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 astralresources.com.au