Annual Report
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ASTRAL RESOURCES NL
AND ITS CONTROLLED ENTITIES
ABN 24 651 541 976
Annual Report
For the year ended 30 June 2025
astralresources.com.au
CONTENTS
CORPORATE DIRECTORY ............................................................................................................................................... 3
REVIEW OF OPERATIONS................................................................................................................................................ 4
DIRECTORS’ REPORT .................................................................................................................................................... 44
AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................................... 62
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............................. 63
CONSOLIDATED STATEMENT OF FINANCIAL POSITION............................................................................................ 64
CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................................................................... 65
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................................................ 66
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................... 67
CONSOLIDATED ENTITY DISCLOSURE STATEMENT ................................................................................................. 93
DIRECTOR’S DECLARATION .......................................................................................................................................... 94
INDEPENDENT AUDITOR’S REPORT ............................................................................................................................ 95
ASX ADDITIONAL INFORMATION .................................................................................................................................. 99
Astral Resources NL Annual Report 30 June 2025
2
CORPORATE DIRECTORY
This financial report includes the consolidated financial statements and notes of Astral Resources NL (Astral or the Company)
and its controlled entities (the Group). The Group’s functional and presentation currency is AUD ($).
A description of the Group’s operations and of its principal activities is included in the review of operations and activities in
the Directors’ report. The Directors’ Report is not part of the Financial Report.
Directors
Mark Connelly - Non-Executive Chairman
Marc Ducler - Managing Director
Justin Osborne - Non-Executive Director
David Varcoe - Non-Executive Director
Peter Stern - Non-Executive Director
Company Secretary
Brendon Morton
Registered Office & Principal Place of Business
Suite 2, 6 Lyall Street
South Perth WA 6151
Telephone: +61 8 9382 8822
E-mail: info@astralresources.com.au
Website: www.astralresources.com.au
Share Registry
Automic Registry Services
Level 5, 191 St Georges Terrace
Perth WA 6000
Telephone: +1300 288 664
Auditors
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Bankers
National Australia Bank
Level 14
100 St Georges Terrace
Perth WA 6000
Solicitors
Thomson Geer
Level 29, Central Park Tower
152-158 St Georges Terrace
Perth WA 6000
Stock Exchange
Australian Securities Exchange Limited
Level 40, Central Park Tower
152-158 St Georges Terrace
Perth WA 6000
ASX Code: AAR
Astral Resources NL Annual Report 30 June 2025
3
REVIEW OF OPERATIONS
SUMMARY AND HIGHLIGHTS
Astral Resources NL (Astral or the Company) continued to make substantial progress during the financial year, significantly advancing
the Mandilla Gold Project (Mandilla) towards a final development decision. Significant exploration and evaluation activities at
Mandilla, resulted in the announcement of an updated Mineral Resource Estimate during April 2025, the declaration of maiden ore
reserves and the reporting of a positive Pre-Feasibility Study (Mandilla PFS) during June 2025.
Astral’s nearby Feysville Gold Project (Feysville), an important component of the Mandilla PFS, continued to be advanced during the
year, via significant exploration and other activity. An updated MRE was announced during November 2025, which included maiden
MRE’s for the Kamperman and Rogan Josh deposits.
During the year, Astral completed an off-market takeover of Maximus Resources Limited (ASX: MXR) and in doing so, acquired the
Spargoville Project (Spargoville). Spargoville is comprised of a tenement package of approximately 117km2 which is adjacent to and
contiguous with the Mandilla Project.
A map illustrating the location of Astral’s project interests, including the newly acquired Spargoville Project, is set out in Figure 1.
Figure 1 – Map illustrating the location of the Astral’s Mandilla, Spargoville and Feysville Gold Projects.
Astral Resources NL Annual Report 30 June 2025
4
On 25 June 2025, Astral announced the results of the Mandilla PFS, which – based on a standalone project comprising four open pit
mines at Mandilla and three open pit mines at Feysville, feeding a 2.75Mtpa processing facility, producing 95koz per annum during
the first 12.5 years and 42koz per annum thereafter, and incorporating a gold price of A$4,250 – had a pre-tax Net Present Value (8%
discount rate) of A$1.4 billion1. As part of the same announcement, Astral announced a maiden probable Ore Reserve estimate of
36.6 million tonnes at 0.9g/t Au for approximately 1.1 million ounces of gold. The Mandilla PFS and Ore Reserve estimate are
discussed in further detail in this Review of Operations. Note that no Mineral Resources from Spargoville were included in the
Mandilla PFS as the project was acquired just prior to completion of the study.
Mandilla, Feysville and Spargoville were the focus of significant exploration and resource definition activity during the financial year,
with approximately 48 kilometres of drilling completed across the three projects, including 19,081 metres of drilling at Mandilla,
22,651 metres of drilling at Feysville and, 6,212 metres of drilling at Spargoville following its acquisition in May this year (refer to
Figure 2).
The three projects host a Mineral Resource Estimate (MRE) of 50Mt at 1.1 g/t Au for 1.76Moz (refer to Table 9).
Drilling at Mandilla during the financial year included 2,358 metres of diamond drilling (DD) and 16,723 metres of reverse circulation
(RC) drilling.
Drilling at Feysville during the financial year included 1,795 metres of DD, 14,492 metres of RC drilling and 8,364 metres of air-core
(AC) drilling.
Drilling at Spargoville during the financial year included 6,212 metres of RC drilling.
7,000
60,000
6,000
50,000
5,000
40,000
4,000
30,000
3,000
20,000
2,000
10,000
1,000
-
Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
Mandilla
Feysville
Spargoville
DRILLING (CUMULATIVE)
DRILLING (MONTH)
Total Drilling (FY25)
-
Cumulative
Figure 2 – Chart illustrating information regarding drilling completed during the financial year.
During the financial year and up to the date of this Report, Astral reported assay results for a total of 51,225 metres of drilling,
inclusive of 5,635 metres of drilling completed prior to 30 June 2024 at Feysville and reported on 11 July 2024 2, 25 July 2024 3 and 2
August 2024 4. Reported assays also include 2,030 metres of drilling at Mandilla and 3,420 metres of drilling at Spargoville, which
were completed subsequent to the end of the financial year. Assay results reported include:
A total of 19,525 metres of in-fill, extensional and exploration drilling at Mandilla, including 1,795 metres of DD and 17,763
metres of RC drilling;
A total of 28,280 metres of drilling at Feysville, including 1,740 metres of DD, 14,457 metres of RC drilling and 12,028 metres of
AC drilling; and
A total of 3,420 metres of RC drilling at Spargoville.
Mandilla is one of the largest undeveloped free-milling open pit gold development projects in the Kalgoorlie region. The reporting of
the Mandilla PFS and the declaration of maiden ore reserve estimates for Mandilla and Feysville, coupled with the continued
- ASX Announcement 25 June 2025 “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve.”
- ASX announcement dated 11 July 2024 – “Strong Gold Anomalism Outlines Potential Kamperman Analogue.”
3
- ASX announcement dated 25 July 2024 – “Rogan Josh In-fill Completed Ahead of MRE.”
4
- ASX announcement dated 2 August 2024 – “Strong Assay Results at Kamperman Ahead of Feysville MRE.”
1
2
Astral Resources NL Annual Report 30 June 2025
5
exploration success at Mandilla and Feysville, and at the newly acquired Spargoville project, demonstrates the genuine potential for
Astral to develop a long-term profitable gold business in the Kalgoorlie region.
PRE-FEASIBILITY STUDY
On 25 June 2025, Astral announced the results of the Mandilla PFS. Highlights included the following:
2.75Mtpa carbon-in-pulp (CIP) processing plant and associated infrastructure identified as the optimum commercialisation
strategy, with CIP process flow sheet achieving average gold recovery of 95.5%.
Projected production target of approximately 1.41 million ounces of gold across a life-of-mine (LoM) of 19 years (13 years of
mining) at an average grade of 0.90g/t Au, including:
o
Projected gold production averaging approximately 95,000 ounces per annum at an average grade of 1.13g/t Au over the
first 12 years of operation (Stage 1)
o
Projected gold production averaging approximately 42,000 ounces per annum at an average grade of 0.50g/t Au over the
remaining 6.5 years when treating lower grade stockpiles (Stage 2)
All-In Sustaining Costs (AISC) over the LoM average approximately $2,085 per ounce (payable metal), including:
o
LoM mining: approximately $1,098/oz
o
LoM general and administrative: approximately $118/oz
o
Total estimated pre-production capital and working capital of approximately $227 million, comprising:
o
o
Pre-production mining and G&A costs of approximately $47 million
o
Forecast to generate revenue of approximately $6.0 billion
o
Cumulative EBITDA of approximately $3.1 billion
o
Pre-tax and unleveraged Internal Rate of Return (IRR) of approximately 101%
o
Pre-tax and undiscounted free cash flow of approximately $2.8 billion
o
Pre-tax and unleveraged Net Present Value (NPV8) of approximately $1.4 billion
Rapid payback period (pre-tax) of less than 1 year
The LoM financial forecast outcomes when calculated using a gold price assumption of A$5,000, reflects the significant upside
presented in the current gold price environment:
o
Forecast to generate revenue of approximately $7.1 billion
o
Cumulative EBITDA of approximately $4.2 billion
o
Pre-tax and unleveraged IRR of approximately 136%
o
o
o
Processing plant and non-process infrastructure of approximately $180 million
The base case LoM financial forecast outcomes are compelling, calculated using a gold price assumption of A$4,250, reflecting
the quality of the Project:
o
LoM processing: approximately $681/oz
Pre-tax and undiscounted free cash flow of approximately $3.9 billion
Pre-tax and unleveraged NPV8 of approximately $2.0 billion
Rapid payback period (pre-tax) of nine months
Maiden Probable Ore Reserve Estimate (ORE) of 36.6 million tonnes at 0.9g/t Au for approximately 1.1 million ounces of gold,
inclusive of:
o
o
Mandilla Probable ORE of 34.3 million tonnes at 0.9g/t Au for approximately 1.0 million ounces of gold; and
Feysville Probable ORE of 2.3 million tonnes at 1.2g/t Au for approximately 88,000 ounces of gold.
MANDILLA GOLD PROJECT
The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the
significant mining centre of Kalgoorlie, Western Australia.
The area hosts 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).
Astral Resources NL Annual Report 30 June 2025
6
Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA
Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to
the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Significant NW to WNW-trending structures along the western flank of the project are interpreted from aeromagnetic data to cut
through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which has a
mineralised footprint extending over a strike length of more than 1.6km.
A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike
length of approximately 600 metres, combining with Theia to form a mineralised zone extending over a strike length of more than
2.2 kilometres.
At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified which
extends over a length of approximately 600 metres. A primary gold source is also present, with further drilling required to determine
both the nature and structural controls on the mineralisation and its extent.
Mineralisation delineated over approximately 800 metres of strike at the Hestia deposit, located approximately 500 metres west of
Theia, is associated with a shear zone adjacent to a mafic/sediment contact, interpreted to be part of the major north-south trending
group of thrust faults known as the Spargoville Shear Corridor.
Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the
north, the Ghost Crab/Mt Marion mine (>1Moz).
The mineralisation at Hestia, which is present in a different geological setting to bedrock mineralisation at Theia and Iris, remains
open both down-dip and along strike.
In April 2025, Astral announced a Mineral Resource Estimate (MRE) of 42Mt at 1.1 g/t Au for 1.43Moz of contained gold 5 for the
Mandilla Gold Project.
Metallurgical testing undertaken on each of the main deposits at Mandilla – Theia, Iris, Eos and Hestia – has demonstrated high
gravity recoverable gold, fast leach kinetics and exceptional overall gold recoveries with low reagent consumptions and coarse
grinding 6,7,8.
A map of Mandilla illustrating both the local area geology and mineral deposits is set out in Figure 3.
5
- 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)
6 - ASX Announcement 6 June 2022 “Outstanding metallurgical test-work results continue to de-risk Mandilla.”
7 - ASX Announcement 17 September 2024 “Outstanding metallurgical results further de-risk Mandilla.”
8 - ASX Announcement 5 March 2025 “Further outstanding metallurgical recoveries from Theia.”
Astral Resources NL Annual Report 30 June 2025
7
Figure 3 – Map of Mandilla Gold Project showing gold deposits on local area geology.
MINERAL RESOURCE ESTIMATE UPDATE
On 3 April 2025, the Company announced an updated JORC 2012 Mineral Resource Estimate (MRE) of 42Mt at 1.1g/t Au for 1.43Moz
of contained gold (April 2025 MRE), encompassing the cornerstone Theia deposit and the Iris, Eos and Hestia deposits5. The MRE
was prepared by independent consultant Cube Consulting in accordance with the JORC Code (2012 Edition).
The April 2025 MRE was estimated using a 0.39g/t Au lower cut-off and constrained within pit shells derived using a gold price of
A$3,500 per ounce. The cost assumptions underpinning the optimisation are based on mining and processing unit costs from the
Mandilla PFS.
The Mandilla 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.
Astral Resources NL Annual Report 30 June 2025
8
Table 1 – Mandilla MRE (April 2025)
Mineral Resource Estimate for the Mandilla Gold Project (Cut-Off Grade >0.39g/t Au)
Classification
Tonnes (Mt)
Grade
Au Metal (oz)
Indicated
30.6
1.1
1,034,000
Inferred
10.9
1.1
392,000
Total
41.5
1.1
1,426,000
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.
Deposit
Table 2 – Mandilla MRE (April 2025) by source.
Classification
Tonnes (Mt)
Grade (g/t)
Indicated
Theia
Iris
Eos
Hestia
24.5
Au Metal (oz)
1.1
832,000
Inferred
8.8
1.2
323,000
Total
33.3
1.1
1,154,000
Indicated
2.8
0.8
68,000
Inferred
1.6
0.8
40,000
Total
4.3
0.8
108,000
Indicated
1.2
1.6
59,000
Inferred
0.4
1.1
13,000
Total
1.5
1.5
72,000
Indicated
2.2
1.1
76,000
Inferred
0.2
2.1
15,000
Total
2.4
1.2
91,000
41.5
1.1
1,426,000
Total
All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant
figures.
Table 3 – Mandilla MRE (April 2025) by cut-off grade.
Cut-off grade
Tonnes (Mt)
Grade (g/t)
(g/t Au)
Au Metal (oz)
0.3
48.6
1.0
1,505,000
0.35
44.9
1.0
1,467,000
0.39
41.5
1.1
1,426,000
0.4
41.1
1.1
1,420,000
0.45
37.4
1.1
1,370,000
0.5
34.1
1.2
1,320,000
All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to
rounding to appropriate significant figures.
The locations of the optimised pit shells based on a gold price of A$3,500 per ounce are set out in plan view in Figure 4.
The various long and cross sections referenced in this Report are also annotated on this plan.
Astral Resources NL Annual Report 30 June 2025
9
Figure 4 – Map of Mandilla Gold Project showing April 2025 optimised pit shell outlines and section locations on local area
geology.
Astral Resources NL Annual Report 30 June 2025
10
Theia MRE
Theia is the cornerstone deposit at Mandilla, with the MRE estimated at 33.3Mt at 1.1g/t Au for 1.15Moz of contained gold. As such,
Theia represents approximately 81% of the Mandilla MRE.
Section 1, as illustrated in Figure 5 below, represents a cross-section of the Theia deposit as previously reported on 20 July 2023. The
cross-section shows the April 2025 optimised pit shell (white dashed line) and the new MRE model, shaded to highlight the Indicated
and Inferred Mineral Resources.
Figure 5 – Cross-section 1 at Theia (refer Figure 4 for section location).
Section 2, as illustrated in Figure 6 below, represents a cross-section of the northern Theia Mineral Resource. Mineral resources
along this section, which is within the Stage 2 pit outline, were previously largely Inferred. An in-fill RC drill program completed in
this area resulted in the conversion of a significant portion of these mineral resources into the higher confidence Indicated category.
Astral Resources NL Annual Report 30 June 2025
11
Figure 6 – Cross-section 2 at Theia (refer Figure 4 for section location).
Section 3, as illustrated in Figure 7 below, represents a longitudinal projection of the Theia deposit as previously reported on 20 July
2023 9.
Diamond drilling completed since the previous update resulted in a significant increase in Indicated Mineral Resources at depth as
shown by the yellow line that represents the base of the July 2023 MRE Indicated material.
Mineralisation within the yellow polygon to the north, which was categorised as Inferred in the July 2023 MRE, was upgraded to the
Indicated category as part of the April 2025 MRE.
9 - ASX Announcement 20 July 2023 “Mandilla Gold Resource Surpasses 1.25Moz – MRE Upgrade”
Astral Resources NL Annual Report 30 June 2025
12
Figure 7 – Longitudinal projection at Theia (refer Figure 4 for section location).
The Theia deposit remains open at depth.
Iris MRE
The April 2025 MRE for the Iris deposit is estimated at 4.3Mt at 0.8g/t Au for 108koz of contained gold. This encompasses Indicated
Mineral Resource of 2.8Mt at 0.8g/t for 68koz of contained gold, a 515% increase since the previous estimated MRE.
A 19-hole (2,971-metre) program of RC infill drilling was subsequently completed during the June Quarter, with the aim of converting
additional Inferred resources to the Indicated category. Results from this program are discussed in this report.
Section 4, as illustrated in Figure 8 below, represents a cross-section at Iris located 40 metres north of the cross-section that was
previously reported in the MRE announcement on 18 January 2022. This illustrates the impact of the recent in-fill drilling, with the
entirety of this section now classified in the higher confidence Indicated category.
Astral Resources NL Annual Report 30 June 2025
13
Figure 8 – Cross-section at Iris (refer Figure 4 for section location).
Eos MRE
The April 2025 MRE at Eos is estimated at 1.5Mt at 1.5g/t Au for 72koz of contained gold.
Of this, the palaeochannel deposit MRE, which now includes a southern zone, has increased in size and grade, and is now estimated
at 0.69Mt at 2.09g/t Au for 46koz of contained gold.
The bedrock Eos MRE is now estimated at 0.8Mt at 0.9g/t Au for 25koz of contained gold.
The modest fresh rock Mineral Resource has increased with the extra drilling; however, further work is required to both convert the
mostly Inferred Resource to Indicated category and establish the extent of the mineralisation.
Section 5, as illustrated in Figure 9 below, shows a cross-section encompassing both the Eos paleochannel and the fresh rock MRE as
previously reported on 20 July 20239.
Astral Resources NL Annual Report 30 June 2025
14
Figure 9 – Cross-section at Eos (refer Figure 4 for section location).
Hestia MRE
Over the period from estimation of the July 2023 MRE to the April 2025 MRE, there was no drilling undertaken at Hestia.
However, due to the favourable data configuration within the shear hosted mineralisation, Cube Consulting determined ordinary
kriging to be the preferred approach to resource estimation for the April 2025 MRE.
This resulted in increases to both the grade and size of the Mineral Resource of 32% and 12% respectively, with the MRE at Hestia
now estimated at 2.4Mt at 1.2g/t Au for 91koz of contained gold.
Section 6, as illustrated in Figure 10 below, represents a longitudinal projection of Hestia as previously reported on 23 July 20239.
Astral Resources NL Annual Report 30 June 2025
15
Figure 10 – Long projection at Hestia (refer Figure 4 for section location).
A summary of information material to the understanding of the MRE was provided in the ASX announcement dated 3 April 2025, in
compliance with the requirements of ASX Listing Rule 5.8.1.
EXPLORATION
Summary
During the financial year, Astral completed a total of 19,081 metres of drilling at Mandilla, comprising 2,358 metres of DD and 16,723
metres of RC drilling.
During the financial year and up to the date of this report, Astral reported assay results for a total of 19,525 metres of drilling at
Mandilla. This included 1,762 metres of DD and 17,763 metres of RC drilling.
Diamond Drilling
During the financial year, Astral completed a four-hole (1,605-metre) in-fill DD program at the Theia deposit. Assay results for this
program were reported on 20 January 2025 10 and 28 January 2025 11.
The significant assay results reported for DD holes MDRCD919A and MDRCD920A on 20 January 202510 are discussed below:
10
11
ASX announcement dated 20 January 2025 – “Wide Zones of Strong Gold Mineralisation at Theia Deeps”
ASX announcement dated 28 January 2025 – “Theia Diamond Drilling Delivers Best Result Yet”
Astral Resources NL Annual Report 30 June 2025
16
DD Hole MDRCD919A
DD hole MDRCD919A was designed as a 40-metre step-out from DD hole MDRCD735 which previously returned 220 gram-metres 12
of gold mineralisation over the length of the hole.
MDRCD919A returned 172 gram-metres of gold mineralisation over the length of the hole with best results including:
28 metres at 2.63g/t Au from 149 metres including 0.5 metres at 115.7g/t Au from 152.3 metres and 0.3 metres at 20.3g/t Au
from 173 metres;
12.3 metres at 1.77g/t Au from 279.7 metres including 0.4 metres at 37.9g/t Au from 289.6 metres;
7.2 metres at 1.58g/t Au from 354.7 metres;
19 metres at 0.64g/t Au from 367 metres; and
56.7 metres at 0.64g/t Au from 403 metres including 0.53 metres at 14.4g/t Au from 406.62 metres and 0.3 metres at 13.0g/t
Au from 447.85 metres.
DD Hole MDRCD920A
DD-hole MDRCD920A was designed as a 40-metre step-out from DD hole MDRCD751 which previously returned 344 gram-metres 13
of gold mineralisation over the length of the hole.
MDRCD920A returned 199 gram-metres of gold mineralisation over the length of the hole, with best results including:
8.9 metres at 1.04g/t Au from 86.3 metres;
15.3 metres at 0.78g/t Au from 99.3 metres including 0.4 metres at 20.9g/t Au from 113.2 metres;
5.8 metres at 1.78g/t Au from 134.6 metres including 0.4 metres at 20.4g/t Au from 183.3 metres;
38.6 metres at 0.58g/t Au from 146.1 metres including 0.4 metres at 20.4g/t Au from 183.3 metres;
15.3 metres at 0.94g/t Au from 191.7 metres including 0.45 metres at 21.3g/t Au from 192.7 metres;
39.1 metres at 1.04g/t Au from 213.1 metres including 0.3 metres at 59.9g/t Au from 233.15 metres;
8.3 metres at 0.72g/t Au from 297.5 metres;
3.8 metres at 1.50g/t Au from 324.9 metres including 0.35 metres at 13.7g/t Au from 327.35 metres;
15 metres at 1.26g/t Au from 341.0 metres including 0.3 metres at 36.2g/t Au from 348.85 metres;
11 metres at 1.43g/t Au from 391.0 metres; and
15.5 metres at 1.81g/t Au from 435.0 metres including 0.3 metres at 46.0g/t Au from 449.55 metres.
The significant assay results reported for DD holes MDRCD919A and MDRCD920A on 20 January 202511 are discussed below:
DD Hole MDRCD917
DD hole MDRCD917 was designed as a 40-metre step-out from DD hole MDRCD644, which previously returned 283 gram-metres 14
of gold mineralisation over the length of the hole.
Drill-hole MDRCD917 returned an aggregate 154 gram-metres of gold mineralisation over the length of the hole with best results
including:
72.2 metres at 1.15g/t Au from 326 metres including 0.3 metres at 34.9g/t Au from 328.35 metres and 0.62 metres at 25.6g/t
Au from 396 metres;
2.2 metres at 15.4g/t Au from 317.6 metres including 1.05 metres at 29.9g/t Au from 317.62 metres;
17.4 metres at 0.44g/t Au from 266 metres;
16.5 metres at 0.47g/t Au from 244 metres;
13.2 metres at 0.40g/t Au from 219 metres; and
22 metres at 0.57g/t Au from 105 metres.
ASX Announcement 14 June 2023 “Diamond Drilling Continues to Expand Gold Mineralisation Footprint at Theia”
ASX Announcement 3 July 2023 “Outstanding Diamond Hole Hits Multiple Mineralised Zones – MRE Upgrade Underway”
14
ASX Announcement 21 September 2022 “Mandilla’s Theia Deposit Extended at Depth”
12
13
Astral Resources NL Annual Report 30 June 2025
17
DD Hole MDRCD917
DD-hole MDRCD918 was designed as an in-fill hole to reduce line spacing on section between holes MDRCD644 and MDRCD645 to
40 metres. Drill-hole MDRCD645 previously returned 111 gram-metres 15 of gold mineralisation over the length of the hole.
Drill-hole MDRCD918 has returned an aggregate 1,079 gram-metres of gold mineralisation over the length of the hole, with best
results including:
1.0 metre at 223.3g/t Au from 15 metres;
1.0 metre at 12.2g/t Au from 149 metres;
9.6 metres at 27.6g/t Au from 194 metres including 0.95 metres at 227.6g/t Au from 197.25 metres and 1 metre at 33.1g/t Au
from 199 metres;
2.4 metres at 169.1g/t Au from 225 metres;
2.0 metres at 4.15/t Au from 270 metres;
3.6 metres at 7.14g/t Au from 303 metres including 0.4 metres at 54.5g/t Au from 303.35 metres;
12 metres at 0.52g/t Au from 333 metres; and
24.9 metres at 4.14g/t Au from 362 metres including 0.7 metres at 11.3g/t Au from 362.3 metres, 0.3 metres at 11.3g/t Au
from 364.55 metres, 1 metre at 60.6g/t Au from 375 metres and 0.3 metres at 24.6g/t Au from 380.7 metres.
RC Drilling Programs
Theia In-fill RC Program
During the September 2024 Quarter, a 70-hole (6,502-metre) in-fill RC drill program was completed at the cornerstone Theia deposit.
The purpose of this program was to in-fill the Stage 1 and Stage 2 pits to a drill density of approximately 40 metres x 20 metres with
a view to upgrading the Inferred Mineral Resources to the higher-confidence Indicated Mineral Resource category.
Assay results for this program were reported on 9 October 2024, with best results including:
8 metres at 1.82g/t Au from 29 metres and 33 metres at 1.82g/t Au from 64 metres, including 2 metres at 25.9g/t Au from 90
metres in hole MDRC886;
10 metres at 5.33g/t Au from 38 metres including 1 metre at 37.5g/t Au from 43 metres in hole MDRC908;
6 metres at 1.74g/t Au from 70 metres and 18 metres at 2.54g/t Au from 84 metres including 1 metre at 24.8g/t Au from 93
metres in hole MDRC906;
7 metres at 0.70g/t Au from 44 metres and 19 metres at 2.12g/t Au from 67 metres including 1 metre at 19.5g/t Au from 71
metres and 1 metre at 14.8g/t Au from 78 metres in hole MDRC885;
17 metres at 0.73g/t Au from 40 metres and 14 metres at 1.64g/t Au from 83 metres including 1 metre at 12.5g/t Au from 84
metres in hole MDRC875; and
29 met
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