Highlights

• Astral Resources NL said in its quarterly report for the period ended 30 September 2026 that the Definitive.

• The company has also agreed to acquire 100 per cent of the nickel rights held by Estrella Resources.

• The main caveats are that the feasibility study, permits and heritage clearances are not complete.

• The quarterly update outlines operational developments and financial measures alongside upcoming milestones and unresolved conditions for investors.

Astral Resources (ASX:AAR) — NL said in its quarterly report for the period ended 30 September 2026 that the Definitive Feasibility Study for its Mandilla Gold Project in Western Australia is targeted for completion in the first quarter of 2027, with a final investment decision expected to follow immediately afterwards. The company has 1,801,045,606 fully paid ordinary shares on issue and is a gold explorer and developer with some nickel rights.

Mandilla and the resource base

Mandilla is the company's main focus. Its pre-feasibility study, based on a gold price of A$3,000 per ounce for the reserve, supports Ore Reserves of 36.6 million tonnes at 0.9 grams per tonne for 1.082 million ounces. The study showed a net present value at an 8 per cent discount rate of A$1.4 billion at A$4,250 per ounce, rising to A$2.7 billion at A$6,000 per ounce, with production of 95,000 ounces a year for the first 12 years.

Group Mineral Resources stand at 67.0 million tonnes at 1.0 gram per tonne for 2.214 million ounces. After the quarter, on 9 October 2026, the company reported a Spargoville resource of 8.5 million tonnes at 1.0 gram per tonne for 281,000 ounces, made up of 186,000 ounces Indicated and 95,000 ounces Inferred.

Drilling continued at Theia. Stage 1 in-fill reverse circulation drilling has completed 303 holes for 30,973 metres, with 129 more holes of about 12,616 metres planned. The Theia Deeps diamond programme was expanded to 21 holes for 11,000 metres, of which 18 were complete.

Acquisitions and corporate deals

Astral reported several transactions. The WIN Metals deal totals A$9,050,000 excluding GST: A$8,050,000 plus GST was paid on completion on 5 October 2026, and A$1,000,000 plus GST is pending registration of tenement M15/96.

The company has also agreed to acquire 100 per cent of the nickel rights held by Estrella Resources for A$3,000,000, payable in 20,000,000 Astral shares at a deemed price of A$0.15 each, of which 10,000,000 are escrowed for six months. Completion is expected in late October or early November 2026, subject to conditions including shareholder and regulatory approvals, so it is not yet complete. Astral also acquired freehold land at the Mandilla homestead for A$850,000.

Cash and funding

Cash at 30 September 2026 was about A$59.0 million, down from about A$65.1 million at 30 June 2026. Quarterly outflows were about A$7.6 million, mainly for exploration and evaluation. Net operating cash flow was an inflow of A$265,000, supported by A$1.2 million of interest received. The company reports no debt facilities and estimates about 11.2 quarters of funding at the current rate.

Approvals and development timetable

Astral said it expects to submit the NVCP, MDCP and Works Approval for Mandilla in the December 2026 quarter.

At the Feysville project, the Think Big joint venture is progressing. The company expects MDCP approval in the December 2026 quarter, pre-mining in the March 2027 quarter and haulage in the June 2027 quarter, pending a processing contract. No Think Big ore is included in the Mandilla study. Drilling at Kamperman, also at Feysville, was expected in the current quarter after pad preparation began in October. At Spargoville, a phased 55-hole programme of about 10,000 metres of reverse circulation drilling is due to begin in the December 2026 quarter.

Risks

The main caveats are that the feasibility study, permits and heritage clearances are not complete. The Estrella transaction and the Think Big timeline depend on approvals and conditions that have not yet been met.

With about A$59.0 million and no debt, Astral has funded its recent acquisitions and drilling from existing resources, and its estimate of 11.2 quarters of funding reflects only current spending rather than the capital cost of building a mine, which the feasibility study is intended to define.