ASTRAL RESOURCES NL — Regulatory Filings 2024

Sep 3, 2024

ASX Announcement ASX: AAR 4 SEPTEMBER 2024

Astral to present at the Resources Rising Stars Gold Coast Investor Conference

Astral Resources NL (ASX: AAR) ( Astral or the Company ) is pleased to advise shareholders and investors that its Managing Director, Marc Ducler will present at the Resources Rising Stars Gold Coast Investor Conference, at 10:00am (AEST) on Wednesday 4[th] September 2024.

The Conference will be live-streamed and shareholders and investors can attend either in-person or virtually via the Conference Livestream. There is no charge to attend either the live-stream or in-person event for investors, however registration is essential.

Conference location:

RACV Royal Pines Resort, Ross St, Benowa QLD 4217

Registration details: www.rrsinvestor.com (In-person and online)

A recording of the presentation will be sent to all registered attendees shortly after the conclusion of the presentation via the Online Conference platform, and an edited version will be released on the Company’s website and other platforms after the event.

It is recommended that online investors pre-register prior to the commencement of the presentation.

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

For further information:

Investors:

Marc Ducler Managing Director Astral Resources +61 8 9382 8822

Media:

Nicholas Read Read Corporate

+61 419 929 046

Astral Resources

astral resources.com.au | ASX: AAR

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Building Kalgoorlie’s next 100kozpa gold producer

astral resources.com.au

RRS Gold Coast | September 2024 Marc Ducler, Managing Director

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, 24 April 2023, 16 May 2023, 14 June 2023, 3 July 2023, 20 July 2023, 30 August 2023, 18 September 2023, 8 November 2023, 22 November 2023, 21 December 2023, 18 January 2024, 30 January 2024, 28 February 2024, 6 March 2024, 4 April 2024, 4 June 2024, 11 July 2024, 25 July 2024, 2 August 2024 and 19 August 2024. 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.

The information in this presentation relating to the Company's Scoping Study are extracted from the Company's announcement on 21 September 2023 titled “Mandilla Gold Project – Kalgoorlie, WA. Positive Scoping Study”. All material assumptions and technical parameters underpinning the Company's Scoping Study results referred to in this presentation continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

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Last years commitments

• Update the Mandilla Mineral Resource

• Improve the quality of the Mandilla MRE

   - 30,000m of drilling in the half year
  
      - Grow Hestia
  

  • Demonstrate Feysville is capable of

satellite ore lead to mine development

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Moving to Development in a Tier-1 Location

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Mandilla Scoping Study delivered a large scale, long-life mine development with robust financials from conservative cost and revenue assumptions

• 100kozpa of gold production[1]

• NPV8 of $442M

• Free cashflow of $740M

• Payback of ~9 months

• Gold price of $2,750/oz

Shallow, high-quality resource base with 1.27Moz at Mandilla and 116koz at Feysville

Strong history of exploration growth - drilling is ongoing and will continue to expand project scale

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astral resources.com.au

1 – Initial 7.4-year period. Reducing to average of 40kozpa for remaining 3.4-year period.

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Corporate Overview

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Shares on Issue

935.2M

Market Capitalisation $91.6M

(at $0.098 per share)

Options / Rights 69.6M/15.2M

(Ave exercise price 12c)

Cash on Hand[2] $5.8M (30 June 2024)

Gold Spot Price A$3,700

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Significant Shareholders:

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Gold price sensitivity	Gold price sensitivity
Gold price (A$/oz) 2,750 3,000 3,250 3,500 3,625 3,750
NPV8Pre-tax (A$m) 442 579 716 854	922 991
Pretax IRR (%) 73 92 110 127	136 145
Payback (months) 9 8 7 6	6 6
Free cashflow (A$m) 740 946 1,152 1,358 1,462 1,565 Base Case SPOT PRICE	1,462 1,565

	Board & Management	5.0%
	Braham Entities	8.8%
	Burke Entities	7.6%
	Jones Entities	6.2%
	Top 20	54.7%
	Institutions	8.4%

2 – Proforma cash on hand of $7.3M including proceeds from issue of 140M shares to raise $7.0M, less capital raising costs on 9 April 2024 astral resources.com.au

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Corporate & Technical Capability

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Board of Directors

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Mark Connelly Non-Executive Chairman

Mark is a Corporate Executive with a track record for deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014, as well for Adamus Resources Limited and Endeavour Mining Merger in September 2011.

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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

Chief Financial Officer & Company Secretary

Brendon has over 20 years experience including a significant amount of experience in the global resources sector, including Australia, Africa and Asia. Brendon has held a number of executive financial and company secretarial roles with both ASX listed and unlisted companies operating in the 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.

Steve Lampron Technical Services Manager

Steve is a Mining Engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.

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Flagship Mandilla Gold Project

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Strategic land package in a premier gold mining jurisdiction, 70km south of Kalgoorlie

Robust Scoping Study Outcome – producing 100koz pa for the first seven years and 845koz over the 11-year LOM

Total MRE has grown to 37Mt at 1.1g/t Au for 1.27Moz of contained gold

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22km to the
+20Moz
St Ives Gold Mine
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Theia deposit is the cornerstone

Represents 81% of the Mandilla MRE – 29Mt at 1.1g/t Au for 1.02Moz of contained gold in one large open pit A rare +1Moz undeveloped gold deposit in the WA Goldfields

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July 2023 MRE – Achieved Critical Mass for Scoping

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July 2023 MRE added 231,000oz

at a discovery cost of $18 per oz, including a 69% increase in Indicated ounces from a predominantly in-fill drill program

x10

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Group MRE, 1,150,000
Group MRE, 781,000
Mandilla, 1,265,000
Mandilla, 1,034,000
Mandilla, 665,000
Feysville, 116,000 Feysville, 116,000 Feysville, 116,000 Feysville, 116,000 Feysville, 116,000
2019 2020 2021 2022 July-2023 2024
Feysville Mandilla
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More than tenfold increase in group resource ounces since 2019

	Mineral	Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39g/t Au)	Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39g/t Au)	Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39g/t Au)
	Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
	Indicated	21	1.1	694
	Inferred	17	1.1	571
	Total	37	1.1	1,265

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.

astral resources.com.au

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Mandilla – Significant Growth Potential

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• Potential analogues include:

• Granny Smith (2Moz)

• Red Hill (2.5Moz)

• King of the Hills (4.5Moz)

• Average depth of drilling at Theia and Iris is 151m within the Emu Rocks granite intrusion – known mineralised footprint occupies only 13% of the intrusion

• Outside of Theia and Iris, average depth of drilling is 50m Theia is open at depth with diamond drilling to 450m downhole remaining in mineralisation

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astral resources.com.au

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All drilling outside of the Mineral Resource Shells All drilling outside of the Mineral Resource Shells and >50 metres in depth astral resources.com.au

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Scoping Study Highlights – Long-Life, Profitable Mine

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Robust Simple and Financials conventional (post Capex/Pre-tax at A$2,750/oz Au)

Profitable, high-margin

+100kozpa Long production mine life profile

Funding quantum in reach

Conventional D&B, load & haul open pit S/R 5.8*

AISC A$ 1,648/oz over LOM

1.3g/t average 7.8 yrs mining, for 7.4yrs 10.4 yrs processing

2.5Mtpa plant and NPI A$123M Pre-production A$68.4M

NPV8 $442M FCF $740M Payback 9 months

Simple processing Excellent metallurgy +95% recovery

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WA – Tier-1 location on the doorstep of Kalgoorlie

A mining region with a successful development history, granted mining leases, excellent infrastructure and 20 mins from Kambalda

astral resources.com.au

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• Excludes pre-production mining

Feysville – Icing on the Cake

• 14km south of Kalgoorlie – potential to yield multiple 100koz scale deposits

• Current MRE: 3Mt at 1.3g/t Au for 116,000oz[5 ] at Think Big

• Maiden MRE’s pending for Kamperman and Rogan Josh are likely to deliver a sub $20 discovery cost

• Recent reconnaissance drilling has identified a potential Kamperman analogue 1.5km to the NW

The Opportunity

The first 5 years of processing at Mandilla, 4.5Mt of 0.6g/t ore, is fed into the proposed process plant, higher-grade Feysville ore of 1.1g/t – 1.3g/t could add 75koz – 100koz of additional gold production.

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5 Feysville 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

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Plan view of Kamperman noting a selection of higher-grade reported intercepts.

Section demonstrates wide high-grade nature of Kamperman deposit.

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Why invest with Astral?

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Scoping Study Comprehensive Simple Conservative Compelling Exploration based on a Scoping Study – metallurgy, revenue and financial upside at robust Mineral arguably meets simple reasonable metrics Mandilla and Resource PFS standard or processing cost Feysville Estimate better particularly assumptions in geotechnical and mine Astral is the only ASX junior with a project of this scale design/schedule

Astral is the only ASX junior with a project of this scale in the Kalgoorlie/Kambalda region

astral resources.com.au

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Core Value Proposition

Greenfields open pit opportunity Located in the heart of the Goldfields Robust positive Scoping Study

1.38Moz Resource base and growing

1Moz in a single pit Significant growth potential Experienced team with track record of value creation

astral resources.com.au

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Appendix 1

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Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 6	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 6	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 6	Mineral Resource Estimate for the Mandilla Gold Project(Cut-off Grade >0.39 g/t Au) 6
Classification	Tonnes (Mt)	Gold (g/t)	Ounces (koz)
Indicated	21	1.1	694
Inferred	17	1.1	571
Total	37	1.1	1,265
Mineral Resource Estimate for the Feysville Gold Project(Cut-off Grade >0.5 g/t Au) 7
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	23	1.1	790
Inferred	18	1.1	591
Total	40	1.1	1,381
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.

6 - Refer to ASX Announcement dated 20 July 2023 – Mandilla Resource Surpasses 1.25Moz 7 - Refer to ASX Announcement dated 8 April 2019 – Maiden Mineral Resource at Feysville & Met Testwork Results.

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Appendix 2

Key Physicals Assumptions	UOM	Input
Mining Duration	Years	7.8
Processing Duration	Years	10.8
Waste Mined	kt	160,520
Mineral Resource Mined	kt	26,476
Plant Throughput	ktpa	2,500
Mine Production Target
Material Mined	kt	26,476
Au Grade	g/t	1.04
Au Ounces Contained	koz	883
Processing Physicals
Material Processed	kt	26,476
Au Grade	g/t	1.04
Ounces Contained	koz	883
Ounces Recovered	koz	845

	Scoping Study
Gold Price AUD/oz	2750 3000 3500
NPV Pre-Finance, Pre-tax AUD m Pretax IRR % Payback Years Annual EBITDA AUD m LOM EBITDA AUD m Free Cashflow AUD m	442 73% 0.75 88.8 954 740	579 854 92% 103% 0.67 0.5 107.9 146.3 1,160 1,573 946 1,358

Key Financial Assumptions
Gold Price Assumed	A$/oz	2,750
Discount Rate	%	8.00
Key Project Metrics
Payable Metal	Koz	845
Gold Revenue	A$M	2,325
Mining Costs – Total	A$M	877
Mining Costs – Pre-Production_(capitalised)_	A$M	(59)
Mining Costs	A$M	818
Processing (including Maintenance, Transport, Insurance & Refining)	A$M	461
General and Administrative Costs	A$M	34
Royalty_(2.5% of gold revenue)_	A$M	58
Project EBITDA	A$M	954
Depreciation and Amortisation	A$M	234
Net Profit Before Tax (NPBT)	A$M	720
Capital
Pre-Production Capital Expenditure	A$M	123
Pre-Production Costs - Mining/General & Administrative	A$M	68
Sustaining Capital	A$M	23
LOM Capital	A$M	214
Project Returns
Project Free Cash Flow (undiscounted and pre-tax)	A$M	740
Project NPV8%(unleveraged and pre-tax)	A$M	442
Project IRR (unleveraged, pre-tax, calculated on annual basis)	%	73%
Payback Period (unleveraged and post-tax)1	Years	0.75
Capital Intensity2	A$/oz p.a.	1,899
NPV (unleveraged and pre-tax)/Pre-production Capital	ratio	2.3

astral resources.com.au

ASX: AAR | 17

• Excludes pre-production mining

Contact Us

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

A S X : AA R astral resources.com.au

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