Astral Resources Validates High-Grade Gold at Mandilla’s Theia Deposit

Mandilla’s Theia Deposit – A High-Grade Gold Confirmation

Astral Resources (ASX – AAR) has announced the completion of a detailed 99-hole in-fill reverse circulation (RC) drilling program at the Theia Deposit, part of its 100%-owned Mandilla Gold Project near Kalgoorlie, Western Australia. The program, designed to increase drilling density to 12m by 12m over a critical 80m by 120m panel of the Stage 1 open pit, has delivered an average grade of 1.93 grams per tonne (g/t) gold over 2,676 metres of assay intervals, confirming the robustness of the geological interpretation underpinning the project’s development plans.

The drilling campaign returned impressive high-grade intercepts, including standout results such as 21 metres at 7.13g/t Au (including 2 metres at 63.8g/t Au), and bonanza-grade hits like 1 metre at 184.7g/t Au. These results validate the mineral resource estimate (MRE) released earlier in 2025, which outlines a 33.3 million tonne resource at 1.1g/t Au containing 1.2 million ounces of gold, with Theia contributing approximately 75% of the total project ounces.

Strategic Importance of Stage 1 Starter Pit

The Stage 1 open pit, encompassing 4.2 million tonnes at 1.1g/t Au for 146,000 ounces of contained gold, is a critical early mining phase with a strip ratio of 4 – 1. The in-fill drilling program was specifically designed to de-risk this starter pit by confirming continuity and grade of mineralisation. The strong correlation between the new assay results and the 2025 MRE model provides confidence in the mine planning and supports the economic assumptions of the Mandilla Pre-Feasibility Study (PFS), which reported a net present value (NPV) of $1.4 billion at an 8% discount rate based on a conservative A$4,250/oz gold price.

Ongoing Exploration and Project Advancement

Beyond Theia, Astral Resources is progressing exploration at its Feysville Gold Project, where a 17-hole in-fill RC program at the Kamperman Deposit has been completed with assay results awaited. Additionally, diamond drilling at Theia has concluded, targeting structural controls and extensions with results pending. The company is also conducting geotechnical drilling at nearby deposits Hestia and Eos to support the Definitive Feasibility Study (DFS), expected next year.

Managing Director Marc Ducler highlighted the significance of the drilling campaign, stating that the results confirm wide zones of high-grade mineralisation and bonanza grades that underpin the project’s strong foundation. The DFS will build on these results to refine mine designs, optimise processing, and further de-risk the project ahead of production.

Regional Context and Project Outlook

Mandilla is strategically located within the prolific gold-producing region south of Kalgoorlie, adjacent to world-class operations such as Northern Star’s Golden Mile and Gold Fields’ St Ives mines. The project benefits from granted mining leases free of third-party royalties aside from the standard Western Australian government gold royalty, enhancing its economic attractiveness.

With a consolidated Mineral Resource Estimate of 50 million tonnes at 1.1g/t Au for 1.76 million ounces across Mandilla, Feysville, and Spargoville, and Ore Reserves of 36.6 million tonnes at 0.9g/t Au for over 1 million ounces, Astral Resources is well positioned to advance towards production. The recent drilling success at Theia reinforces the project’s potential to deliver significant value to shareholders.