Announcement PDF ASX Announcement ASX: AAR 29 OCTOBER 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 QUARTERLY REPORT – SEPTEMBER 2026 Highlights Mandilla Gold Project • Execution of a Land Use Agreement (LUA) with the Marlinyu Ghoorlie Native Title Claimant Group. • 141 holes (14,468m) of in-fill reverse circulation (RC) drilling completed on the proposed Theia Stage 1 open pit. • 7 holes (4,465m) of diamond drilling (DD) completed on the Theia Deeps DD program. • 18 holes of the expanded Theia deeps DD program have now been completed. The program continues to be successful, intersecting depth extensions of the ore body below the current Stage Five open pit design. • Assay results for 11 DD holes (6,451m) and 209 RC holes (21,409m) reported during and subsequent to the end of the Quarter. Feysville Gold Project • Assay results reported for a 92-hole (5,229m) in-fill RC drilling program completed by Mineral Mining Services (MMS) at the Think Big deposit. • Native Vegetation Clearing Permit (NVCP) received and mine development approvals for the proposed Think Big Gold Project Joint Venture progressing. Spargoville Gold Project • Updated JORC-2012 Mineral Resource Estimate (MRE) of 8.5Mt at 1.0g/t Au for 281koz of contained gold announced subsequent to the end of the quarter1. Mandilla Project Definitive Feasibility Study • Mandilla Project Definitive Feasibility Study (Mandilla DFS) continued with design and technical work streams advancing to schedule and permitting and approval requirements progressing. • Sale and Purchase Agreement executed with WIN Metals Ltd (ASX: WIN) providing Astral with title and unfettered control over the tenure required for the Mandilla Gold Project development, simplifying land access and future approvals. • Binding agreement with Estrella Resources Limited (ASX: ESR) (Estrella) to acquire 100% of Estrella’s Spargoville Nickel tenure, which is potentially critical to the broader Mandilla Gold Project development footprint, simplifying land access and future approvals. • Completion of acquisition of the Mandilla Homestead, a freehold parcel of land located approximately 500 metres from the Mandilla Gold Project for $850,000, simplifying land access and future approvals. Corporate • Cash of approximately $59 million as at 30 September 2026 (previous quarter: $65 million). 1 Spargoville JORC 2012 Mineral Resource Estimate: 1.9Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1.1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources. See ASX announcement 9 October 2026. astralresources.com.au ASX: AAR | 2 Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report on its activities during the quarter ended 30 September 2026 (the Quarter). MANDILLA PROJECT Astral continued to progress the Mandilla Project, which comprises the following three projects: 1. Mandilla Gold Project (Mandilla); 2. Feysville Gold Project (Feysville); and 3. Spargoville Gold Project (Spargoville). In June 2025, Astral announced the results of a Preliminary Feasibility Study for the Mandilla Gold Project (Mandilla PFS), which also included the mining of gold deposits at Feysville. It was based on a standalone project comprising seven open pit mines feeding a 2.75Mtpa processing facility, producing 95koz per year for the first 12 years. The base case gold price assumption for the Mandilla PFS was A$4,250/oz and demonstrated a Net Present Value (8% discount rate) (NPV8) of $1.4 billion2. At a A$6,000 gold price, the NPV8 increases to $2.7 billion3 . Four open-pit mines at Mandilla were included in the Mandilla PFS (Theia, Hestia, Eos and Iris), and three open-pits mines at Feysville (Kamperman, Think Big and Rogan Josh). Note that no contribution from Spargoville was included in the Mandilla PFS. The Company is currently progressing a Definitive Feasibility Study for Mandilla (Mandilla DFS). The Mandilla DFS is forecast for completion during the March Quarter 2027. Simultaneously, the Company is pursuing an early mining opportunity at the Think Big deposit at Feysville, which could produce cash flow during the June Quarter 2027. A map illustrating the location of Astral’s project interests is set out in Figure 1. 2 Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025) 3 Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025) – refer to gold price sensitivity Table 3 of ASX Announcement. astralresources.com.au ASX: AAR | 3 Figure 1 – Map illustrating the location of the Astral’s Mandilla, Spargoville and Feysville Gold Projects. astralresources.com.au ASX: AAR | 4 MANDILLA GOLD PROJECT The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia. A map of Mandilla illustrating both the local area geology and mineral deposits is set out in Figure 2. Figure 2 – Map of Spargoville and Mandilla Gold Projects on local area geology. astralresources.com.au ASX: AAR | 5 NATIVE TITLE AGREEMENT On 18 August 20264, Astral announced that its wholly owned subsidiary, Mandilla Gold Pty Ltd, had executed a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group (Marlinyu Ghoorlie). The Agreement covers protocols for heritage surveys, activities to protect identified sites and clearance procedures to facilitate mining activities at the Mandilla Gold Project. This Agreement covers the Mandilla and Spargoville tenements. Following the signing of the Land Use Agreement in October 2025 for the Feysville Gold Project, this Agreement means that all tenure which is the subject of the Mandilla DFS is now covered by a Land Use Agreement. The Agreement highlights Astral’s commitment to working cooperatively with the Marlinyu Ghoorlie towards the responsible development of its broader Mandilla, Spargoville and Feysville Projects. MANDILLA EXPLORATION Drilling During the Quarter, Astral completed a total of 141 holes (14,468m) of Reverse Circulation (RC) drilling and 7 holes (4,465m) of diamond drilling (DD) at Mandilla. The RC holes were part of an in-fill program at the Theia deposit on the proposed Stage 1 open pit contemplated in the Mandilla PFS (Theia RC Stage 1 In-fill Program). The DD holes were part of the Theia Deeps DD program, which was expanded (due to ongoing success) to 21 holes (11,000m). 18 holes of the program have now been completed. Assay Results Reported During and subsequent to the end of the Quarter, Astral reported assay results for 11 DD holes (6,451m) from the Theia Deeps DD Program and 209 RC holes (21,409m) from the Theia RC Stage 1 In-fill Program. Theia RC Stage 1 In-fill Program The Theia Deposit hosts a Mineral Resource Estimate (MRE) of 41.0Mt at 1.1g/t Au for 1.4Moz of contained gold5 . In the production case outlined in the Mandilla Pre-Feasibility Study (Mandilla PFS), Theia contributes 1.1Moz or approximately 75% of the 1.48Moz total. The Mandilla PFS contemplated five stages of Theia open pit development. The Stage 1 open pit encompasses 4.2Mt at 1.1g/t Au for 146,000 ounces of contained gold over the first 21 months of the project with a strip ratio of 4:1. The proposed Stage 2 open pit totals 1.9Mt at 0.9g/t Au for 54,000 ounces of contained gold at strip ratio of 5.1:1. 4 ASX announcement dated 18 August 2026 – “Land Use Agreement Signed with Marlinyu Ghoorlie at Mandilla”. 5 Mandilla JORC 2012 Mineral Resource Estimate: 1.3Mt at 1.3g/t Au from 57koz Measured Mineral Resources, 32.6Mt at 1.0g/t Au for 1,092koz Indicated Mineral Resources and 19.6Mt at 0.9g/t Au for 588koz Inferred Mineral Resources (refer to Astral ASX announcement dated 21 April 2026) astralresources.com.au ASX: AAR | 6 Astral is continuing to de-risk the development of the Mandilla Gold Project with an ongoing program of in-fill drilling at Theia. Assay results from the Theia RC Stage 1 in-fill RC Program were reported on 9 July 20266, 23 July 20267, 8 September 20268 and 27 October 20269. High-grade assay results continue to demonstrate the significant potential of the Stage 1 open pit at Theia and highlight the significant zones of high-grade mineralisation. The best assay results reported are accessible via the Company’s ASX Announcements section of its website (https://astralresources.com.au/announcements) or via the ASX announcements platform. The assay results continue to validate the current geological and Mineral Resource model for Theia, comprising broad, consistent grade intervals within laterally continuous zones of quartz-sulphide veining that dip shallowly to the south‑west. The Theia Stage 1 RC in-fill program is continuing, with 303 holes for 30,973 metres now completed and a further 129 holes for approximately 12,616 metres planned. Theia Deeps DD Program Astral currently has a DD rig testing Theia Deeps for depth extensions below the current MRE. The aim of the program is to determine the potential broader scale of the Theia mineral system. With the continued success of the program, additional holes are now planned to target further high- grade extensions to the known Theia Resource at depth and along strike, with the program now expanded to 21 holes for 11,000m. An isometric view showing the drill-hole collar locations for the current Theia Deeps DD program is shown in Figure 2. 6 ASX Announcement 9 July 2026 “High-Grade Assay Results from Theia Stage 1 In-fill Drilling.” 7 ASX Announcement 23 July 2026 “High-Grade Assays from Stage 1 In-fill Drilling at Theia.” 8 ASX Announcement 8 September 2026 “More Thick High-Grade Infill Results Strengthen Theia Stage 1.” 9 ASX Announcement 27 October 2026 “Theia Stage 1 Infill Drilling Continues to Deliver High-Grade.” astralresources.com.au ASX: AAR | 7 Figure 3 – Isometric view of the Theia Deposit showing the MRE block model, the drill traces for the completed and planned deep DD holes and the cross-section locations Assay results from the Theia Deeps DD Program were reported on 14 July 202610 (2-holes for 1,279.8m), 17 August 202611 (3 holes for 1,817.3m), 8 September 202612 (1 hole for 318.9m), 15 September 202613 (2 holes for 1,215.6m) and 13 October 202614 (3 holes for 1,819.3m). The best assay results reported are accessible via the Company’s ASX Announcements section of its website (https://astralresources.com.au/announcements) or via the ASX announcements platform. FEYSVILLE GOLD PROJECT The Feysville Gold Project (Feysville) is located within the north-north-west trending Norseman – Wiluna Greenstone Belt within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie. Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX). 10 ASX Announcement 14 July 2026 “Deep Drilling Continues to Expand Theia Deeps.” 11 ASX Announcement 17 August 2026 “Theia Deeps Continues to Expand.” 12 ASX Announcement 8 September 2026 “More Thick High-Grade Infill Results Strengthen Theia Stage 1.” 13 ASX Announcement 15 September 2026 “Theia Deeps Assay Results Continue to Strengthen Case.” 14 ASX Announcement 13 October 2026 “Theia Deeps Delivers Wide High-Grade Hits.” astralresources.com.au ASX: AAR | 8 Feysville hosts a MRE of 5Mt at 1.2g/t Au for 196koz15 of contained gold at the Kamperman, Think Big and Rogan Josh deposits. The recently completed Mandilla PFS demonstrated that Feysville is a valuable source of satellite ore feed for a future operation based at Astral’s flagship Mandilla Gold Project, contributing 3.7Mt at 1.1g/t Au for 132koz towards the production target of 1.41Moz16 . Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map of the Feysville Gold Project identifying tenements and deposits/prospects on local area geology, as well as the newly granted Mining Lease, is set out in Figure 6. FEYSVILLE EXPLORATION Drilling Completed No drilling was completed by Astral during the Quarter at the Feysville Gold Project. Astral intends commencing drilling immediately after relevant heritage clearance surveys have been completed. Drilling will be focused on infill and extensional drilling at the Kamperman deposit. Assay Results Reported On 21 August 2026, the Company released the assay results from a 92-hole (5,229m) RC drilling program completed at the Think Big Deposit by Mineral Mining Services Pty Ltd (MMS). The best assay results reported are accessible via the Company’s ASX Announcements section of its website (https://astralresources.com.au/announcements) or via the ASX announcements platform. THINK BIG JOINT VENTURE UPDATE MMS has submitted the NVCP and Mine Development & Closure Plan (MDCP) for the development of Think Big. Pleasingly, MMS recently received approval for the NVCP and is now awaiting approval for the MDCP. MDCP approval is expected in the current December Quarter. Pending execution of a suitable processing contract, it is expected that pre-mining activities will commence in the March Quarter of 2027, with haulage operations to commence in the June Quarter of 2027. Note that, on the basis that the Joint Venture proceeds, there will be no ore contribution from Think Big in respect of the Mandilla DFS. 15 Feysville JORC 2012 Mineral Resource Estimate: 4Mt at 1.3g/t Au for 144koz Indicated Mineral Resources and 1Mt at 1.1g/t Au for 53koz Inferred Mineral Resources (refer to Astral ASX announcement dated 1 November 2024). 16 Mandilla Project Pre-Feasibility – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025). astralresources.com.au ASX: AAR | 9 Figure 4 – Map of Feysville Gold Project (including tenements and deposits/prospects) on local area geology. astralresources.com.au ASX: AAR | 10 SPARGOVILLE GOLD PROJECT The Spargoville Gold Project (Spargoville) is located in the Coolgardie Domain within the Kalgoorlie Terrane, adjacent to Mandilla and approximately 25 km south-west of Kambalda and approximately 20km west of Gold Fields Limited +20-million-ounce St Ives gold camp. The greenstone stratigraphy of the Kalgoorlie Terrane can be divided into three main units: 1. Predominantly mafic to ultramafic units of the Kambalda Sequence, with these units including the Lunnon Basalt, Kambalda Komatiite, Devon Consols Basalt, and Paringa Basalt; 2. Intermediate to felsic volcaniclastic sequences of the Kalgoorlie Sequence, represented by the Black Flag Group; and 3. Siliciclastic packages of the late basin sequence known as the Merougil Beds. The Paringa Basalt, or Upper Basalt, is less developed within the Coolgardie Domain, but similar mafic volcanic rocks with comparable chemistry are found in the Wattle Dam area. Slices of the Kambalda Sequence referred to as the Burbanks and Hampton Formations, are believed to represent thrust slices within the Kalgoorlie Sequence. The Kalgoorlie Terrane has been the subject of at least five major regional deformational events. Granitoid intrusions associated with syntectonic domains are present in the Wattle Dam area, including the Depot Granite and the Widgiemooltha Dome. Domed structures associated with granitoid emplacement are observed in the St Ives camp, with deposition of the Merougil Beds and emplacement of porphyry intrusions occurring during extensional deformation. Gold occurrences associated with the Zuleika and Spargoville shears are representative of deposits that formed during sinistral transpression on north-west to north-north-west trending structures. The Spargoville Project comprises several advanced gold prospects and deposits, including Wattle Dam, Eagles Nest, Larkinville, Hilditch and 5B. On 9 October 2026, the Company reported an updated MRE for Spargoville of 8.5Mt at 1.0g/t Au for 281koz of contained gold17 , reported in accordance with the JORC Code (2012 Edition). The updated Spargoville MRE includes the Spiders (which combines the Redback, Huntsman, Trapdoor, Golden Orb and S5 Deposits), Eagles Nest, 8500N and 5B Deposits. The Wattle Dam Stockwork, Hilditch and Larkinville Deposits were not included in this update and remain unchanged from the ASX announcement dated 7 May 2025. Having been acquired just prior to completion of the Mandilla PFS, Mineral Resources of the Spargoville Gold Project were not included as part of the Mandilla PFS. A map of Spargoville illustrating both the local area geology and gold deposits is set out in Figure 2. SPARGOVILLE EXPLORATION Drilling Completed No drilling was completed during the Quarter at Spargoville. Once the currently underway in-fill program at Theia is completed the RC rig will relocate to Spargoville and commence a phased 55-hole (10,000m) 17 Spargoville JORC 2012 Mineral Resource Estimate: 5.1Mt at 1.1g/t Au for 186koz Indicated Mineral Resources and 3.4Mt at 0.9g/t Au for 95koz Inferred Mineral Resources. See ASX announcement 9 October 2026. astralresources.com.au ASX: AAR | 11 drill program testing the mineralised trend which is interpreted to join the high-grade Wattle Dam mine to the Spiders Deposit. UPDATED MINERAL RESOURCE ESTIMATE On 9 October 2026 (subsequent to the end of the Quarter), the Company released an MRE update of 8.5Mt at 1.0g/t Au for 281koz of contained gold, completed on the Spiders (which includes Golden Orb, Huntsman, Redback, Trapdoor and S5), Eagles Nest, 8500N and 5B Deposits. The remaining Spargoville Deposits – Wattle Dam Stockwork, Larkinville and Hilditch remain unchanged. The Indicated Resources increased by 130% to 5.1Mt at 1.1g/t Au for 186koz of contained gold from the previous MRE (May 2025 MRE). The Spiders, Eagles Nest, 8500N and 5B MRE’s were prepared by independent consultant, Cube Consulting, in accordance with the JORC Code (2012 Edition). They have been updated using a 0.40g/t Au lower cut-off and constrained within pit shells derived using a gold price of A$4,500 per ounce. The MRE update incorporates the same cost assumptions that are being used for the Mandilla DFS mine optimisations. The update to the Spargoville MRE was primarily a precursor to a renewed exploration focus at Spargoville, with drilling expected to commence during the December quarter. The Spargoville MRE is summarised in Table 1 below, with a detailed breakdown by deposit provided in Table 2 and a grade and tonnage sensitivity analysis by cut-off grade provided in Table 3. Table 1 – Spargoville MRE (October 2026) Mineral Resource Estimate for the Spargoville Gold Project (Cut-Off Grade >0.39g/t Au) Classification Tonnes (Mt) Grade Au Metal (oz) Indicated 5.1 1.1 186,000 Inferred 3.4 0.9 95,000 Total 8.5 1.0 281,000 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 | 12 Table 2 – Spargoville MRE (October 2026) by source. Deposit Classification Tonnes (Mt) Grade (g/t) Au Metal (oz) Wattle Dam Stockwork* Indicated 0.3 1.0 10,000 Inferred 0.0 5.0 4,000 Total 0.3 1.4 15,000 Spiders Indicated 2.8 1.2 106,000 Inferred 2.8 0.8 71,000 Total 5.5 1.0 177,000 8500N Indicated 0.8 0.8 20,000 Inferred 0.2 0.7 5,000 Total 1.0 0.8 26,000 Eagles Nest Indicated 0.6 1.2 23,000 Inferred 0.2 0.9 7,000 Total 0.8 1.1 30,000 Larkinville* Indicated 0.2 1.8 11,000 Inferred 0.0 1.0 1,000 Total 0.2 1.7 12,000 Hilditch* Indicated 0.2 1.1 8,000 Inferred 0.1 1.7 7,000 Total 0.4 1.3 15,000 5B Indicated 0.1 1.4 6,000 Inferred 0.0 0.7 0 Total 0.2 1.3 7,000 Total 8.5 1.0 281,000 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. * Remain unchanged from May 2025 MRE update Table 3 – Spargoville MRE (October 2026) by cut-off grade. Cut-off grade (g/t Au) Tonnes (Mt) Grade (g/t) Au Metal (oz) 0.3 9.7 0.9 295,000 0.35 9.1 1.0 289,000 0.4 8.5 1.0 281,000 0.45 7.8 1.1 272,000 0.5 7.1 1.1 262,000 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. astralresources.com.au ASX: AAR | 13 Table 4 – Comparison of Spiders, Eagles Nest, 8500N and 5B for October 2026 MRE to May 2025 MRE October 2026 MRE May 2025 MRE Rel. Diff. (%) Class Deposit Tonnes (Mt) Au (g/t) Au (oz) Tonnes (Mt) Au (g/t) Au (oz) Tonnes (Mt) Au (g/t) Au (oz) Indicated Spiders & 8500N 3.6 1.1 126,000 1.4 1.2 54,000 155% -8% 134% Eagles Nest 0.6 1.2 23,000 0.1 1.9 8,000 489% -35% 193% 5B 0.1 1.4 7,000 - - - - - - Total 4.3 1.1 157,000 1.5 1.3 62,000 187% -12% 153% Inferred Spiders & 8500N 3.0 0.8 76,000 0.7 1.5 37,000 329% -47% 106% Eagles Nest 0.2 0.9 7,000 0.1 1.9 8,000 134% -53% -16% 5B 0.0 0.7 0 0 4.2 5,000 23% -83% -94% Total 3.2 0.8 83,000 0.8 1.9 50,000 301% -59% 66% All TOTAL 7.6 1.0 240,000 2.3 1.5 112,000 227% -35% 114% The major variance in Table 4 above can be ascribed to the increase in the gold price from A$3,500 to A$4,500 per ounce that resulted in a larger MRE optimised pit shell. Minor decreases in the MRE were due to reinterpretation/estimation and the increase in the cut-off grade from 0.39g/t Au to 0.40g/t Au. The locations of the optimised pit shells based on a gold price of A$4,500 per ounce are set out in Figure 2. astralresources.com.au ASX: AAR | 14 WIN METALS TRANSACTION On 28 September 2026, Astral announced a transaction with WIN Metals Ltd (ASX: WIN) (WIN) for the rationalisation of its contiguous tenure holdings and mineral rights over a portion of WIN’s Mt Edwards Nickel Project tenure. Importantly, the transaction provides Astral with title and unfettered control over the tenure critical to the development of the 100%-owned Mandilla Gold Project. The key terms of the transaction are set out below. Terms of the Transaction Astral received Transfer of tenure and all mineral rights, excluding lithium rights, on mining leases 15/96, 15/97, 15/653, 15/100, 15/1271 and miscellaneous licence 15/254 from WIN to Astral. Prior to the transaction Astral held the gold rights only over the mining lease tenure with WIN’s 100% owned subsidiary Mt Edwards Critical Metals Pty Ltd (MECM) holding the tenure and all other commodity rights. M15/97 includes the Zabel nickel Resource of 325kt @ 2% Ni for 6,360 Ni tonnes which passed to Astral. Transfer of nickel rights on M15/633 to Astral. Prior to the transaction Astral held the underlying tenure and all commodity rights with the exception of nickel rights held by MECM. A Mining Rights Agreement (AAR MRA) over all mineral rights, excluding lithium, in favour of Astral over a portion of M15/99 covering the Eagles Nest gold deposit. Prior to the transaction MECM held the tenure and all commodity rights with the exception of gold rights held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. Following the transaction, Astral will hold all mineral rights, except lithium, over the AAR MRA portion of M15/99. Astral will be responsible for payment of all tenure rent, rates and tenure maintenance and management activities on the tenure where it becomes the tenure holder; M15/96, M15/97, M15/653, M15/100 and M15/1271 including proportionally over the relevant M15/99 AAR MRA area. WIN received A Mining Rights Agreement (WIN MRA) over all mineral rights in favour of MECM over a portion of M15/653 covering WIN’s McEwen and McEwen Hangingwall nickel Resources. Prior to the transaction MECM held the tenure and all commodity rights with the exception of gold held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. The underlying tenure M15/653 will be transferred to Astral with the WIN MRA providing MECM with all mineral rights over a portion of M15/653 containing the McEwen and McEwen Hangingwall nickel Resources. Transfer of gold rights on mining leases 15/99, 15/101 and 15/102 to MECM. Prior to the transaction MECM held the underlying tenure and all commodity rights with the exception of gold rights held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. Consideration totalling $9,050,000 (excl. GST) was paid by Astral to WIN as follows: o $8,050,000 + GST was payable on completion, which occurred on 5 October 2026. o $1,000,000 + GST is yet to be paid pending registration of the transfer of mining lease 15/96 to Astral on the Tenement Register of the WA Department of Mines, Petroleum and Exploration. WIN remains responsible for payment of all tenure rent, rates and tenure maintenance and management activities on tenure where it remains the tenure holder; M15/99, M15/101 and M15/102 including proportionally over the relevant M15/653 WIN MRA area. astralresources.com.au ASX: AAR | 15 Figure 5: Map showing respective MECM and Astral tenure interests post transaction completion. astralresources.com.au ASX: AAR | 16 ESTRELLA TRANSACTION On 6 October 202618, Astral announced that its wholly-owned subsidiary Mandilla Nickel Pty Ltd (MNPL) had entered into a binding agreement (Transaction Agreement) with Estrella Resources Limited (ASX: ESR) (Estrella) for the acquisition of 100% of the company’s rights and interests to Nickel at the West Kambalda Tenements (comprising Tenements M15/395, M15/703, L15/255 and L15/128) and the Spargos Tenements (Tenement M15/1828) (together, Nickel Rights), currently held by WA Nickel Pty Ltd, a wholly owned subsidiary of Estrella. Completion of the Transaction Agreement is subject to a number of Conditions (as set out below) including, but not limited to, the Parties obtaining all necessary regulatory approvals or waivers pursuant to the Listing Rules, Corporations Act and any other applicable law to allow them to lawfully complete the Transaction. Terms of the Transaction A summary of the material terms of the Transaction Agreement are set out below: (a) (Conditions): Completion of the Transaction is conditional upon, and is subject to the satisfaction (or waiver, as permitted), of a number of conditions precedent including (but not limited to): i. Astral obtaining all necessary shareholder and regulatory approvals or waivers pursuant to the Listing Rules, Corporations Act and any other applicable law to allow it to issue the Consideration Shares; ii. the parties and/or any relevant third party entering into any agreement required to complete the Transaction, including but not limited to any deed of assignment and assumption; iii. the parties obtaining all necessary shareholder, regulatory or third-party approvals or waivers to allow them to lawfully complete the Transaction. (b) (Acquisition): Astral (or its subsidiaries) shall acquire all of the Seller’s legal and beneficial title to the Nickel Rights (c) (Consideration): In consideration for the Acquisition, Astral shall issue to Estrella fully paid ordinary Astral Shares to the value of $3,000,000 based on a deemed issue price of $0.15 per Astral Share, being 20,000,000 Astral Shares (Consideration Shares). 10,000,000 Consideration Shares shall be voluntarily escrowed for a period of six months from completion. The Transaction Agreement otherwise contains terms and conditions that are considered standard for agreements of this nature. The transaction is expected to complete by late October, early November 2026. DEFINITIVE FEASIBILITY STUDY Astral continues to make steady progress on the Mandilla DFS. A “no red flags” review has been completed by the Independent Technical Expert (ITE) on the April 2026 MRE and the ITE is expected to commence work on the Mining and Geology sections of the ITE report in the December Quarter. The heritage clearance surveys for the broader Mandilla Project have now been completed with the final report pending. Execution of the agreements with Estrella and WIN was a significant step in providing Astral with the necessary unfettered tenure to be able to progress the project approvals. Site 18 ASX Announcement 6 October 2026 “Third Party Rights Acquired Over Mandilla Development Footprint.” astralresources.com.au ASX: AAR | 17 layouts are now complete which paves the way for the NVCP, MDCP and the Works Approval to be submitted in the December Quarter. The Mandilla DFS is currently targeted for completion during Quarter 1 2027, with a Final Investment Decision (FID) expected to follow immediately thereafter. CURRENT AND FUTURE WORK EXPLORATION & DEVELOPMENT Two drill rigs, a Reverse Circulation (RC) and a Diamond Drill (DD) are currently operating at Mandilla. The Theia Deeps DD program is ongoing, with eighteen holes of the expanded 21-hole (11,000m) program completed. Additional drill holes have been added both to in-fill the recently identified gold mineralisation to an Inferred classification and to further test the extent of Theia mineralisation both up and down-dip. In-fill drilling of the Theia Stage 1 open pit is ongoing with 28,350 metres completed of the 431-hole (44,400m) program. The in-fill drill program is expected to continue throughout the remainder of 2026. Heritage surveys are in progress to clear the remaining development footprint for the Mandilla Gold Project. Sterilisation drilling at Mandilla will continue pending heritage clearance surveys. Pad preparation commenced during October for both the Spiders Deposit (Spargoville) and Kamperman Deposit (Feysville). This will allow both RC and DD to commence at the Spiders and Kamperman deposits during the current quarter.