Astral Resources Confirms Theia Deposit Geology with In-Fill Drilling Ahead of Mandilla Gold Project Advancement

Theia Deposit Resource and Stage 1 Development Overview

The Theia Deposit is the flagship asset within Astral Resources' Mandilla Gold Project, hosting a Mineral Resource Estimate of 41.0 million tonnes at 1.1 grams per tonne gold, equating to 1.4 million ounces of contained gold. This deposit is pivotal to the project’s economics as detailed in the Mandilla Pre-Feasibility Study. Theia accounts for approximately 1.1 million ounces, or about 75% of the total 1.48 million ounces projected from the entire project.

The Pre-Feasibility Study outlines five stages of open pit development at Theia. The current in-fill drilling targets Stage 1, which includes 4.2 million tonnes at 1.1 grams per tonne gold for 146,000 ounces over the initial 21 months. The strip ratio for Stage 1 is reported as 4:1, indicating four tonnes of waste rock per tonne of ore processed. This initial phase is critical for establishing operating cash flow and validating project viability.

Latest 56-Hole In-Fill Drilling Results

Astral Resources announced assay results from the latest 56 in-fill reverse circulation drill holes totaling 4,970 metres aimed at enhancing confidence in Stage 1 open pit inventory. The outcomes continue to validate the geological interpretation and existing Mineral Resource model. Highlight results include 31 metres at 3.03 grams per tonne gold from 12 metres, including 1 metre at 59.8 grams per tonne from 32 metres (hole AMRC380).

Additional notable intersections include hole AMRC389 with 19 metres at 2.70 grams per tonne gold from 41 metres, including 1 metre at 36.2 grams per tonne from 50 metres, 6 metres at 1.01 grams per tonne from 65 metres, and 7 metres at 1.69 grams per tonne from 85 metres. Hole AMRC396 returned 21 metres at 2.01 grams per tonne from 74 metres, including 1 metre at 14.6 grams per tonne from 90 metres. Hole AMRC397 intersected 10 metres at 1.28 grams per tonne from 26 metres and 11 metres at 3.93 grams per tonne from 106 metres, including 1 metre at 34.3 grams per tonne from 114 metres. These results confirm consistent gold mineralisation within the Stage 1 pit zone.

Geological Model Confirmation and Mineralisation Characteristics

The in-fill drilling continues to define broad gold mineralisation zones containing high-grade shoots within coherent quartz-sulphide veining. The geological model identifies this style as typical of intense alteration associated with gold mineralisation within the host granite at Theia. These findings support the interpretation that mineralisation is hosted within a structurally and lithologically coherent setting, enabling a straightforward geological model for resource estimation and mine planning.

Managing Director Marc Ducler highlighted that drilling has consistently delineated broad gold mineralisation intercepts with very high-grade shoots within coherent quartz-sulphide veining zones, typical of the intense alteration characteristic of gold mineralisation in Theia’s granite host. The alignment of drilling results with prior geological models boosts confidence that the Mineral Resource model accurately reflects deposit geometry and grade distribution, essential for mine planning and feasibility assumptions.

Measured Resource Upgrade and Risk Mitigation Strategy

The three-phase Stage 1 in-fill program aims to reduce drill spacing to 12.5 by 12.5 metres across the Stage 1 mining inventory, a requirement to support Measured Mineral Resource classification. This classification represents the highest confidence level under the JORC Code and is typically necessary for lenders and investors to underpin early production estimates in financing and development planning. Upgrading Stage 1 inventory to Measured Resource status is a key milestone supporting the first 16 months of mill feed and serves as a critical de-risking step for the Definitive Feasibility Study and financing.

So far, 151 holes totaling 15,131 metres have been completed, with 280 additional holes planned for 29,300 metres, likely keeping the reverse circulation rig active through 2026. This extensive drilling reflects the scale of Stage 1 inventory conversion required. The phased approach balances cost management with maintaining progress toward Definitive Feasibility Study completion.

Mandilla Gold Project Location and Ownership

The Mandilla Gold Project is situated about 70 kilometres south of Kalgoorlie, Western Australia, a well-established and highly prospective gold mining region. The project benefits from proximity to existing mining infrastructure, supply chains, and a skilled local workforce. Astral Resources holds 100% ownership of Mandilla, granting full control over development, operations, and mine planning without joint venture constraints.

This full ownership structure is advantageous for project financing and development certainty, as lenders and financiers prefer projects without joint venture complexities that could impede operational flexibility or decision-making. The project’s location near Kalgoorlie also offers strategic access to ore processing facilities and infrastructure that could be leveraged during development.

Theia Deeps Diamond Drilling and Exploration Upside

In addition to the Stage 1 in-fill program, Astral Resources is conducting a diamond drilling program at Theia Deeps, with assay results pending for five holes totaling 2,614 metres. Diamond drilling provides oriented core samples offering detailed geological, structural, and metallurgical data beyond what reverse circulation drilling can deliver. Results may reveal additional insights into mineralisation geometry and continuity at depth, potentially impacting future resource estimates and mine planning for deeper pit stages.

The Theia Deeps program indicates potential mineralisation beyond current Stage 1 and 2 pit designs outlined in the Mandilla Pre-Feasibility Study. Outcomes could extend mine life or support additional Inferred or Indicated Mineral Resources at depth, enhancing project economics in future feasibility updates. Investors should watch for assay results from this program, which may reveal longer-term production potential at Theia.

Definitive Feasibility Study and Financing Outlook

The Stage 1 in-fill drilling is progressing alongside the Mandilla Gold Project Definitive Feasibility Study, which will form the basis for project financing discussions with lenders and partners. Achieving Measured Resource classification through this drilling is a vital de-risking step supporting both the study’s completion and subsequent financing phases.

The drilling schedule through 2026 aligns with expectations for Definitive Feasibility Study completion in late 2026 or early 2027, consistent with a development-stage gold project advancing toward financing and construction decisions. Measured Resource status for Stage 1 is a key prerequisite for lender approval, demonstrating detailed delineation of near-term mine plans with high confidence. Investors should monitor updates on the feasibility study and financing progress throughout 2026.

Geological Confidence and Mining Implications

The alignment of in-fill drilling results with the geological model and Mineral Resource estimate provides assurance that the mine plan based on this interpretation is achievable. Identification of high-grade shoots within broad mineralisation zones suggests mining will encounter predictable ore geometry, reducing operational risks during early production.

Broad gold intercepts across multiple holes also suggest potential for selective mining targeting higher-grade shoots within lower-grade host rock, potentially improving project economics by prioritizing higher-grade material early. The quartz-sulphide veining associated with gold mineralisation serves as a reliable ore indicator, aiding ore control and grade management during mining. These geological traits support the feasibility of Stage 1 mining and reduce technical risks in the project's initial years.

Mandilla Gold Project Portfolio and Expansion Potential

Beyond Theia, the Mandilla Gold Project includes multiple deposits, with Astral Resources also operating the Spargoville and Feysville Gold Projects nearby. While the current update centers on Theia and Stage 1 development, the broader portfolio offers potential for resource growth and extended mine life. The Pre-Feasibility Study's five-stage open pit plan at Theia indicates substantial mining potential beyond the initial 21-month Stage 1 phase.

Exploration upside from additional deposits and deeper mineralisation at Theia, combined with the multi-project portfolio, suggests Mandilla could support a longer-term gold operation than currently planned. Success in Stage 1 and establishing operating cash flow could pave the way for expansion into later stages and adjacent deposits, enhancing the project's long-term value. Investors should note the near-term priority is Stage 1 de-risking, while the broader portfolio holds promising growth prospects.