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2026-11-06
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Astral Resources NL

DFS Unfunded Developer · Gold · Australia Rating locked: sign in to view v8.1 · aar-20261030t224404-full
Last 2026-11-06
A$0.135
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$244.2M
EV
A$197.4M
Cash
A$59M
Debt
A$0

Portfolio detail

Assets

5 assets

Core asset

Mandilla Gold Project

Australia

DFS Unfunded Developer100% ownedGold

Mandilla gold development: the 5 October WIN transaction completed for critical tenure and rights, with registration of M15/96 still pending, excluding lithium and the defined WIN mining-rights area. DFS, permitting and construction funding remain pending; the 2025 PFS included Feysville feed.

Developer · DFS unfunded developer
Study
Pre-feasibility study
Post-tax NPV (study prices, attributable)
A$1.0bd
NPV restated at our deck (attributable)
Locked
IRR
86%s
Initial capex (100%)
A$227.0ms
Capital intensity
A$2,970/(oz/yr)d
LoM AISC
A$2,085/ozs
Mine life
18.5 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$1B8% discount
IRR86%Published return
Initial capexA$227MPublished capital estimate
Operating cost2,085AUD/oz AISC

Post-tax NPV8 at FID at A$4,250/oz; includes Feysville feed, pre-production capex and WA gold royalty.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured1.3 Mt1.3 g/t AuGold2026-04-21
Mineral ResourceIndicated32.6 Mt1.0 g/t AuGold2026-04-21
Mineral ResourceInferred19.6 Mt0.9 g/t AuGold2026-04-21
Ore ReserveProbable34.3 Mt0.9 g/t AuGold2025-06-25
Tenements2
mandilla-m1596Granted— None · No expiry supplied
mandilla-m15633Granted— None · No expiry supplied
Milestones3
  1. Mandilla MRE update after Theia infill and deep drilling

    Pending · High materiality

  2. Mandilla DFS completion

    Pending · High materiality

  3. Mandilla final investment decision after DFS

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Native Vegetation Clearing PermitWestern AustraliaPending—Yes
Mine Development and Closure PlanWestern AustraliaPending—Yes
Works ApprovalWestern AustraliaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
Mandilla PFS including Feysville satellite feedPFSCurrent2025-06-252.75Mtpa CIP plant, 1.414Moz recovered over 18.5 years; Feysville feed is included.

Material

Feysville Gold Project

Australia

Resource Stage100% ownedGold

100% owned gold project. The 2025 PFS included Think Big satellite ore; if the conditional MMS joint venture proceeds, that ore will be excluded from the Mandilla DFS and its economics must be assessed separately.

Resource / scoping · Resource stage
Contained metal (attributable)
196.0k ozd
Resource grade
1.20 g/t
% Measured + Indicated
73.5%d
Resource tonnes
5.00 Mt
Our value per attrib. contained unit
Locked
Mining method
Open pits

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated3.5 Mt1.3 g/t AuGold2024-11-01
Mineral ResourceInferred1.5 Mt1.1 g/t AuGold2024-11-01
Ore ReserveProbable2.3 Mt1.2 g/t AuGold2025-06-25
Tenements1
feysville-m26846Granted— None · No expiry supplied
Milestones2
  1. Think Big binding JV and approvals

    Pending · High materiality

  2. Potential first Think Big cash flow

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Think Big heritage clearanceWestern AustraliaPending—Yes
Mining Lease M26/846Western AustraliaGranted—Yes

Material

Spargoville Gold Project

Australia

Resource Stage100% ownedGoldNickel

Wholly controlled through Maximus acquisition, subject to tenement-level nickel/other mineral rights and two minority tenement interests; not in Mandilla PFS mine plan.

Resource / scoping · Resource stage
Contained metal (attributable)
281.0k ozd
Resource grade
1.00 g/t
% Measured + Indicated
66.2%d
Resource tonnes
8.50 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated5.1 Mt1.1 g/t AuGold2026-10-09
Mineral ResourceInferred3.4 Mt0.9 g/t AuGold2026-10-09
Tenements3
spargoville-m15100Granted— None · No expiry supplied
spargoville-m151448Granted— None · No expiry supplied
spargoville-m151449Granted— None · No expiry supplied
Milestones1
  1. Spargoville resource reassessment after drilling

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Spiders heritage survey clearanceWestern AustraliaPending—No

Other

Lefroy Lithium Project

Australia

Early Explorer100% ownedLithium

Lithium rights on Spargoville North tenements; KOMIR can earn 30% after funding US$3m, with no lithium resource or mine plan.

Exploration · Early explorer
Ownership
100%r
Commodity
Li2Or
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
2,599 m
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Other

Koongie Park retained interests

Australia

Early Explorer100% ownedGoldCopperZinc

Astral holds the entirety of its retained 1% net smelter return royalty and distinct precious-metal rights, excluding Onedin and Sandiego mining leases; this is not 100% ownership of the underlying mine.

Royalty / stream · Pre production
Royalty type
Net smelter return
Rate
1%
Underlying asset and operator
Koongie Park; AuKing Mining joint venture
Operator's stage
—
Attrib. royalty units per year
—
Royalty receipts (12M)
—
Our attributable value
Locked

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Koongie Park precious-metal rights · Exploration · Early explorer
Ownership
—
Commodity
Aur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Mandilla planned processing plant · Processing plant / refinery · Study
Product and spec
—
Nameplate capacity
2.8m t/yrs
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Mandilla and Feysville depositss
Offtake contracted
—