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2026-11-06
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Astron Limited

DFS Unfunded Developer · Rare Earths · Others · Australia · China · Senegal Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.56
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$240.8M
EV
A$232.4M
Cash
A$17.3M
Debt
A$8.9M
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Donald Rare Earth and Mineral Sands Project

Australia

DFS Unfunded Developer87.32% ownedRare EarthsOthers

Astron owned 87.32% of the incorporated Donald JV at 30 June 2026; Energy Fuels can earn to 49%, leaving Astron 51%. Phase 1 remains construction-ready but debt financing and FID are outstanding; Phase 2 requires further approvals and study work.

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.

Published study economicsIssuer or study metrics
NPVA$462M8% discount
IRR15.6%Published return
Initial capexA$450MPublished capital estimate
Operating cost143,000,000AUD/year
NPVA$1.5B8% discount
IRR20.8%Published return
Initial capexA$1BPublished capital estimate
Operating cost276,000,000AUD/year

Post-tax real NPV8 and IRR on a 100% project, unlevered basis; average operating cost is life-of-mine guidance.

Combined Phase 1 and Phase 2 post-tax NPV8 on a 100% project basis; initial capital sums Phase 1 and incremental Phase 2 execution capex.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred1.8K Mtapproximately 4.6% heavy mineralRare Earths · Others2025-12-31
Ore ReserveProved and Probable728 Mtapproximately 4.6% heavy mineralRare Earths · Others2025-12-31
Tenements2
min5532Granted— None · No expiry supplied
rl2002Granted— None · No expiry supplied
Milestones3
  1. Phase 1 final investment decision following binding financing

    Pending · High materiality

  2. Phase 1 first HMC and REEC product

    Pending · High materiality

  3. Phase 2 final investment decision

    Pending · Medium materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Phase 1 major construction and operating approvalsVictoria and Commonwealth of AustraliaGranted—No
Mineral Export Permission for REECCommonwealth of AustraliaGranted—No
Phase 2 regulatory approvalsVictoria and Commonwealth of AustraliaRequired—Yes
Economic studies3
StudyStageStatusDateSummary
Updated Donald Project Economics - Phase 1Updated FeasibilitySuperseded2025-07-23Phase 1 study superseded by the March 2026 BFS.
Bankable Feasibility Study - Donald Project Phase 1BfsCurrent2026-03-31AACE Class 2 Phase 1 study with A$462 million post-tax NPV8 on a 100% project basis.
Revised Phase 2 Economics StudyPFSCurrent2026-06-09Phase 2 study reports A$1.48 billion combined Phase 1 and Phase 2 post-tax NPV8 on a 100% project basis.

Material

Jackson Rare Earth and Mineral Sands Project

Australia

Resource Stage100% ownedRare EarthsOthers

Wholly owned adjoining resource-stage project with no current economic study or development schedule.

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 & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred823 Mt4.8% heavy mineralRare Earths · Others2025-12-31
Tenements2
rl2003Granted— None · No expiry supplied
el8516Granted— None · No expiry supplied

Other

Yingkou Mineral Separation and Trading Operations

China

Producer100% ownedOthers

The 150,000 tpa Chinese mineral-separation and trading operation increased FY2026 sales to A$13.48m but reported a A$2.80m segment pretax loss; physical volumes and unit costs remain undisclosed.

Other

Niafarang Mineral Sands residual rights

Senegal

Divested0% ownedOthers

Project equity was sold to Harmony Group in 2025; Astron retains a 5% return royalty, a quarterly alternative right of first refusal over mineral product offtake, deferred sale consideration and a small secured working-capital loan. No commercial production or reliable royalty cash flow is disclosed.