Diggers & Dealers Presentation
Released
Released
Announcement PDF
Building Kalgoorlie’s next
100kozpa gold producer
astralresources.com.au
Diggers & Dealers | August 2024
Marc Ducler, Managing Director
Disclaimer
The information contained in this presentation is for informational purposes only and does not constitute an
offer to issue, or arrange to issue, securities or other financial products. 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. The presentation has been prepared without taking into account the
investment objectives, financial situation or particular needs of any particular person. Before making an
investment decision, you should consider, with or without the assistance of a financial adviser, whether an
investment is appropriate in light of your particular Investment Needs, Objectives and Financial Circumstances.
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 Astral Resources NL, their directors, employees or agents, nor any other
person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any
loss arising from the use of the information contained in this presentation. In particular, no representation or
warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of
achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any
obligation assumed to update such information. Such forecasts, prospects or returns are by their nature
subject to significant uncertainties and contingencies.
Compliance Statement
The information in this presentation that relates to Estimation and Reporting of Mineral Resources for the
Mandilla Gold Project is based on information compiled by Mr Michael Job, who is a Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM). Mr Job is an independent consultant employed by Cube
Consulting. Mr Job has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking 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. Mr Job consents to the inclusion in this presentation of the matters based on the information in the
form and context in which it appears.
The information in this presentation that relates to Estimation and Reporting of Mineral Resources for the
Feysville Gold Project is based on information compiled by Mr Richard Maddocks, who is a Fellow of the
Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Maddocks is an independent consultant to the
Company. Mr Maddocks has sufficient experience that is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking 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. Mr Maddocks consents to the inclusion in this announcement of the matters based on the
information in the form and context in which it appears
astralresources.com.au
The information in this presentation that relates to exploration targets and exploration results is based on information
compiled by Ms Julie Reid, who is a full-time employee of Astral Resources NL. Ms Reid is a Competent Person and a
Member of The Australasian Institute of Mining and Metallurgy. Ms Reid 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. Ms Reid consents to the inclusion in this presentation of the material based on
this information, in the form and context in which it appears.
The information in this presentation that relates to metallurgical test work for the Mandilla Gold Project is based on,
and fairly represents, information and supporting documentation compiled by Mr Marc Ducler, who is a full-time
employee of Astral Resources NL. Mr Ducler is a Competent Person and a Member of The Australasian Institute of
Mining and Metallurgy. The information that relates to processing and metallurgy is based on work conducted by ALS
Metallurgy Pty Ltd (ALS Metallurgy) on diamond drilling samples collected under the direction of Mr Ducler and fairly
represents the information compiled by him from the completed ALS Metallurgy testwork. Mr Ducler 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. Mr Ducler consents to the inclusion in this
presentation of the material based on this information, in the form and context in which it appears.
Previously Reported Results
There is information in this presentation relating to exploration results which were previously announced on 16 July
2009, 31 January 2017, 14 February 2018, 23 April 2018, 15 May 2018, 15 August 2018, 26 March 2019, 8 April 2019, 16
July 2019, 19 June 2020, 11 August 2020, 15 September 2020, 17 February 2021, 26 March 2021, 20 April 2021, 20 May
2021, 29 July 2021, 26 August 2021, 27 September 2021, 6 October 2021, 3 November 2021, 15 December 2021, 22
February 2022, 3 May 2022, 6 June 2022, 5 July 2022, 13 July 2022, 10 August 2022, 23 August 2022, 21 September
2022, 13 October 2022, 3 November 2022, 30 November 2022, 15 March 2023, 12 April 2023, 24 April 2023, 24 April
2023, 16 May 2023, 14 June 2023, 3 July 2023, 20 July 2023, 30 August 2023, 18 September 2023, 8 November 2023, 22
November 2023, 21 December 2023, 18 January 2024, 30 January 2024, 28 February 2024, 6 March 2024, 4 April 2024,
4 June 2024, 11 July 2024, 25 July 2024 and 2 August 2024. Other than as disclosed in those announcements, 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.
The information in this presentation relating to the Company's Scoping Study are extracted from the Company's
announcement on 21 September 2023 titled “Mandilla Gold Project – Kalgoorlie, WA. Positive Scoping Study”. All
material assumptions and technical parameters underpinning the Company's Scoping Study results referred to in this
presentation continue to apply and have not materially changed. The Company confirms that the form and context in
which the Competent Person's findings are presented have not been materially modified from the original market
announcements.
ASX:AAR | 2
Moving to Development in a Tier-1 Location
Mandilla Scoping Study delivered a large
scale, long-life mine development with
robust financials from conservative cost
and revenue assumptions
100kozpa of gold production1
NPV8 of $442M
Free cashflow of $740M
Payback of ~9 months
Gold price of $2,750/oz
Shallow, high-quality resource base with
1.27Moz at Mandilla and 116koz at
Feysville
Strong history of exploration growth drilling is ongoing and will continue to
expand project scale
astralresources.com.au
1 – Initial 7.4-year period. Reducing to average of 40kozpa for remaining 3.4-year period.
ASX:AAR | 3
Corporate Overview
Shares on Issue
Significant Shareholders:
935.2M
Market Capitalisation
$69.2M
(at $0.074 per share)
Options / Rights
69.6M/15.2M
(Ave exercise price 12c)
Cash on Hand 2
$5.8M
(30 June 2024)
Gold Spot Price
A$3,750
Gold price sensitivity
Gold price (A$/oz)
2,750
3,000
3,250
3,500
3,625
3,750
NPV8 Pre-tax (A$m)
442
579
716
854
922
991
Pretax IRR (%)
73
92
110
127
136
145
Payback (months)
9
8
7
6
6
6
Free cashflow (A$m)
740
946
1,152
1,358
1,462
1,565
Base Case
2 – Proforma cash on hand of $7.3M including proceeds from issue of 140M shares to raise $7.0M, less capital raising costs on 9 April 2024
astralresources.com.au
Board & Management
5.0%
Braham Entities
8.8%
Burke Entities
7.6%
Jones Entities
6.2%
Top 20
54.8%
Institutions
8.2%
SPOT PRICE
ASX:AAR | 4
Corporate & Technical Capability
Board of Directors
Mark Connelly
Justin Osborne
Peter Stern
Non-Executive Director
Non-Executive Director
David Varcoe
Mark is a Corporate Executive with
a track record for deal making and
was principally responsible for the
merger of Papillon Resources and
B2 Gold Corp in October 2014, as
well for Adamus Resources Limited
and Endeavour Mining Merger in
September 2011.
Mr Osborne has over 30 years
experience
as
an
exploration
geologist. He was previously an
Executive Director at Gold Road
Resources (ASX: GOR) and was
pivotal to the resource development
of the world class Gruyere Gold
Deposit (6.6Moz Au).
Is a graduate of Monash University
with a Bachelor of Science (geology
major). Mr Stern’s career has been
in corporate advisory, spending six
years with Macquarie Bank and
three years with both UBS and
Deutsche Bank.
David Varcoe is a mining
engineer has more than 30 years
experience in the industry. He
has extensive operational and
managerial experience across a
number of commodities including
gold, iron ore, copper, diamonds,
coal, uranium and rare earths.
Brendon Morton
Julie Reid
Steve Lampron
Julie has 36 years experience
working
throughout
Australia,
Vietnam and Indonesia covering a
range of commodities within
diversified geological terrain. Julie
holds a Batchelor of Applied
Science from Curtin University of
Technology.
Steve is a Mining Engineer with
more than 20 years industry
experience. As well as having
worked in production roles for
companies such as Placer Dome,
Barrick and North American
Palladium he has also worked as
a Consultant for over 10 years.
Non-Executive Chairman
Non-Executive Director
Management Team
Marc Ducler
Managing Director
Marc Ducler has over 20 years’
experience in the mining industry.
He was previously the Managing
Director of Egan Street Resources
(ASX:EGA) until its successful
takeover by Silver Lake Resources
(ASX:SLR).
astralresources.com.au
Chief Financial Officer &
Company Secretary
Brendon has over 20 years
experience including a significant
amount of experience in the global
resources sector, including Australia,
Africa and Asia. Brendon has held a
number of executive financial and
company secretarial roles with both
ASX listed and unlisted companies
operating in the resources sector.
Geology Manager
Technical Services Manager
ASX:AAR | 5
Flagship Mandilla Gold Project
Strategic land
package in a
premier gold
mining jurisdiction,
70km south of
Kalgoorlie
Total MRE has
grown to 37Mt at
1.1g/t Au for
1.27Moz of
contained gold
Robust Scoping
Study Outcome –
producing 100koz
pa for the first
seven years and
845koz over the
11-year LOM
Theia deposit is the cornerstone
Represents 81% of the Mandilla MRE – 29Mt at 1.1g/t Au
for 1.02Moz of contained gold in one large open pit
A rare +1Moz undeveloped gold deposit in the WA Goldfields
astralresources.com.au
ASX:AAR | 6
July 2023 MRE – Achieved Critical Mass for Scoping
1,600,000oz
July 2023 MRE added
Group MRE, 1,381,000
1,400,000oz
231,000oz
Group MRE, 1,150,000
1,200,000oz
at a discovery cost of $18 per
oz, including a 69% increase in
Indicated ounces from a
predominantly in-fill drill program
1,000,000oz
Group MRE, 781,000
800,000oz
Mandilla, 1,265,000
Mandilla, 1,034,000
600,000oz
Mandilla, 665,000
400,000oz
200,000oz
-
x10
More than tenfold
increase in group
resource ounces
since 2019
Feysville, 116,000
Feysville, 116,000
2019
2020
Feysville, 116,000
Feysville, 116,000
Feysville, 116,000
2022
July-2023
2021
Feysville
Mandilla
2024
Mineral Resource Estimate for the Mandilla Gold Project (Cut-off Grade >0.39g/t Au)
Classification
Tonnes (Mt)
Gold (g/t)
Ounces (koz)
Indicated
21
1.1
694
Inferred
17
1.1
571
Total
37
1.1
1,265
The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are
dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
astralresources.com.au
ASX:AAR | 7
Mandilla – Significant Growth Potential
• Potential analogues include:
• Granny Smith (2Moz)
• Red Hill (2.5Moz)
• King of the Hills (4.5Moz)
• Average depth of drilling at Theia and Iris is 151m within the
Emu Rocks granite intrusion – known mineralised footprint
occupies only 13% of the intrusion
• Outside of Theia and Iris, average depth of drilling is 50m
Theia is open at depth with diamond drilling to 450m downhole remaining in mineralisation
astralresources.com.au
ASX:AAR | 8
All drilling outside of the
Mineral Resource Shells
All drilling outside of the
Mineral Resource Shells
and >50 metres in depth
astralresources.com.au
ASX:AAR | 9
Scoping Study Highlights – Long-Life, Profitable Mine
+100kozpa
production
profile
Long
mine life
Profitable,
high-margin
Funding
quantum
in reach
1.3g/t average
for 7.4yrs
7.8 yrs mining,
10.4 yrs
processing
AISC
A$ 1,648/oz
over LOM
2.5Mtpa plant
and NPI
A$123M
Pre-production
A$68.4M
Robust
Financials
(post Capex/Pre-tax
at A$2,750/oz Au)
NPV8 $442M
FCF $740M
Payback
9 months
Simple and
conventional
Conventional D&B,
load & haul open pit
S/R 5.8*
Simple processing
Excellent metallurgy
+95% recovery
WA – Tier-1 location on the doorstep of Kalgoorlie
A mining region with a successful development history, granted
mining leases, excellent infrastructure and 20 mins from Kambalda
astralresources.com.au
* Excludes pre-production mining
ASX:AAR | 10
Feysville – Icing on the Cake
• 14km south of Kalgoorlie – potential to yield multiple
100koz scale deposits
• Current MRE: 3Mt at 1.3g/t Au for 116,000oz5 at
Think Big
• Maiden MRE’s pending for Kamperman and Rogan
Josh are likely to deliver a sub $20 discovery cost
• Recent reconnaissance drilling has identified a
potential Kamperman analogue 1.5km to the NW
The Opportunity
The first 5 years of processing at Mandilla, 4.5Mt of
0.6g/t ore, is fed into the proposed process plant,
higher-grade Feysville ore of 1.1g/t – 1.3g/t could add
75koz – 100koz of additional gold production.
astralresources.com.au
5 Feysville JORC 2012 MRE includes; Indicated Mineral Resources of 2.3Mt at 1.3g/t Au for
96koz and Inferred Mineral Resources of 0.6Mt at 1.1g/t Au for 20koz
ASX:AAR | 11
Why invest with Astral?
Scoping Study
based on a
robust Mineral
Resource
Estimate
astralresources.com.au
Comprehensive
Scoping Study –
arguably meets
PFS standard or
better particularly
in geotechnical
and mine
design/schedule
Simple
metallurgy,
simple
processing
Conservative
revenue and
reasonable
cost
assumptions
Compelling
financial
metrics
Exploration
upside at
Mandilla and
Feysville
Astral is the only ASX junior with a project of this scale
in the Kalgoorlie/Kambalda region
ASX:AAR | 12
Core Value Proposition
Greenfields open pit opportunity
Located in the heart of the Goldfields
Robust positive Scoping Study
1.38Moz Resource base and growing
1Moz in a single pit
Significant growth potential
Experienced team with track
record of value creation
astralresources.com.au
ASX:AAR | 13
Appendix 1
Mineral Resource Estimate for the Mandilla Gold Project (Cut-off Grade >0.39 g/t Au) 6
Classification
Tonnes (Mt)
Gold (g/t)
Ounces (koz)
Indicated
21
1.1
694
Inferred
17
1.1
571
Total
37
1.1
1,265
Mineral Resource Estimate for the Feysville Gold Project (Cut-off Grade >0.5 g/t Au) 7
Classification
Tonnes (Mt)
Gold (g/t)
Ounces (koz)
Indicated
2.3
1.3
96
Inferred
0.6
1.1
20
Total
2.9
1.3
116
Astral Resources Combined Group Mineral Resource Estimate
Classification
Tonnes (Mt)
Gold (g/t)
Ounces (koz)
Indicated
23
1.1
790
Inferred
18
1.1
591
Total
40
1.1
1,381
The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate
significant figures.
astralresources.com.au
6 - Refer to ASX Announcement dated 20 July 2023 – Mandilla Resource Surpasses 1.25Moz
7 - Refer to ASX Announcement dated 8 April 2019 – Maiden Mineral Resource at Feysville & Met Testwork Results.
ASX:AAR | 14
Appendix 2
Key Physicals Assumptions
UOM
Input
Mining Duration
Processing Duration
Waste Mined
Mineral Resource Mined
Plant Throughput
Mine Production Target
Material Mined
Au Grade
Au Ounces Contained
Processing Physicals
Material Processed
Au Grade
Ounces Contained
Ounces Recovered
Years
Years
kt
kt
ktpa
7.8
10.8
160,520
26,476
2,500
kt
g/t
koz
26,476
1.04
883
kt
g/t
koz
koz
26,476
1.04
883
845
Gold Price
NPV Pre-Finance, Pre-tax
Pretax IRR
Payback
Annual EBITDA
LOM EBITDA
Free Cashflow
astralresources.com.au
AUD/oz
AUD m
%
Years
AUD m
AUD m
AUD m
Scoping
Study
2750
3000
442
73%
0.75
88.8
954
740
579
92%
0.67
107.9
1,160
946
* Excludes pre-production mining
3500
854
103%
0.5
146.3
1,573
1,358
Key Financial Assumptions
Gold Price Assumed
Discount Rate
Key Project Metrics
Payable Metal
Gold Revenue
Mining Costs – Total
Mining Costs – Pre-Production (capitalised)
Mining Costs
Processing (including Maintenance, Transport, Insurance & Refining)
General and Administrative Costs
Royalty (2.5% of gold revenue)
Project EBITDA
Depreciation and Amortisation
Net Profit Before Tax (NPBT)
Capital
Pre-Production Capital Expenditure
Pre-Production Costs - Mining/General & Administrative
Sustaining Capital
LOM Capital
Project Returns
Project Free Cash Flow (undiscounted and pre-tax)
Project NPV8% (unleveraged and pre-tax)
Project IRR (unleveraged, pre-tax, calculated on annual basis)
Payback Period (unleveraged and post-tax)1
Capital Intensity2
NPV (unleveraged and pre-tax)/Pre-production Capital
A$/oz
%
2,750
8.00
Koz
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
A$M
845
2,325
877
(59)
818
461
34
58
954
234
720
A$M
A$M
A$M
A$M
123
68
23
214
A$M
A$M
%
Years
A$/oz p.a.
ratio
740
442
73%
0.75
1,899
2.3
ASX:AAR | 15
Contact Us
Suite 2, 6 Lyall St, South Perth, WA, 6151
T: +61 8 9382 8822
E: info@astralresources.com.au
ASX:AAR
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