On 14 July, our Managing Director Marc Ducler presented Astral's Mandilla Gold Project to the Melbourne Mining Club as part of its Cutting Edge Series, updating the room on where the Project stands and the momentum building across our WA Goldfields portfolio.

Mandilla is shaping up as a long-life, high-margin gold project. Marc outlined why it matters: a Tier-1 location in the WA Goldfields, a 2.07 million ounce Mineral Resource and growing, a production profile above 95,000oz per annum over the first 12 years, and Pre-Feasibility Study economics underpinned by strong margins and a rapid payback. With approximately $73 million cash on hand, Astral is well funded as the Project moves toward a Definitive Feasibility Study - GR Engineering is now engaged, and site layouts are due to be finalised this quarter ahead of key approvals submissions.

Drilling continues to grow the resource. Marc updated attendees on the Theia Deeps diamond drilling program, now expanded to 12 holes, with results continuing to point to significant mineralisation well below the current Mineral Resource - including a standout intercept of 54 metres at 2.38 grams per tonne gold. Theia remains open at depth, with further assays due in the September quarter.

There's also near-term cash flow in the pipeline through Think Big. At Feysville, Astral has executed a Letter of Intent to mine approximately 32,000 ounces from the Think Big deposit, an early cash-flow opportunity to help fund Mandilla's development, alongside continued high-grade drilling success at the nearby Kamperman prospect, including intercepts of 14 metres at 6.79 grams per tonne gold.