Highlights

  • Astral reported a consolidated Mineral Resource Estimate of 2.21 million ounces following its October 2026 Spargoville update.
  • Spargoville resources increased to 281,000 ounces, based on 8.5 million tonnes grading 1.0 g/t gold.
  • The Mandilla Definitive Feasibility Study is scheduled for completion in the March quarter of 2027.
  • Theia drilling and heritage clearance work continued during the September quarter.
  • Astral reported approximately AUD 59 million in cash at 30 September 2026.

Astral Resources NL explores and develops gold projects in Western Australia, with its Mandilla development portfolio encompassing the Mandilla, Feysville and Spargoville projects near Kalgoorlie. During 2026, Astral Resources NL (ASX:AAR) advanced technical studies, expanded drilling programmes and updated its mineral resource estimates. Its October disclosures bring the development schedule, exploration work and funding position into clearer focus as the company prepares for further project assessments.

Spargoville Resource Update Broadens the Project Inventory

On 9 October 2026, Astral Resources NL (ASX:AAR) announced an updated Mineral Resource Estimate for its wholly owned Spargoville Gold Project. The estimate rose by 102% to 8.5 million tonnes at 1.0 gram per tonne of gold, containing 281,000 ounces. The revision followed reinterpretation and re-estimation of deposits including Spiders, Eagles Nest, 8500N and 5B. The company applied a lower cut-off grade of 0.40 gram per tonne for those re-estimated deposits and used pit-shell constraints in its modelling.

Astral reported Spargoville Indicated Resources of 5.1 million tonnes at 1.1 grams per tonne for 186,000 ounces, together with Inferred Resources of 3.4 million tonnes at 0.9 grams per tonne for 95,000 ounces. These classifications reflect differing levels of geological confidence. Mineral resources are estimates of mineralisation, rather than confirmation that all contained metal can be economically recovered.

Including the reported Mandilla and Feysville resources, Astral Resources NL (ASX:AAR) stated that its consolidated Mineral Resource Estimate had reached 67 million tonnes at 1.0 gram per tonne gold for 2.21 million ounces. Spargoville is therefore an increasingly relevant part of its regional planning, although the development pathway remains subject to further technical work.

Mandilla Feasibility and Development Preparation

The company is progressing a Definitive Feasibility Study for Mandilla, scheduled for completion in the March quarter of 2027. The work involves refining Mining schedules, processing choices, Capital and operating cost estimates and the requirements for a potential development decision. A feasibility study is intended to improve the quality of technical and financial estimates; it does not itself represent a decision to construct a mine.

Astral Resources NL (ASX:AAR) has also continued work on land access and environmental requirements. Its September-quarter report described heritage surveys covering the remaining Mandilla development footprint and sterilisation drilling subject to clearance. These activities help determine where infrastructure can be located and what further approvals may be needed.

Drilling Activity and Financial Position

At the end of October 2026, Astral reported two drilling rigs operating at Mandilla. Eighteen holes had been completed in an expanded 21-hole, 11,000-metre Theia Deeps diamond drilling programme. Infill work at the proposed Theia Stage 1 open pit had reached 28,350 metres of a planned 44,400 metres, with drilling expected to continue during the remainder of 2026.

Astral reported cash of approximately AUD 59 million at 30 September 2026, compared with AUD 65 million at the previous quarter-end. This provides a dated measure of available cash, not a guarantee that future development capital requirements are covered. Study expenditure, drilling activity, approvals, financing arrangements and project costs remain relevant considerations.

Key Insights

Astral Resources NL (ASX:AAR) entered the final months of 2026 with a larger reported gold resource base, active drilling at Theia and ongoing Mandilla feasibility work. The October Spargoville revision expands the geological inventory, while the planned 2027 study and Think Big milestones establish the next operational checkpoints. Resource estimates, study schedules and proposed early Cash Flow should be distinguished from completed mine development and realised production.