Announcement PDF ASX Announcement ASX: AAR 9 SEPTEMBER 2026 Astral Resources Suite 2, Lyall St, South Perth WA 6151 ACN 009 159 077 T +61 8 9382 8822 E info@astralresources.com.au astralresources.com.au | ASX: AAR RESOURCES RISING STARS GOLD COAST INVESTOR CONFERENCE PRESENTATION Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to advise shareholders and investors that its Managing Director, Marc Ducler will present at the Resources Rising Stars Gold Coast Investor Conference, today, Wednesday 9th September 2026. The Conference will be live-streamed and shareholders and investors can attend either in-person or virtually via the Conference Livestream. There is no charge to attend either the live-stream or in-person event for investors, however registration is essential. Conference location: RACV Royal Pines Resort, Ross St, Benowa QLD 4217 Register: RRS Investor It is recommended that online investors pre-register prior to the commencement of the presentation. A full Conference program can be downloaded from here. A copy of the Company’s presentation to be delivered at the conference is attached. This announcement has been approved for release by the Managing Director. For further information: Investors: Media: Marc Ducler Nicholas Read Managing Director Read Corporate Astral Resources +61 419 929 046 +61 8 9382 8822 RRS Gold Coast Conference September 2026 Advancing the Mandilla Gold Project into Development Marc Ducler Managing Director astralresources.com.au ASX:AAR | 2 Important Information and Disclaimer The following notices and disclaimers apply to this presentation, and you are therefore advised to read this carefully before reading or making any other use of this presentation or any information contained in this presentation. This presentation has been authorised for release to the Australian Securities Exchange (“ASX”) by the Board of directors of Astral (“Board”). This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. Summary information This presentation contains general and background information about Astral's activities current at the date of this presentation(unless otherwise indicated). The information in this presentation is in summary form and does not purport to be complete nor does it contain all the information in relation to Astral. It should be read in conjunction with Astral's other periodic and continuous disclosure announcements lodged with the ASX at www.asx.com.au. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation. Not an Offer This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. Financial information All financial information in this presentation is in Australian dollars unless otherwise stated. Non-IFRS financial measures This presentation contains certain financial measures (such as NPV and IRR) that are not recognised under International Financial Reporting Standards (“IFRS”). Although the Company believes these measures provide useful information about the Company's financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures. Not investment advice This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include, amongst others, the risk of adverse or unanticipated market, financial or political developments. No Liability To the maximum extent permitted by law, Astral and its related bodies corporate and affiliates, and the respective officers, directors, partners, employees, agents and advisers of Astral and its related bodies corporate and affiliates: (i) disclaim all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any loss, expense, damage or cost arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation; (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this presentation to reflect any change in expectations or assumption; and (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness of the information in this presentation or that this presentation contains all material information about Astral or that a prospective investor or purchaser may require in evaluating a possible investment in Astral or acquisition of shares in Astral, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement. No party other than Astral has authorised or caused the issue of this presentation, or takes any responsibility for, or makes any statements, representations or undertakings in this presentation. Forward-Looking Statements This presentation may include forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “likely”, “nominal”, “conceptual”, “propose”, “will”, “forecast”, “estimate”, and similar expressions. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Astral. Neither the Company, its officers nor any other person gives any warranty, representation, assurance or guarantee that the events or other matters expressed or implied in this presentation (including the forward-looking statements) will actually occur. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statement in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Astral does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based. astralresources.com.au ASX:AAR | 3 Important Information and Disclaimer Production Target The total Life of Mine Production Target (and forecast financial information derived from the Production Target) referred to in this presentation is underpinned by approximately 75% by Probable Ore Resources, approximately 5% by Indicated Mineral Resources which were not converted to Ore Reserves and the remaining approximately 20% by Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself (or the forecast financial information) will be realised. The proportion of Inferred Mineral Resources underpinning the Life of Mine Production Target is not the determining factor in project viability. The Inferred Mineral Resources do not feature as a significant proportion early in the mine plan and the forecast payback period for the Mandilla Gold Project is less than one year. Competent Person Statements Mandilla The information in this presentation that relates to the Ore Reserves for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this presentation that relates to the Mineral Resources for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 21 April 2026 titled "Mineral Resource Increased to 2.07 Million Ounces". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 21 April 2026 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. Feysville The information in this presentation that relates to the Ore Reserves for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this announcement that relates to the Mineral Resources for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 1 November 2024 titled "Astral's Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 1 November 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. Spargoville The information in this announcement that relates to the Mineral Resources for the Spargoville Project reported in this announcement were announced in the Company’s ASX announcement dated 7 May 2025 titled "Astral's Group Gold Mineral Resource Increases to 1.76Moz with the inclusion of Spargoville Gold Project". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 7 May 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. Pre-Feasibility Study The information in this presentation that relates to the production target for the Mandilla Gold Project was reported by Astral in accordance with ASX Listing Rules and the JORC Code (2012 edition) in the announcement “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve" released to the ASX on 25 June 2025. A copy of that announcement is available at www.asx.com.au. Astral confirms it is not aware of any new information or data that materially affects the information included in that market announcement and that all material assumptions and technical parameters underpinning the production target, and the related forecast financial information derived from the production target in that market announcement continue to apply and have not materially changed. Astral confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement. astralresources.com.au ASX:AAR | 4 Important Information and Disclaimer Previously Reported Results Exploration Results The information in this presentation that relates to Exploration Results is extracted from the ASX Announcements (Original Announcements), which have been previously announced on the Company’s ASX Announcements Platform and the Company’s website at www.astralresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Announcements and that all material assumptions and technical parameters underpinning the estimates in the Original Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original announcement. ASX:AAR | astralresources.com.au 5 Astral Resources Investment Highlights Tier-1 location in the WA Goldfields 2.1Moz Mineral Resource and growing +95kozpa production profile (first 12 years) Robust economics and rapid payback Strong balance sheet (~$65m cash) Clear pathway to DFS Multiple near- term catalysts Developing a new circa 100kozpa long-life gold project near Kalgoorlie astralresources.com.au ASX:AAR | 6 A significant long-life, high-margin gold development in Australia The Mandilla Gold Project is… A large and growing gold system in the WA Goldfields Conventional open pit mining and processing with strong metallurgy Demonstrating significant exploration upside across the tenement portfolio Located in a Tier-1 jurisdiction, with low sovereign risk and adjacent to established infrastructure astralresources.com.au ASX:AAR | 7 Corporate Overview Options / Rights 16.3M/13.4M (Ave exercise price 9c) Cash on Hand A$65.1M (Jun Qtr 2026) Significant Shareholders Research Coverage Institutional 23.8% Non-Institutional 72.3% Board & Management 3.9% Shares On Issue 1,809M Market Capitalisation A$361.8M Enterprise Value A$296.7M Company Snapshot Share Price A$0.20 Share Price Performance astralresources.com.au ASX:AAR | 8 Corporate Overview Options / Rights 16.3M/13.4M (Ave exercise price 9c) Cash on Hand A$65.1M (Jun Qtr 2026) Significant Shareholders Research Coverage Institutional 23.8% Non-Institutional 72.3% Board & Management 3.9% Shares On Issue 1,809M Market Capitalisation A$361.8M Enterprise Value A$296.7M Company Snapshot Share Price A$0.20 Peer Comparison: Enterprise Value per Resource Ounce (A$/oz)1 1 – Refer to Appendix 3 for source information. $373 $334 $280 $272 $245 $231 $224 $143 $143 $137 $126 $115 $100 $89 - $50 $100 $150 $200 $250 $300 $350 $400 MM8 RXL AUC MI6 BM1 SGC PC2 AAR GG8 SMI AZY BTR STN HRN Average: $201/oz astralresources.com.au ASX:AAR | 9 9 Corporate & Technical Capability Management Team Board of Directors Justin Osborne Non-Executive Director 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). Peter Stern Non-Executive Director 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 Non-Executive Director 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. Mark Connelly Non-Executive Chairman 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. 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). Brendon Morton 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. Jed Whitford Chief Operating Officer Jed has over 25 years experience in the mining industry. In his most recent assignment Jed held a senior role with Glencore Nickel's global management team, he has previously held roles with EganStreet Resources, Xstrata, Minara Resources, Golder Associates and Gold Fields amongst others. Julie Reid Geology Manager 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. Mat Wilson General Manager - Mandilla Mathew is a mining engineer with over 20 years’ experience in the mining industry. He has worked in strategic, project development and operational management roles across a diverse range of jurisdictions including Australia, Africa, New Caledonia, South America and Canada. Notably, Mathew was the Mine Manager during the development and successful startup of the fully autonomous Cote Gold Mine in Ontario. Richard Jones Exploration Manager Richard has over 14 years' experience as an exploration geologist, working in gold, nickel and lithium. Prior to joining Astral Resources, Richard held a senior position in the exploration team at Egan Street Resources. Richard is currently the Exploration Manager for Astral’s Mandilla, Feysville and Spargoville Projects. ASX:AAR | astralresources.com.au 10 Mandilla PFS Highlights – Compelling Project Economics +95kozpa production profile 1.1g/t average for 12yrs Further 6.5 years of LG stockpiles at 42kozpa Long mine life 13.2 yrs mining, 18.5 yrs processing Profitable, high-margin (at A$4,250/oz Au) AISC A$ 2,085/oz over LOM Funding quantum in reach 2.75Mtpa plant and NPI A$180.4M Pre-production A$46.7M Robust Financials (post Capex/Pre-tax at A$4,250/oz Au) NPV8 $1.4B FCF $2.8B Payback 12 months Simple and conventional Conventional D&B, load & haul open pit Strip ratio of 5.5x* Simple processing Excellent metallurgy 95.5% recovery * Theia only strip ratio. Strip ratio over the LoM is 6.4x when including the remaining Mandilla and Feysville deposits 2 - Refer to Appendix 1 for detailed PFS financial information and to ASX Announcement dated 25 June 2025. Project Economics at Spot Au Price ($6,250) $2.9B2 NPV8 (pre-tax) $5.6B FCF +95kozpa Production profile 6 months Payback A$ 2,148/oz AISC over LOM astralresources.com.au ASX:AAR | 11 • GR Engineering working on the DFS and Target Cost model • Capital and operating costs have been received • ITE underway (initial scope limited to the April 2026 MRE) • Detailed mine designs, schedules and mine costing underway • LUA executed with the Marlinyu Ghoorlie Native Title Claim Group over the Mandilla and Spargoville Gold Project areas • Site layouts scheduled for September Quarter with NVCP, MDCP and Works Approval immediately thereafter Mandilla Definitive Feasibility Study astralresources.com.au ASX:AAR | 12 Development Schedule* – Clear Pathway to Production Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 In Progress Stage 1 Thea in-fill Think Big Mining DFS Delivery Debt process underway Approvals Final Investment Decision * DFS timing impacted by finalisation of site layouts as a result of the Mineral Rights Agreement and the NTA (Heritage surveys) astralresources.com.au ASX:AAR | 13 • Diamond drilling program has been underway since March 2026 • 14 holes for 8,529 metres completed to date • Original program 6-hole (3,000m) expanded to 21-hole (11,000) • All completed holes have logged significant quartz-sulphide vein percentages and visible gold* – indicative of a potential significant extension to the Theia mineralisation at depth • Assay results reported for 9 of the 14 completed holes Theia – The key deposit –remains open at depth * Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. See Appendix 4 for logging of holes for which chemical assay results have not yet been reported. ASX:AAR | astralresources.com.au 14 • AMRCD263 returned significant gold mineralisation 600m downhole • AMRCD259 returned significant gold mineralisation 735m downhole • Drilling has demonstrated significant gold mineralisation and a potential extension of Theia up to 350 metres below the base of April 2026 MRE shell Theia Deeps Drilling Progress ASX:AAR | astralresources.com.au 15 • This section is located further 100m south of the previous section • AMRCD378 returned significant gold mineralisation 53m at 4.67g/t Au starting below the base of the Resource shell • AAMRCD77 (assays pending) has logged significant quartz-sulphide veining and visible gold* from the base of the pit extending 200m below the Resource shell Theia Deeps Drilling Progress (continued) * Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. See Appendix 4 for logging of holes for which chemical assay results have not yet been reported. ASX:AAR | astralresources.com.au • 99 holes (11,121m) in-fill completed at Stage 1 (average 1.93g/t Au) • 431 holes (44,400m) in-fill in progress at Stage 1 (average 1.39g/t Au for the first 144 holes for 14,533m) • 43 holes (4,324m) in-fill completed at Stage 2 (average 1.22g/t Au) • On completion, entirety of Stage 1 will be in the higher confidence Measured Resource category Theia de-risking – drilling to achieve the higher confidence Measured Resource category astralresources.com.au ASX:AAR | 17 • Feysville Project located 14km south of Kalgoorlie – emerging high-grade satellite operation • Feeding into central production and processing hub located at Mandilla • Comprises multiple deposits – Think Big, Kamperman, Rogan Josh • Heritage survey recently completed at Kamperman – drilling to recommence in the December Quarter • Kamperman is an exciting high-grade discovery – Resource update underway • Think Big – early cash-flow opportunity through mining JV Feysville – Satellite Opportunity astralresources.com.au ASX:AAR | 18 Think Big Gold Project proposed site layout • LOI executed to mine ~ 32,000oz from Think Big as an early revenue opportunity to fund development of the Mandilla Gold Project • Native Title Agreement executed with Marlinyu Ghoorlie • Mining Tenement M 26/846 recently granted • NVCP approved and MDCP currently under assessment by the regulator Think Big has the potential to contribute significant free cash-flow to support the Mandilla Gold Project funding requirements Feysville – Think Big Monetisation astralresources.com.au ASX:AAR | 19 Think Big Gold Project proposed site layout • 6,000m of RC drilling completed to in-fill Think Big ahead of mining • Best results include: • 11m at 7.34g/t Au • 12m at 5.89g/t Au • 3m at 10.0g/t Au, 2m at 9.53g/t Au and 9m at 6.01g/t Au • 2m at 8.01g/t Au, 12m at 2.99g/t Au and 12m at 4.14g/t Au • 11m at 3.97g/t Au • 2m at 3.54g/t Au and 16m at 2.33g/t Au • 4m at 8.27g/t Au Feysville – Think Big Monetisation astralresources.com.au ASX:AAR | 20 Spargoville – Significant Exploration Upside ~14km of highly prospective strike between the Wattle Dam and Eagle Complex with very little deep drilling outside of known Resource areas • Two high-priority areas identified for immediate follow-up. • Resource updates underway at the Spiders and Eagles Nest – ahead of the upcoming exploration programs • Heritage clearance survey recently completed – drilling at Wattle Dam to commence in the December Quarter • Both areas are essentially untested below 100m drill depth despite favorable geological conditions, gold- in-soil anomalism and proximity to known deposits Wattle Dam Eagle Complex Holes > 100m depth assayed for gold across Spargoville tenements 21 Key Catalysts Theia in-fill and Theia Deeps diamond drilling Mandilla MRE updates DFS completion Think Big mine production Kamperman and Spargoville exploration Kamperman and Spargoville MRE updates ASX:AAR | astralresources.com.au ASX:AAR | astralresources.com.au 22 Investment Summary Emerging WA gold developer Robust long-life project economics Significant resource growth potential Strong balance sheet Clear pathway to DFS A S X : AA R astralresources.com.au Suite 2, 6 Lyall St, South Perth, WA, 6151 T: +61 8 9382 8822 E: info@astralresources.com.au Contact Us * Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. See Appendix 4 for logging of holes for which chemical assay results have not yet been reported. ASX:AAR | astralresources.com.au 24 (1,200) (900) (600) (300) - 300 600 900 1,200 1,500 1,800 2,100 2,400 (300) (200) (100) - 100 200 300 400 500 600 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Cum Cash Flow(RHS) Net Revenue Opex Corporate, Exploration, Feasibility Change in Working Capital Capex Sustaining Capex Annual Cash Flow Key Financial Assumptions Gold Price Assumed A$/oz 4,250 Discount Rate % 8 Foreign Exchange AUD:USD 0.65 Key Project Metrics Payable Metal Koz 1,414 Gold Revenue A$M 6,011 Mining Costs – Total A$M 1,594 Mining Costs – Pre-Production (capitalised) A$M -40 Mining Costs A$M 1,553 Processing (including Maintenance, Transport, Insurance & Refining) A$M 963 General and Administrative Costs A$M 166 Royalties A$M 187 Project EBITDA A$M 3,142 Depreciation and Amortisation A$M 307 Net Profit Before Tax A$M 2,835 Capital Pre-Production Capital Expenditure (incl. contingency) A$M 180 Pre-Production Costs - Mining/General & Administrative A$M 47 Sustaining Capital A$M 80 LOM Capital A$M 307 Project Returns FCFF (Pre-tax) A$M 2,835 FCFF (Post-tax) A$M 2,012 Pre Tax NPV @ FID (8.0%) AUD M 1,400 Pre Tax IRR (at FID) % 101% Pre Tax payback - From first Au production Years 0.92 Post Tax NPV @ FID (8.0%) AUD M 1,001 Post Tax IRR (at FID) % 86% Post Tax payback - From first Au production Years 1.00 Equity NPV @ FID (8.0%) AUD M 1,001 Post Tax IRR (at FID) % 86% Capital Intensity (Steady State) AUD/oz p.a. 2,381 Pre-Tax NPV/Pre-Production Capital x 6.16 Post-Tax NPV/Pre-Production Capital x 4.41 Appendix 1 - PFS Financials Stage 1 Cash Flow Operating Costs1 $ million $/t Milled $/oz Mining2 $1,553 $30.81 $1,098 Processing (incl. Maintenance, Transport, Insurance & Refining) $963 $18.95 $681 General & Administrative (Site) $166 $3.28 $118 C1 Cash Cost3 $2,682 $52.80 $1,897 Royalties $187 $3.69 $132 Sustaining Capital $80 $1.57 $56 All-in Sustaining Cost (AISC)4 $2,949 $58.05 $2,085 LoM of Mining Costs: $4.25 per tonne $12.48 per BCM ASX:AAR | astralresources.com.au 25 Appendix 2 – Mineral Resources & Ore Reserves Project Probable Total Ore Reser