 drilling at Hestia delivered significant extensions

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Latest in-fill and extensional drilling will lead to a significant increase in MRE at Hestia:

• 10m at 6.35g/t Au from 133m in MDRC698

• 6m at 6.07g/t Au from 85m MDRC694

• 8m at 3.61g/t Au from 95m in MDRC690

• 9m at 3.21g/t Au from 192m in MDRC688

• • 6m at 3.02g/t Au from 97m in MDRC672

• • 3m at 5.20g/t Au from 176m in MDRC676 and

• • 2m at 5.47g/t Au from 52m in MDRC693

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Feysville Gold Project

• Located in the premier Eastern Goldfields province, 50km from Mandilla

• 14km south of the 92Moz Kalgoorlie Super Pit (Golden Mile Deposit)[3]

• MRE of 3Mt at 1.3g/t Au for 116,000 oz of contained gold[4]

• Historical high-grade intersections include:

• Think Big Deposit; 10m at 10.0g/t Au , 10m at 8.2g/t Au , 17m at 4.86g/t Au

• o Saintly Prospect; 4m at 49.70g/t Au and 3m at 47.55g/t Au

• Rogan Josh Prospect; 6m at 8.24g/t Au and 4m at 5.42g/t Au

• o Ethereal Prospect; 9m at 9.98g/t Au and 5m at 9.76 g/t Au

• Kamperman Prospect; 13m at 9.06g/t Au

• o Hyperno Prospect; 10m at 2.93g/t Au

2023 drilling has delivered

• 4,000m of DD and RC completed in January 2023.

• Recent intersections include:

o Kamperman; 10m at 4.57g/t Au from 148m o Rogan Josh; 17m at 2.98g/t Au from 39m o Ethereal; 4.6m at 3.25g/t Au from 41.4m and 8.25m at 3.43g/t Au from 58.6m o Hyperno; 2m at 16.09g/t Au from 45m

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14km to the
92Moz NST
Super Pit
45km to the
+20Moz
10km to the St Ives Gold Mine
+3Moz THINK BIG – MRE
New Celebration Mine
of 3Mt at 1.3g/t
Au for 116koz
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3 Northern Star site visit presentation August 2022

4Feysville JORC 2012 MRE includes; Indicated Mineral Resources of 2.3Mt at 1.3g/t Au for 96koz and Inferred Mineral Resources of 0.6Mt at 1.1g/t Au for 20koz

Why invest in Astral?

• –

• 1.15Moz and growing in the heart of the Eastern Goldfields

• Mandilla’s Theia deposit is the single largest deposit in the region held by a junior explorer

• December 2022 MRE delivered 250,000oz at a discovery cost of $16/oz

• 30,000m of new drilling in six months

• Theia DD demonstrating significant potential to continue growing at depth

• Theia RC shows growth potential on the flanks

• • Hestia RC drilling demonstrated significant potential for mineral resource extensions

• Drilling at Feysville demonstrates its potential as a high-grade satellite feed source to the flagship Mandilla Gold Project

• Building critical mass to support successful mine development

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Jaurdi
~800ktpa Plant Three Mile Hill
1.2Mtpa Plant Lakewood
1.0Mtpa Plant Boorara
11.0Mt @ 1.3g/t for
448koz Au
Coogee
Greenfields
1.4Mt @ 1.0g/t for
1.0Mtpa Plant
49koz Au
Feysville
Lucky Strike / Red Dale
Burbanks Burbanks 3Mt@1.3g/tfor 116koz Au 42.95Mt @ 0.4g/t for
1.2Mt@ 3.7g/tfor 146kozAu 497koz Au
180ktpa Plant
South Kal
1.2Mtpa Plant
St Ives
Mandilla 4.7Mtpa Plant
Wattle Dam 30Mt@1.1g/tfor 1.034Moz Au
2.09Mt@2.02g/t for 136koz Au
Munda
4.48Mt @ 1.38g/t for
199koz Au Higginsville
1.6Mtpa Plant
Widgiemooltha
5.8Mt@ 1.4g/tfor 264kozAu Mandilla is the largest Junior
held gold deposit in the
Kalgoorlie/Kambalda region
Jeffreys Find
1.21Mt @ 1.22g/t for
47.2kt Au
Norseman Plant (constr.)
1Mtpa Plant
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Appendices

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Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 5	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 5	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 5	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 5
Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
Indicated	12	1.1	410
Inferred	18	1.1	624
Total	30	1.1	1034
Mineral Resource Estimate for the Feysville Gold Project(Cut-off Grade >0.5 g/t Au) 6
Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
Indicated	2.3	1.3	96
Inferred	0.6	1.1	20
Total	2.9	1.3	116
Astral Resources Combined Group Mineral Resource Estimate
Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
Indicated	14.3	1.1	506
Inferred	18.6	1.1	644
Total	32.9	1.1	1150
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.

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Contact Us

Suite 2, 6 Lyall St, South Perth, WA, 6151 T: +61 8 9382 8822 E: info@astralresources.com.au

ASX: AAR astralresources.com.au