Corporate Member

Progressing towards development at the 2.1Moz Mandilla Gold Project near
Kalgoorlie, which encompasses the Mandilla, Feysville and Spargoville
projects.
Positive Pre-Feasibility Study completed in June 2025, with outstanding
financial outcomes including:
Robust 1.1Moz maiden Ore Reserve
95kozpa of gold production over an initial 12-year period
Pre-tax NPV8 of $1.4B
Pre-tax free cashflow of $2.8B
Payback of ~12 months
PFS outcomes were based on a gold price assumption of A$4,250/oz –
significantly lower than the current spot price of A$6,000/oz.
Definitive Feasibility Study for Mandilla expected March Quarter 2027, with a Final
Investment Decision targeted immediately thereafter.
Letter of Intent signed for a fully funded development partnership to deliver
early production from the Think Big Gold Project, part of Astral’s Feysville
Project.
Cash-flow from Think Big will provide funding to support the development of
the broader Mandilla Project, potentially reducing the debt and equity funding
requirement and minimising shareholder dilution.