Proactive Investor: Astral Resources secures $65M for Mandilla project

Astral Resources managing director Marc Ducler talked with Proactive about the company’s recent $65 million placement and its plans to apply the funds toward the Mandilla Gold Project.

Ducler explained that the funding will support several priorities, including completing the Definitive Feasibility Study (DFS), ongoing exploration, and early works on the Mandilla site. “We’ll maintain an aggressive exploration focus on our wider tenement package,” he said, noting recent and upcoming drilling at Mandilla, Kamperman and Feysville.

He also highlighted the recently acquired tenement package near Gindalbie as part of Astral's expanded exploration footprint.

The DFS remains on schedule for delivery in the June quarter of 2025, with a final investment decision targeted for the September quarter. Ducler said, “The key aspect that we are also now managing is dropping those applications in for the native clearing permit, the mine development and closure plan, and the works approval.”

Ducler also addressed how the combination of the placement, existing cash reserves, and expected revenue from the Think Big JV with Mineral Mining Services could significantly contribute to Mandilla’s funding requirements. “I think the market will be very surprised as to just how close we are to being fully funded,” he added.

Astral currently estimates the peak negative cash flow at Mandilla at approximately $227 million, and the company is considering a 60:40 or 70:30 debt-to-equity funding structure.