Announcement PDF ASX Announcement ASX: AAR 9 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 SUBSTANTIAL INCREASE IN MINERAL RESOURCES AT SPARGOVILLE PROJECT, WA FOLLOWING RE-ESTIMATION OF KEY DEPOSITS 102% increase in Spargoville MRE to 281koz following reinterpretation and re-estimation of the Spiders, 8500N and Eagles Nest deposits HIGHLIGHTS • The Mineral Resource Estimate (MRE) for Astral’s 100%-owned Spargoville Gold Project (Spargoville) has increased by 102% to 8.5Mt at 1.0g/t Au for 281koz of contained gold, 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. • The Spiders, Eagles Nest, 8500N and 5B Deposits have been re-estimated 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 cost assumptions underpinning the optimisation are based on the mining and processing unit costs used for the upcoming Mandilla Gold Project Definitive Feasibility Study (Mandilla DFS) mine optimisations. • Including the MRE at Feysville of 5Mt at 1.2g/t Au for 196koz of contained gold1 (Feysville MRE) and the MRE at Mandilla of 53.5Mt at 1.0g/t Au for 1.74Moz of contained gold2 (Mandilla MRE), the consolidated MRE for the Astral Group now stands at 67Mt at 1.0g/t Au for 2.21Moz of contained gold (Group MRE). 1 - 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. See ASX Announcement 1 November 2024. 2 - 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) JOIN ASTRAL RESOURCES’ INVESTOR HUB Visit Astral Resources' Investor Hub or scan the QR code to be a part of Astral’s interactive hub. Click here to see the latest announcement. 2 astralresources.com.au ASX: AAR | Project Measured Indicated Inferred Total Mineral Resource Tonnes Grade Metal 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) (Mt) (Au g/t) (oz Au) Mandilla2 1.3 1.3 57,000 32.6 1.0 1,092,000 19.6 0.9 588,000 53.5 1.0 1,736,000 Feysville1 - - - 3.5 1.3 144,000 1.5 1.1 53,000 5.0 1.2 196,000 Spargoville - - - 5.1 1.1 186,000 3.4 0.9 95,000 8.5 1.0 281,000 Total 1.3 1.3 57,000 41.2 1.1 1,422,000 24.5 0.9 735,000 67.0 1.0 2,214,000 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 are reported at a 0.40 g/t Au lower cut-off for Mandilla, Spiders, Eagles Nest, 8500N and 5B, and a 0.39g/t Au lower cut-off grade for Feysville and the remainder of Spargoville and is constrained within pit shells derived using a gold price of A$4,500 per ounce for Mandilla, Spiders, Eagles Nest, 8500N and 5B, A$3,500 for the remainder of Spargoville and A$2,500 per ounce for Feysville. Astral Resources’ Managing Director Marc Ducler said: “We have completed a comprehensive reinterpretation and re-estimation of the key deposits that form part of the Spargoville Gold Project, which we acquired through our acquisition of Maximus Resources last year. “Importantly, these resources have been re-optimised using the same parameters and assumptions that will inform our upcoming Definitive Feasibility Study for the Mandilla Gold Project. “These include a conservative gold price assumption of A$4,500/oz, which shows that the financial metrics that underpin the Resource are very robust. “The result is a pleasing 102% increase in the contained gold, which we believe is a strong validation of the future growth potential of these assets. Part of the motivation for completing this re-optimisation was to help us refine upcoming drilling programs to target further growth. “Only a modest 16,000 metres of drilling has been completed at Spargoville since acquiring Maximus Resources and we are very excited to be back drilling at the Spiders deposit in the current December Quarter.” 3 astralresources.com.au ASX: AAR | Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report an updated Mineral Resource Estimate (MRE) for the 100%-owned Spargoville Gold Project (Spargoville), located 70km south of Kalgoorlie in Western Australia, reported in accordance with the JORC Code (2012 Edition). The MRE update has been 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 – are unchanged. The MRE at Spargoville previously totalled 3.0Mt at 1.4g/t Au for 139koz of contained gold and, notwithstanding that these three deposits remain unchanged from the May 2025 MRE, the new update represents a 102% increase to 8.5Mt at 1.0g/t Au for 281koz of contained gold. The Indicated Resources have increased by 130% to 5.1Mt at 1.1g/t Au for 186koz of contained gold. 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. Moreover, the MRE updates incorporate the same cost assumptions that were 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 next quarter. Furthermore, the 102% increase has been achieved with the inclusion of a modest 16,000 metres of new Reverse Circulation (RC) drilling. The chart below demonstrates the continued growth of the Astral Group MRE. Figure 1 – Group MRE growth 4 astralresources.com.au ASX: AAR | Figure 2 below sets out the locations of the Mandilla, Feysville and Spargoville Gold Projects. Figure 2 – Map illustrating the location of the Mandilla, Feysville and Spargoville Gold Projects. 4 astralresources.com.au ASX: AAR | 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. 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 5 astralresources.com.au ASX: AAR | 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. 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 3. 6 astralresources.com.au ASX: AAR | Figure 3 – Map of the Spargoville and Mandilla Gold Project showing optimised pit shells and the cross-section location on local area geology. 7 astralresources.com.au ASX: AAR | SPIDERS MINERAL RESOURCE ESTIMATE The Spiders deposit currently represents the largest accumulation of Mineral Resources within the Spargoville Gold Project, with 5.5Mt at 1.0g/t Au for 177koz of contained gold. Two distinct mineralised envelopes have been modelled, both of which lie within the Ultramafic unit, with minor splays of mineralisation within the adjacent Porphyry units. The two main envelopes are striking north-north-west, with gold trends striking north-west with a moderate dip of 30° to 50° and a plunge of ~30° towards 330. Three alluvial (transported) horizontal layers are also modelled. Figure 4 below shows a section through the Spiders Deposit with the October 2026 optimised pit shell (black line) and the new MRE model. Figure 4 – Cross-section through the Spiders Deposit 8 astralresources.com.au ASX: AAR | SUMMARY OF MRE PARAMETERS A summary of information material to the understanding of the Spargoville Gold Project (Spargoville) is provided below in compliance with the requirements of ASX Listing Rule 5.8.1. Location, Geology and Project History Spargoville is located approximately 70 km south of Kalgoorlie, and about 25 km south-west of Kambalda in Western Australia (Figure 1) and is directly adjoining Astral’s Mandilla Gold Project. Spargoville is located on granted mining leases M15/97, M15/100, M15/395, M15/1101, M15/1475, M15/1448, M15/1449 and P15/5545. Previous MREs were produced by Maximus in 2016 and by Widenbar and Associates (for Maximus) in 2023. Regional and Local Geology Spiders and 8500N The Wattle Dam Gold Project is located in the Coolgardie Domain within the Kalgoorlie Terrane of the Archaean Yilgarn Craton. The greenstone stratigraphy of the Kalgoorlie Terrane can be divided into three main units: 1. predominantly mafic to ultramafic units of the Kambalda Sequence, these units include 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. Multiple deformational events have affected the Kalgoorlie Terrane, with at least five major regional deformational events identified. Granitoid intrusions associated with syntectonic domains are found 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 transgression on northwest to north-northwest trending structures. The local geology consists of a steep west-dipping sequence of metamorphosed mafic and ultramafic volcanic rocks, interflow metasedimentary rocks and felsic porphyry intrusions. The dominant structural style consists of steep north-plunging isoclinal folds with sheared and attenuated fold limbs. The current mineralisation trends NNW-SSE over a strike length of 2.3 km and extends down to 550 m below surface. The dip and dip direction of the gold trends appear to be moderate to the West. The mineralisation remains open at depth, with significant intercepts in the holes RBDD008 and RBDD008W1, which requires further investigation. 5B At 5B, gold mineralisation occurs within a shear zone at the contact of a small dunite body located between a footwall basalt and an ultramafic unit in the hanging wall (McDonald, 2016b). It is thought that the primary sulphide minerals have been structurally remobilised into their current position within the shear zone. The gold and nickel mineralisation appear to be intimately associated, with the ore zone 9 astralresources.com.au ASX: AAR | also elevated in copper, cobalt, PGE’s and arsenic. There is no apparent documentation of the relationship between the primary Ni-bearing sulphide minerals and the gold mineralisation, although there is some suggestion that the gold mineralisation may be associated with a later crosscutting shear. The mineralisation trends in a NNW-SSE direction over a strike length of 140 m and dips steeply to the West (65 - 70°). It currently extends to a depth of 240 m below the surface with a true thickness of between 3 and 14 m. Eagles Nest The Eagles Nest deposit is located within the Coolgardie Domain in the Kalgoorlie Terrane of the Norseman to Wiluna Greenstone Belt. The regional geology is dominated by a sequence of tightly folded and steeply dipping meta-basalts, ultramafics and sediments. These are bounded by large regional shear zones and intruded by syn-tectonic granites. Locally, the main zone of gold mineralisation is associated with a steeply east-dipping mafic lithology that is adjacent to an interflow metasedimentary unit. The mineralisation trends in a N-S direction (010°) over a strike of approximately 530 m and dips to the east at approximately 70 - 75°. It currently extends to a depth of 250 m below the surface with a true thickness of between 2 and 15m. The mineralisation remains open to the south and at depth. Geological Interpretation All AAR and the previous operator (Maximus Resources) air core, RC and diamond drill hole data was used to guide the interpretation of the mineralisation. The gold mineralisation at Spargoville is complex, with structural and lithological controls. The gold mineralisation is mostly hosted within the ultramafic units. For the Spiders and 8500N, the mineralisation is associated with the Zuleika and Spargoville shears, that are representative of deposits that formed during sinistral transgression on northwest to north- northwest trending structures. The local geology consists of a steep west-dipping sequence of metamorphosed mafic and ultramafic volcanic rocks, interflow metasedimentary rocks and felsic porphyry intrusions. The dominant structural style consists of steep north-plunging isoclinal folds with sheared and attenuated fold limbs. At 5B, gold mineralisation occurs within a shear zone at the contact of a small dunite body located between a footwall basalt and an ultramafic unit in the hanging wall. At Eagles Nest, the gold mineralisation is associated with a steeply east-dipping mafic lithology that is adjacent to an interflow metasedimentary unit. In addition to the main gold mineralisation, Spiders, 8500N, and Eagles Nest all have transported alluvial-hosting gold mineralisation. Deterministic estimation domains were built in Leapfrog Geo with the Vein modelling tool, using both geological (structures, lithology) and grade information. The domains have a minimum width of 2 m and use domaining grade thresholds from 0.2 to 0.4 ppm Au. Where necessary, subdomains were created using a nonlinear estimation technique known as Categorical Indicator Kriging (CIK) to separate internal waste volumes from mineralised volumes. Drilling Techniques All drilling data incorporated in the updated Spargoville MRE has been collected from Rotary Air Blast (RAB) Air Core (AC), Reverse Circulation (RC), RC with a diamond core tail (RCDT) and Diamond Drilling (DD). The data set contained 197 RAB, 1,090AC, 836 RC, 7 RCDT, 129 DD, 3 geotechnical holes and 59 holes of unknown origin. The AC, RAB and geotechnical holes were used for the domain interpretation but were excluded from the estimation. 10 astralresources.com.au ASX: AAR | Figure 5 below shows the valid collars coloured by hole type. Figure 5 – Plan view of the deposits area showing valid collars coloured by hole type. Classification Classification of Mineral Resources uses two main criteria as follows: 1. Confidence in the Au estimate 2. Reasonable prospects for eventual economic extraction (RPEEE). Assessment of confidence in the estimate of gold included guidelines as outlined in JORC (2012): 11 astralresources.com.au ASX: AAR | • Drill data quality and quantity • Geological domaining (for mineralised domain) • The spatial continuity of Au mineralisation • Geostatistical measures of Au estimate quality. In summary, the more quantitative criteria relating to these guidelines include data density and the kriging search pass used, as follows: • No material has been classified as Measured. • The Indicated Mineral Resource has a nominal drill spacing of 20 mN x 20 mE or closer and not more than 20 m laterally beyond drilling. • The Inferred Mineral Resource is material within the mineralised domain but not meeting the criteria for Indicated. In addition, pit optimisation work has been undertaken by AAR in August and September 2026 and the resulting shells have been used to constrain the declared Mineral Resources. The optimisations were run at a gold price of AUD $4,500 per ounce, with an average mining cost of $5.03/t for Eagles Nest, $5.68/t for 8500N, $5.14/t for All Spiders, and $5.31/t for 5B. Overall processing recovery was assumed to be 96%, with a processing plus G&A cost of $30/t. Metallurgical testing from literature (Altrius Engineering Services, 2017 and Widenbar, 2023) shows that gold recoveries range from 91.5% to 97.3% for the Wattle Dam deposits, and from 86% to 94% for Eagles Nest. Geotechnical input parameters vary based on the weathering state. Inter-ramp angles vary from 34° in oxide up to 54° in fresh. A plan view of the Mineral Resource classification is shown in Figure 6 and Figure 7 below. 12 astralresources.com.au ASX: AAR | Figure 6 – Spiders, 8500N and 5B MRE’s by Resource Category (green - Indicated, yellow - Inferred) 13 astralresources.com.au ASX: AAR | Figure 7 – Eagles Nest MRE by Resource Category (green - Indicated, yellow - Inferred) The following observations on RPEEE can be made: • The Mineral Resource is constrained within an optimised pit shell, with input parameters described above. • Metallurgical testing from Wattle Dam and Eagles Nest show preliminary results with processing recoveries ranging from 86% to 97.3%; although more testing is recommended across all four deposits to increase confidence in the results. 14 astralresources.com.au ASX: AAR | • The project when combined with Mandilla is of sufficient scale to support stand-alone processing infrastructure • The project is located on granted Mining Leases. • There is extensive mining history in the region, and there are no unforeseen environmental considerations that would preclude conventional open-cut mining and waste dump construction. No issues have arisen from flora and fauna surveys. • Heritage Surveys are currently underway • Grades and geometry are amenable to medium-scale open cut mining. Therefore, there is no apparent reason the majority of the Spargoville gold deposits could not be mined economically. It should be clearly noted that the OK estimates are computed on ’panel’ scale, which is larger than the SMU scale; and therefore, does not provide selectivity at local scale. Grade control drilling is required to provide enough confidence in a localised, SMU-scale estimate. Sample Analysis Method The Photon Assay technique as provided by ALS Global has been used at Spargoville on samples analysed by Astral. Samples submitted for analysis via Photon Assay technique were dried, crushed to nominal 85% passing 2mm, linear split and a nominal 500g sub sample taken (method code PAP3512R). The 500g sample is assayed for gold by Photon Assay (method code PAAU2) along with quality control samples including certified reference materials, blanks and sample duplicates. The ALS Global Photon Assay Analysis Technique, developed by CSIRO and the Chrysos Corporation, represents a fast and chemical free alternative to the traditional fire assay process and utilises high energy x-rays. The process is non-destructive and utilises a significantly larger sample than the conventional 50g fire assay. ALS Global has thoroughly tested and validated the PhotonAssay process with results benchmarked against conventional fire assay. The National Association of Testing Authorities (NATA), Australia's national accreditation body for laboratories, has issued ALS Global with accreditation for the technique in compliance with TSO/TEC 17025:2018-Testing. Certified Reference Material from Geostats Pty Ltd were submitted at intervals of approximately 75 metres. Blanks and duplicates were also submitted at 75m intervals resulting in a 1:25 sample ratio. Sampling and Sub-Sampling Techniques Diamond Drilling Diamond drilling collects uncontaminated fresh core samples which are cleaned at the drill site to remove drilling fluids and cuttings to present clean core for logging and sampling. The DD core is orientated, logged geologically and marked up for assay at a maximum sample interval of 1.2 metre constrained by geological or alteration boundaries. Drill core is cut in half by a diamond saw on site at the AAR yard in Kambalda and the right side (either half HQ or NQ2 core) is submitted for assay analysis. RC Drilling RC drilling samples are collected at 1m intervals via a cyclone and splitter system and logged geologically. A four-and-a-half-inch RC hammer bit was used to ensure +20kg of sample is collected per metre. The 1m drill sample is channelled through a rotary cone-splitter installed directly below a rig mounted cyclone and an average 2-3kg sample is collected in pre-numbered calico bags and positioned on top of the rejects cone. 15 astralresources.com.au ASX: AAR | AC Drilling 1m samples are collected from individual 1m sample piles. AC holes are drilled to blade refusal. Sample weights of between 2-3 kg are collected from the rejects that are deposited on the ground Estimation Methodology Estimation of the main deposits was by Ordinary Kriging (OK) with varying panel sizes, according to the variable drill spacing. A final gold estimate combines all the estimates. Estimation was done in Isatis and Surpac software for Spiders, and in Datamine Studio RM for 8500N, 5B, and Eagles Nest. The estimation process is as follows: • Drill hole data was selected within mineralised domains and composited to 1 m downhole intervals in Leapfrog software – the majority of the raw sample lengths were 1 m or less. • The composited data was imported into Supervisor software for statistical and geostatistical analysis. The statistical and domain contact analysis showed slightly different grade population statistics for the transported, oxidised, transitional and fresh rock parts of the main mineralised domain, but the contact analysis showed the grade changes were gradational at the oxidation state boundaries (with the exception of the surficial transported cover). • In the case of domains requiring subdomains using the CIK method, the subdomains were created as follows: • Selection of appropriate threshold based on log-probability plot analysis; • Estimation by OK on fine grids of 1.25x1.25x0.65 to 1.25; • Assignment of block type: ‘HG’ if the estimated indicator is greater than or equal to 0.5, and ‘LG’ otherwise. • HG and LG block selections are back-flagged on the composites to create ‘HG’ and ’LG’ sub-populations. • Estimation of the HG/LG subpopulations into appropriately sized blocks. • The fresh, transitional and oxidised zones were combined for variography and estimation, with the alluvial domains estimated independently. Variography was performed on data transformed to normal scores, and the variogram models were back-transformed to original units. Variography was performed for each domain and subdomain. • The variogram models had moderate to high nugget effects, ranging from 0.12 to 0.61 for Spiders, 0.1 to 0.61 for 8500N, 0.13 to 0.21 for 5B, and 0.25 to 0.41 for Eagles Nest. Ranges for the first structure range from 8 m to 50 m, with the majority around 15 m to 20 m. • Estimation via OK was performed in a non-rotated block model in MGA94 grid, with variable panel block sizes from 5 mE x 5 mN x 2.5 mRL to 20 mE x 40 mN x 10 mRL; with well-informed areas estimated within 5 mE x 10 mN x 2.5 mRL – which is approximately half the drill spacing. • A minimum of 3 to 14 and an optimum of 12 to 17 (1 m composite) samples per panel estimate was used, with search ellipse radii varying for each domain (oriented in the same directions as the variogram models). One to three search passes were used to estimate all domains, with the use of three passes only when there was a great volume of non-informed data. Some domains were extended well beyond drilling when there was an opportunity of extension (mineralisation open) which can be used as drilling target. Those non-informed volumes are not classified. • The panel estimates used the ‘distance limited threshold’ technique, where uncapped samples are used for a very local estimate, and these high-grade samples capped or not used for estimation beyond this local distance. The thresholds used vary for each domain. • Estimates of Au grades were validated against the composited drill hole data by extensive visual checking in cross-section, plan and on screen in 3D, by global (per deposit comparisons of input data and model, and by semi-local statistical methods (swath plots). All methods showed satisfactory results. 16 astralresources.com.au ASX: AAR | Density Estimation There is only limited bulk density data available. Within the four deposits, only the Spiders Deposit has density measurements. A total of 201 samples were taken across the oxidation profile, with most measurements within the ultramafic unit. Average bulk density values were assigned per modelled weathering domain and lithology using literature and available measurements (1.7 t/m3 for transported, 1.86 t/m3 for oxidised ultramafic and 1.85 t/m3 for oxidised porphyry, 2.51 t/m3 for transitional ultramafic and 2.35 t/m3 for transitional porphyry; and 2.95 t/m3 for fresh rock ultramafic and 2.8 t/m3 for fresh rock ultramafic). Reporting Cut-off Grade A grade-tonnage curve for the combined Indicated and Inferred resource for the Spiders deposit is shown in Figure 8. The tonnage drop is steep between 0.01 and 4.0 ppm Au, but the grade increase is constant above all Au cut-off grades. Figure 8, Figure 9, Figure 10 and Figure 11 show the grade tonnage curves for Eagles Nest, 8500N and 5B respectively. Figure 8 – Spiders Deposit October 2026 MRE – grade and tonnage curve 17 astralresources.com.au ASX: AAR | Figure 9 – Eagles Nest Deposit October 2026 MRE – grade and tonnage curve Figure 10 – 8500N Deposit October 2026 MRE – grade and tonnage curve 18 astralresources.com.au ASX: AAR | Figure 11 – 5B Deposit October 2026 MRE – grade and tonnage curve The cut-off grade of 0.40g/t Au was established from pit optimisation work. Mining and Metallurgical Methods and Parameters The Spargoville Project will be mined by open pit extraction. Recent pit optimisation work used a gold price of A$4,500oz, with mining costs averaging at $5.03/t for Eagles Nest, $5.68/t for 8500N, $5.14/t for Spiders, and $5.31/t for 5B. Pit slope angles are appropriate for the transported, transitional and fresh rock. Inter-ramp angles vary from 34° in oxide up to 54° in fresh, depending upon oxidation state and area. Overall processing recovery was assumed to be 96%, with a processing plus G&A cost of $30 per tonne. Metallurgical testing has been completed within Wattle Dam and Eagles Nest. Results of test work indicate recoveries from 91.5% to 97.3% in Wattle Dam and from 86% to 94% in Eagles Nest. RC chips and composite samples from the Wattle Dam open pit were used in the