# Marc Ducler Managing Director ## Career chronology - **Listed in 14 October 2026 issuer presentation: Astral Resources NL** — Managing Director. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45; appointment date); [Australian Gold Conference Presentation]() (Slide 9, management team) - **Most recent role before Astral; held until Silver Lake takeover, 2019: Egan Street Resources Limited** — Managing Director. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45); [Silver Lake to acquire EganStreet Resources]() (Announcement, pp. 1–3; transaction and project status) - **Before Astral appointment; exact employer dates and role titles not disclosed: Gold Fields; BHP; Fortescue Metals; Mineral Resources; Roy Hill** — Senior operational management roles. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45) - **From 25 February 2025 during takeover integration; exact cessation date not located: Maximus Resources Limited** — Director appointed as part of Astral’s takeover. [Astral Resources NL Annual Report 2025]() (Directors’ report, p. 36; 25 February board appointment and 2 May takeover completion); [Maximus Resources – Removal from Official List]() (Removal from Official List, 10 April 2025) ## Education and qualifications ### Education and qualification [marc_education] As reported in FY2026 annual report · issuer reported · low materiality Astral reports a BSc in Metallurgy from the Western Australian School of Mines (WASM). The awarding record was not independently checked. **Attribution:** Responsibility not applicable. Qualification is issuer-reported and not independently verified against the awarding institution. **Relevance:** Relevant technical background, but not evidence of project performance. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45) ## Contributions and company outcomes ### AAR resource growth, project acquisition and capital raised [marc_aar_delivery] 2019–2026; acquisition in 2025 and reporting through 29 October 2026 · issuer reported · medium materiality During Ducler’s tenure as Managing Director, AAR completed the acquisition of Maximus/Spargoville in 2025; FY2026 reporting showed Mandilla at 54 Mt for 1.74 Moz, group resources of 2.07 Moz, approximately 84 km drilled and a $65 million equity raising. These are reported company outcomes; the sources do not assign individual causation or establish operating production. The September 2026 quarterly report recorded A$59 million cash at 30 September, down from A$65 million at 30 June, and drilling progress; these are company-reported figures rather than an individually attributed cash outcome. **Attribution:** Role overlaps event; causation unproven. The MD role overlapped the outcomes; no source isolates Ducler’s contribution to the acquisition, resource estimates or financing. **Relevance:** Relevant company-building and capital-allocation context for a developer, with execution still ahead. [Astral Resources NL Annual Report 2025]() (Directors’ report and Maximus takeover chronology, pp. 36–37); [Astral Resources NL Annual Report 2026]() (Review of Operations, pp. 4–5); [Astral Resources NL Annual Report 2026]() (Placement, p. 33); [Quarterly Activities & Cashflow Report – September 2026]() (Highlights, pp. 1–2; cash as at 30 September 2026) ### Egan Street advanced Rothsay to DFS/approval and accepted a producer takeover [marc_egan_exit] Egan Street tenure, ending at takeover in 2019 · issuer reported · medium materiality Silver Lake’s 2019 offer announcement described Egan Street’s Rothsay project as having a 454 koz resource and 200 koz reserve, an updated DFS confirming technical viability and a mining proposal approved in June 2019. The offer was 28.9% above the prior close. Ducler was Egan Street’s Managing Director and publicly explained the company’s financing/execution-risk rationale; the project was not yet in production at the time. No source establishes that he alone caused the study, permit, offer or shareholder outcome. **Attribution:** Role overlaps event; causation unproven. The corporate role and project period overlap; no individual delivery attribution beyond his documented MD role and public explanation of the transaction was located. **Relevance:** A relevant development/transaction outcome; it should not be counted as a personally delivered operating mine. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45); [Silver Lake to acquire EganStreet Resources]() (Transaction terms and Rothsay status, pp. 1–3) ## Business failures and setbacks ### Mandilla DFS timing moved beyond the original target [marc-ducler_aar_schedule] October 2025 to 29 October 2026 · issuer reported · medium materiality Astral’s 28 October 2025 appointment announcement targeted DFS completion by mid-2026, FID in the September 2026 quarter and first production by end-2027. The June 2026 quarterly report moved DFS completion to Q1 2027 and said FID was expected immediately thereafter; it noted heritage-clearance surveys had slowed and could delay final site layouts. This is a missed/revised company milestone, not evidence of an individual failure or a failed project. The 29 October 2026 September-quarter report continued to target Q1 2027 for the DFS and an FID thereafter; site layouts were complete and permit applications were still planned. **Attribution:** Role overlaps event; causation unproven. Managing Director overlaps the current project period. The issuer identifies permitting/heritage work as a timing dependency; no source attributes the delay to this individual. **Relevance:** Execution timing matters to a pre-production gold developer, but the evidence supports a project-level schedule change only. [Key Appointments to Advance Mandilla Gold Project Towards Development and Operations]() (Highlights and project timetable, p. 1; first-production target, p. 1); [Quarterly Activities & Cashflow Report – June 2026 Quarter]() (June-quarter update: DFS Q1 2027, FID immediately after; heritage-survey timing, June 2026 quarter); [Quarterly Activities & Cashflow Report – September 2026]() (Highlights and Definitive Feasibility Study, pp. 1–2 and 16–17) ## Environmental record ### Issuer-reported environmental status [marc-ducler_aar_environment] At 25 September 2026 · issuer reported · low materiality Astral’s FY2026 annual report says that, as at the report date, the Group was not aware of any significant breaches of applicable environmental requirements. This is an issuer statement about the company, not an independent regulator check or a finding about this person; the report also identifies environmental, heritage and native-title risks. **Attribution:** Role overlaps event; causation unproven. Managing Director was part of the current management roster, but the annual report does not attribute environmental compliance decisions to this individual. **Relevance:** Environmental compliance is relevant to project development and approvals; the issuer statement does not establish a clean personal or company record. [Astral Resources NL Annual Report 2026]() (Environmental Regulation, p. 44; Environmental and Heritage, Native Title and Community Risks, pp. 30–31) ## Governance and interests ### Repeated AAR cleansing-notice lapses occurred during Ducler’s MD tenure [marc_aar_oversight] July 2023 and July 2024 court decisions · documented · medium materiality Astral requested trading halts after it failed to lodge cleansing notices following share issues in May 2023 and April 2024. The 2023 halt request was signed by Company Secretary Brendon Morton and a subsequent issuer announcement attached court orders granting relief. The 2024 halt request describes another inadvertent failure and application for relief. These events occurred during Ducler’s managing-director tenure. The judgment mirrors cited by the earlier report timed out in the current refresh; individual responsibility and detailed court reasoning were not independently reverified. **Attribution:** Role overlaps event; causation unproven. Ducler’s role overlaps the events; reviewed issuer announcements do not establish that he caused either omission. **Relevance:** Material governance context for the MD role, with direct responsibility distinguished from oversight and no personal wrongdoing finding. [Astral Resources NL – Request for Trading Halt, 7 July 2023]() (Trading halt request, p. 2, signed by Brendon Morton); [Court Orders Granted]() (Issuer announcement and attached orders, pp. 1–2); [Astral Resources NL – Request for Trading Halt, 28 June 2024]() (Trading halt request, p. 1) ## Suitability for the current role ### Relevant operational and development experience [marc_role_fit] Career to cutoff · analyst inference · medium materiality The FY2026 annual report identifies Ducler as Astral Managing Director since 23 December 2019, with 20 years in senior operational management at Gold Fields, BHP, Fortescue, Mineral Resources and Roy Hill, and a prior Managing Director role at Egan Street. BSc Metallurgy (WASM) is issuer-reported. Analyst inference: this background is relevant to leading a Western Australian gold developer, but does not establish individual execution quality. **Attribution:** Responsibility not applicable. This is a role-fit inference from disclosed positions and qualification, not a performance or credential-verification finding. **Relevance:** Relevant operational and project-development experience for an advanced explorer moving toward study, approvals and financing. [Astral Resources NL Annual Report 2026]() (Information on Directors, p. 45; qualification, appointment and experience) ### Short-term Maximus board appointment during acquisition [marc_maximus_board] February–May 2025 takeover period · analyst inference · low materiality AAR’s FY2025 annual report records that Astral appointed Ducler and Mark Connelly to Maximus’s board on 25 February 2025 as the takeover became unconditional. AAR completed the acquisition on 2 May 2025; Maximus was removed from the ASX official list on 10 April. The public materials reviewed do not establish the precise end date of Ducler’s subsidiary/director appointment, so it is treated as a takeover-related board role rather than an ongoing external directorship. **Attribution:** Individual involvement documented. AAR’s annual report directly records the appointment; the subsequent company acquisition/delisting is documented, while exact cessation date is not. **Relevance:** Relevant to career chronology and board-interest reconciliation; no adverse conduct is alleged. [Astral Resources NL Annual Report 2025]() (Maximus Resources takeover, p. 36); [Maximus Resources – Removal from Official List]() (Removal from Official List, 10 April 2025) ## Evidence gaps - Exact dates and specific titles for Ducler’s earlier operational roles are not disclosed in the reviewed annual report. - The precise end date of the Maximus board appointment was not located; the public record reviewed ties it to the takeover and subsidiary integration. - No independent degree verification, referee check, complete career record or exhaustive criminal, sanctions, regulator or court-record check was performed. - A search returned material about unrelated people with the surname Ducler; it was excluded because the identity, country and employer did not match Astral’s Managing Director. - Earlier named-person and topic search records were inherited from the 10 October report and were not independently reconstructed. The 31 October search was broad; complete employer-by-employer and topic-by-topic verification remains incomplete. - Full judgment texts for the 2023 and 2024 Astral cleansing-notice cases could not be reopened in this refresh; detailed findings about individual responsibility and the 2024 reasoning remain unverified here.