On 9 October 2026, Astral Resources NL (ASX:AAR) announced an updated Mineral Resource Estimate (MRE) for its 100%-owned Spargoville Gold Project, 70 kilometres south of Kalgoorlie in Western Australia. The estimate increased by 102% to 8.5 million tonnes at 1.0 g/t gold for 281,000 ounces.

The updated Spargoville estimate

The estimate is reported under the JORC Code (2012 Edition) and comprises 5.1 million tonnes at 1.1 g/t gold for 186,000 ounces of Indicated resources and 3.4 million tonnes at 0.9 g/t gold for 95,000 ounces of Inferred resources. It includes the Spiders deposit (which combines Redback, Huntsman, Trapdoor, Golden Orb and S5), Eagles Nest, 8500N and 5B. The Spiders deposit is estimated at 5.5 million tonnes at 1.0 g/t for 177,000 ounces.

The Wattle Dam Stockwork, Hilditch and Larkinville deposits were not part of the update and remain unchanged.

Estimation parameters

The Spiders, Eagles Nest, 8500N and 5B deposits were re-estimated using a 0.40 g/t gold lower cut-off and constrained within pit shells derived at a gold price of A$4,500 per ounce. The cost assumptions come from the Mining and processing unit costs used for the upcoming Mandilla Gold Project Definitive Feasibility Study (DFS) optimisations. The remainder of Spargoville is reported at a 0.39 g/t cut-off and a gold price of A$3,500 per ounce.

Effect on the group resource

Including the Feysville resource of 5 million tonnes at 1.2 g/t gold for 196,000 ounces and the Mandilla resource of 53.5 million tonnes at 1.0 g/t gold for 1.74 million ounces, the consolidated Astral Group Mineral Resource is 67 million tonnes at 1.0 g/t gold for 2.21 million ounces. Astral said the work followed reinterpretation of the Spargoville deposits, which it acquired through its Acquisition of Maximus Resources last year. It also said about 16,000 metres of drilling has been completed at Spargoville since the acquisition, with drilling at Spiders planned in the current December quarter.

Sector backdrop

Mineral Resource estimates are often updated when a company re-interprets geology, changes cut-off grades or applies updated pit optimisation assumptions. A change in the gold price used for pit shells can alter how much material is included, so comparisons between estimates require attention to those inputs.

Resources are distinct from Ore Reserves, which require modifying factors and a study. The release refers to an upcoming Mandilla DFS, which is a separate project from Spargoville.

Risks shareholders should weigh

A Mineral Resource does not demonstrate economic viability. The increase is influenced by reinterpretation and by the A$4,500 per ounce pit shell assumption, and a lower gold price or higher costs could reduce reported ounces in future estimates.

About 34% of the Spargoville resource by ounces (95,000 of 281,000) is classified as Inferred, which has a lower level of geological confidence. Average grades are about 1.0 g/t gold, so Economics depend on scale, costs and metallurgy.

Astral’s upcoming Mandilla DFS has not been released, and any development decisions for Spargoville would require further work, approvals and funding. The announcement does not discuss funding or processing arrangements for Spargoville.

What’s next

Astral said the re-optimisation was partly intended to refine upcoming drilling programs, and it plans to return to drilling at the Spiders deposit in the December 2026 quarter. The Mandilla DFS is described as upcoming. Shareholders may wish to watch for drilling results, the DFS and any further resource updates.