OREMAVEN
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2026-11-06
◂ Monitor ATR ASX

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
—
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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory21 documents
ATR ASX ordinary share reference closeMarket Data · HighExtracted

Latest eligible local database ASX close at A$0.56, 105,880 shares traded; local miners.reference_price selected market data provider provenance.

Document ID
market_price_20260925
Published UTC
2026-09-25T06:10:00Z
Projects
—
Commodities
—
Open original source ↗
Annual Report for the year ended 30 June 2026Results · HighExtracted

FY2026 audited report updates finances, capital, ownership, management, offtake, residual Niafarang rights and FID timing.

Document ID
annual_report_20260923
Published UTC
2026-09-22T22:19:00Z
Projects
donald · jackson · yingkou · niafarang
Commodities
rare_earths · others
Open original source ↗
Donald Project Secures REEC Export LicencePermitting · HighExtracted

Commonwealth approved US exports of Donald REEC; permit needs biennial renewal, while financing and FID remained outstanding.

Document ID
reec_export_20260901
Published UTC
2026-08-31T23:01:00Z
Projects
donald
Commodities
rare_earths
Open original source ↗
Appendix 5B - Quarterly Cash Flows - 30 June 2026Results · HighExtracted

Latest quarter cash, debt facilities and runway disclosure.

Document ID
cash_q2_2026
Published UTC
2026-07-28T23:45:04Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities Report - 30 June 2026Operations · HighExtracted

Latest comprehensive issuer update covering project economics, financing, approvals, resources, reserves, China operations, capital and tenements.

Document ID
activities_q2_2026
Published UTC
2026-07-28T23:44:29Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Investor Presentation - Noosa Mining ConferencePresentation · MediumExtracted

Latest investor presentation restating project scale, ultimate 51% Astron ownership and strategic product positioning.

Document ID
presentation_20260722
Published UTC
2026-07-21T22:43:27Z
Projects
donald · jackson
Commodities
rare_earths · others
Open original source ↗
RL2002 Ore Reserve Update & Revised Phase 2 Economics StudyStudy · HighExtracted

Current Phase 2 reserve and revised economics study; combined Phase 1 and Phase 2 values are reported on a 100% project basis.

Document ID
res_phase2_20260609
Published UTC
2026-06-08T23:31:21Z
Projects
donald
Commodities
rare_earths · others
Open original source ↗
Application for quotation of securities - ATRCorporate Action · HighExtracted

Quotation of 6,990,292 ordinary shares issued as property consideration and the current quoted security base.

Document ID
quotation_20260602
Published UTC
2026-06-02T08:18:50Z
Projects
donald
Commodities
—
Open original source ↗
Application for quotation of securities - ATRCorporate Action · MediumExtracted

Quotation of 799,999 ordinary shares on performance-right conversion.

Document ID
quotation_20260518
Published UTC
2026-05-18T07:56:56Z
Projects
—
Commodities
—
Open original source ↗
Appendix 5B - Quarterly Cash Flows - 31 March 2026Results · MediumExtracted

March 2026 quarter cash-flow history.

Document ID
cash_q1_2026
Published UTC
2026-04-30T00:20:06Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities Report - 31 March 2026Operations · HighExtracted

March 2026 quarter project and financing update; FID timing was later revised.

Document ID
activities_q1_2026
Published UTC
2026-04-30T00:19:36Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Bankable Feasibility Study - Donald Project Phase 1Study · HighExtracted

Current Phase 1 bankable feasibility study with post-tax NAV, capex, operating metrics and price sensitivities.

Document ID
bfs_phase1_20260331
Published UTC
2026-03-30T21:23:14Z
Projects
donald
Commodities
rare_earths · others
Open original source ↗
MIN5532 Mineral Resource and Ore Reserve UpdateReserve Update · HighExtracted

Detailed MIN5532 JORC resource and reserve update supporting the current Phase 1 mine inventory.

Document ID
resource_min5532_20260302
Published UTC
2026-03-01T22:11:10Z
Projects
donald
Commodities
rare_earths · others
Open original source ↗
Financial Statements - half year ended 31 December 2025Results · HighExtracted

Latest statutory half-year financial statements, including inventory, debt, China operations and the Donald joint venture.

Document ID
half_year_20251231
Published UTC
2026-02-26T22:03:57Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Appendix 5B - Quarterly Cash Flows - 31 December 2025Results · MediumExtracted

December 2025 quarter cash-flow history.

Document ID
cash_q4_2025
Published UTC
2026-01-30T05:28:26Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities Report - 31 December 2025Operations · HighExtracted

December 2025 project, financing and operating update; FID timing was later revised.

Document ID
activities_q4_2025
Published UTC
2026-01-30T05:32:16Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Annual Report to shareholdersResults · HighExtracted

FY2025 audited financial, project, tenement and security disclosure; later half-year and quarterly data supersede balance-sheet anchors where available.

Document ID
annual_report_20251030
Published UTC
2025-10-30T05:22:16Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Appendix 5B - Quarterly Cash Flows - 30 September 2025Results · MediumExtracted

September 2025 quarter cash-flow history.

Document ID
cash_q3_2025
Published UTC
2025-10-29T22:43:08Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities Report - 30 September 2025Operations · HighExtracted

September 2025 project, financing and operating update; timing and economics subsequently superseded.

Document ID
activities_q3_2025
Published UTC
2025-10-29T22:41:28Z
Projects
donald · jackson · yingkou
Commodities
rare_earths · others
Open original source ↗
Redomicile Update Scheme ImplementationCorporate Action · HighExtracted

Implemented Australian redomicile and established the post-scheme security base.

Document ID
redomicile_20250829
Published UTC
2025-08-29T08:15:14Z
Projects
—
Commodities
—
Open original source ↗
Updated Donald Project Economics - Phase 1Study · HighExtracted

Superseded 2025 Phase 1 economics study retained for change tracking; the March 2026 BFS is current.

Document ID
study_phase1_20250723
Published UTC
2025-07-22T22:34:48Z
Projects
donald
Commodities
rare_earths · others
Open original source ↗
Evidence facts74
study_2025_posttax_npvPhase 1 post-tax NPV8

522000000 AUD

2025-07-23
study_2025_pretax_npvPhase 1 pre-tax NPV8

837000000 AUD

2025-07-23
redomicile_sharesOrdinary shares after implementation

418357508 shares

2025-08-29
cash_q3_2025_balanceQuarter-end cash

6707000 AUD

2025-09-30
activities_q3_2025_fidPhase 1 FID target

Q4 2025 None

2025-09-30
cash_q4_2025_balanceQuarter-end cash

21385000 AUD

2025-12-31
activities_q4_2025_fidPhase 1 FID target

Q1 2026 None

2025-12-31
halfyear_inventoryConsolidated inventories carrying value

4340127 AUD

2025-12-31
halfyear_china_revenueChina external revenue for half-year

6404902 AUD

2025-12-31
halfyear_china_lossChina segment loss for half-year

-1858277 AUD

2025-12-31
min5532_resource_totalMIN5532 Mineral Resource

530 Mt

2025-12-31
min5532_reserve_totalMIN5532 Ore Reserve

293 Mt

2025-12-31
bfs_phase1_posttax_npvPhase 1 post-tax NPV8

462000000 AUD

2026-03-31
bfs_phase1_pretax_npvPhase 1 pre-tax NPV8

759000000 AUD

2026-03-31
bfs_phase1_capexPhase 1 execution capital cost

450000000 AUD

2026-03-31
bfs_phase1_revenuePhase 1 average annual revenue

262200000 AUD/year

2026-03-31
bfs_phase1_ebitdaPhase 1 average annual EBITDA

119300000 AUD/year

2026-03-31
bfs_phase1_china_spot_npvPre-tax NPV8 at China rare-earth spot prices

376700000 AUD

2026-03-31
bfs_phase1_fundingPhase 1 total funding requirement

546000000 AUD

2026-03-31
cash_q1_2026_balanceQuarter-end cash

19378000 AUD

2026-03-31
activities_q1_2026_fidPhase 1 FID target

Q2 2026 None

2026-03-31
quotation_may_sharesOrdinary shares after quotation

422956103 shares

2026-05-18
quotation_june_sharesOrdinary shares after quotation

429946395 shares

2026-06-02
res_combined_posttax_npvCombined Phase 1 and Phase 2 post-tax NPV8

1480000000 AUD

2026-06-09
res_combined_pretax_npvCombined Phase 1 and Phase 2 pre-tax NPV8

2279000000 AUD

2026-06-09
res_phase2_capexPhase 2 incremental capital cost

557000000 AUD

2026-06-09
res_rl2002_reserveRL2002 Ore Reserve excluding MIN5532

435 Mt

2025-12-31
presentation_ultimate_ownershipAstron ultimate Donald joint venture ownership

51 percent

2026-07-22
cash_q2_2026_balanceQuarter-end cash

17286000 AUD

2026-06-30
cash_q2_2026_debtFinancing facilities drawn

8894000 AUD

2026-06-30
cash_q2_2026_runwayEstimated quarters of funding available

6.68 quarters

2026-06-30
activities_q2_2026_fidPhase 1 FID target

Q3 2026 None

2026-06-30
activities_q2_target_debtTarget Phase 1 lending package

220000000 AUD

2026-06-30
activities_q2_donald_reserve_summaryDonald total Ore Reserve overview statement

810 Mt

2025-12-31
activities_q2_donald_reserve_detailedDonald total Ore Reserve from detailed tables

728 Mt

2025-12-31
activities_q2_donald_resourceDonald total Mineral Resource

1816 Mt

2025-12-31
activities_q2_jackson_resourceJackson Mineral Resource

823 Mt

2025-12-31
activities_q2_ordinary_sharesFully paid ordinary shares

429946395 shares

2026-07-29
activities_q2_optionsUnquoted options

600000 options

2026-07-29
activities_q2_rightsUnquoted performance rights

11473335 rights

2026-07-29
activities_q2_china_revenueChina Q2 2026 revenue

19800000 RMB

2026-06-30
activities_q2_donald_current_interestAstron current Donald joint venture interest

87.3 percent

2026-06-30
reec_export_approvedREEC export approval

True None

2026-09-01
reec_export_renewalREEC export permit renewal frequency

2 years

2026-09-01
reec_heavy_dyDy oxide share of total REO

2.7 percent

2026-09-01
reec_heavy_tbTb oxide share of total REO

0.4 percent

2026-09-01
fy26_salesFY2026 sales revenue

13483486 AUD

2026-06-30
fy26_operating_cash_flowFY2026 net operating cash flow

-6021561 AUD

2026-06-30
fy26_cashFY2026 cash and cash equivalents

17285721 AUD

2026-06-30
fy26_borrowingsFY2026 current and noncurrent borrowings

8893224 AUD

2026-06-30
fy26_inventoryFY2026 net inventories

3594175 AUD

2026-06-30
fy26_inventory_wipFY2026 work-in-progress inventory before impairment

3468616 AUD

2026-06-30
fy26_inventory_finishedFY2026 finished-goods inventory

408767 AUD

2026-06-30
fy26_inventory_impairmentFY2026 work-in-progress inventory impairment

-283208 AUD

2026-06-30
fy26_ordinary_sharesFY2026 ordinary shares

429946395 shares

2026-06-30
fy26_energyfuels_interestEnergy Fuels Donald JV interest

12.68 percent

2026-06-30
fy26_astron_interestAstron Donald JV interest

87.32 percent

2026-06-30
fy26_fid_targetPhase 1 FID target

by end of calendar 2026 None

2026-09-23
fy26_astron_fundingEstimated Astron Phase 1 equity contribution

60000000 AUD

2026-09-23
fy26_ef_stock_trancheEnergy Fuels shares due to Astron on positive FID

14000000 USD

2026-09-23
fy26_ef_shares_saleFY2026 proceeds from sale of Energy Fuels shares

15093215 AUD

2026-06-30
fy26_niafarang_royaltyNiafarang retained royalty rate

5 percent of mineral product return

2026-06-30
fy26_niafarang_loanNiafarang working-capital loan principal

300000 USD

2026-06-30
fy26_niafarang_considerationNiafarang sale price

1455000 USD

2026-06-30
fy26_mdManaging Director

Tiger Brown None

2026-09-23
fy26_cfoChief Financial Officer

Greg Bell None

2026-09-23
fy26_project_directorDonald Project Director

Sean Chelius None

2026-09-23
fy26_operations_headGeneral Manager Operations

Grant Huggins None

2026-09-23
fy26_sustainability_headGeneral Manager Sustainability

Jessica Reid None

2026-09-23
fy26_secretaryGeneral Counsel and Company Secretary

Joshua Theunissen None

2026-09-23
fy26_total_reserveDonald total proved and probable Ore Reserve

728 Mt

2025-12-31
fy26_fy27_prioritiesFY2027 priorities

financing, FID, construction and Yingkou momentum None

2026-09-23
market_price_close_20260925ATR ordinary-share close

0.56 AUD/share

2026-09-25
market_price_volume_20260925ATR ordinary-share volume

105880 shares

2026-09-25
Conflicts requiring judgment2
  • Donald total Ore Reserve tonnes

    Selected the 728 Mt total from the detailed current JORC reserve tables (293 Mt MIN5532 plus 435 Mt RL2002); the same release's 810 Mt overview statement does not reconcile.

  • Donald Phase 1 final investment decision target

    The September 2026 annual report now targets FID by calendar year-end after the July quarterly and September permit release had targeted Q3; financing remains the deciding gate.