Astral Reports 1.93g/t Gold Average from 99-Hole Theia Infill Drilling Program

Mandilla Project Drilling and Resource Confidence

Astral Resources has made considerable strides in advancing its flagship Mandilla Gold Project, located about 70 kilometres south of Kalgoorlie in Western Australia. During the December 2025 quarter, the company completed over 13,000 metres of drilling, including 73 reverse circulation holes and 14 diamond drill holes, focusing on infill, extensional, and sterilisation drilling across key deposits such as Theia, Hestia, Eos, and Iris.

Theia remains the cornerstone of the Mandilla Project, contributing approximately 75% of the total production target. The recent 99-hole infill program has reinforced the robustness of the mineral resource estimate, with assay results averaging 1.93 grams per tonne gold over 2,676 metres, including multiple high-grade intercepts. This drilling has validated geological interpretations and supports the planned five-stage open pit development, with Stage 1 targeting 146,000 ounces over 21 months.

Feysville and Spargoville Projects – Strategic Satellite Deposits

Beyond Mandilla, Astral is progressing exploration and development at its Feysville and Spargoville Gold Projects. Feysville hosts a mineral resource estimate of 5 million tonnes at 1.2 grams per tonne gold for 196,000 ounces, with recent drilling at the Kamperman deposit aimed at delineating high-grade zones. The granting of Mining Licence M26/846, which includes the Think Big and Rogan Josh deposits, is a key milestone enabling early production opportunities.

In October 2025, Astral signed a Letter of Intent with Mineral Mining Services Pty Ltd to form a joint venture for the development of the Think Big deposit. This partnership is structured to have MMS fund 100% of development costs, with profit sharing aligned to incentivise efficient project delivery. The JV aims to commence mining by the third quarter of 2026, potentially accelerating cash flow generation ahead of Mandilla’s production start.

Advancing the Definitive Feasibility Study and Operational Readiness

Key managerial appointments have been made to support the Mandilla Definitive Feasibility Study (DFS), including the hiring of a Chief Operating Officer and General Manager. GR Engineering Services has been engaged to lead the DFS for processing and infrastructure, while Taylor Collison acts as debt advisor, and Level Solutions provides project management consultancy. The DFS is targeted for completion by mid-2026, with a Final Investment Decision expected in the September quarter, positioning Astral to commence gold production by the end of 2027.

Capital Raising and Financial Position

To underpin its development ambitions, Astral successfully completed the first tranche of a two-part placement, raising approximately $63.3 million at $0.20 per share in December 2025. The second tranche, subject to shareholder approval in January 2026, is expected to raise an additional $1.5 million. Directors have also committed to participate in the placement. The company’s cash position strengthened significantly to around $76 million at quarter-end, providing a solid financial foundation for ongoing exploration and development activities.

Exploration and Future Work

Exploration continues to be a priority, with new drilling programs underway at Mandilla and Spargoville in early 2026. These include sterilisation drilling around the Hestia deposit and resource definition drilling at Spargoville’s Spiders deposits. Meanwhile, assay results from recent Feysville drilling remain pending, which could further enhance the project’s resource base.

On the lithium front, Astral’s subsidiary Maximus Resources continues to benefit from funding by Korean partner KOMIR for exploration at the Lefroy Lithium Project, reflecting the company’s diversified mineral interests.