Astral Resources Unveils High-Grade Gold Zones at Theia, Boosting Mandilla’s Prospects

• 16 new RC holes average 50 gram x metres gold mineralisation
• In-fill drilling supports April 2025 Mineral Resource Estimate of 1.15Moz at Theia
• Mandilla Pre-Feasibility Study shows strong project economics with $1.4 billion NPV8 at A$4,250/oz gold
• 3,000-metre diamond drilling underway targeting high-grade structures and extensions
• Exploration continues at Feysville with RC drilling at Kamperman and regional targets

In-Fill Drilling Validates Theia’s High-Grade Potential

Astral Resources has released assay results from 16 additional reverse circulation (RC) drill holes at its flagship Theia Deposit, part of the Mandilla Gold Project near Kalgoorlie, Western Australia. These latest results continue to confirm broad zones of high-grade gold mineralisation, averaging an impressive 50 gram x metres across the holes. This reinforces the confidence in the April 2025 Mineral Resource Estimate (MRE) of 33.3 million tonnes at 1.1 grams per tonne gold, containing approximately 1.15 million ounces.

The in-fill drilling program, now complete with 99 holes drilled at a tight 12-metre by 12-metre spacing, was designed to upgrade resource classification within a key 80 by 120 metre panel of the planned Stage 1 open pit. The results suggest the potential to underpin a Measured Resource classification, a critical step towards mine development.

Strong Economics Underpin Mandilla’s Development

The Mandilla Pre-Feasibility Study (PFS), announced in June 2025, outlines a robust standalone project comprising seven open pits feeding a 2.75 million tonnes per annum processing facility. The base case assumes a gold price of A$4,250 per ounce, delivering a net present value (NPV8) of $1.4 billion, which nearly doubles to $2.9 billion at a gold price of A$6,250 per ounce. Theia alone accounts for 75% of the total contained gold in the production case, highlighting its strategic importance.

Metallurgical test work across Mandilla’s deposits has demonstrated excellent gold recoveries with low reagent consumption and fast leach kinetics, further de-risking the project’s economics.

Ongoing Diamond Drilling and Regional Exploration

A 3,000-metre diamond drilling program is currently underway at Theia, targeting interpreted high-grade structures within the deposit and testing for parallel mineralised zones on the eastern flank. These efforts aim to enhance the resource base and potentially increase the project’s value.

Meanwhile, exploration at the nearby Feysville Gold Project continues with a 17-hole RC program at Kamperman, testing extensions to known high-grade mineralisation. This will be followed by a 30-hole regional RC program to investigate gold anomalies identified by historical drilling.

Strategic Funding and Project Advancement

Astral has also announced a Letter of Intent with Mineral Mining Services to monetise its Think Big deposit at Feysville, potentially providing a funding pathway for Mandilla that could reduce shareholder dilution and project risk. This strategic move aligns with Astral’s objective to advance Mandilla towards a final investment decision with a strong financial foundation.

With the in-fill drilling complete and diamond drilling results pending, Astral Resources is well positioned to progress Mandilla’s development, leveraging its substantial resource base, favourable metallurgy, and promising exploration upside.

Bottom Line?

As diamond drilling progresses and funding pathways crystallise, Astral’s Mandilla project stands poised for a pivotal development phase.

Questions in the middle?

• Will the diamond drilling confirm additional high-grade structures to expand Theia’s resource?
• How might the Letter of Intent with Mineral Mining Services translate into concrete funding for Mandilla?
• What are the prospects for new discoveries from the upcoming regional exploration at Feysville?