Astral Resources Confirms High-Grade Gold Drill Results and Permit Approval at Think Big

Astral Resources Drills High-Grade Gold at Think Big, Clears Key Permit Hurdle as Mine Development Advances

Astral Resources (ASX:AAR) has reported a complete set of drill results from its Think Big Gold Deposit in Western Australia, confirming broad zones of shallow, high-grade supergene gold mineralisation suited to its fully funded joint venture development model. The Astral Resources Think Big high grade gold drill results and permit approval represent a significant milestone, with all 92 holes assayed and a key environmental permit now approved, outlining a clear timeline toward first revenue from the project.

A 92-Hole Program That Delivers Where It Counts

The completed 92-hole, 5,229-metre Reverse Circulation (RC) in-fill program at Think Big was carried out by joint venture partner Mineral Mining Services Pty Ltd (MMS). According to the announcement, the program was designed to refine the mine designs for the supergene component of the deposit and feed directly into grade control modelling ahead of mining. All assay results have now been received.

Multiple holes returned substantial high-grade intercepts at shallow depths, a characteristic often associated with lower-cost open pit development:

Several of these broader intervals contained standout sub-sections, including 1m at 57.1 g/t Au (26TBRC040), 1m at 26.2 g/t Au (26TBRC003), 1m at 24.4 g/t Au (26TBRC004), and 1m at 19.0 g/t Au (26TBRC032).

According to the announcement, the results are generally in line with expectations, an outcome that supports confidence in the predictability of the deposit and the reliability of mine planning inputs.

"An attractive open pit Resource has been further improved by some outstanding shallow high-grade drill intervals such as 11m at 7.34g/t Au from 33m, 12m at 5.89g/t Au from 30m, 11m at 3.97g/t Au from 33m and 16m at 2.33g/t Au from 37m," said Marc Ducler, Managing Director of Astral Resources.

What Is Supergene Mineralisation and Why Does It Matter Here?

Understanding supergene mineralisation helps explain why Think Big is considered well suited to its proposed development structure.

Supergene mineralisation refers to gold that has been chemically concentrated near the surface through weathering processes occurring over long geological timeframes. Rainwater and oxidising fluids dissolve gold from deeper primary mineralisation and redeposit it at shallower depths, often producing higher-grade zones that are:

• Softer and easier to excavate than fresh, unweathered rock, which can reduce mining costs
• More amenable to processing, as oxidised ore typically achieves higher metallurgical recoveries
• Shallower in depth, generally resulting in lower strip ratios and faster access to ore in open pit mining

At Think Big, the supergene mineralisation is described in the announcement as consistent and flat-lying across multiple sections, a geometry considered suited to bulk open pit extraction and third-party toll processing, the pathway proposed under the MMS joint venture.

Glossary of Key Terms

• RC Drilling (Reverse Circulation): A drilling method where air and rock cuttings are returned up the inside of the drill pipe, providing representative samples
• Grade Control Model: A geological model used by mine planners to direct excavation of ore from waste material
• Mineralised Wireframe: A three-dimensional digital boundary defining the shape and extent of mineralisation, used as the basis for resource estimation
• MRE (Mineral Resource Estimate): A JORC-compliant estimate of the tonnes and grade of gold within a deposit, classified by confidence level
• NVCP (Native Vegetation Clearing Permit): A statutory Western Australian approval required before vegetation can be cleared ahead of mining development

The Joint Venture Structure: Fully Funded Development With Upside

Think Big's proposed development pathway carries a structure the company has described as materially different from typical self-funded junior mine development.

Under the proposed joint venture with MMS, a specialist mining services provider:

1. MMS is proposed to fund 100% of development costs, meaning Astral would not carry capital expenditure obligations for Think Big
2. MMS would recoup development costs from initial project cash flows
3. Once costs are recovered, profits would be shared 50:50 until combined JV profit reaches $40 million
4. Any profit above $40 million would revert to a more favourable split for Astral

This arrangement, as outlined by the company, is intended to allow Astral to participate in early cash flow generation without diluting shareholders or drawing on corporate reserves to fund mine construction.

The Think Big Deposit hosts a JORC 2012 Mineral Resource Estimate of 2.4Mt at 1.1 g/t Au for 85,200 ounces of contained gold, comprising:

• 1.9Mt at 1.1 g/t Au for 68,100 ounces in the Indicated category
• 0.5Mt at 1.2 g/t Au for 17,100 ounces in the Inferred category

Furthermore, the average assay grade from this in-fill program of 1.78 g/t Au appears supportive of the Think Big contribution modelled in the Mandilla Pre-Feasibility Study (PFS), which incorporated 0.8Mt at 1.2 g/t Au for 32,000 ounces from this deposit toward the broader production target.

Permitting Progress: A Milestone Reached Ahead of Schedule

Beyond the drilling results, the company confirmed receipt of the Native Vegetation Clearing Permit (NVCP), which was approved within six months of submission, ahead of Astral's internal schedule.

This approval addresses one of two remaining critical path items identified by the company ahead of mine development:

• Mine Development and Closure Plan (MDCP): Submitted and awaiting approval
• Haul road intersection with Goldfields Highway: Design and construction required, targeted for completion in the June 2027 Quarter

Separately, an additional miscellaneous licence application, sought to facilitate ore haulage via a route avoiding an area of cultural sensitivity identified by registered Native Title applicants, has had all objections resolved. The tenement is consequently expected to progress to grant.

"Permitting is also advancing, with the NVCP approved within six months of submission, which was ahead of our internal schedule," said Ducler.

Road to Revenue: A Proposed Timeline

With drilling complete and permitting progressing, Astral and MMS have outlined the following indicative schedule for Think Big:

According to Ducler, Think Big remains on track for development in the March Quarter of 2027, with revenue expected in the June Quarter of 2027. In addition, a 3-hole, 255-metre geotechnical diamond drill program has been completed to assist with pit slope design, reflecting the project's progression into more detailed mine engineering work.

Think Big Within a Broader Strategic Picture

Think Big forms part of Astral's wider Western Australian gold portfolio. The company's consolidated Mineral Resource and Ore Reserve position, as reported, includes the following:

Group Mineral Resources (JORC 2012)

Group Ore Reserves (JORC 2012)

The Feysville Gold Project, which hosts Think Big, is located approximately 14 kilometres south of Kalgoorlie in the Norseman-Wiluna Greenstone Belt, a geological corridor that also hosts the KCGM Super Pit operated by Northern Star Resources, the St Ives Gold Mine operated by Gold Fields, and the Beta Hunt Gold Mine operated by Westgold Resources.

The Mandilla Pre-Feasibility Study identified Feysville as a source of satellite ore feed for a potential future Mandilla-based operation, with Feysville contributing 3.7Mt at 1.1 g/t Au for 132,000 ounces toward the Mandilla production target of 1.41 million ounces.

Investor Considerations

Several elements of Astral's current position may be of interest to investors monitoring the junior gold development sector. The Astral Resources Think Big high grade gold drill results and permit approval, in particular, reinforce the project's near-term appeal across the following key areas:

• Near-term cash flow potential, with Think Big revenue targeted from the June Quarter of 2027 under a proposed fully funded joint venture structure that would not require equity dilution for mine development
• High-grade, shallow mineralisation, confirmed across a 92-hole drill program, with in-fill results supporting grade assumptions used in earlier mine studies
• Permitting progress, with the NVCP received ahead of the company's internal schedule and remaining approvals progressing
• A 2.07Moz total Mineral Resource base, supporting a broader development pipeline beyond Think Big
• Location within the Eastern Goldfields region, an area with established gold mining infrastructure and processing options
• A defined sequence of near-term catalysts, including MDCP approval, grade control model completion, and the proposed commencement of mine construction

The combination of a proposed externally funded early production project alongside the larger Mandilla development gives Astral a dual-track profile, spanning near-term cash flow potential and longer-term project development.

Key Takeaway

The Astral Resources Think Big high grade gold drill results and permit approval have collectively outlined a credible pathway toward near-term gold production, supported by a proposed fully funded joint venture structure and permitting progress ahead of the company's internal schedule. With a 2.07Moz group resource base and the Mandilla project advancing in parallel, the company's progress toward its targeted June Quarter 2027 revenue timeline is likely to remain a focus for investors tracking the ASX junior gold sector.

Ready to Dig Deeper Into Astral Resources' Path to Gold Production?

With high-grade drill results confirmed at Think Big, a fully funded joint venture structure in place, and revenue targeted for the June Quarter of 2027, Astral Resources (ASX:AAR) is rapidly advancing toward near-term gold production. To learn more about the company's projects, its 2.07Moz resource base, and the broader Mandilla development pipeline, visit Astral Resources' official website.