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2026-11-06
◂ Monitor AAR ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$59M2025-09-30: 15,919,000 A$2025-12-31: 75,878,000 A$2026-03-31: 73,008,000 A$2026-06-30: 65,115,000 A$2026-09-30: 59,042,000 A$ Finite
Debt A$0 Net cash A$59M
Basic shares 1.8B 2026-10-09
Runway 11.24 quarters September Appendix 5B: A$59.042 million cash divided by A$5.254 million relevant quarterly outgoings. This is a historical burn-rate ratio, not a construction funding estimate.

Liquidity

Financial position

September cash predates A$8.05 million paid on 5 October for WIN tenure and a further A$1 million payable on registration, excluding GST. At June 2026, A$692,578 of cash was held as guarantees; the September restricted balance is not disclosed. No undrawn facility was reported. The 2025 PFS initial capital was A$227 million, and construction financing is uncommitted.

Capital structure

Ownership and dilution

Ordinary shares
1.8B
Fully diluted
1.8B

1,801,045,606 at 30 June 2026 plus 4,764,074 employee share and rights conversions and 3,000,000 option exercises equals 1,808,809,680 ordinary shares. Adding 16,255,257 options and 23,562,489 performance rights yields 1,848,627,426 maximum existing diluted shares, subject to exercise and vesting. The proposed Estrella acquisition would add a further 20,000,000 shares if completed.

Security classes5
ClassTypeQuantityStrikeExpiry
ASX AAR fully paid ordinary sharesOrdinary Share1.8B——
Unlisted options at A$0.075Option13.8MA$0.0752027-04-09
Unlisted options at A$0.174Option2.4MA$0.1742028-11-26
Performance rights, subject to vesting conditionsPerformance Right13.4M——
2027A unquoted performance rights subject to vesting conditionsPerformance Right10.2M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AFY26A
Operations
Recovered goldoz0.000.00
Profit and loss
Gold revenueAUDm0.00.0
Mine operating cost and royaltiesAUDm0.00.0
Corporate operating costsAUDmFY25: -3,283,478 AUDFY26: -3,986,003 AUD(3.3)(4.0)
EBITDAAUDmFY25: -3,283,478 AUDFY26: -3,986,003 AUD(3.3)(4.0)
Depreciation and amortisationAUDmFY25: -140,810 AUDFY26: -186,977 AUD(0.1)(0.2)
Net interest income / expenseAUDmFY25: 780,098 AUDFY26: 1,831,215 AUD0.81.8
TaxAUDm0.00.0
Net profit after taxAUDmFY25: -2,644,190 AUDFY26: -2,341,765 AUD(2.6)(2.3)
Cash flow
Operating cash flowAUDmFY25: -2,292,543 AUDFY26: -3,484,654 AUD(2.3)(3.5)
Capitalized explorationAUDmFY25: 8,928,672 AUDFY26: 16,148,022 AUD8.916.1
Other property and equipmentAUDmFY25: 62,769 AUDFY26: 134,570 AUD0.10.1
Capitalized exploration and capital spendingAUDmFY25: 8,991,441 AUDFY26: 16,282,592 AUD9.016.3
Free cash flowAUDmFY25: -11,283,984 AUDFY26: -19,767,246 AUD(11.3)(19.8)
Other investing and acquisition cash flowsAUDmFY25: 470,768 AUDFY26: -1,757,878 AUD0.5(1.8)
Net financing cash flowAUDmFY25: 23,647,572 AUDFY26: 68,025,081 AUD23.668.0
Net change in cashAUDmFY25: 12,834,356 AUDFY26: 46,499,957 AUD12.846.5
Balance sheet
CashAUDmFY25: 18,603,696 AUDFY26: 65,103,653 AUD18.665.1
Borrowings, excluding leasesAUDm0.00.0
Net debt / (cash)AUDmFY25: -18,603,696 AUDFY26: -65,103,653 AUD(18.6)(65.1)
Per share
Sharesm shares—1,801.0
Multiples and ratios
EV / EBITDA (x, current EV)xFY25: -62.86 xFY26: -51.78 x(62.9)(51.8)
P / E (x, current market cap)xFY25: -95.77 xFY26: -108 x(95.8)(108.1)
FCF yield (current market cap)%FY25: -0.04 fractionFY26: -0.08 fraction-4.5%-7.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY25: 5.67 xFY26: 16.33 x5.716.3

KPI history

Operating metrics

Comparable series use a shared scale

Quarter-end cash and cash equivalents · Company · Point In Time

AUD

5 periods
  1. 2025-09-3015,919,000 AUD
    Reported
  2. 2025-12-3175,878,000 AUD
    Reported
  3. 2026-03-3173,008,000 AUD
    Reported
  4. 2026-06-3065,115,000 AUD
    Reported
  5. 2026-09-3059,042,000 AUD
    Reported
Operating metric source table6
MetricProjectPeriodPeriod typeValueStatus
FY2026 drilling across Mandilla, Feysville and SpargovilleCompanyFY2026Year84,033 metres drilled across three projectsReported
Quarter-end cash and cash equivalentsCompany2025-09-30Point In Time15,919,000 AUDReported
Quarter-end cash and cash equivalentsCompany2025-12-31Point In Time75,878,000 AUDReported
Quarter-end cash and cash equivalentsCompany2026-03-31Point In Time73,008,000 AUDReported
Quarter-end cash and cash equivalentsCompany2026-06-30Point In Time65,115,000 AUDReported
Quarter-end cash and cash equivalentsCompany2026-09-30Point In Time59,042,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
PFS Stage 1 Annual Gold Production TargetmandillaFirst 12 production years95,00095,000 oz/yearCurrent
PFS Plant Nameplate ThroughputmandillaPFS life of mine2,750,0002,750,000 tonnes/yearCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-01RaisingA$300K3M—Completed—
2026-08-26RaisingA$04.8M—Completed—
2026-01-28Ann. 2025-12-10RaisingA$65M325M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-30

FY2026 annual report, the September quarterly and later ASX filings disclose material arrangements; some monetary terms remain undisclosed.

Conditional MMS proposal would fund and recover development costs before sharing profits. If it proceeds, Think Big ore is removed from the Mandilla DFS; it must not be counted in both routes.

Joint Venture · Conditional
Counterparties
Mineral Mining Services Pty Ltd
Applies to
Feysville Gold Project · Gold
Economic direction
Mixed
Period
From 2025-10-20; no end date stated
Key terms
development funding: 100 %
cost recovery: from initial project cash flows
profit share to threshold: 50 % to MMS
How it affects our valuation

No valuation treatment is available for this arrangement.

Maximus operates Lefroy lithium program; about A$2.1m spent by KOMIR and ~US$1.67m in escrow at 30 June 2026. Outcome remains under evaluation.

Earn In · Active
Counterparties
Korean Mine Rehabilitation and Mineral Resources Corporation
Applies to
Lefroy Lithium Project · Lithium
Economic direction
Mixed
Period
From 2023-10-01; no end date stated
Key terms
earn-in funding: 3,000,000 USD
interest earned: 30 % lithium rights
How it affects our valuation

No valuation treatment is available for this arrangement.

Astral benefits only if Koongie Park generates qualifying sales; annual report cannot assess whether royalty will materialise.

Royalty · Active
Counterparties
AuKing Mining Limited
Applies to
Koongie Park retained interests · Copper · Zinc
Economic direction
Benefit
Period
From 2024-06-30; no end date stated
Key terms
net smelter return: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Land use agreement covers Mandilla and Spargoville; it advances tenure access but does not itself grant all project permits.

Strategic Partnership · Active
Counterparties
Marlinyu Ghoorlie Native Title Claimant Group
Applies to
Mandilla Gold Project · Spargoville Gold Project · Gold
Economic direction
Mixed
Period
From 2026-08-18; no end date stated
Key terms
heritage protocol: surveys, protection and clearance
How it affects our valuation

No valuation treatment is available for this arrangement.

Feysville land use agreement covers the development tenure and enabled grant of M26/846.

Strategic Partnership · Active
Counterparties
Marlinyu Ghoorlie Native Title Claimant Group
Applies to
Feysville Gold Project · Gold
Economic direction
Mixed
Period
From 2025-10-24; no end date stated
Key terms
heritage protocol: surveys and clearance
How it affects our valuation

No valuation treatment is available for this arrangement.

Earlier gold-only arrangements were superseded by the WIN tenure transaction completed on 5 October 2026; WIN retains a separate mining rights area.

Other · Terminated
Counterparties
Mt Edwards Critical Metals Pty Ltd
Applies to
Mandilla Gold Project · Gold
Economic direction
Mixed
Period
From 2026-06-30; no end date stated
Key terms
gold rights: 100 %
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Contingent consideration from disposed Leonora Base Metals Project; annual report cannot assess probability or timing.

Other · Conditional
Counterparties
Ozz Resources Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2022-01-10; no end date stated
Key terms
contingent shares: 1,000,000 OZZ shares
How it affects our valuation

No valuation treatment is available for this arrangement.

The Mandilla PFS includes the government gold royalty within its royalty allowance. Native title agreement terms are not independently disclosed.

Royalty · Active
Counterparties
Western Australian Government
Applies to
Mandilla Gold Project · Feysville Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
WA gold royalty: 2.5 % of gold revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Astral obtained tenure and rights excluding lithium; WIN retained defined mining rights over the McEwen area. The completed payment and remaining registration payment must be included once in the cash bridge.

Other · Active
Counterparties
WIN Metals Ltd · Mt Edwards Critical Metals Pty Ltd
Applies to
Mandilla Gold Project · Spargoville Gold Project · Gold · Nickel
Economic direction
Mixed
Period
From 2026-10-05; no end date stated
Key terms
WIN consideration paid: 8,050,000 AUD excluding GST
Registration payment: 1,000,000 AUD excluding GST
How it affects our valuation

No valuation treatment is available for this arrangement.

Agreement for nickel rights on specified tenements was binding but completion remained conditional as disclosed on 29 October 2026.

Other · Conditional
Counterparties
Estrella Resources Limited · WA Nickel Pty Ltd
Applies to
Mandilla Gold Project · Spargoville Gold Project · Nickel
Economic direction
Mixed
Period
From 2026-10-06; no end date stated
Key terms
Conditional consideration shares: 20,000,000 shares
How it affects our valuation

No valuation treatment is available for this arrangement.