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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
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1M
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YTD
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$17.3M Finite
Debt A$8.9M Net cash A$8.4M
Basic shares 429.9M 2026-09-23
Runway 6.68 quarters June 2026 Appendix 5B item 8.7 estimates 6.68 quarters at recent relevant outgoings; this excludes the roughly A$60m Astron equity requirement for Donald construction.

Liquidity

Financial position

A$17.286m audited cash and A$8.893m borrowings leave approximately A$8.392m net cash before A$60m estimated Astron Phase 1 equity, so binding project debt and likely new equity remain decisive.

Inventory composition2

FY2026 audited inventories total A$3.594m: A$3.469m gross work in progress less A$0.283m write-down, plus A$0.409m finished goods; quantities and realization are undisclosed.

Yingkou work-in-progress mineral product, net of A$283,208 write-down
A$3.2M carrying
Yingkou finished mineral products on hand
A$408.8K carrying

Capital structure

Ownership and dilution

Ordinary shares
429.9M
Fully diluted
442M

The audited FY2026 share bridge moves from 418,357,508 ordinary shares at 30 June 2025 to 429,946,395 at 30 June 2026 through option exercises, vested rights and land consideration. The September annual report reports no subsequent share issue. Fully diluted shares add 600,000 options and 11,473,335 rights without assuming a future project-financing raise.

Security classes3
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share429.9M——
Unquoted employee options, 300,000 vested and 300,000 unvestedOption600KA$0.452028-01-06
Unquoted performance rights, 266,666 vested and 11,206,669 unvestedPerformance Right11.5MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table5
MetricProjectPeriodPeriod typeValueStatus
RevenueYingkouHalf-year ended 31 December 2025Half Year6,404,902 AUDReported
RevenueYingkouQ2 2026Quarter19,800,000 RMBReported
RevenueYingkouYear ended 30 June 2026Year13,483,486 AUDReported
OtherYingkouYear ended 30 June 2026Year-2,802,683 AUD segment loss before taxReported
OtherCompanyYear ended 30 June 2026Year-6,021,561 AUD net operating cash flowReported
Company guidance4
MetricProjectPeriodLowHighStatus
Final Investment Decision TimingdonaldBy end of 2026—— calendar yearCurrent
Phase 1 Ore Processing ThroughputdonaldPhase 1 life of mine7.57.5 MtpaCurrent
Phase 1 Average Reec ProductiondonaldPhase 1 life of mine7.17.1 ktpaCurrent
Phase 1 Average Hmc ProductiondonaldPhase 1 life of mine192192 ktpaCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-05-27Ann. 2026-06-02RaisingA$1.9M7M—Completed—
2026-05-12Ann. 2026-05-18RaisingA$0800K—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 2026-09-26

The FY2026 annual report is the current contractual baseline; the September permit release confirms the REEC export path. No disclosed commodity or FX hedge was identified in these materials.

Energy Fuels progressively funds A$183m for up to 49% of the Donald project; Astron retains 51% and the manager role, must fund remaining equity pro rata, and receives a US$14m stock tranche on positive FID.

Earn In · Active
Counterparties
Energy Fuels Inc.
Applies to
Donald Rare Earth and Mineral Sands Project · Rare Earths · Others
Economic direction
Mixed
Period
From 2024-09-26; no end date stated
Key terms
Energy Fuels cash earn-in: 183,000,000 AUD
Astron ultimate interest: 51 percent
Current Astron interest: 87.32 percent
Astron Phase 1 equity still estimated: 60,000,000 AUD
Energy Fuels stock due at FID: 14,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Energy Fuels has binding life-of-mine take-or-pay rights to all Donald REEC for White Mesa processing; oxide-linked pricing and floors are disclosed but exact terms are not.

Offtake · Active
Counterparties
Energy Fuels Inc.
Applies to
Donald Rare Earth and Mineral Sands Project · Rare Earths
Economic direction
Mixed
Period
From 2024-09-26; no end date stated
Key terms
REEC volume entitlement: 100 percent
Price mechanism: oxide-market-linked formula with payability and floors for key rare-earth oxides
How it affects our valuation

No valuation treatment is available for this arrangement.

Astron holds the right to offtake all Donald HMC, with pricing linked to zircon and titanium products; final third-party resale margin and processing path are not disclosed.

Offtake · Active
Counterparties
Donald Project Pty Ltd
Applies to
Donald Rare Earth and Mineral Sands Project · Others
Economic direction
Mixed
Period
From 2024-09-26; no end date stated
Key terms
HMC volume entitlement: 100 percent
Price mechanism: linked to zircon and titanium product market prices
How it affects our valuation

No valuation treatment is available for this arrangement.

Astron retains a 5% royalty on mineral product returns from Niafarang or a quarterly alternative right of first refusal over offtake; no commercial royalty receipts are disclosed.

Royalty · Active
Counterparties
Harmony Group
Applies to
Niafarang Mineral Sands residual rights · Others
Economic direction
Benefit
Period
From 2025-04-30; no end date stated
Key terms
Royalty rate: 5 percent of product return
Alternative quarterly right: first refusal to purchase product instead of royalty
How it affects our valuation

No valuation treatment is available for this arrangement.

The Niafarang share sale leaves a deferred US$955,000 balance contingent on commercial production; timing and recoverability remain uncertain.

Other · Active
Counterparties
Harmony Group
Applies to
Niafarang Mineral Sands residual rights · Others
Economic direction
Benefit
Period
From 2025-04-30; no end date stated
Key terms
Total sale price: 1,455,000 USD
Deferred balance: 955,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Astron extended a US$300,000 secured working-capital facility to Harmony Group, repayable by the third anniversary of commercial production.

Other · Active
Counterparties
Harmony Group
Applies to
Niafarang Mineral Sands residual rights · Others
Economic direction
Benefit
Period
From 2025-04-30; no end date stated
Key terms
Facility principal: 300,000 USD
Interest rate: 10 percent per annum
How it affects our valuation

No valuation treatment is available for this arrangement.