Astral Resources (ASX:AAR) Expands Mandilla Gold Resource Beyond 1 Million Ounces, Bolstering Group Inventory to 1.62 Million Ounces

Highlights

• Mandilla Gold Project’s indicated mineral resource has grown 49% to 1.03 million ounces.
• Total group mineral resource inventory, including Feysville, now stands at 1.62 million ounces.
• Theia deposit remains the cornerstone, now containing 1.15 million ounces with 72% in the indicated category.

Astral Resources Ltd (ASX:AAR) has reported a significant uplift in the mineral resource estimate (MRE) at its flagship Mandilla Gold Project, located approximately 70 kilometres south of Kalgoorlie in Western Australia. The indicated mineral resource at Mandilla has surged 49% to reach 1.03 million ounces, elevating the project's overall resource to 1.43 million ounces of contained gold at a grade of 1.1g/t over 42 million tonnes.

The broader group mineral resource, which now includes the Feysville Gold Project situated 14 kilometres south of Mandilla, has risen to a combined 47 million tonnes at 1.1g/t for 1.62 million ounces. This expanded inventory strengthens Astral Resources’ asset base as development activities and technical studies progress toward ore reserve classification and project advancement.

The Theia deposit remains a key driver of this resource growth, now accounting for approximately 81% of the total Mandilla resource. Theia’s updated mineral resource stands at 1.15 million ounces, a net increase of 133,000 ounces. This gain has been achieved through targeted in-fill drilling programs and improved geological interpretation. Notably, 72% of Theia’s ounces have been elevated to the higher-confidence indicated category, offering a more robust foundation for feasibility-level planning.

The Mandilla resource update reflects a 13% increase from the July 2023 estimate. The additional 161,000 ounces have been defined at an efficient discovery cost of A$26 per ounce, highlighting the project's cost-effective exploration success. This expanded inventory will feed directly into the Mandilla Pre-Feasibility Study (PFS), scheduled for completion in the June 2025 quarter.

Astral Resources is actively progressing workstreams required to complete the PFS, including capital expenditure (CAPEX) and operational expenditure (OPEX) cost modelling across both process and non-process infrastructure. Mining cost submissions have also been received, completing the suite of inputs required for comprehensive economic modelling.

In parallel, the Feysville Project has contributed an additional 196,000 ounces to the group total, based on an MRE of 5 million tonnes at 1.2g/t gold. Drilling operations remain ongoing at Feysville, with both reverse circulation and air-core assay results pending. The Kamperman and Think Big deposits at Feysville are expected to complement Mandilla’s development, providing further flexibility and growth potential.

Astral Resources’ ongoing consolidation efforts have also seen the company initiate the compulsory acquisition of remaining shares in Maximus Resources Ltd (ASX:MXR), which is expected to expand Astral’s exploration footprint significantly. The acquisition enhances the scale and scope of the regional exploration strategy, positioning the company for long-term growth.

With the Australian dollar gold price recently surpassing A$5,000 per ounce, the strategic timing of resource growth and development planning aligns with favourable market conditions. The delivery of the Mandilla PFS and the anticipated declaration of ore reserves in the June 2025 quarter are expected to mark pivotal milestones in Astral’s project lifecycle.

Drilling and exploration activity continues across key targets, particularly at Feysville, where upcoming assay results are expected to provide further insights into the project’s potential. The combination of resource growth, strategic consolidation, and active development planning reinforces Astral’s position in the prolific Eastern Goldfields region of Western Australia.

The company’s current trajectory places the Mandilla Gold Project as the only undeveloped open-cut gold deposit of over 1 million ounces south of Kalgoorlie. With a robust indicated resource base, ongoing drilling success, and a clear development pathway, Astral Resources continues to build momentum toward becoming a key player in the region’s gold sector.