ASTRON LIMITED — Investor Presentation 2021

Dec 7, 2021

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Progression of the Donald Mineral Sands Project Astron Corporation Limited (ASX:ATR) Corporate Presentation - December 2021

Astron Corporation ASX:ATR

Disclaimer

CAUTIONARY STATEMENT

This presentation has been prepared by Astron Corporation Limited (Astron or the “Company”). The information contained in this presentation is for information purposes only. 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. Please note that, in providing this presentation, Astron has not considered the objectives, financial position or needs of any particular recipient. Astron strongly suggests that investors consult a financial advisor prior to making an investment decision. 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 Astron, its related bodies corporate or its shareholders nor their respective directors, officers, employees, agents nor advisors, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use or application of information contained in this presentation.

This presentation may include “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan”, “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Astron and its related bodies corporate, together with their respective directors, officers, employees, agents or advisers, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Astron assumes no obligation to update such information. Specific regard should be given to the risk factors outlined in this presentation (amongst other things) . This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. Certain financial data included in this presentation is not recognised under the Australian Accounting Standards and is classified as 'non-IFRS financial information' under ASIC Regulatory Guide 230 'Disclosing non-IFRS financial information' (RG 230). This non-IFRS financial information provides information to users in measuring financial performance and condition. The non-IFRS financial information does not have standardised meanings under the Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be interpreted as an alternative to other financial measures determined in accordance with the Australian Accounting Standards. No reliance should therefore be placed on any financial information, including nonIFRS financial information and ratios, included in this presentation. All financial amounts contained in this presentation are expressed in Australian dollars and rounded to the nearest $0.1 million unless otherwise stated. Any discrepancies

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between totals and sums of components in tables contained in this presentation may be due to rounding.

COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results and Mineral Resources for the Donald Project is based on information first reported in previous ASX announcements by the Company, as listed in this notice. 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 and that all material assumptions and technical parameters underpinning the estimates in the original announcements continuing to apply and have not materially changed. The information in this notice that relates to the estimation of the Ore Reserves is based on information compiled by Mr Pier Federici, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Federici is a full-time employee of AMC Consultants Pty Ltd and is independent of Donald Mineral Sands Pty Ltd (DMS) (being the Company’s wholly owned subsidiary) and the Company, the owner of the Donald Project Mineral Resources. Mr Federici 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’.

The information in this document that relates to the estimation of the Mineral Resources is based on information compiled by Mr Rod Webster, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Webster is a full-time employee of AMC Consultants Pty Ltd and is independent of the Company and DMS, the owner of the Donald Project Mineral Resources. Mr Webster 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’. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially modified from the relevant original market announcement.

The information in this document that relates to the metallurgical performance and outcomes of testwork is based on information compiled by Mr Ross McClelland, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McClelland is the principal metallurgist and director of Metmac Services Pty Ltd. Mr McClelland has been involved with the metallurgical development of the Wimmera-style mineral sands resources for more than 30 years. He has provided metallurgical consultation services to DMS for more than 7 years. He qualifies as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been prematurely modified from the relevant original market announcement.

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Astron Corporation ASX:ATR

Astron Corporation – Company Snapshot

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Extensive experience in
Focus on creating and delivery
mineral sands downstream &
of shareholder value
marketing sectors
Donald - large, long-life,
Donald project – at advanced
globally significant new supply
evaluation & approvals stage
of heavy minerals & rare earths
Material, high-value rare earth Favourable market
component ~30% of revenue demand/supply conditions
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Astron’s (ASX:ATR) prime focus is on the delivery of shareholder value through the development of the Donald Mineral Sands and Rare Earth Project in Victoria.

ASX Code Shares/CDIs on Issue Share Price[1] Market Capitalisation[1] Net Assets[2] Products Project Location

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Astron Corporation ASX:ATR

Astron Corporation

VALUE PROPOSITION

• Creation of shareholder value through delivery of a globally significant Tier 1 mineral sands project

• Scale and longevity, premium zircon and rare earth production – represents a major value opportunity

• Ore Reserve underpins expected production life of over 40 years with exploration upside

• One of the largest undeveloped zircon reserves globally (~5 years of global consumption)

• High value minerals (zircon and rare earths) account for ~80% of revenue, making Donald a strategic and independent source of these critical minerals

• Favourable supply/demand market conditions

• Progress on project milestones, over next 1–2 years, provides Astron valuation uplift potential (vis a vis current market capitalisation ~A$37 million)

• Indicative Revenue Splits based on average product volumes for first four years of mining operations announced on 14 May 2021, pg. 2 of Clarification regarding Donald Minerals Sands Project - Mineral Separation Metallurgical Testwork , and recent C.I.F. market pricing of premium zircon of US$1650, zircon 60 of US$990, titania of US$300, rare earth con. of US$6,000.

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Mineral Sands Applications

Revenue %[1]

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Zr
~50%
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Ceramics, kitchen and sanitaryware

Casting and foundry applications

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Ti
~20%
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Paint and pigment production

Aerospace and industrials

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R.E.
~30%
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Electric vehicles and batteries

Wind turbines

Astron Corporation ASX:ATR

4

Extensive Experience & History in the Mineral Sands Sector

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Board of Directors

30 years resource industry and corporate business development and finance experience, including with RGC Limited, as well as serving as a senior executive and director of a number of listed and unlisted companies with interests in industrial minerals, base and precious metals, as well as energy sector.

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George Lloyd Chairman

Former partner of Lavan & Walsh, which became Phillips Fox Perth. Experienced in commercial contracting, mining law and corporate and ASX compliance. A former member of the Australian Mining & Petroleum Lawyers Association Served as a nonexecutive director for several Gerard King companies. Mr. King will step into N.E. Director the position of Non-executive Director following the AGM

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Tiger Brown Managing Director

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Kang Rong Executive Director

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Dr Mark Elliott N.E. Director

Commenced working with Astron in 2018, holding various business development planning and executive roles in China and Australia. Director of Astron from December 2019.

Joined Astron in 1995 and has been a key contributor to the establishment of Astron’s downstream processing and global marketing and sales activities, with a deep knowledge of the mineral sands’ product market and its key participants. Board member since 2012.

Twenty-seven years experience in corporate roles, both as Chairman and Managing Director on several ASX-listed and private companies. Involved in identifying and securing resource projects, capital raisings, marketing and completing commercial agreements, feasibility studies, mine development and execution.

>35 years

Expertise

In downstream processing of mineral sands into final products

Extensive operating history in various aspects of the mineral sands industry

Track Record of R&D

Market Experience

Development of processes for History of trading & marketing activities production of zirconia & zirconium spanning China, Asia, Europe & North chemical products America

Astron’s technical capabilities and mineral sands market experience underpins the development of the Donald Mineral Sands & Rare Earth Project.

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Astron Corporation ASX:ATR

Profile – Key Technical Expertise

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Core project team in place- supported by leading industry consultants.

Astron’s Donald Project Team

Sean Chelius – Project Director

Tim Chase – Head of Global Operations

Dip. Project Management, Grad Dip. Engineering, Project Management Professional (PMP), QA/QC accreditation Over 30 years’ international experience in project management & engineering roles in Australia, South Africa, Zimbabwe, Papua New Guinea and Fiji, including being the programme manager and Olympic Dam, BHP, the Project Director at Ausenco, Senior Project Manager for Worley Parsons, General Manager of Project & Studies at Newcrest.

Technical and Business Management Qualifications, GAICD Over 25 years’ of experience in the mining industry, including extensive experience in mineral sands in project design and planning, project management and execution and operations. Involved in design and commissioning of mineral sands projects in the Murray Basin as the Senior Production Coordinator, Gingko and Snapper mineral sands deposits, for BeMax Resources and mine manager at Cristal Global.

Dr. John Yeates – Senior Environmental & Approvals Manager

BSc, MSc, PhD, 40 years’ experience in government, consulting & private sector in environmental assessment, management and audit roles, including working for the Western Australian Government as research scientist & Principal Policy Adviser, Dept of Premier & Cabinet, Operations Manager, Principal Environmental Scientist, AGC Woodward Clyde, Vice President, regional management roles with CH2M Hill, Business Manager, Landcorp,, Vice President Corporate Social Responsibility, Ivernia Magellan, Corporate Affairs Manager, Independence Group (formerly Jabiru Metals)

Jessica Adler, Financial Accountant & Community Liaison BCom, CPA,

Peter Coppin, Senior Geologist

BSc, Grad Cert in Groundwater Hydrology

Deep community, statutory body and Shire Council experience, including being the Independent Member for Skillinvest Limited, Ararat Rural City Council, West Wimmera Shire Council, the chair of the Audit Advisory Committee, Buloke Shire Council, the Deputy Chair of Wimmera CMA.

20 years’ experience in geological and senior geologist roles across resources sectors, including in Gold for Austar Gold, Millennium Minerals, Crocodile Gold/New market Gold, GBS Gold, in Mineral sands for Iluka Resources, and in Base metals and other minerals for BHP Billiton and Western Mining Corporation.

Technical Team

Owners Representative / PMO

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Process Engineering & Plant Design

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Environmental & Regulations

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Geology & Mining Engineering

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Rare Earth Studies

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Tailings Management

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Astron Corporation ASX:ATR

Donald Project – Global Tier 1 Resource

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Premium Zircon & Rare Earth Mineral Rich Assemblage

The Donald Project – with zircon reserves equivalent to 5 years of global demand – has the potential to be a pivotal source of global zircon supply both short and long-term, with an expected mine life of 40 year+.

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Zircon resource (VHM)
tonnes [1]
22.1Mtonnes [1]
One of the largest sources of zircon globally
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Total Resource (VHM)
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2.4B tonnes[1]

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@ 4.8% Heavy Minerals (HM%)
using 1%HM cut-off and VHM where appliable
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Total Reserves

Zircon reserves tonnes[1] 5.4Mtonnes[1] Equivalent to 5 years of total global demand

602M tonnes[1] @ 4.8% Heavy Minerals (HM) 310Mt of proved reserves and 292 Mt probable

1. See Astron Corporation’s ASX announcement on 18 Feb, 2021, Donald Project Ore Reserves Update

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2.50%
Donald (ATR)
2.00%
1.50%
Ranobe (BSE)
Avonbank (WIM)
1.00% Thunderbird (SFX)
Fingerboards
(KALBAR)
Coburn (STA)
0.50%
0.00%
0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70%
ZrO2% of Ore [2]
Donald (ATR) Coburn (STA) Thunderbird (SFX) Fingerboards (KALBAR) Avonbank (WIM) Ranobe (BSE)
1
% of Ore
2
TiO
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1. Selected prospective developing mineral sands projects with available mineral resource data, based on publicly available information. Metallurgical assemblages are converted from optical assemblages. ZrO2% is calculated as a percentage of overall ore. TiO2% converted using ilmenite TiO2% of 55%, Leuxocene TiO2% of 72.5%, and HiTi/Rut TiO2of 90%. Bubble size denotes overall size of zircon-equivalent resource.

2. Astron Corporation’s Mineral Resource Information derived from ASX announcement, 7 April 2016, Donald Mineral Sands Project – Mineral Resource Update ,

Astron Corporation ASX:ATR

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Key Project Features

Project features include:

1. Location: ~300 kms north-west of Melbourne on mainly freehold, arable land used for cropping and grazing. Donald compromises a total licenced area of 506 km[2]

2. The first 15 years of stage 1 production on granted mining licence MIN 5532

3. Close to existing infrastructure, power & export facilities

4. Secured water rights sufficient for project requirements (Stage 1 & Stage 2)

5. Cultural heritage approvals in place

6. Advanced regulatory approvals (including E.E.S)

7. Strong local community support

8. No Native Title

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Astron Corporation ASX:ATR

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Donald Project Timeline

Market Evolution and Technological Breakthroughs Cement Project Viability

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FM-01 Spirals Acquisition by Astron for Discovery & Development of Jacinth-
Breakthrough in fine minerals A$11m, Anticipating the Ambrosia , by Iluka temporarily fulfilled
recovery. Proven on an material supply shortfall, the global zircon market demand and
industrial scale globally. Astron acquired Donald. delayed the development of Donald.
On-site R.E. Production
Flotation of Rare Earths up-front
to simplify subsequent process
and improve final product grade.
1980s 2000 2005
Project Discovery Geological model delineated Test-pit - Excavated in 2018,
The Donald Deposit was and refined through various 1000t of ore processed
initially discovered by drilling campaigns. Over 2,700 through pilot plant, confirming
CRA in the 1980s. Drillholes in project area. commercial recoveries.
2010 2015 2020
MG-12 Spirals Zircon Market stabilised Rare Earth Minerals
Further improvements to following a period of volatility, Increased demand of rare
fine-mineral recovery, entering into steady demand earth minerals for E.V. and
decreasing plant footprint. growth and limited new supply. renewable energy generation.
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Astron Corporation ASX:ATR

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Large, Long-life Ore Reserve and Resource Base

Donald Project Geology

Summary of Ore Reserves (Proved and Probable)[1,3]

The Donald and Jackson deposits are fine-grained WIM-style heavy mineral sand accumulations. The Donald Project will likely be the first commercial development of such deposits, amenable to a staged, long-life mining operation.

WIM-style deposits are typically flat, shallow & extensive. They usually contain greater tonnages and are more consistent in VHM characteristics compared to coarse grained strandline deposits. This allows for greater economies of scale.

	Donald Deposit ML5532 RL2002			Tonnes (mt) 194 408	Slimes (%) 14.1 16.9	Oversize (%) 12.0 11.9	HM (%) 5.3 4.5
	Total			602	16.0	11.9	4.8
	Assemblage% of HM	Ilmenite		Leuc.	Rutile	Zircon Monazite
	ML5532	31.6		22.0	7.0	19.0	1.9
	RL2002	31.8		19.0	8.4	18.8	1.7
	Total	31.7		20.1	7.9	18.8	1.7
	Summary of VHM Mineral Resources (Measured, Indicated & Inferred)2,3
	Donald Deposit Only			Tonnes (mt)	Slimes (%)	Oversize (%)	HM (%)
	ML5532			317	14.2	12.2	5.3
	RL2002			1,286	16.0	8.6	4.8
	Total			1,604	15.6	9.3	4.9
	Assemblage% of HM
		Ilmenite		Leuc.	Rutile	Zircon Monazite
	ML5532	32		22	7	19	2
	RL2002	33		18	8	18	2
	Total	32		19	8	18	2

Notes

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Formation of WIM-style
deposits, Source: Mineral Council Australia
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1. See Astron’s announcement 18 February 2021, Donald Project Ore Reserves Update 2. See Astron’s announcement 7 April 2016, Donald Project Mineral Sands Project – Mineral Resource Update

2. For Full Mineral Resources and Ore Reserves Table, See Appendix pg. 29 and 30

Astron Corporation ASX:ATR

10

Production Profile & Key Products

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Two Stage Development Approach

Astron plans to deliver the Donald project over two stages:

• Stage 1 - Approximately 120ktpa of zircon products, (of which ~80% is expected to be of premium specification)

• 200ktpa of titania product, ~16ktpa of rare earth concentrates[1]

• Stage 2 - Planned to double production volumes. Anticipated start 5 years after initial production subject to regulatory approval and market conditions. Funded through internally generated cash-flow.

Rare Earth Elements (~30% of Project Revenue)

• Total rare earth reserves of 491,000t

• Rare Earth Mixed Concentrate has attractive characteristics: TREO > 60%

• NdPr, DyTb rich assemblage

• Over 90% monazite and xenotime in concentrate

For full breakdown – refer to pg. 13

1. See Astron’s announcement on 14 May 2021, Clarification regarding Donald Minerals Sands Project - Mineral Separation Metallurgical Testwork

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Fine-grained,
Premium
ZrO2 > 66% Low impurities, high
Zircon
brightness/ whiteness [2]
Chemical & other
Zircon 60 ZrO2 ~ 60% applications; value-add
opportunities
Titania Suitable for slag plants as
TiO
2 ~ 65% chlorinator feedstock
Attractive
Rare Earth
NdPr ~ 22% [3] RE Assemblage; high
Concentrate
value component
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1. Brightness / whiteness is a favourable characteristic for the ceramics market which represents ~50% of the overall zircon market

2. High value components of Nd, Pr represent 17% & 5% of the rare earth elements in the rare-earth concentrate ‘basket’ respectively.

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Astron Corporation ASX:ATR

Premium Zircon – Superior Attributes

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Donald premium zircon has been independently confirmed by Foshan Ceramics Institute (leading Chinese ceramics institute) to be suitable for the premium ceramics market. Astron has extensive and long-term engagement with Zircon customers in China, Europe, North America and other markets with Donald premium zircon product samples being made available to potential customers for assessment prior to commercial off-take agreements.

Premium Zircon Product CIE Whiteness Test Results[1]

Product testing conducted on Donald premium zircon, expected to represent over 80% of the zircon production stream, at Astron’s research facility in Yingkou, China. The results confirmed that Donald premium zircon rates favourably with industry zircons.

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Competitor 1

Competitor 2 Competitor 3

Donald Project

1. For further information refer Astron ASX announcement, 12 May 2021, Updated Donald Project Premium Zircon Test Results.

	Product	L - Brightness	A – Red- Green Scale	B Yellow-Blue Scale
	Donald Premium Zircon	94.84	0.12	3.86
	Competitor Zircon 1	94.39	1.02	4.08
	Competitor Zircon 2	93.57	0.86	3.82
	Competitor Zircon 3	94.32	0.23	4.22

Note

1. Results are measured on the CIE whiteness scale, L represents ‘brightness’, A represents ‘red-to-green’ scale, B represents ‘yellow-to-blue’ scale.

2. The CIE system is used to characterise colour by a luminance parameter and two colour co-ordinates.

3. Results were produced using a calibrated ‘brightness tester’ and standard deviation error can be expected

4. Competitor premium zircon products are selected from available products in China.

Astron Corporation ASX:ATR

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High Value Rare Earth Concentrate Product Stream

Strategically positioned at the head of the value chain, Astron is in active discussions with prospective processing partners for off-take agreements. By producing a rare earth concentrate onshore, Astron can adapt to the growth of global rare earth metals and permanent magnet markets.

Rare Earth Value Chain

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Donald Project
Concen- End
Oxides Metals Alloys
trate users
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Valuable Heavy Rare Earth Component

• Donald’s R.E. product is expected to be highly attractive with its rare earth assemblage given the significant proportion of valuable heavy rare earth elements of Dysprosium and Terbium.

• Dysprosium and Terbium are used in E.Vs and Hybrid vehicles to increase the temperature for which the permanent magnet can operate.

Astron is actively investigating transport options regarding the rare earth mineral concentrate and plans to provide detailed updates subsequent to materialization of offtake discussions. It is anticipated that the Rare Earth Concentrate will be transported as a Class 7 product.

Typical Donald Project Rare Earth Product[1]

	Company	Company	Astron	Astron
	Mineral type		Monazite +Xenotime
	Location		Australia
	Rare Earth Oxide	REO price2 (US$/kg)	% of total	Basket Value
Light REO	Lanthanum	1.3	19.1% 0.3
	Cerium	1.4	40.0% 0.6
	Praseodymium	126.9	4.6% 5.9
	Neodymium	124.6	16.4% 20.4
	Samarium	2.5	3.1% 0.1
Heavy REO	Europium	30.0	0.1% 0.0
	Gadolinium	56.2	2.3% 1.3
	Terbium	1869.2	0.3% 6.4
	Dysprosium	465.4	1.8% 8.2
	Holmium	183.1	0.4% 0.6
	Erbium	48.5	1.0% 0.5
	Thulium	-	0.1% 0.0
	Ytterbium	20.8	0.8% 0.2
	Lutetium	830.8	0.1% 0.0
Oth.	Yttrium	8.8	10.0% 0.9
	Basket Price US$/kg TREO%		45.3 >60%

1. Typical product specifications developed from the lab-scale test works as announced on 14 May 2021, Clarify Donald Mineral Separation Metallurgical Test Work .

2. REO based upon Shanghai Metals Market pricing as of 16 Nov 2021.

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Astron Corporation ASX:ATR

Project Design

Integrated mining and processing operation

The Donald Project’s operating model encompasses the mining of heavy mineral (HM) ore, gravity concentrating to heavy mineral concentrate (HMC), and processing to final products of zircon, titania, and rare earth mixed concentrate (REMC).

• Conventional shallow, dry mining approach – single pit,

• Mining use of excavator and haul trucks, contract mining • Low strip ratio at 2.6:1 over life of mine, 1.9:1 over first four years of mining operations

• Largely proven conventional gravity based, using well understood spiral technologies to produce HMC

• Concentrating

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• Rare earth concentrate produced by flotation

• Electrostatic and electromagnetic processing of HMC to final zircon products (premium zircon and zircon 60), blended titania product (65% TiO2)

Separation

An integrated mineral sands operation in Australia spread over two stages designed to facilitate: a high degree of control and certainty over product attributes (product recoveries and specifications); spread risk and phase capital expenditure and product market entry.

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Simplified Process Flow Diagram

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Mining Unit Plant
Ore
Wet Concentrator
Plant
Rare Earth
Rare Earth
Flotation Plant
Concentrate
Titania
Wet-High Intensity Ti-Upgrade Plant
Magnetic Plant
Premium Zircon
Secondary Zircon
Non-Magnetic Zr-Upgrade Plant
Upgrade Plant
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Astron Corporation ASX:ATR

14

Advanced Stage of Regulatory Approvals & Permits

Approval Requirement1	Completed	Date	Expiry
Environmental Effects Statement		2008	N/A
Environmental protection & bio-diversity conversation approval		Mar-09	2034
Cultural Heritage Management Plan		Jan-14	Life of mine
Water Rights2		Jan-12	Jan-41
Radiation Licence3		Dec-20	Dec-23
Work Plan	Pending	Pending	Life of mine

Notes

1. On-going environmental consultation with state regulators are planned.

2. Water Rights include a 6.975 gigalitre water entitlement purchased from Grampians Wimmera Mallee Water in 2012 for A$17m , it is sufficient for both stage 1 and stage 2. Astron retains the option to renew its water rights following the conclusion of current agreement.

3. Radiation Licence and Export Permits were first issued in 2014 and 2016 respectively, each have been renewed periodically. The company’s export permit will need to be updated to align with updated final products specifications following the completion of the Feasibility Study and off-takes.

4. Astron Corporation through its subsidiary Donald Mineral Sands Pty Ltd has accumulated land-holdings over the project’s history.

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Astron’s Land Holdings (In Donald Project Area) On MIN5532 831.3 Ha Off MIN5532 620.5 Ha Total land holdings 1,451.8 Ha

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Astron Corporation ASX:ATR

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Favourable Long – Term Zircon Market Dynamics – Major Supply Risks Emerging

Stable demand with limited new supply at a time when existing supply sources are maturing

• Supply deficit forecasted from late 2021 onwards, compounded by the uncertainties and suspension of operations surrounding Richards Bay

• Ore Reserve depletion and jurisdictional challenges is expected to lead to a medium-term shortfall that is supply not demand driven.

• 40% of existing supply is expected to leave the market over the next 5 years

Donald is expected to commence production when market conditions are favourable – existing supplies maturing and limited identified material new sources of supply. Donald is one of the few large, well-delineated and advanced new sources of supply at a time when traditional production sources (Australia and South Africa) are mature or operationally challenged.

Premium Zircon Price 10 Yr (US$)

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$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21
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Note: Historic pricing graph is based on Astron commissioned RuiDow report and publicly available data from ruidow.com. The price trend shown is reflective of premium zircon prices as defined by zircon products with ZrO2 > 66%, C.I.F. to China.

Global Zircon Outlook[1]

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Demand 1400
Anticipated
Total Existing Supply supply deficit 1200
1000
800
600
400
200
0
2021 2022 2023 2024 2025 2026
kt (units of Zircon)
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1. Compiled internally by Astron Corporation, based upon publicly available information, and various market studies, including Ruidow report Aug 2021 commissioned by Astron.

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Rehabilitation & Environmental Management

Minimise environmental impact through sustainable mining & rehabilitation

• Mining operations will be conducted on mixed use pastoral land, mainly cleared

1. Excavation

2. Leveling

• Steps will be taken to ensure minimal impact on native vegetation, flora and fauna through mine-planning

• The nature of the planned mining (shallow, open pit), enables progressive rehabilitation back to original landform

• Rehabilitation of agricultural land will be monitored for yield characteristics, soil absorption, nutrient uptake and other factors

3. Topsoil

4. Rehabilitation

• Test pit excavation in 2019 rehabilitated to its original landform (see images)

• Regulatory and Environmental Manager appointed

• CO2 emissions reduction plan as part of mine planning

• Recycling of process water; no site run-off

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2021

Project Delivery Timeline[1]

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Clear stages of project delivery, value realisation

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2021 2022 2023 2024 2025
Product Off-takes
Definitive Feasibility Study
Work Plan Approvals
Project Funding F.I.D
Commi-
Project Construction
ssioning
Production
Astron Board Capital Approval
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1. Detailed timelines subject to the completion of the Definitive Feasibility Study, expected by mid calendar year 2022

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Value Drivers Leading to the Completion of Feasibility Study

Completion of Metallurgical Pilot Testing

• Produce additional product samples

• Finalise circuit design and confirm product recoveries

Negotiate Offtake Arrangements

• Provide sample products to key parties

• Negotiate M.O.U.s, products off-takes

Establish Experienced Project Team

• Key appointments made, with further appointments to support current team capabilities

Update Ore Reserves

• Include +20 to -38 microns fraction and valuable Xenotime component

• Truck and Shovel Mining Method

• On-site mineral separation

Completion of the Feasibility Study

• Feasibility Study level engineering complete, providing certainty surrounding definitive project economics

On-going Regulatory and Community Consultation

• Establishment of Community Reference Group

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Further information

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Tiger Brown Managing Director

Tel: +61 3 5385 7088 Email: tiger.brown@astronlimited.com

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Donald Project wet concentrating pilot plant
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Appendix

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Appendix I. Donald Project – Extensive Evaluation and De-risking

Discovered by CRA in the 1970s, the Donald tenement area and geology has been extensively evaluated. The project area has had a total of 2,789 drill holes over several drilling campaigns.

The mining leases consists of 387 drill holes spaced from 125mE by 200mN to 250mE by 450mN. An Ore Reserve Statement was issued on 18 February 2021 based on the 2016 Mineral Resource estimate, both of which were prepared by AMC consultants.

Drilling Campaigns

Planned Drilling

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2000
2002
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2010
2004
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2015
2022
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• Improve the understanding of the deposit’s valuable heavy rare earth content (Xenotime%)

• Further delineate the recoverable -20+38um fraction HM for incorporation into MR/OR studies.

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Appendix II. Metallurgical Test Work

Astron’s extensive test-work confirms commercial product recoveries

Extensive metallurgical test work, utilising a range of industry specialist consulting firms, involving bench scale and pilot scale test work, has provided confidence in the commercial scale recovery of fine minerals to both HMC and final product. Metallurgical test work, including pilot plant operation, carried out by Mineral Technologies – a global expert in mineral sands.

Test work provides confidence that the planned hybrid process, using mainly conventional separation techniques as well as adapting well-understood technologies, achieves attractive product assemblages at high (commercial) recoveries.

Recoveries of in-size and in-SG Valuable Heavy Minerals (VHM) 1	ZrO2 1	CeO2 1	TiO2 1
Feed Preparation Plant Recoveries2	96.9%	97.9%	98.1%
Wet Concentrator Plant Recoveries to HMC2	93.8%	94.3%	88.5%
Mineral Separation Plant Recoveries to final products3	90.8%	94.6%	n.a 3

1. In-size and in-SG heavy minerals (VHM) refers to the -250+20μm, +2.96SG fraction, the recovery of ZrO2 is used as a tracker for zircon recovery, CeO2 is used as a tracker for Rare Earth recovery, and TiO2 is used as a tracker for titanium recovery

2. For further information refer Astron ASX announcement, 15 May 2020, Completion of Wet Concentrator Piloting Works and Quarterly Activities Report , p 2 of 29 January 2021.

3. For further information refer Astron ASX announcement, 14 May 2021, Donald Mineral Separation Metallurgical Test Work . Astron continues to investigate the final TiO2 recoveries to final product through its pilot scale test work.

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DMS Drilling Programme 2010
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Pilot Plant in operation - 2019
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Test pit - 2018
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Pilot Plant trommel - 2019
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Pilot Plant table - 2019
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HMC over spirals, rougher, mid, scavenger spirals respectively - 2019
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Appendix III. Critical Mineral Opportunities – R.E. Demand Growth

Rare Earth Permanent Magnet End-Users in 2020[1]

Electrical Vehicle as a % of Market Share to 2030[2]

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Elevators, 8.40% other, 3.30%
air conditioning
traditional vehicles,
rotor, 8.40%
37.50%
consumable
electronics, 9.10%
windmill, 10% Electric vehicles,
11.80%
industrial use,
10.90%
1. Source: Ruidow market report, Aug, 2021
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Forecasted required Monazite Import Volumes into China to support China Domestic Rare Earth Permanent Magnet Demand[1] 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

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34,756k
Units
4% 16% 30%
2021 2025 2030
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1. EVs need approx. 1kg of rare earths for their motor magnets; although this form 0.05% of the vehicle cost, it is critical to the running of the vehicle.

2. Bloomberg New Energy Finance estimates EVs account for 4 per cent of the market in 2021, 16 per cent by 2025 and 30 per cent by 2030.

3. Hybrid and electric cars will increasingly drive demand for rare earths metals - facilitating exponential demand growth.

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2. Source: BNEF 2021
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With Mines from Myanmar expected to start to decline in production starting in 2021, and MP Limited commissioning their own R.E. production lines, Monazite imported into China is anticipated to increase by 400% from 2020 levels by 2030 to complement growing demand for Rare Earth Permanent Magnets.

The increased demand from China is anticipated to compound the effects of the securitisation of western governments of independent production sources on raw material pricing.

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Appendix IV. Engineering Update - Plant 3D Diagrams

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Astron has reached 70% design review milestone for plant and equipment feasibility level design update*

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Wet Concentrator
Concentrator Upgrade Plant
Plant Design Design
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*As of week commencing Nov 22 2021

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Appendix V. Astron Corporation Simplified Organisation Chart (As of 6 Dec 2021)

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Astron Corporation Limited (Hong Kong)

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Astron Pty Limited (Australia)

Donald Mineral Sands Pty Ltd (Australia)

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Senegal Mineral Resources (Hong Kong)

Senegal Mineral Resources (Senegal)

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Astron Titanium (Yingkou) Hong Kong Holdings Ltd. (Hong Kong)

Astron Titanium (Yingkou) Ltd. (P.R.C)

Astron Corporation ASX:ATR

Appendix VI. Astron’s China Operations

Astron Titanium has nearly four decades of operational experience in China, including:

• Close connections with a range of mineral sands customers, within China and internationally

• Capability to produce nuclear grade zirconia (hafnium-free zirconia)

• One of the largest rutile mineral separation facilities in China, commissioned late 2019.

• Mineral separation plant with a design capacity of 300 ktpa of feedstock

• Phase 1 capacity of 150 ktpa of feedstock, production of ~50 ktpa of rutile

Separation Plant Flow-Sheet

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Screens & Shaking Electrostatic
Flotation Spiral Drying kiln
trommel tables separator
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Appendix VII. Research and Development Capabilities

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Astron has a history of specialty research and development in the mineral sands industry and various downstream product application industries dating back to the 1990s. At various points in its history, Astron has been on the cutting edge of development and innovation for the Titanium and Zirconium related fields. Today, Astron operates a specialty R&D lab at its Yingkou Mineral Separation Plant, continuing its focus to deliver high-quality products for its customers past, current and future.

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Photos from Astron’s Yingkou Laboratory

Astron’s Patents:

 Nuclear zirconium sponge technology

Astron has succeeded in producing nuclear-grade zirconia containing hafnium less than 50ppm by TBP-HCL-HNO3 extraction method. A facility of 200tpa highly-pure zirconia has been established, with independent lab equipped with ICP, XRF and others.

 Impurity removal from zircon

Astron has spent nearly ten years and succeeded in removing U/Th/Fe/Ti from zircon. This can greatly improve the quality of zircon. Lower impurity content makes for a better glaze colour. The technology produces a Uranium by-product which can be a source of low cost and high content Uranium to nuclear industry.

 Micro-agglomeration technology

Astron has the technology to micro-agglomerate fine rutile and ilmenite materials to improve product suitability for downstream producers.

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Appendix VIII. Donald Project – Ore Reserves Statement

Based on the supporting mine planning completed, pit inventories to support an Ore Reserve Estimate, in accordance with JORC 2012 are shown in Table 1.1. Ore has been classified as Proven Ore Reserve, based on Measured Mineral Resource and Probable Ore Reserve, based on Indicated Mineral Resource. The results of the Ore Reserve estimate reflect the Competent Person’s view of the deposit.

The JORC Code 2012 Table 1, Section 4 to support the Ore Reserve Estimate is included in Appendix B of the Donald Project Ore Reserve Statement released 18 February 2021 . The Ore Reserve estimates have been compiled in accordance with the guidelines defined in the 2012 JORC Code.

For ASX announcement see: https://astronlimited.com.au/wpcontent/uploads/2021/03/PU_18_02_21_Donald-project-OreReserves-Statement-update.pdf

Table 1.1 Donald Mineral Sands Ore Reserve for RL 2002 at February 2021

Classification	Tonnes (mt)	Slimes (%)	Oversize (%)	HM (%)	Ilmenite (%HM)	Leucoxene (%HM)	Rutile (%HM)	Zircon (%HM)	Monazite (%HM)
Within ML5532
Proved	170	14.2	11.9	5.3	31.4	22.1	7.1	18.8	1.9
Probable	24	13.4	12.5	4.9	33.2	21.3	6.7	20.2	2.0
Total	194	14.1	12.0	5.3	31.6	22.0	7.0	19.0	1.9
Within RL2002 Outside of ML5532
Proved	140	19.1	7.1	5.6	31.0	18.4	9.6	21.2	1.8
Probable	268	15.8	14.4	4.0	32.3	19.5	7.5	17.0	1.6
Total	408	16.9	11.9	4.5	31.8	19.0	8.4	18.8	1.8
Total within Donald Deposit (RL2002)
Proved	310	16.4	9.8	5.4	31.2	20.4	8.2	19.9	1.8
Probable	292	15.6	14.2	4.1	32.4	19.7	7.4	17.3	1.6
Total	602	16.0	11.9	4.8	31.7	20.1	7.9	18.8	1.7

Note

1. The ore tonnes have been rounded to the nearest 1mt and grades have been rounded to one decimal place.

Note that the Mineral Resources are reported inclusive of the Ore Reserve.

1. The Ore Reserve is based on indicated and Measured Mineral Resource contained with mine designs above an economic cut-off. The economic cut-off is definited as the value of the products less the cost of processing

2. Mining recovery and dilution have been applied to the figures above.

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Appendix IX. Donald Project - Mineral Resource Statement

Table 1.2 Mineral Resource at a 1% Cut-off

Table 1.3 Mineral Resource where VHM Data is Available at a Cut-off of 1% HM

Table 1.2 Mineral Resource at a 1% Cut-off		Table 1.3 Mineral Resource where VHM Data is Available at a Cut-off of 1% HM
Classification Tonnes HM Slimes (mt) (%) (%)	Oversize (%) 12.8 13.1 10.6 12.8 8.1 13.5 6.0 8.5 10.6 13.4 6.0 9.1 0.0 5.8 3.3	Classification Tonnes Slimes Oversize HM Ilmenite Leucoxene Rutile Zircon Monazite (mt) (%) (%) (%) (%HM) (%HM) (%HM) (%HM) (%HM)
Within ML5532 Measured 372 4.5 14.4 Indicated 75 4.0 13.8 Inferred 7 3.5 13.5		Within ML5532 Measured 264 14.2 12.2 5.4 31 22 7 19 2 Indicated 49 13.6 12.1 4.9 33 22 7 20 2 Inferred 5 13.5 10.2 4.2 36 20 7 22 3
Subtotal 454 4.4 14.2		Total 317 14.1 12.1 5.3 32 22 7 19 2
With RL2002 Outside of ML5532 Measured 343 3.9 19.8 Indicated 833 3.3 16.2 Inferred 1,595 3.3 15.7		Within RL2002 Outside of ML5532 Measured 185 19.1 7.3 5.5 31 19 9 21 2 Indicated 454 15.9 13.2 4.2 33 19 7 17 2 Inferred 647 15.2 5.8 4.9 33 17 9 18 2
Subtotal 2,771 3.4 16.4		Total 1,286 16.0 8.6 4.8 33 18 8 18 2
Total within Donald Deposit (RL2002) Measured 715 4.2 17.0 Indicated 907 3.4 16.0 Inferred 1,603 3.4 15.7		Total within Donald Deposit (RL2002)
		Measured 448 16.2 10.2 5.4 31 21 8 20 2
		Indicated 503 15.7 13.1 4.3 33 20 7 18 2
		Inferred 652 15.2 5.8 4.9 33 17 8 18 2
Subtotal 3,225 3.6 16.1		Total 1,604 15.6 9.3 4.9 32 19 8 18 2
Total within Jackson Deposit (RL2003) Measured 0 0.0 0.0 Indicated 1,903 2.8 19.0 Inferred 584 2.9 16.7		Total within Jackson Deposit (RL2003)
		Measured
		Indicated 668 18.1 5.4 4.9 32 17 9 18 2
		Inferred 155 15.1 3.1 4.0 32 15 9 21 2
Subtotal 2,497 2.9 18.5	5.2	Total 823 17.6 5.0 4.8 32 17 9 19 2
Total Donald Project Measured 715 4.3 18.1 Indicated 2,811 3.0 17.9 Inferred 2,187 3.3 16.4	11.1 8.2 5.5	Total Donald Project Measured 448 16.2 10.2 5.4 31 21 8 20 2 Indicated 1,171 17.1 8.7 4.6 32 18 8 18 2 Inferred 807 15.2 5.3 4.7 33 17 9 19 2
Total 5,712 3.2 16.9	7.3	Total 2,427 16.3 7.0 4.8 32 18 8 19 2

Note

1. The total tonnes may not equal the sum of the individual resources due to rounding. 2. The cut-off grade is 1% HM.

2. The figures are rounded to the nearest: 10M for tonnes, one decimal for HM, Slimes and Oversize.

3. For further details including JORC Code, 2012 Edition – Table 1 and cross sectional data, see previous announcements dated 7 April 2016 , available at ASX’s website at:

4. www.asx.com.au/asxpdf/20160407/pdf/436cjyqcg3cf47.pdf

Note

1. The total tonnes may not equal the sum of the individual resources due to rounding. 2. The cut-off grade is 1% HM.

2. The figures are rounded to the nearest: 1mt for tonnes, one decimal for HM, Slimes and Oversize and whole numbers for zircon, ilmenite, rutile + anatase, leucoxene and monazite.

3. Zircon, ilmenite, rutile + anatase, leucoxene and monazite percentages are report as a percentage of the HM.

4. Rutile + anatase, leucoxene and monazite resource has been estimated using fewer samples than the other valuable heavy minerals. The accuracy and confidence in their estimate is therefore lower.

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Appendix X. Astron Corporation Balance Sheet[1]

ASTRON LIMITED	Pro-Forma (Unaudited)
CONSOLIDATED BALANCE SHEET	30/09/2021
ASSETS
Current Assets
Cash and Cash equivalent	646,523
Term deposits greater than 90-days	46,112
Trade and other receivables	14,846,150
Inventories	2,153,339
Available-for-sale financial assets	15,032
Total current assets	17,707,156
Non-current assets
Property, plant and equipment	26,367,068
Intangible assets	69,481,940
Water Rights	11,389,379
Land use rights	3,013,727
Trade and other receivables	-
Total non-current assets	110,252,114
TOTAL ASSETS	127,959,270

LIABILITIES
Current liabilities
Trade and other payables	9,094,033
Short term borrowings	15,811,752
Provisions	118,002
Total current liabilities	25,023,787
Non-current liabilities
Deferrred tax liabilities	8,908,841
Long-term provisions	788,653
Total non-current liabilities	9,697,494
TOTAL LIABILITIES	34,721,281
NET ASSETS	93,237,989

1. Pro-Forma Unaudited Balance Sheet

Astron Corporation also holds an contingent asset by way of an ICSID Judgement Award against the State of Gambia for an amount Circa ~A$30m.

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31