Announcement PDF Adelaide Gather Round Conference April 2026 Mandilla Gold Project: Building a West Australian long-life, high-margin gold project 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. 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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 3 April 2025 titled "Group Mineral Resource Increases to 1.62 million ounces with Indicated Resources at the Mandilla Gold Project Exceeding One 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 3 April 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. 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 1.8Moz Mineral Resource and growing +95kozpa production profile (first 12 years) Robust economics and rapid payback Strong balance sheet (~$76m 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 Why Mandilla Matters… Large, coherent gold system in established mining jurisdiction Conventional open pit mining and processing with strong metallurgy Significant exploration upside across tenure Tier-1 location with world-class infrastructure, services and low sovereign risk astralresources.com.au ASX:AAR | 7 Corporate Overview Options / Rights 20.3M/20.2M (Ave exercise price 11.4c) Cash on Hand A$75.9M (Dec Qtr 2025) Significant Shareholders Research Coverage Institutional 36.0% Non-Institutional 60.3% Board & Management 3.7% Shares On Issue 1,801M Market Capitalisation A$369.2M Enterprise Value A$293.3M Company Snapshot Share Price A$0.205 Share Price Performance astralresources.com.au ASX:AAR | 8 8 Corporate & Technical Capability Mark Connelly Non-Executive Chairman Justin Osborne Non-Executive Director Peter Stern Non-Executive Director David Varcoe Non-Executive Director Marc Ducler Managing Director Brendon Morton Chief Financial Officer & Company Secretary Jed Whitford COO 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 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 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. Management Team Board of Directors 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. 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. ASX:AAR | astralresources.com.au 9 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 ($6,750) $3.2B2 NPV8 $6.3B FCF +95kozpa Production profile 6 months Payback A$ 2,163/oz AISC over LOM astralresources.com.au ASX:AAR | 10 • GR Engineering engaged to complete DFS and deliver an agreed Target Cost model • Taylor Collison appointed to drive debt process with several banks expressing interest • Level Solutions appointed to provide project management support for the DFS and delivery phase • Mandilla MRE update in progress and Kamperman MRE update scheduled for late Q2 • Miscellaneous licence for process water exploration granted and heritage clearance surveys completed Mandilla Definitive Feasibility Study astralresources.com.au ASX:AAR | 11 Development Schedule – Clear Pathway to Production Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Completed PFS delivered In Progress Stage 1 Thea in-fill DFS workstreams advancing Debt process underway Approvals in process Final Investment Decision ASX:AAR | astralresources.com.au 12 Mandilla Deposits Hestia Theia Iris Eos ~1Moz in a single open pit at Theia Theia remains open at depth – potential UG to be explored 1.4Moz discovered to date at sub $20/oz in discovery cost ASX:AAR | astralresources.com.au 13 Theia – The key deposit – potentially remains open at depth • Six-holes (~ 3,000m) planned to test Theia extents at depth • Testing the current interpretation of shallow, SW dipping mineralisation with a steep internal west- dipping HG zone • Testing an eastern plunge theory, which will also test the parallel east HG zone which was successfully targeted in the previous diamond program. • The program if successful could potentially deliver 100m – 200m extensions to the Theia mineralisation at depth and will deliver meaningful growth ASX:AAR | astralresources.com.au 14 Westdown- plunge (pipe) Sediment contact PFS Stage 5 Pit PFS Stage 1 Pit ERF – importantto mineralisation? Mineralisation periodicity? 520m planned depth East down- plunge RJ26_THD021 RJ26_THD025 560m planned depth Parallel HGZ? Pre-collar 220m Theia – The key deposit – potentially remains open at depth ASX:AAR | astralresources.com.au • 99 holes completed at the cornerstone Theia deposit • 11,121m drilled • Average 52 gram x metres3 across the entire program • Average grade 1.93g/t Au • 4:1 strip ratio in the Stage 1 starter pit Theia De-Risking 3 Gram x metres or G/M is the product of the assayed grade of the reported interval multiplied by the length of the reported interval. Results continue to support the proposed Stage 1 starter pit and resource confidence ASX:AAR | astralresources.com.au 16 • 32m at 10.8g/t Au from 50m • 2m at 95.9g/t Au from 105m • 40m at 1.1g/t Au from 73m • 17m at 2.2g/t Au from 87m • 16m at 2.3g/t Au from 98m • 18m at 6.67g/t Au from 100m • 19m at 3.53g/t Au from 73m • 25m at 3.20g/t Au from 44m • 39m at 2.98g/t Au from 66m • 27m at 3.23g/t Au from 37m • 4m at 46.8g/t Au from 130m • 21m at 7.13g/t Au from 40m • 43m at 2.46g/t Au from 48m • 28m at 3.38g/t Au from 102m • 33m at 2.21g/t Au from 44m Theia De-Risking* * Refer to ASX Announcements dated – 10 September 2025, 18 November 2025 and 2 December 2025 ASX:AAR | astralresources.com.au 17 Feysville – Satellite Opportunity • 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 • Kamperman emerging as an exciting high-grade discovery • Think Big – early cash-flow opportunity through mining JV ASX:AAR | astralresources.com.au 18 Modest 17-hole (2,954m) recently completed Exploration Growth Best results included: • 14m at 6.79g/t Au from 192m • 13m at 6.60g/t Au from 44m • 21m at 3.11g/t Au from 115m • 15m at 3.70g/t Au from 123m • 23m at 2.75g/t Au from 180m • 14m at 2.66g/t Au from 179m • 25m at 1.68g/t Au from 50m Broad zones of new mineralisation identified at depth – well outside the current MRE Kamperman 83,700oz and growing Testing for Kamperman style mineralisation to the immediate west and north to commence in the June Quarter 2026 Refer to ASX announcement dated 21-Jan-26. astralresources.com.au ASX:AAR | 19 • 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 for Think Big submitted • Heritage surveys currently underway • Contractual negotiations with MMS on the Think Big JV well advanced 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 | 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 following a recent targeting exercise • Both areas are essentially untested below 100m drill depth despite favorable geological conditions, gold-in-soil anomalism and proximity to known deposits • Complex NNW fault system hosting the Wattle Dam deposit (262koz) and extending north and south along strike from Eagle’s Nest (18koz) • Highly prospective trap for gold mineralisation Wattle Dam Eagle Complex Holes > 100m depth assayed for gold across Spargoville tenements astralresources.com.au ASX:AAR | 21 Key Catalysts Mandilla MRE update Kamperman and Spargoville MRE update DFS completion Think Big mining agreement Ongoing exploration – incl. Theia at Depth Project financing milestones 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 ASX:AAR | astralresources.com.au 23 (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 24 Appendix 2 – Mineral Resources & Ore Reserves Project Probable Total Ore Reserve Tonnes Grade Metal Tonnes Grade Metal (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) Mandilla 34.3 0.9 1,000,000 34.3 0.9 1,000,000 Feysville 2.3 1.2 88,000 2.3 1.2 88,000 Total 36.6 0.9 1,082,000 36.6 0.9 1,082,000 Ore Reserves are a subset of Mineral Resources. Ore Reserves are estimated using a gold price of AUD $3,000 per ounce. The preceding statement of Ore Reserves 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. The Ore Reserves for Mandilla are reported at a cut-off grade of 0.30 g/t Au lower cut-off and Feysville are reported at a cut-off grade of 0.40 g/t Au lower cut-off. Project Indicated Inferred Total Mineral Resource Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) Mandilla 1 31 1.1 1,034,000 11 1.1 392,000 42 1.1 1,426,000 Feysville2 4 1.3 144,000 1 1.1 53,000 5 1.2 196,000 Spargoville3 2 1.3 81,000 1 1.6 58,000 3 1.4 139,000 Total 36 1.1 1,259,000 14 1.2 502,000 50 1.1 1,761,000 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 The Mineral Resources for Mandilla, Feysville and Spargoville are reported at a cut-off grade of 0.39 g/t Au lower cut-off and is constrained within pit shells derived using a gold price of AUD $3,500 per ounce for Mandilla and Spargoville and AUD$2,500 per ounce for Feysville. Group Ore Reserve Estimate Group Mineral Resource Estimate 1. Mandilla JORC 2012 Mineral Resource Estimate: 31Mt at 1.1g/t Au for 1,034koz Indicated Mineral Resources and 11Mt at 1.1g/t Au for 392koz Inferred mineral Resources (refer to Astral ASX announcement dated 3 April 2025). 2. 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). 3. Spargoville JORC 2012 Mineral Resource Estimate: 2Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources (refer to Astral ASX announcement dated 7 May 2025). 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