Astral Resources Updates Mandilla Gold Resource to 1.74 Million Ounces Amid Progress on Definitive Feasibility Study

Mandilla Gold Project Resource Update Supports Four Open-Pit Mining Scenarios

Astral Resources declared an updated Mineral Resource Estimate for the Mandilla Gold Project totaling 54 million tonnes at 1.0 grams per tonne for 1.74 million ounces of gold. Prepared by Cube Consulting in line with the JORC Code 2012 Edition, this estimate was announced on 21 April 2026. The resource covers four principal deposits: Theia (the cornerstone), Iris, Eos, and Hestia. It was calculated using a 0.40 grams per tonne lower cut-off and constrained within pit shells based on a gold price assumption of A$4,500 per ounce.

The resource classification includes 1.3 million tonnes at 1.3g/t Au (57,000 ounces) Measured, 32.6 million tonnes at 1.0g/t Au (1.092 million ounces) Indicated, and 19.6 million tonnes at 0.9g/t Au (588,000 ounces) Inferred. The Theia deposit accounts for 41 million tonnes at 1.1g/t Au, representing about 80% of the total resource. Cost assumptions for pit shell optimization derive from the Mandilla Preliminary Feasibility Study (PFS) released in June 2025.

Project Economics Based on 2.75 Million Tonne Processing Plant and 95,000 Ounces Annual Output

The Mandilla Project’s economics were outlined in a June 2025 PFS, featuring seven open-pit mines feeding a 2.75 million tonne per annum processing facility. The study included four open pits at Mandilla (Theia, Hestia, Eos, Iris) and three at Feysville (Kamperman, Think Big, Rogan Josh), excluding Spargoville. The model projects 95,000 ounces of gold production annually over the first 12 years.

The PFS showed a Net Present Value (NPV) at an 8% discount rate of $1.4 billion assuming a gold price of A$4,250 per ounce. At a higher gold price of A$6,000 per ounce, NPV8 rises to $2.7 billion. Astral is progressing a DFS with more detailed engineering and cost estimates, targeted for completion in the March 2027 quarter. Completion depends on obtaining consents under the Mineral Rights Agreement and finalizing native title heritage surveys, critical for site layout and approval submissions.

Robust Drilling Program Yields 14,782 Metres of RC and 4,816 Metres of Diamond Drilling

During the June quarter, Astral Resources conducted an intensive drilling campaign focused on resource definition and depth extension at Mandilla. The company completed 148 reverse circulation (RC) holes totaling 14,782 metres—divided into Theia Stage 1 In-fill drilling (132 holes, 13,275 metres) and Stage 2 In-fill drilling (16 holes, 1,507 metres). The RC drilling targeted resource delineation and pit optimization at the key Theia deposit. Additionally, nine diamond drill holes totaling 4,816 metres tested depth extensions beyond the current Stage Five open-pit design.

Assay results reported during the quarter include three diamond holes (2,074 metres) and 43 RC holes (4,324 metres), supporting the updated resource model and pit shell designs in the April 2026 Mineral Resource Estimate. This drilling enhances resource confidence at Theia and explores potential ore body depth extensions to improve project economics and mine life.

Early Mining at Think Big Deposit Aims for Cash Flow by June 2027

Astral is targeting an early mining opportunity at the Think Big Gold Deposit within the Feysville Gold Project, part of the broader Mandilla portfolio. The company proposed a joint venture with Mineral Mining Services Pty Ltd (MMS) for this deposit, aiming to generate cash flow in the June 2027 quarter, subject to finalizing commercial agreements. Think Big was included in the Mandilla PFS as one of three Feysville open-pit mines contributing to the overall operation.

This early mining initiative offers a strategic pathway distinct from the Mandilla DFS timeline. By advancing Think Big through a joint venture, Astral seeks to accelerate gold production and cash generation at Feysville ahead of full Mandilla development. The joint venture structure may optimize capital and operational expertise while maintaining focus on the broader DFS. Achieving cash flow from Think Big by June 2027 would mark a key transition from exploration to production.

Spargoville Gold Project Drilling Expands 5B Deposit Knowledge

During the June quarter, Astral conducted resource definition drilling at the 5B deposit within the Spargoville Gold Project, reporting assay results for 12 holes totaling 1,517 metres. Spargoville is the third major component of the Mandilla portfolio, alongside Mandilla and Feysville. It was excluded from the Mandilla PFS, representing a secondary development opportunity.

The drilling at Spargoville reflects Astral’s intent to develop additional gold resources for potential inclusion in future Mandilla development phases or as standalone operations. The 5B deposit remains the focus of exploration, with ongoing drilling and assay results enhancing the geological database. This effort maintains longer-term optionality to boost project value or extend mine life.

Mandilla Homestead Acquisition Streamlines Land Access and Approvals

Astral acquired the Mandilla Homestead freehold property, located about 500 metres from the Mandilla Gold Project, for $850,000. Settlement is expected around 10 August 2026. This strategic purchase simplifies land access and future approvals as the company advances the Mandilla DFS and potential project construction.

The homestead’s proximity suggests it may serve operational functions such as site facilities, accommodation, or offices. Owning freehold land removes potential complications from leasehold or licensed arrangements, de-risking development pathways ahead of final investment decisions. The timing aligns with DFS progression and early cash flow pursuits at Think Big.

Heritage Clearance Surveys Progress Across Mandilla Tenure

Astral conducted extensive heritage clearance surveys across the Mandilla Project during the June quarter, fulfilling regulatory requirements under Western Australian mining law and native title agreements. These surveys identify cultural or archaeological sites prior to development and are critical for finalizing site layouts and approval documentation for the Mandilla DFS.

Heritage clearance is a mandatory step in the approvals process and reflects engagement with indigenous stakeholders and regulators. Progressing these surveys helps prevent delays in the DFS timeline. Completion of heritage surveys, along with consents under the Mineral Rights Agreement, are key dependencies for submitting approvals.

Cash Position at $65 Million After Stamp Duty Payment on Maximus Acquisition

As of 30 June 2026, Astral Resources held approximately $65 million in cash, down from $73 million the previous quarter. The $8 million decrease includes a $1.7 million stamp duty payment related to the 2025 acquisition of Maximus Resources Limited. Remaining reductions reflect operational costs, including drilling campaigns and DFS advancement.

This cash balance supports ongoing exploration, drilling, feasibility studies, and early development through upcoming milestones. The stamp duty payment was a one-time settlement tied to the Maximus acquisition, which added assets including the Mandilla Project. The modest impact indicates major acquisition liabilities have largely been resolved.

Mandilla Gold Project Located in Widgiemooltha Greenstone Belt Near Kalgoorlie

The Mandilla Gold Project lies within the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of Kalgoorlie, Western Australia. This region is a prolific gold-producing area with established mining infrastructure and skilled workforce access. The geological setting is favorable for gold mineralization, with Mandilla deposits situated in a domain known for economic gold production.

Proximity to Kalgoorlie offers operational advantages including mining services, processing facilities, and supply chains. The 2.75 million tonne per annum processing facility capacity selected in the PFS aligns with the resource size and deposit characteristics. Geological mapping and extensive drilling, including recent campaigns, have progressively enhanced the project’s technical understanding.

Upcoming Milestones: Mandilla DFS Completion and Think Big Production Start

Astral Resources has identified two key upcoming milestones: completion of the Mandilla DFS in the March 2027 quarter and commencement of cash-generating production at Think Big via the proposed joint venture in the June 2027 quarter. The DFS outcome will guide the company’s investment decision on full Mandilla development or alternative paths. Completion depends on consents and heritage surveys, both actively advancing.

Initiating production at Think Big would mark Astral’s shift from development-stage explorer to gold producer, albeit on a smaller scale than the full Mandilla project. These milestones are expected to be closely monitored by investors as near-term catalysts influencing the company’s strategic direction and market sentiment in 2027.