Astral Resources Elevates Mandilla Gold Resource to 1.43Moz, Secures Maximus Takeover

Mandilla Resource Upgrade Signals Growth

Astral Resources (ASX: AAR) has delivered a significant boost to its flagship Mandilla Gold Project with an updated JORC 2012 Mineral Resource Estimate (MRE) of 42 million tonnes at 1.1 grams per tonne gold, equating to 1.43 million ounces of contained gold. This update, announced shortly after the March quarter, underscores the project's growing scale and quality, with the cornerstone Theia deposit accounting for approximately 81% of the resource.

The revised resource was prepared by Cube Consulting and incorporates the Theia, Iris, Eos, and Hestia deposits. Notably, the resource estimate used a conservative lower cut-off grade of 0.39g/t Au and was constrained within pit shells optimized at a gold price of AUD 3,500 per ounce. This reflects a robust economic framework underpinning the resource, which is expected to feed into the upcoming Pre-Feasibility Study (PFS) due for completion in June 2025.

Exploration Momentum at Mandilla and Feysville

During the quarter, Astral reported strong assay results from multiple drilling campaigns. At Mandilla, a focused diamond drilling program at Theia converted significant inferred resources at depth into the higher-confidence indicated category, enhancing the project's development potential. Complementary reverse circulation drilling at the Eos deposit extended the fresh rock mineralisation footprint, while metallurgical testwork confirmed exceptional gold recoveries exceeding 98%, with high gravity recoveries indicating a substantial free gold component.

At the Feysville Gold Project, located just 14 kilometres south of the KCGM Super Pit, Astral completed over 13,000 metres of drilling, including diamond, reverse circulation, and air-core programs. Assay results from the Kamperman deposit confirmed high-grade gold mineralisation, supporting the project's role as a potential satellite ore source for Mandilla. Pending assay results from ongoing geotechnical and regional drilling programs are expected to further define the resource base.

Strategic Acquisition of Maximus Resources

Astral's strategic acquisition of Maximus Resources Limited has been completed, with Maximus now a wholly owned subsidiary following compulsory acquisition of remaining shares. This transaction consolidates a contiguous tenement package adjacent to Mandilla, significantly enhancing Astral's regional footprint and exploration upside. The integration process is underway, with plans to harmonize resource estimation methodologies and operational systems between the two entities.

While the current Mandilla PFS will not include ore from Maximus tenements, the expanded landholding offers promising potential for future resource growth and project synergies. Astral's management has highlighted ongoing reviews of Maximus assets to identify core and non-core holdings, aiming to optimize the combined portfolio's value.

Financial Position and Project Development Outlook

As of 31 March 2025, Astral held approximately AUD 22.3 million in cash, supporting continued exploration and technical studies. The company reported net cash outflows of AUD 4.8 million for the quarter, primarily directed towards exploration activities and corporate costs. The Mandilla PFS remains on track for completion in the June quarter, expected to outline a standalone gold operation producing between 80,000 and 100,000 ounces annually, with a net present value of AUD 442 million based on prior scoping studies.

Complementary technical workstreams are progressing, including environmental assessments, geotechnical studies, water supply investigations, and processing optimisation. These efforts aim to de-risk the project and refine the development pathway ahead of definitive feasibility studies.

Positioning for Growth in a Tier-One Gold District

Astral's Mandilla and Feysville projects are strategically located within the prolific Kalgoorlie region of Western Australia, home to world-class gold mines such as the Golden Mile Super Pit and St Ives. The company's expanding resource base and contiguous tenement holdings position it well to capitalize on the region's infrastructure and mining expertise.

With strong drilling results, metallurgical confirmations, and a solid financial footing, Astral is advancing steadily towards establishing a sustainable gold production operation. The integration of Maximus Resources adds further scale and exploration optionality, setting the stage for potential resource upgrades and operational efficiencies.