Annual report
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ASTRAL RESOURCES NL AND ITS CONTROLLED ENTITIES ABN 24 651 541 976 Annual Report For the year ended 30 June 2026 astralresources.com.au
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Astral Resources NL Annual Report 30 June 2026 2 CONTENTS CORPORATE DIRECTORY ............................................................................................................................................... 3 REVIEW OF OPERATIONS ................................................................................................................................................ 4 DIRECTORS’ REPORT .................................................................................................................................................... 41 AUDITOR’S INDEPENDENCE DECLARATION ............................................................................................................... 62 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ............................. 63 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ............................................................................................ 64 CONSOLIDATED STATEMENT OF CASH FLOWS ......................................................................................................... 65 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................................................ 66 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................... 67 CONSOLIDATED ENTITY DISCLOSURE STATEMENT ................................................................................................. 90 DIRECTOR’S DECLARATION .......................................................................................................................................... 91 INDEPENDENT AUDITOR’S REPORT ............................................................................................................................ 92 ASX ADDITIONAL INFORMATION .................................................................................................................................. 96
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Astral Resources NL Annual Report 30 June 2026 3 CORPORATE DIRECTORY This financial report includes the consolidated financial statements and notes of Astral Resources NL (Astral or the Company) and its controlled entities (the Group). The Group’s functional and presentation currency is AUD ($). A description of the Group’s operations and of its principal activities is included in the review of operations and activities in the Directors’ report. The Directors’ Report is not part of the Financial Report. Directors Mark Connelly - Non-Executive Chairman Marc Ducler - Managing Director Justin Osborne - Non-Executive Director David Varcoe - Non-Executive Director Peter Stern - Non-Executive Director Company Secretary Brendon Morton Registered Office & Principal Place of Business Suite 2, 6 Lyall Street South Perth WA 6151 Telephone: +61 8 9382 8822 E-mail: info@astralresources.com.au Website: www.astralresources.com.au Share Registry Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: +1300 288 664 Auditors BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 Bankers National Australia Bank Level 14 100 St Georges Terrace Perth WA 6000 Solicitors Thomsons Level 29, Central Park Tower 152-158 St Georges Terrace Perth WA 6000 Stock Exchange Australian Securities Exchange Limited Level 40, Central Park Tower 152-158 St Georges Terrace Perth WA 6000 ASX Code: AAR
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Astral Resources NL Annual Report 30 June 2026 4 REVIEW OF OPERATIONS SUMMARY AND HIGHLIGHTS During the year ended 30 June 2026, Astral Resources NL (“ Astral” or “the Company ”) continued its transition from advanced explorer to gold project developer, achieving substantial progress across its Mandilla, Feysville and Spargoville projects in the Eastern Goldfields of Western Australia. The Company’s primary focus remained the advancement of the Mandilla Gold Project toward development, including extensive infill drilling, definitive feasibility study streams and permitting activities. Astral made significant progress during the financial year on the Mandilla Definitive Feasibility Study (Mandilla DFS), which is targeted for completion during H12026. During the financial year, the Company also undertook a significant $65 million equity capital raising and announced a material upgrade to the Mandilla Mineral Resource Estimate (MRE) of 54Mt at 1.1 g/t Au for 1.74Moz of contained gold (Mandilla MRE)1. Additionally, Astral continued to explore potential early production opportunities at the Feysville Gold Project, via the proposed joint venture with Mineral Mining Services Pty Ltd ( MMS). Astral’s consolidated Ore Reserve Estimate ( ORE) is 36.6Mt at 0.9 g/t Au for 1.08Moz of contained gold (Group ORE) 2. A map illustrating the location of Astral’s project interests is set out in Figure 1. Figure 1 – Map illustrating the location of the Astral’s Mandilla, Spargoville and Feysville Gold Projects. 1 Mandilla JORC 2012 Mineral Resource Estimate: 1.3Mt at 1.3g/t Au for 57koz Measured Mineral Resources, 32.6Mt at 1.0g/t Au for 1,092koz Indicated Mineral Resources and 19.6Mt at 0.9g/t Au for 588koz Inferred mineral Resources (refer to Astral ASX announcement dated 21 April 2026). 2 - Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025).
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Astral Resources NL Annual Report 30 June 2026 5 Following the announcement of the Mandilla MRE on 21 April 2026, the combined MRE across the Company’s three projects is 62Mt at 1.0g/t Au for 2.07Moz of contained gold (Group MRE), including the MRE at Feysville of 5Mt at 1.2g/t Au for 196koz of contained gold (Feysville MRE)3 and the MRE at Spargoville of 3Mt at 1.4g/t Au for 139koz of contained gold (Spargoville MRE)4. Astral completed approximately 84 kilometres of drilling during the financial year, across the Mandilla, Feysville and Spargo ville Projects. This included 5 6,689 metres of drilling at Mandilla, 2,954 metres of drilling at Feysville and 24,390 metres of drilling at Spargoville. Drilling included infill drilling, resource extensional drilling, exploration drilling and sterilisation drilling around the planned infrastructure locations for the Mandilla Project. Drilling at Mandilla during the financial year included 8,560 metres of diamond drilling (DD) and 48,129 metres of reverse circulation (RC) drilling. Drilling at Feysville during the financial year included 2,954 metres of RC drilling. Drilling at Spargoville during the financial year included 24,390 metres of RC drilling. Refer to Figure 2 below. Figure 2 – Chart illustrating information regarding drilling completed during the financial year by project. During the financial year, Astral reported assay results for a total of 51,376 metres of drilling, inclusive of 26,218 metres at Mandilla, 7,667 metres at Feysville and 17,491 metres at Spargoville. Subsequent to the end of the financial year, Astral reported assay results for an additional 19,165 metres of drilling. Assay results are discussed in subsequent sections by project. Astral made significant progress during the financial year on the Mandilla Definitive Feasibility Study (Mandilla DFS), which is targeted for completion during the March 2027 Quarter. GR Engineering Services was appointed to deliver the design and engineering scope for the DFS, with capital and operating costs now under review by Astral. Detailed mine designs, schedules and mine costing is also underway. Importantly, Astral has now executed a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group over the Mandilla and Spargoville Gold project areas. This now paves the way for Astral to finalise site layouts and finalise the Native Vegetation Clearing Permit (NVCP) and Mine Development and Closure Plan (MDCP) submissions, which are targeted for September 2026. The Works Approval is expected to follow immediately thereafter. 3 Feysville JORC 2012 Mineral Resource Estimate: 4Mt at 1.3g/t Au for 144koz Indicated Mineral Resources and 1Mt at 1.1g/t Au f or 53koz Inferred Mineral Resources. See ASX Announcement 1 November 2024. 4 Spargoville JORC 2012 Mineral Resource Estimate: 1.9Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1.1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources. See ASX Announcement 7 May 2025.
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Astral Resources NL Annual Report 30 June 2026 6 MANDILLA GOLD PROJECT The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia. The area hosts world- class deposits such as the Fimiston Open Pit in Kalgoorlie, owned by Northern Star Resources Limited (ASX: NST), and the St Ives Gold Mine approximately 20 kilometres to the south- east of Kambalda, owned by Gold Fields Limited, as well as the Beta Hunt Gold Mine immediately to the south of Kambalda, owned by Westgold Resources Limited (ASX: WGX). Mandilla is covered by existing Mining Leases. The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits. Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close t o the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group. Significant NW to WNW -trending structures along the western flank of the project are interpret ed from aeromagnetic data to cut through the granitic intrusion. These structures are considered important in localising gold mineralisation at Theia, which has a mineralised footprint extending over a strike length of more than 1.6km. A second sub-parallel structure hosts gold mineralisation at the Iris deposit. The mineralised footprint at Iris extends over a strike length of approximately 700 metres, combining with Theia to form a mineralised zone extending over a strike length of mor e than 2.3 kilometres. At Eos, located further to the south-east, a relatively shallow high-grade mineralised palaeochannel deposit has been identified which extends over a length of approximately 900 metres. A primary gold source is also present, with further drilling required to determine both the nature and structural controls on mineralisation and its extent. Mineralisation delineated over approximately 1,300 metres of strike at the Hestia deposit, located approximately 500 metres w est of Theia, is associated with a shear zone adjacent to a mafic/sediment contact, interpreted to be part of the major north- south trending group of thrust faults known as the Spargoville Shear Corridor. Locally, the Spargoville Shear Corridor hosts the historically mined Wattle Dam gold mine (266koz at 10.6g/t Au) and, further to the north, the Ghost Crab/Mt Marion mine (>1Moz). In April 2026, Astral announced a Mineral Resource Estimate (MRE) of 53.5Mt at 1.0 g/t Au for 1.74Moz of contained gold5 for the Mandilla Gold Project. Mandilla hosts an Ore Reserve Estimate (ORE) of 34.3Mt at 0.9 g/t Au for 1.00Moz of contained gold2. Metallurgical testing undertaken on each of the main deposits at Mandilla – Theia, Iris, Eos and Hestia – has demonstrated high gravity recoverable gold, fast leach kinetics and exceptional overall gold recoveries with low reagent consumptions and coarse grinding6,7. In June 2025, Astral announced the results of a Preliminary Feasibility Study for Mandilla ( Mandilla PFS), which also included the mining of gold deposits at Feysville. It was based on a standalone project comprising seven open pit mines feeding a 2.75Mtpa processing facility, producing 95koz per year for the first 12 years. Incorporating a base case gold price assumption for the Mandilla PFS of A$4,250/oz, a Net Present Value (8% discount rate) (NPV 8) of $1.4 billion 8 is calculated. At a A$6,000 gold price, the NPV 8 increases to $2.7 billion. 5 Mandilla JORC 2012 Mineral Resource Estimate: 1.3Mt at 1.3g/t Au from 57koz Measured Mineral Resources, 32.6Mt at 1.0g/t Au f or 1,092koz Indicated Mineral Resources and 19.6Mt at 0.9g/t Au for 588koz Inferred Mineral Resources (refer to Astral ASX announce ment dated 21 April 2026). 6 ASX Announcement 6 June 2022 “Outstanding metallurgical test-work results continue to de-risk Mandilla.” 7 ASX Announcement 17 September 2024 “Outstanding metallurgical results further de-risk Mandilla.” 8 Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025).
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Astral Resources NL Annual Report 30 June 2026 7 The Mandilla PFS incorporated four open-pit mines at Mandilla (Theia, Hestia, Eos and Iris) and three open -pits mines at Feysville (Kamperman, Think Big and Rogan Josh). The Company is currently progressing the Mandilla DFS. The Mandilla DFS is forecast for completion during the March Quarter 2027, with the projected timing reliant on receiving the necessary consents under the Mineral Rights Agreement and the completion o f native title heritage surveys, both of which are req uired for the subsequent finalisation of site layouts and submission of approval documentation. Simultaneously, the Company is pursuing an early mining opportunity at the Think Big deposit at Feysville, which could produce cash flow during the June Quarter 2027. Image 1 – Aerial view (looking northwest) of the Theia deposit (July 2026)
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Astral Resources NL Annual Report 30 June 2026 8 Figure 3 – Map of Mandilla Gold Project showing gold deposits on local area geology. MINERAL RESOURCE ESTIMATE UPDATE On 21 April 2026, the Company announced an updated JORC 2012 Mineral Resource Estimate ( MRE) of 53.5Mt at 1.0g/t Au for 1.74Moz of contained gold (April 2026 MRE), encompassing the cornerstone Theia deposit and the Iris, Eos and Hestia deposits 1. The MRE was prepared by independent consultant Cube Consulting in accordance with the JORC Code (2012 Edition). The April 2026 MRE was estimated using a 0. 40g/t Au lower cut -off and constrained within pit shells derived using a gold price of A$4,500 per ounce. The cost assumptions underpinning the optimisation are based on mining and processing unit costs from the Mandilla PFS. The Mandilla MRE is summarised in Table 1 below, with a detailed breakdown by deposit provided in Table 2 and a grade and tonnage sensitivity analysis by cut-off grade provided in Table 3.
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Astral Resources NL Annual Report 30 June 2026 9 Table 1 – Mandilla MRE (April 2026) Mineral Resource Estimate for the Mandilla Gold Project (Cut-Off Grade >0.40g/t Au) Classification Tonnes (Mt) Grade Au Metal (oz) Measured 1.3 1.3 57,000 Indicated 32.6 1.0 1,092,000 Inferred 19.6 0.9 588,000 Total 53.5 1.0 1,736,000 The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Table 2 – Mandilla MRE (April 2026) by source. Deposit Classification Tonnes (Mt) Grade (g/t) Au Metal (oz) Theia Measured 1.3 1.3 57,000 Indicated 23.4 1.1 825,000 Inferred 16.2 1.0 505,000 Total 41.0 1.1 1,387,000 Iris Indicated 4.7 0.8 117,000 Inferred 1.8 0.7 42,000 Total 6.5 0.8 159,000 Eos Indicated 2.4 1.1 86,000 Inferred 1.2 0.8 31,000 Total 3.7 1.0 118,000 Hestia Indicated 2.1 0.9 63,000 Inferred 0.3 1.1 10,000 Total 2.4 1.0 73,000 Total 53.5 1.0 1,736,000 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. Table 3 – Mandilla MRE (April 2026) by cut-off grade. Cut-off grade (g/t Au) Tonnes (Mt) Grade (g/t) Au Metal (oz) 0.25 78.2 0.8 1,990,000 0.30 68.7 0.9 1,906,000 0.35 60.6 0.9 1,821,000 0.40 53.5 1.0 1,736,000 0.45 47.7 1.1 1,657,000 0.50 42.6 1.2 1,579,000 All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.
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Astral Resources NL Annual Report 30 June 2026 10 The locations of the optimised pit shells based on a gold price of A$4,500 per ounce are set out in plan view in Figure 3 above. Theia Mineral Resource Estimate Theia is the cornerstone deposit at Mandilla, with the MRE estimated at 41.0Mt at 1.1g/t Au for 1.39Moz of contained gold. Theia represents approximately 80% of the Mandilla MRE. A 99-hole (11,121m) reverse circulation ( RC) drill program to 12.5m x 12.5m , resulted in the declaration of a maiden Measured Mineral Resource at Theia of 1.3Mt at 1.3g/t for 57koz of contained gold as part of the MRE update. Further in-fill drilling is ongoing in respect of the remainder of the Theia Stage 1 and Stage 2 open pits as contemplated in the Mandilla PFS. Section 1, as illustrated in Figure 4 below, shows an isometric view of the Theia Deposit highlighting the cross- section location. The cross-section shows the April 2026 optimised pit shell (black line) and the new MRE model. At a A$4,500 gold price, almost all the mineralisation is converted into the MRE as shown by the optimised pit shell. During the financial year, a 6-hole (3,000m) DD program commenced, with the aim of testing for extensions up to 175m below the currently known limit of mineralisation. This drilling was aimed to scope the potential scale of the Theia mineral system and identify targets for future resource growth. Details of this drilling program are discussed later in this Report. Image 2 – Hard at work on site.
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Astral Resources NL Annual Report 30 June 2026 11 Figure 4 – Isometric view of Theia (top image) showing the cross-section location. Cross-section at Theia (bottom image).
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Astral Resources NL Annual Report 30 June 2026 12 Iris Mineral Resource Estimate The April 2026 MRE for the Iris deposit was estimated at 6.5Mt at 0.8g/t for 159koz. This represented an increase of 47% as compared to the previous MRE (April 2025). Mineral Resources in the Indicated category increased from 63% (April 2025) to 74% (April 2026). Section 4, as illustrated in Figure 5 below, shows an isometric view of the Iris Deposit highlighting the location of the longitudinal projection. The longitudinal projection illustrates the impact of the Theia -Iris gap drilling, with the MRE growing to the north (right of image), and the in-fill drilling in the central part of the deposit. Figure 5 – Isometric view of Iris (top image) showing the location of longitudinal projection. Longitudinal projection at Iris (bottom image).
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Astral Resources NL Annual Report 30 June 2026 13 Eos Mineral Resource Estimate The April 2026 MRE at Eos was estimated at 3.7Mt at 1.0g/t Au for 118koz of contained gold. This represented an increase of 147% in volume and 64% in contained gold as compared to the previous MRE (April 2025). The palaeochannel mineralisation remained broadly consistent, with 0.8Mt at 1.6g/t Au for 43koz of contained gold (compared to the April 2025 MRE of 0.7Mt at 2.1g/t Au for 46koz of contained gold). The oxidised/fresh rock mineralisation gr ew significantly to 2.8Mt at 0.8g/t Au for 75koz of contained gold (compared to the April 2025 MRE of 0.8Mt at 0.9g/t Au for 25koz of contained gold). Hestia Mineral Resource Estimate In April 2025, the Hestia MRE was estimated at 2.4Mt at 1.2g/t Au for 91koz of contained gold. In that update, the MRE had extended towards the south-south-east and was in the Inferred category. Subsequently, eight RC holes (990m) were completed to further test this area, which proved unsuccessful. As a result, the gra de in that area of the deposit was downgraded. In response to the most recent drilling, and estimation update, no potential economi c optimised pits were demonstrated in the SSE area at the selected gold price of A$4,500/oz. Additionally, the domain interpretation at Hestia was revised with lodes being treated as separate domains, which also resulted in a reduction in grade and overall ounces. As a result, the April 2026 MRE for the Hestia deposit is now 2.4Mt at 1.0g/t Au for 73koz of contained gold. A summary of information material to the understanding of the April 2026 MRE was provided in the ASX announcement dated 21 April 20261, in compliance with the requirements of ASX Listing Rule 5.8.1. EXPLORATION Summary During the financial year, Astral completed a total of 56,689 metres of drilling at Mandilla, comprising 8,561 metres of DD and 48,129 metres of RC drilling. During the financial year, Astral reported assay results for a total of 26,218 metres of drilling at Mandilla. This included 4,491 metres of DD and 21,727 metres of RC drilling. Assay results for an additional 1 9,165 metres were reported subsequent to the end of the financial year, including 4,632 metres of DD and 14,533 metres of RC drilling. Drilling programs and assay results reported during the period are discussed in detail below. Diamond Drilling The following DD programs were completed during the financial year: Theia Deeps: an original 6-hole (3,000-metre) DD program at Theia targeting of extensions up to 175 metres below the currently known limit of mineralisation was expanded to a 21-hole (11,000 metres) program based on early success. This drilling will scope the potential scale of the Theia mineral system and identify targets for future resource growth. A total of 4,910 metres of D D were completed during the financial year, in addition to 454 metres of RC drilling for diamond pre- collars (Theia Deeps DD Program). Geotechnical: this program included 19 holes for 1,228 metres of DD at the Eos and Hestia deposits, and the proposed location of the Mandilla Processing Plant (Mandilla Geotech Program). Extensional: this program included 3-holes (776-metres) drilled to test an interpreted high-grade structure (the 230 shear) within the Theia deposit and 4-holes (1,647-metres) drilled to test for the presence of a potential sub-parallel mineralised structure to the east and below the proposed Stage 5 open pit shell at the Theia deposit (Theia Extensional Program).
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Astral Resources NL Annual Report 30 June 2026 14 Assay Results Reported Theia Deeps DD Program During and subsequent to the end of the financial year, Astral reported assay results for a total of five DD holes (3,354 metres) on 15 May 2026 9, 29 June 2026 10, 14 July 2026 11, 17 August 2026 12, 8 September 2026 13 and 15 September 2026 14. The assay results continue to demonstrate the significant resource growth potential beneath the cornerstone 1.4Moz Theia Deposit, with broad zones of mineralisation intersected both within and below the April 2026 MRE. An isometric view showing the drill-hole collar locations for the Theia Deeps DD Program is shown in Figure 6 below. Figure 6 – Isometric view of the Theia Deposit showing the MRE block model, the drill traces for the completed and planned deep DD holes and the cross-section locations Best assay results reported to date from the program are discussed below: DD Hole AMRCD2639 Drill-hole AMRCD263 intersected gold mineralisation to a depth of 614.4 metres downhole and 210 metres below the current MRE , with a total intersection of 358.23m at 1.03 g/t Au from 256.17m. Higher-grade zones of gold mineralisation within the total intersection include: 9.41m at 1.93g/t Au from 285m, including 0.3m at 14.6g/t Au from 289.84m and 0.3m at 21.5g/t Au from 290.99m 15.70m at 3.40g/t Au from 320.44m, including 0.43m at 121.6g/t Au from 330.02m 9 ASX announcement dated 15 May 2026 – “Gold Mineralisation at Theia Extended 210 Vertical Metres”. 10 ASX announcement dated 29 June 2026 – “Additional Broad Zones of Gold Mineralisation at Theia Deeps”. 11 ASX announcement dated 14 July 2026 – “Additional Broad Zones of Gold Mineralisation at Theia Deeps”. 12 ASX announcement dated 17 August 2026 – “Theia Deeps Continues to Expand”. 13 ASX announcement dated 8 September 2026 – “More Thick High-Grade Infill Results Strengthen Theia Stage 1”. 14 ASX announcement dated 15 September 2026 – “Theia Deeps Assay Results Continue to Strengthen Case”.
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Astral Resources NL Annual Report 30 June 2026 15 127.27m at 1.20g/t Au from 352.00m including 0.34m at 72.2g/t Au from 355.09m, 0.3m at 17.0g/t Au from 357.00m, 0.3m at 10.7g/t Au from 450.66m, 0.3m at 17.0g/t Au from 451.34m, 0.59m at 30.0g/t Au from 458.24m and 0.3m at 71.1g/t Au from 465.85m 81.46m at 1.35g/t Au from 515.04m, including 1.13m at 42.7g/t Au from 518.07m 5.75m at 2.00g/t Au from 607.75m. This mineralisation occurs largely outside the current 1.4Moz Theia MRE1 and appears to confirm the continuation of the mineralised system at depth. DD Hole AMRCD25910 Drill hole AMRCD259 returned the deepest mineralised interval to date, with 22.0m at 0.63g/t Au from 714.0m. Several zones of higher-grade gold mineralisation were recorded within a total intersection of 268.41m at 0.70 g/t Au from 356.88m with best results including: 8.0m at 4.61g/t Au from 54.0m, including 1.0m at 21.3g/t Au from 54.0m 9.0m at 1.44g/t Au from 105.0m 18.0m at 0.65g/t Au from 259.0m 45.53m at 2.15g/t Au from 356.88m, including 0.3m at 27.3g/t Au from 363.03m, 0.3m at 170.8g/t Au from 369.5m and 0.3m at 31.8g/t Au from 398.13m 3.23m at 3.23g/t Au from 413.92m 26.0m at 0.52g/t Au from 461.0m 27.81m at 0.45g/t Au from 534.19m 22.0m at 0.63g/t Au from 714.0m. DD Hole AMRCD26410 The third drill hole completed in the Theia Deeps program was AMRCD264. This hole, which is located up- dip and 100m north of AMRCD263 (ASX announcement 15 May 2026), was designed to progress sub -parallel to the interpreted higher -grade mineralised pipe, aiming to extend mineralisation at depth. Again, several zones of higher -grade gold mineralisation were recorded within a total intersection of 199.94m at 1.34g/t Au from 47.46m with best results including: 26.49m at 0.93g/t Au from 90.3m 51.49m at 2.42g/t Au from 128.0m, including 0.3m at 42.6g/t Au from 129.7m, 0.3m at 15.8g/t Au from 132.84m, 0.3m at 17.7g/t Au from 161.85m and 0.9m at 84.2g/t Au from 173.1m 1.0m at 12.5g/t Au from 219.0m 17.4m at 4.66g/t Au from 230.0m, including 0.3m at 31.9g/t Au from 238.9m, 1.0m at 65.7g/t Au from 240.0m 21.85m at 0.53g/t Au from 288.0m 38.0m at 0.45g/t Au from 408.0m 9.0m at 1.51g/t Au from 456.0m, including 0.3m at 10.8g/t Au from 456.94m 4.0m at 5.68g/t Au from 489.0m, including 0.3m at 32.1g/t Au from 489.91m and 0.3m at 26.3g/t Au from 491.17m. The high-grade intercept of 51.49m at 2.42g/t Au from 128m confirmed the gold mineralisation within the Indicated portion of the Theia MRE. The significant gold intercepts of 38m at 0.45g/t Au from 408m, 9m at 1.51g/t Au from 456m and 4m at 5.68g/t Au from 489m were well below the base of the A$4,500 Theia Mineral Resource shell. DD Hole AMRCD26011 Best results from AMRCD260 included the following: 52.60m at 1.48g/t Au from 389.4m, including 0.45m at 17.9g/t Au from 408.2m, 0.3m at 16.4g/t Au from 414.94m and 0.3m at 18.3g/t Au from 427.77m 7.0m at 5.22g/t Au from 583.0m, including 0.3m at 114.7g/t Au from 427.77m 16.52m at 1.54g/t Au from 272.48m, including 0.35m at 28.5g/t Au from 272.48m 43.86m at 0.87g/t Au from 605.0m, including 0.3m at 61.5g/t Au from 605.78m and 0.3m at 13.7g/t Au from 645.43m 17.0m at 0.65g/t Au from 295.0m. The mineralisation intersected in AMRCD260 within the April 2026 Resource pit shell (52.60m at 1.48g/t Au from 389.4m) correlates well with the current Inferred Mineral Resources at the corresponding location and significantly extends known mineralisation at depth (7.0m at 5.22g/t Au from 583.0m and 43.86m at 0.87g/t Au from 605.00m). DD Hole AMRCD26111 Best results from AMRCD261 included the following: 54.0m at 2.38g/t Au from 316.0m, including 1.0m at 10.8g/t Au from 329.0m, 0.3m at 48.6g/t Au from 332.7m and 0.88m at 73.2g/t Au from 358.88m
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Astral Resources NL Annual Report 30 June 2026 16 5.0m at 2.72g/t Au from 582.0m, including 1.0m at 11.9g/t Au from 582.0m 14.77m at 0.78g/t Au from 601.13m. AMRCD261 delivered a significant high -grade intersection beneath the April 2026 Mineral Resource pit shell ( 54.0m at 2.38g/t Au from 316.0m) and ended in mineralisation (5.0m at 2.72g/t Au from 582.0m and 14.77m at 0.78g/t Au from 601.13m). DD Hole AMRCD26212 DD hole AMRCD262 returned several broad deep intervals well outside the April 2026 Mineral Resource shell. Best results for AMRCD262 included: 2m at 7.37g/t Au from 72m 1.3m at 5.53g/t Au from 278m 15m at 0.63g/t Au from 325m 30m at 0.98g/t Au from 470m, including 0.38m at 28.1g/t Au from 494.3m 21m at 0.45g/t Au from 518m 25m at 1.68g/t Au from 546m 25m at 0.79g/t Au from 581m. DD Hole AMRCD37612 DD hole AMRCD376, which was drilled 200 metres north -east of AMRCD260, returned several significant intersections that support both existing Inferred Mineral Resources within the April 2026 Mineral Resource shell and extending the Theia deposit at depth. Best results for AMRCD376 included: 7m at 1.63g/t Au from 59m 4.4m at 11.6g/t Au from 197.6m, including 0.3m at 155.5g/t Au from 197.6m 16.05m at 0.75g/t Au from 265m, including 1.0m at 14.3g/t Au from 280.75m 36m at 1.00g/t Au from 302m, including 1m at 14.7g/t Au from 337m 9.13m at 0.78g/t Au from 373.77m 45m at 1.39g/t Au from 389m, including 0.3m at 35.8g/t Au from 394.05m, 0.3m at 11.2g/t Au from 397.5m and 0.32m at 44.9g/t Au from 400m 64m at 0.57g/t Au from 491m 12.8m at 0.58g/t Au from 562m. DD Hole AMRCD37812 Best results for AMRCD378 included: 15m at 0.94g/t Au from 166m 15m at 0.63g/t Au from 303m 21m at 1.61g/t Au from 321m, including 1m at 27.0g/t Au from 340m 3m at 2.41g/t Au from 382m 16m at 0.37g/t Au from 396m 7m at 2.64g/t Au from 418m, including 0.4m at 21.8g/t Au from 419.25m 52.75m at 4.67g/t Au from 445.25m, including 0.35m at 47.2g/t Au from 445.25m, 0.47m at 20.3g/t Au from 471.85m, 0.3m at 18.7g/t Au from 486.46m, 0.34m at 477g/t Au from 487.3m and 0.3m at 13.6g/t Au from 496.8m. DD Hole AMRCD37413 Hole AMRCD374, an RC hole with a diamond tail , was drilled from within the Stage 1 open pit footprint as part of the Theia Deeps program. The hole was terminated at a depth of 318.9 metres, well before the target depth, due to excessive deviation. Best results from AMRCD374 included the following: 1m at 219g/t Au from 25m 3m at 15.4g/t Au from 141m including 0.3m at 122g/t Au from 143.01m 13m at 2.29g/t Au from 62m including 1m at 21.8g/t Au from 74m 15m at 1.40g/t Au from 109m including 1m at 11.2g/t Au from 109m 19m at 1.07g/t Au from 82m 3.35m at 5.86g/t Au from 229m including 0.3m at 60.4g/t Au from 232.05m 1m at 15.2g/t Au from 12m 5m at 2.97g/t Au from 47m including 1m at 11.0g/t Au from 51m 11.52m at 1.20g/t Au from 259.55m. DD Hole AMRCD37514 Best results for AMRCD375 include: 22m at 2.73g/t Au from 361m including 0.3m at 133g/t Au from 382.65m 5m at 9.92g/t Au from 120m including 1m at 45.2g/t Au from 121m 49m at 0.90g/t Au from 284m including 0.3m at 20.9g/t Au from 294.79m
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Astral Resources NL Annual Report 30 June 2026 17 4.9m at 3.99g/t Au from 159.1m including 0.3m at 46.5g/t Au from 159.1m 5m at 2.02g/t Au from 444m. DD Hole AMRCD42414 Best results for AMRCD424 include: 49m at 1.23g/t Au from 252m including 1.1m at 10.3g/t Au from 257m and 0.3m at 14.7g/t Au from 262m 2m at 12.8g/t Au from 390m including 0.3m at 83.5g/t Au from 390.44m 5m at 4.14g/t Au from 380m, including 1m at 19.1g/t Au from 382m 21m at 0.76g/t Au from 575m 18m at 0.82g/t Au from 81m, including 0.3m at 15.8g/t Au from 95.5m 8.7m at 1.24g/t Au from 543.71m. Extensional DD Programs Assay results for the Extensional DD Programs were reported on 21 January 202615. The 3-hole (776-metre) program to test the interpreted “230 Shear” returned best assay results of: 1.57m at 22.8g/t Au from 168.59m including 0.6m at 59.2g/t Au from 169.56m, 7.12m at 1.42g/t Au from 175.08m including 0.3m at 25.9g/t Au from 175.51m, 8.73m at 0.95g/t Au from 222.44m and 4.90m at 1.28g/t Au from 259m including 0.3m at 13.7g/t Au from 262.07m (AMRCD137) 1.34m at 8.16g/t Au from 161.93m including 0.47m at 22.8g/t Au from 161.93m and 5.33m at 1.08g/t Au from 202.85m (AMRCD138) 5.91m at 1.03g/t Au from 191.77m, 6.10m at 1.02g/t Au from 200.55m, 16.23m at 0.76g/t Au from 211.51m including 0.57m at 14.5g/t Au from 211.51m and 27.23m at 0.50g/t Au from 231.75m including 0.34m at 11.9g/t Au from 253.4m (AMRCD136). The 4-hole (1,647-metre) program targeting a potential steeply dipping sub-parallel structure to the east and below the Theia Stage 5 open pit returned best assay results of: 4.15m at 33.2g/t Au from 164.3m including 0.5m at 269.6g/t Au from 165m, 12.13m at 1.29g/t Au from 173.87m including 0.3m at 23.4g/t Au from 173.87m and 1.79m at 6.21g/t Au from 253.47m including 0.58m at 17.6g/t Au from 253.82m (AMRCD140) 8m at 1.84g/t Au from 113m and 4.78m at 1.38g/t Au from 161.67m (AMRCD141) 0.3m at 30.7g/t Au from 336.26m (AMRCD139) 10.03m at 1.54g/t Au from 312.5m including 0.3m at 42.0g/t Au from 316.4m, 30.62m at 0.74g/t Au from 354.11m including 0.3m at 25.1g/t Au from 360.63m and 23.23m at 0.55g/t Au from 399.87m (AMRCD142A). RC Drilling The following RC programs were completed during the financial year: Theia Stage 1 In-fill RC Program During the financial year, Astral commenced a 99 -hole (10,000-metre) program of in -fill RC drilling at the flagship Theia deposit, acknowledging the importance of Theia to the successful development of the Mandilla Gold Project. The aim of the program was to increase the drill density of a panel of the Stage 1 Theia Pit (as contemplated in the Mandilla PFS), comprising of an area, 80 metres by 120 metres in size, to a 12m-by-12m drill density. To date, Astral has completed a 99 -hole (11,121m) in-fill program at the Theia Stage 1 open pit and is currently progressing a 431 - hole (44,400m) program to in-fill the remainder of the Theia Stage 1 open pit to a 12.5m x 12.5m drill density, which is sufficient for the Resources to be categorised as Measured in the corresponding area. The Theia Stage 1 In-fill drill program is expected to continue throughout the remainder of calendar 2026. Theia Stage 2 In-fill RC Program During the financial year, the Company completed a 43-hole (4,324m) in-fill program at the Theia Stage 2 open pit (as contemplated in the Mandilla PFS). This program was designed to in-fill a portion of the Stage 2 open pit to a 20m x 20m drill density. Sterilisation RC Program During the financial year, Astral completed approximately 19 kilo metres of RC sterilisation drilling over areas where infrastructure critical for the development of the Mandilla Gold Project is planned to be located. Sterilisation drilling is planned to continue 15 ASX announcement dated 21 January 2026 – “More High-Grade Gold in Kamperman Extensional Drilling”.
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Astral Resources NL Annual Report 30 June 2026 18 throughout the remainder of 2026. The sterilisation drilling includes drilling to close off the known extents of the existing deposits at Mandilla. Assay Results Reported Assay results were reported during and subsequent to the end of the financial year for the following RC drill programs: Theia Stage 1 In-fill RC Program: Assay results for the initial 99-hole (11,121m) phase of the program were released as follows: 17 holes (2,030m) reported on 10 September 202516 29 holes (3,233m) reported on 15 October 202517 16 holes (1,765m) reported on 23 October 202518 20 holes (2,080m) reported on 18 November 202519 17 holes (2,018m) reported on 2 December 202520. This initial phase of the program returned an average reported interval grade of 1.93g/t Au)20. Assay results for the current 431-hole (44,400m) phase of the program were released as follows: 47 holes (5,107m) reported on 9 July 202621 56 holes (4,970m) reported on 23 July 202622 41 holes (4,456m) reported on 8 September 202613. This current phase of the program has an average reported interval grade 1.41g/t Au to date22. Theia Stage 2 In-fill RC Program: Assay results for the Theia Stage 2 In-fill Program were reported on 29 June 202623, with an average reported interval grade of 1.22g/t Au. Iris RC In-fill Program In May 2025, Astral completed a second in- fill phase at the Iris deposit, comprising 19 holes for 2,971 metres across two drill lines. The second phase, which increased the area covered by a 40 metre by 20 metre drill spacing from 60 metres by 280 metres up to 140 metres by 360 metres, was aimed at further increasing the percentage of Resources categorised as Indicated. Assay results were reported on 3 September 202524. Best results included: 4m at 21.3g/t Au from 91m including 2m at 37.9g/t Au from 91m, as well as 2m at 12.8g/t Au from 120m including 1 m at 24.4g/t Au from 120m (MDRC983) 21m at 1.59g/t Au from 148m including 1m at 13.5g/t Au from 166m (MDRC980) 3m at 2.17g/t Au from 45m, 5m at 5.73g/t Au from 99m including 1m at 20.8g/t Au from 99m and 15m at 1.22g/t Au from 110m (MDRC971) 23m at 1.00g/t Au from 156m (MDRC975) 13m at 1.21g/t Au from 134m (MDRC974) 7m at 2.20g/t Au from 69m including 1m at 10.0g/t Au from 69m (MDRC977) 16m at 0.88g/t Au from 60m and 12m at 0.78g/t Au from 93m (MDRC976) 5m at 1.82g/t Au from 69m and 11m at 0.86g/t Au from 79m (MDRC978) 27m at 0.69/t Au from 183m (MDRC982) 18m at 0.66g/t Au from 82m (MDRC970). The very high-grade results in MDRC983 ( 4m at 21.3g/t Au from 91m and 2m at 12.8g/t Au from 120m) are located outside of the Mandilla PFS pit designs suggesting there is potential to provide additional high-grade feed for the proposed Mandilla Process Plant. 16 ASX Announcement 10 September 2025 “Initial Theia Grade Control Drill Results.” 17 ASX Announcement 15 October 2025 “Theia In-fill Drilling – Broad Zones of High-Grade Gold.” 18 ASX Announcement 23 October 2025 “Theia In-fill Drilling Continues to Deliver Broad Gold Zones.” 19 ASX Announcement 18 November 2025 “Theia In-fill – Multiple High-Grade Zones of Gold.” 20 ASX Announcement 2 December 2025 “Theia Grade Control Confirms Geological Interpretation.” 21 ASX announcement dated 9 July 2026 – “High-Grade Assay Results from Theia Stage 1 In-fill Drilling” 22 ASX announcement dated 23 July 2026 – “High-Grade Assays from Theia Stage 1 In-fill Drilling at Theia” 23 ASX announcement dated 29 June 2026 – “Additional Broad Zones of Gold Mineralisation at Theia Deeps” 24 ASX Announcement 3 September 2025 “Exceptional In-Fill RC Drilling at Iris to Support Next MRE”
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Astral Resources NL Annual Report 30 June 2026 19 NATIVE TITLE AGREEMENT On 18 August 202625, Astral announced that its wholly owned subsidiary, Mandilla Gold Pty Ltd, had executed a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group (Marlinyu Ghoorlie). The Agreement covers protocols for heritage surveys, activities to protect identified sites and clearance procedures to facil itate mining activities at the Mandilla Gold Project. This Agreement covers the Mandilla and Spargoville tenements. Following the signing of the Land Use Agreement in October 2025 for the Feysville Gold Project, this Agreement means that all tenure which is the subject of the Mandilla DFS is now covered by a Land Use Agreement. The Agreement highlights Astral’s commitment to working cooperatively with the Marlinyu Ghoorlie towards the responsible development of its broader Mandilla, Spargoville and Feysville Projects. FEYSVILLE GOLD PROJECT The Feysville Gold Project (Feysville) is located within the north-north-west trending Norseman – Wiluna Greenstone Belt within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the Fimiston Open Pit, Kalgoorlie. Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Fimiston Open Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX). Feysville hosts an MRE of 5Mt at 1.2g/t Au for 196koz 26 of contained gold and an ORE of 2.3Mt at 1.2 g/t Au for 88koz 27 at the Kamperman, Think Big and Rogan Josh deposits. The Mandilla PFS demonstrated that Feysville is a valuable source of satellite ore feed for a future operation based at Astral’s flagship Mandilla Gold Project, contributing 3.7Mt at 1.1g/t Au for 132koz towards the production target of 1.41Moz 27 (note that this includes a contribution from the Think Big Deposit which is now the subj ect of a separate proposed Joint Venture production plan). Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map of the Feysville Gold Project identifying tenements, deposits/prospects, and the granted Mining Lease on local area geology is set out in Figure 7. 25 ASX announcement dated 18 August 2026 – “Land Use Agreement Signed with Marlinyu Ghoorlie at Mandilla”. 26 Feysville JORC 2012 Mineral Resource Estimate: 4Mt at 1.3g/t Au for 144koz Indicated Mineral Resources and 1Mt at 1.1g/t Au for 53koz Inferred Mineral Resources (refer to Astral ASX announcement dated 1 November 2024). 27 Mandilla Project Pre-Feasibility – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025).
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Astral Resources NL Annual Report 30 June 2026 20 Figure 7 – Map of Feysville Gold Project (including tenements and deposits/prospects) on local area geology.
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Astral Resources NL Annual Report 30 June 2026 21 EXPLORATION During the financial year, Astral undertook a total of 2,954 metres of RC drilling at Feysville. This excludes drilling undertaken as part of the proposed Think Big Joint Venture, which is discussed separately below. During the financial year, Astral reported assay results for a total of 7,667 metres of drilling at Feysville. This included 1,371 metres of DD and 6,296 metres of RC drilling. Drilling programs and assay results reported during the period are discussed in detail below. RC Drilling Program Kamperman RC Program A 17-hole (2,954m) RC drill program was undertaken at Kamperman during the financial year , designed to test a variety of targets aimed at both increasing the current Mineral Resource and improving geological understanding of the deposit, with a specific focus on the high-grade zones. A map showing the drill-hole collar locations on local area geology is set out in Figure 8. Figure 8 – Map of Kamperman illustrating the October 2024 MRE and drill collar locations of recently completed geotechnical diamond drilling on local area geology.
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Astral Resources NL Annual Report 30 June 2026 22 Assay Results Reported Kamperman RC Program Assay results from the Kamperman RC program were reported on 21 January 2026. Best results included: 14m at 6.79g/t Au from 192m including 2m at 23.8g/t Au from 193m (FRC463) 13m at 6.60g/t Au from 44m including 1m at 57.6g/t Au from 46m and 1m at 10.9g/t Au from 48m, 4m at 2.06g/t Au from 62m and 4m at 3.81g/t Au from 88m (FRC457) 21m at 3.11g/t Au from 115m including 1m at 13.4g/t Au from 132m (FRC460) 15m at 3.70g/t Au from 123m including 1m at 16.4g/t Au from 124m and 1m at 21.1g/t Au from 135m, 6m at 2.79g/t Au from 158m, 23m at 2.57g/t Au from 180m including 3m at 13.7g/t Au from 197m and 3m at 2.57g/t Au from 208m (FRC452) 14m at 2.66g/t Au from 179m (FRC461) 27m at 0.78g/t Au from 21m and 25m at 1.68g/t Au from 50m including 1m at 11.7g/t Au from 59m and 1m at 10.5g/t Au from 62m (FRC453) 6m at 4.10g/t Au from 210m including 1m at 13.4g/t Au from 212m (FRC454) 5m at 3.46g/t Au from 123m (FRC458) 16m at 1.02g/t Au from 85m and 4m at 2.58g/t Au from 110m (FRC459) 16m at 1.00g/t Au from 144m (FRC448) 6m at 1.17g/t Au from 66m, 7m at 1.90g/t Au from 75m (including 1m at 11.0g/t Au from 46m) and 1m at 6.82g/t Au from 122m (FRC455) 4m at 3.25g/t Au from 154m and 3m at 3.06g/t Au from 161m (FRC451) 14m at 1.04g/t Au from 49m (FRC456) 7m at 1.79g/t Au from 126m and 3m at 2.38g/t Au from 192m (FRC450). Drill holes FRC456, FRC457 and FRC458, located centrally, and immediately to the north of the well -defined southern lode, were designed to intersect a north-west striking high-grade zone of gold mineralisation not currently incorporated in the MRE. All three holes were successful, returning assay results of 14m at 1.04g/t Au, 13m at 6.60g/t Au and 5m at 3.46g/t Au respectively (as set out above). Geotechnical DD Assays – Kamperman Six holes (714m) of geotechnical DD were completed at Kamperman during the previous financial year . Assay results were reported on 11 August 2025. Best assay results reported included: 20.5 metres at 3.61g/t Au from 19.8 metres (including 0.6 metres at 25.9g/t Au from 21.4 metres and 1 metre at 17.8g/t Au from 25.95 metres) and 18.8 metres at 2.07g/t Au from 72.2 metres (including 1 metre at 11.3g/t Au from 89.45 metres) in FRCD395 4.2 metres at 3.34g/t Au from 53.8 metres and 10 metres at 13.5g/t Au from 62.3 metres (including 2.5 metres at 51.8g/t Au from 69.8 metres) in FRCD396 • 5.7 metres at 1.83g/t Au from 109.5 metres and 20.8 metres at 2.15g/t Au from 120 metres (including 0.85 metres at 12.7g/t Au from 134 metres and 3 metres at 26.6g/t Au from 148.8 metres) in FRCD397A 6.6 metres at 2.42g/t Au from 22.7 metres, 4.7 metres at 30.6g/t Au from 31.8 metres (including 1.3 metres at 95.7g/t Au) and 2.1 metres at 32.8g/t Au from 123 metres (including 0.6 metres at 100.7g/t Au from 124.5 metres) in FYGT005 11.5 metres at 0.96g/t Au from 27 metres and 3.3 metres at 2.64g/t Au from 118 metres in FYGT004. None of the abovementioned DD assay results were included in the maiden Kamperman MRE announced on 1 November 2024. These assay results will be included in an updated MRE, expected to be reported during the financial year ending 30 June 2027. Geotechnical DD Assays – Rogan Josh Four holes (281m) of geotechnical DD were completed at Rogan Josh during the previous financial year. Assay results were reported on 11 August 2025. FYGT009 returned 3.88m at 5.26g/t Au from 21.7 metres. This result, which is aligned with the plane of the gently dipping supergene mineralisation that comprises the bulk of the Rogan Josh MRE, is located just outside of the current optimised pit shell. Geotechnical DD Assays – Think Big Deposit Five holes (375m) of geotechnical DD were completed at Think Big during the previous financial year. Assay results were reported on 11 August 2025. FYGT014 returned a best result of 5.18 metres at 3.93g/t Au (including 1 metre at 10.5g/t Au ) from 31.6 metres through a thicker and higher-grade portion of the supergene blanket.
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Astral Resources NL Annual Report 30 June 2026 23 EARLY PRODUCTION OPPORTUNITY – THINK BIG JOINT VENTURE The Think Big Deposit hosts an MRE of 2.4Mt at 1.1g/t Au for 85,200 ounces of contained gold28. On 20 October 2025 29, Astral announced the execution of a Letter of Intent ( LOI) with specialist mining services provider, Mineral Mining Services Pty Ltd (MMS) for a Development Partnership/Joint Venture (JV) for the Think Big Gold Deposit. Under the proposed JV, MMS will fund 100% of the development costs for Think Big, which will be recovered from initial project cash flows. Following cost recovery, profits will be shared with MMS on a 50:50 basis until the JV profit reaches A$40m, with any JV profit in excess of A$40m then split on a basis more favourable to Astral. Subject to finalisation of a binding JV and the receipt of approvals, the JV is aiming to commence mining in Q 1 2027, aligning with a targeted FID for the Mandilla Gold Project. In-fill RC Drilling A 92-hole (5,229m) in-fill RC drill program was recently undertaken by MMS as part of the proposed Think Big JV to refine the mine designs for the supergene component of the Think Big Deposit. An isometric view showing the drill-hole collar locations is shown in Figure 9. Figure 9 – Isometric view of the Thing Big Deposit showing the MRE block model and the drill traces for the completed RC in-fill 28 Think Big JORC 2012 Mineral Resource Estimate: 1.9Mt at 1.1g/t Au for 68.1koz Indicated Mineral Resources and 0.5Mt at 1.2g/t Au for 17.1koz Inferred Mineral Resources (refer to ASX Announcement dated 1 November 2024). 29 Astral Secures Development Partner for Think Big Project (refer to ASX Announcement dated 20 October 2025).
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Astral Resources NL Annual Report 30 June 2026 24 Assay results were reported on 21 August 202630. Best assay results included: 4m at 8.27g/t Au from 34m including 1m at 26.2g/t Au from 34m (26TBRC003) 11m at 7.34g/t Au from 38m including 1m at 24.4g/t Au from 39m and 1m at 11.9g/t Au from 44m (26TBRC004) 7m at 3.55g/t Au from 21m (26TBRC013) 16m at 2.33g/t Au from 37m (26TBRC014) 10m at 1.62g/t Au from 56m (26TBRC017) 4m at 4.35g/t Au from 74 (26TBRC018) 11m at 2.29g/t Au from 49m (26TBRC019) 2m at 8.01g/t Au from 35m, 12m at 2.99g/t Au from 76m, including 1m at 10.1g/t Au from 78m and 12m at 4.14g/t Au from 90m including 2m at 12.5g/t Au from 100m (26TBRC025) 10m at 1.52g/t Au from 68m (26TBRC027) 6m at 3.53g/t Au from 35m and 13m at 1.13g/t Au from 43m (26TBRC030) 27m at 1.36g/t Au from 41m (26TBRC031) 3m at 10.0g/t Au from 21m including 1m at 15.8g/t Au from 23m, 2m at 9.53g/t Au from 30m including 1m at 19.0g/t Au from 31m, 9m at 1.85g/t Au from 61m, 9m at 2.24g/t Au from 82m and 9m at 6.01g/t Au from 93m including 1m at 13.5g/t Au from 96m and 1m at 11.3g/t Au from 99m (26TBRC032) 10m at 1.64g/t Au from 37m (26TBRC037) 12m at 5.89g/t Au from 30m including 1m at 57.1g/t Au from 30m (26TBRC040) 11m at 3.97g/t Au from 33m including 1m at 21.1g/t Au from 38 (26TBRC041) 10m at 2.62g/t Au from 26m (26TBRC043) 5m at 4.07g/t Au from 54m including 1m at 12.1g/t Au from 54m (26TBRC044) 4m at 4.22g/t Au from 22m (26TBRC054) 14m at 1.22g/t Au from 38m (26TBRC055) 11m at 1.37g/t Au from 38m (26TBRC056) 9m at 2.48g/t Au from 32m (26TBRC061) 9m at 1.18g/t Au from 36m, 7m at 1.09g/t Au from 53m and 10m at 1.68g/t Au from 85m (26TBRC089) 16m at 2.04g/t Au from 31m (26TBRC092). Current and Forward Plan Mine development approvals are progressing, with the receipt of the Native Vegetation Clearing Permit ( NVCP) and the submission of the Mine Development & Closure Plan (MDCP) for the development of Think Big. An application was recently submitted for an additional miscellaneous tenement to facilitate the haulage of ore from the Think Big mine to the Goldfields Highway. This was requested by the registered Native Title Applicants to avoid an area of sensitivity. All objections linked to this application have been resolved and this tenement is expected to now progress to grant. A 3-hole (255m) geotechnical diamond drill program has been completed to assist with the design of pit slope parameters. The critical path activity for the project development is now the design and construction of the intersection of the Think Big haul road with the Goldfields Highway, which is expected to be completed in the June 2027 Quarter. Consequently, mining is expected to commence in the March 2027 Quarter with haulage to commence in June 2027. FEYSVILLE NATIVE TITLE AGREEMENT On 24 October 202531, Astral announced that its wholly owned subsidiary, Feysville Gold Pty Ltd, had executed a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group (Marlinyu Ghoorlie). The Agreement covers protocols for heritage surveys, activities to protect identified sites and clearance procedures to facil itate mining activities at the Think Big and Rogan Josh deposits, which are located within Astral’s broader 100% -owned Feysville Go ld Project. The Agreement highlights Astral’s commitment to working cooperatively with the Marlinyu Ghoorlie towards the responsible development of its broader Mandilla, Spargoville and Feysville Projects. 30 ASX Announcement 21 August 2026 “Think Big Infill Drilling Confirms High-Grade Mineralisation”. 31 ASX Announcement 24 October 2025 “Feysville Land Use Agreement Signed With Marlinyu Ghoorlie.”
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Astral Resources NL Annual Report 30 June 2026 25 GRANT OF FEYSVILLE MINING LEASE 26/846 During the financial year , Feysville Mining Lease 26/846 ( M26/846) was granted. As outlined in blue in Figure 10 , M26/846 includes the Think Big and Rogan Josh Deposits. Astral is currently in the process of applying for a separate mining lease for the Kamperman Deposit. This process is relatively straightforward and is expected to be completed by the end of 2026. Importantly, the grant of M26/846 paves the way for Astral to progress the early production opportunity at the Think Big Deposit (refer above). Figure 10 – Map of Feysville Gold Project denoting the newly granted Mining Lease M26/846 SPARGOVILLE GOLD PROJECT The Spargoville Gold Project ( Spargoville) is located in the Coolgardie Domain within the Kalgoorlie Terrane, adjacent to Mandilla and approximately 25 km south -west of Kambalda and approximately 20km west of Gold Fields Limited +2 0-million-ounce St Ives gold camp. The Project is situated in the Coolgardie Domain, on the western margin of the Kalgoorlie Terrain within the highly gold endo wed Wiluna-Norseman Greenstone Belt, Archaean Yilgarn Block (GSWA Lefroy Map Sheet 3235).
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Astral Resources NL Annual Report 30 June 2026 26 The Coolgardie Domain is bounded by the Zuleika shear to the east and batholithic granites to the west. The overall stratigra phy of the Kalgoorlie Terrane is recognised by a basal basaltic unit, overlain by a komatiitic unit and an upper basaltic unit. These volcanic sequences are in turn conformably overlain by volcaniclastics and sedimentary sequences and variably intruded by syn-deformational granitic stocks and late-stage post deformational Proterozoic dolerite dykes. Locally, the greenstone belt stratigraphy is interpreted as occupying a north -south trending folded position. It is dominated by quartzo-feldspathic metasedimentary rocks known as the Black Flag Group and mafic -ultramafic greenstone stratigraphy. The Spargoville shear zone hosts the Wattle Dam gold mine, which produced 262,384oz at 10.4g/t Au (mined by Ramelius Resources from 2005 to 2012). The northern and southern extents of the project area appear intruded by syn- tectonic domal granites, including the Depot Granite to the north and the Widgiemooltha Dome to the south. Granitoids appear to uplift the geology and result in the draping and folding of the mafic-ultramafic greenstone stratigraphy around the margins of the domes. Major NNW-trending shear zones also pass through the Mandilla and Spargoville project areas. These shears are often localised along geological contacts and are potential pathways for mineralisation. The Spargoville Project comprises several advanced gold prospects and deposits, including Wattle Dam, Eagles Nest, Larkinvill e, Hilditch and 5B. The combined MRE for Spargoville is 3Mt at 1.4g/t Au for 139koz of contained gold32. The Wattle Dam Gold Project, which accounts for 2.1Mt at 1.3g/t Au for 91koz of the total MRE, includes the Redback, Golden Orb, Trapdoor, Huntsman, Wattle Dam Stockwork, S5, and 8500N deposits. Having only been acquired just prior to completion of the Mandilla PFS, Mineral Resources of the Spargoville Gold Project wer e not included as part of the Mandilla PFS. A map of Spargoville illustrating both the local area geology and gold deposits is set out in Figure 11. 32 Spargoville JORC 2012 Mineral Resource Estimate: 1.9Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1.1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources. See ASX announcement 7 May 2025.
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Astral Resources NL Annual Report 30 June 2026 27 Figure 11 – Map of Spargoville Gold Project identifying gold deposits on local area geology. EXPLORATION During the financial year, Astral completed a total of 24,390 metres of RC drilling at Spargoville as follows: 9 holes (1,422m) at the Trapdoor deposit 18 holes (3,268m) at the Lindsay’s Reward prospect 21 holes (3,154m) at the Eagles Nest deposit 21 holes (2,599m) of lithium exploration drilling on behalf of the KOMIR Joint Venture 39 holes (4,234m) of resource definition (including in-fill and extensional) drilling at the Spiders deposits (Redback, Golden Orb, Huntsman and Trapdoor), part of the Wattle Dam Complex (Wattle Dam Complex RC Program) 12 holes (1,517m) of resource definition (including in-fill and extensional) drilling at the 5B deposit (5B RC Program) 63 holes (8,196m) of sterilisation drilling over the Mandilla Project area
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Astral Resources NL Annual Report 30 June 2026 28 Assay Results Reported During the financial year, Astral reported assay results as follows: On 8 September 2025 33: 23 holes (3,420m), including 12 holes (2,186m) at the 8500N deposit and 11 holes (1,898m) at the Karramindie prospect. On 9 October 2025 34: 51 holes (8,320m), including 21 holes (3,154m) at the Eagles Nest deposit, 12 holes (1,898m) at the Trapdoor deposit and 18 holes (3,268m) at the Lindsay’s Reward prospect. On 25 March 202635: for the Wattle Dam Complex RC Program. On 5 May 2026: for the 5B RC Program. Assay results are discussed below. 8500N Deposit13 Best results reported included: 18m at 0.80g/t Au from 73m, 11m at 1.19g/t Au from 95m and 26m at 2.00g/t Au from 111m (SGRC006) 20mat 1.37g/t Au from 43m and 13m at 1.24g/t Au from 111m (SGRC004) 10m at 1.43g/t Au from 54m and 7m at 0.86g/t Au from 178m (SGRC007) 10m at 1.42g/t Au from 77m (SGRC012) 9m at 0.98g/t Au from 77m and 12m at 0.67g/t Au from 112m (SGRC005) 11m at 0.83g/t Au from 138m (SGRC002) 3m at 2.32g/t Au from 105m (SGRC011). Karramindie Prospect13 Best results reported included: 1mat 8.66g/t Au from 50m (AMRC020) 9m at 0.91g/t Au from 60m (AMRC014) 8m at 0.87g/t Au from 35m (AMRC018) 7m at 0.86g/t Au from 91m (AMRC017) 6m at 0.86g/t Au from 59m (AMRC021). Eagles Nest Deposit34 Best results reported included: 3m at 16.9g/t Au from 71m including 1m at 49.2g/t Au from 71m (SGRC050) 9m at 5.16g/t Au from 105m including 1m at 33.6g/t Au from 107m (SGRC051) 25m at 1.51g/t Au from 199m in and 6m at 1.72g/t Au from 232m (SGRC059) 13m at 2.61g/t Au from 80m and 8m at 1.36g/t Au from 170m (SGRC056) 8m at 2.13g/t Au from 71m (SGRC042) 9m at 2.01g/t Au from 139m (SGRC045) 15m at 1.02g/t Au from 86m (SGRC055) 14m at 0.81g/t Au from 133m (SGRC057). Trapdoor Deposit34 Best results reported included: 6m at 3.15g/t Au from 36m and 2m at 2.60g/t Au from 86m (SGRC013) 9m at 1.52g/t Au from 78m in hole (SGRC018) 8m at 1.47g/t Au from 77m (SGRC015) 2m at 2.67g/t Au from 43m and 11m at 1.54g/t Au from 154m (SGRC016) 4m at 1.70g/t Au from 175m (SGRC023) 21m at 0.77g/t Au from 83m (SGRC024). Lindsays Reward Prospect34 Best results reported included: 6m at 3.45g/t Au from 63m including 1m at 11.2g/t Au from 64m (SGRC026) 7m at 1.78g/t Au from 153m in hole (SGRC032) 33 ASX Announcement 8 September 2025 “Wide Bedrock Gold Intersected Beneath 8500N Palaeochannel” 34 ASX Announcement 9 October 2025 “Extensive Gold Mineralisation Intersected at Spargoville” 35 ASX Announcement 25 March 2026 “Significant High-Grade Gold Intersected at Spargoville”
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Astral Resources NL Annual Report 30 June 2026 29 4m at 1.32g/t Au from 149m (SGRC034). Wattle Dam Complex RC Program35 The Wattle Dam Complex consists of the Wattle Dam Stockwork, Redback, Golden Orb, Huntsman, Trapdoor, S5 and 8500N deposits. The Wattle Dam Complex Hosts a MRE of 2.1Mt at 1.3g/t for 91koz of contained gold32. Best reported assay results included: 13m at 7.10g/t Au from 87m including 2m at 34.6g/t Au from 92m and 5m at 1.88g/t Au from 162m (SGRC089) 5m at 9.35g/t Au from 38m including 3m at 13.8g/t Au from 39m and 13m at 1.04g/t Au from 47m (SGRC106) 5m at 1.02g/t Au from 113m and 4m at 11.0g/t Au from 122m including 1m at 40.0g/t Au from 123m (SGRC098) 15m at 2.04g/t Au from 84m (SGRC122) 7m at 3.95g/t Au from 80m (SGRC092) 10m at 2.30g/t Au from 118m (SGRC094) 5m at 4.12g/t Au from 50m and 8m at 1.17g/t Au from 132m (SGRC118) 3m at 5.89g/t Au from 77m (SGRC084) 10m at 1.56g/t Au from 50m (SGRC087) 14m at 1.09g/t Au from 53m (SGRC102) 8m at 1.33g/t Au from 84m and 3m at 2.52g/t Au from 102m (SGRC105) 9m at 1.22g/t Au from 85m (SGRC120) 8m at 1.25g/t Au from 38m (SGRC114). 5B RC ProgramError! Bookmark not defined. The 5B Deposit hosts a current MRE of 40kt at 4.2g/t for 5koz of contained gold32. Best reported assay results included: 9m at 4.38g/t Au from 108m including 2m at 10.3g/t Au from 108m (SGRC148) 4m at 8.31g/t Au from 97m including 1m at 29.1g/t Au from 97m (SGRC154) 4m at 4.95g/t Au from 100m and 1m at 13.4g/t Au from 101m (SGRC144) 5m at 3.32g/t Au from 103m (SGRC150) 6m at 1.19g/t Au from 159m (SGRC146) 5m at 1.62g/t Au from 102m (SGRC142) 11m at 0.86g/t Au from 103m (SGRC156) 10m at 0.71g/t Au from 142m (SGRC158) 7m at 0.81g/t Au from 117m (SGRC152). LITHIUM JOINT VENTURE In October 2023, Astral’s wholly owned subsidiary, Maximus Resources Limited ( Maximus), executed a binding agreement with the Korean Mine Rehabilitation and Mineral Resources Corporation (KOMIR) in relation to the Lefroy Lithium Project (Lefroy). Under the agreement, KOMIR was to fund USD$3m on lithium exploration activities to earn a 30% interest in the Lithium minerals rights across the Lefroy (Spargoville North) tenements. Maximus is the operator and manager of the exploration program. The Lefroy Lithium Project is located in We stern Australia’s Eastern Goldfields “lithium corridor ,” ~20km south of the Mt Marion Lithium mine owned by Mineral Resources Ltd (ASX: MIN). In December 2025, KOMIR, having elected to continue to invest in Maximus’ Lefroy Lithium project , transferred the third payment of US$1M for funding exploration activities. To date, KOMIR has funded a total of A$2.1m (~USD$1.2m) in exploration expenditure. At 30 June 2026, the balance of the farm-in funding escrow account was ~USD$1.67M. The parties are currently evaluating their options with respect to Lefroy. CURRENT AND FORWARD PLAN Exploration & Development Both a RC rig and a DD rig are currently operating at Mandilla. The Theia Deeps DD program is ongoing with 15 holes of the expanded 21-hole (11,000m) program now complete. In-fill RC drilling of the Theia Stage 1 open pit is ongoing, with 336 holes for 23,900 metres completed of the 431 -hole (44,400m) program.
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Astral Resources NL Annual Report 30 June 2026 30 From a heritage perspective, Kamperman (at Feysville) and the Spiders Deposits (at Spargoville) have been surveyed . A preliminary report is pending. Drill pad preparation is being scheduled, with drilling planned to commence early in the December Quarter 2027. Further heritage surveys are also scheduled to continue throughout the remainder of the year. MRE Updates The Company is targeting completion of an MRE update for Spargoville during the December 2026 Quarter. Definitive-Feasibility Study Astral continues to make steady progress with technical work streams and the permitting and approval pathways. Preparation of the Independent Technical Expert report is underway, and capital and operating cost estimates have been received and are under internal review. Detailed mine designs, schedules and mine costing are also underway. The completion of heritage clearance surveys across the broader Mandilla Project has slowed, which has the potential to delay the finalisation of site layouts. Notwithstanding this, the site layouts are on track to be finalised during the September quarte r, paving the way for the Native Vegetation Clearing Permit, Mine Development & Closure Plan and the Works Approval to be submitted thereafter. The Mandilla DFS is currently targeted for completion during Quarter 1 2027, with a Final Investment Decision ( FID) expected to follow immediately thereafter. KOONGIE PARK PROJECT The Koongie Park Project (Koongie Park) is situated in north-eastern Western Australia in the highly mineralised Halls Creek region. Koongie Park comprises 13 tenements (two mining leases, six exploration licences and five prospecting licences) representing an area of approximately 500km2. Royalty Astral holds a 1% Net Smelter Return royalty over Koongie Park. Gold and Precious Metals Rights Astral retains the right to explore for and develop gold and other precious metals deposits within the Koongie Park project a rea, including platinum group elements. These rights do not apply to the mining leases on which the Onedin and Sandiego deposits a re situated. CARNILYA HILL GOLD PROJECT Carnilya Hill is located approximately 20 kilometres east -south-east of the Company’s Feysville Project and approximately 40 kilometres south-east of Kalgoorlie, Western Australia. The Project encompasses four tenements – M26/047-049 and M26/453, representing an aggregate area of approximately 2.65 square kilometres – with rights to nickel and other minerals held by Wyloo Kambalda Pty Ltd , a subsidiary of Wyloo Consolidated Investments Pty Ltd. A prospect named Hang Glider Hill has been outlined by Lefroy Exploration Limited (ASX: LEX) immediately north of the Carnilya Hill tenements. The prospect comprises a surface gold geochemical anomaly where a number of gold nuggets have been recovered. BUSINESS STRATEGY & PROSPECTS The Company and its controlled entities are engaged in mineral exploration, resource evaluation, and project development activities in Western Australia. The Group's strategic objective is to transition from gold explorer and developer to become a sustainable Australian gold producer. During the financial year, the Company continued to progress the Mandilla DFS whilst also completing a significant amount of in-fill drilling, which remains ongoing and is significantly derisking the development of Mandilla. The Group also progressed other critical path items necessary for the development of Mandilla. Over the medium to long term, the Group intends to: progress the Mandilla Gold Project from Definitive Feasibility Study to Final Investment Decision (FID);
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Astral Resources NL Annual Report 30 June 2026 31 advance environmental, heritage, permitting, engineering and stakeholder engagement workstreams required to support project development and approvals at Mandilla; continue exploration, resource growth and reserve conversion programs across the Mandilla, Spargoville and Feysville Gold Projects, with a focus on extending mine life, improving project economics and identifying additional development opportunities; evaluate opportunities to incorporate additional Mineral Resources from the Spargoville Project into future mine planning and development studies; pursue funding and development pathways to facilitate the construction and commercialisation of the Mandilla Gold Project; maintain a disciplined approach to capital management while seeking to maximise shareholder value through operational, technical and corporate initiatives; and assess value accretive growth opportunities that complement the Company's existing asset portfolio and strategic objectives. The Board believes the Mandilla Gold Project represents a significant gold development opportunity in Western Australia, supported by a substantial Mineral Resource base, maiden Ore Reserve, positive Pre -Feasibility Study outcomes and proximity to establis hed infrastructure. The Company will continue to focus on de- risking the Project through technical studies, permitting and resource development activities with the objective of progressing Mandilla towards development and production. MATERIAL BUSINESS RISKS The Board recognises that the Group is exposed to a range of risks that may impact the achievement of its strategic objective s and financial performance. The Board and management continually assess, monitor and manage these risks through established governance processes, internal controls and risk management practices. The material business risks identified by the Company are outlined below. Development and Project Execution Risk The Company's principal asset, the Mandilla Gold Project, is an advanced development project that requires the successful completion of permitting, financing, detailed engineering, mine development and construction activities. Project development activities involve significant technical, operational and commercial risks, including cost escalation, contractor performance, supply chain constraints, delays in approvals, labour availability and variations in actual mining or processing performance compare d with feasibility study assumptions. There can be no assurance that the Project will be developed within forecast budgets or timeframes, or that the operating outcomes achieved will be consistent with current expectations. Any material adverse variance may affect the economic viability of the Project and the value of the Company's assets. The Company seeks to mitigate these risks via the appointment of experienced project personnel and technical consultants, selection of experienced and competent contractors. A suitable water source remains a critical requirement for the development of Mandilla. Astral has completed surveys and is now in the process of submitting applications to facilitate water exploration. Any delays in identifying a suitable water source has the potential to delay the proposed project timeline. Mineral Resource and Ore Reserve Risk Mineral Resources and Ore Reserves are estimates based on geological interpretations, sampling data, metallurgical testwork a nd economic assumptions. There is no certainty that estimated Mineral Resources or Ore Reserves will be realised or that future exploration programs will successfully convert Mineral Resources to Ore Reserves. Variations in grade, orebody continuity, metallurgical recoveries, dilution, geotechnical conditions, mining conditions or commodity prices may adversely impact the quantity and quality of mineralisation ultimately extracted and processed. Astral is continuing to complete in- fill drilling on the Theia open pit in order to increase the geological confidence of the ore body , particularly for the proposed Stage 1 and Stage 2 open pits. An independent technical expert has commenced conducting an independent review of the geological model. Exploration Risk While Mandilla is the Company's primary asset, the Company continues exploration activities across its broader project portfo lio. Exploration is inherently uncertain, and there is no guarantee that exploration activities will identify additional economica lly recoverable mineralisation or result in the delineation of Mineral Resources capable of supporting future development. The commercial success of exploration activities depends on numerous factors beyond the control of the Company, including geologi cal conditions and the availability of exploration funding. Astral continues to target exploration growth and has identified a significant number of exploration targets, particularly at the Spargoville Gold Project. Exploration is planned to commence on these targets following the completion of heritage clearance surveys.
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Astral Resources NL Annual Report 30 June 2026 32 Funding and Liquidity Risk Although the Company is currently in a strong financial position, the future development of the Mandilla Gold Project and advancement of exploration activities may require substantial additional capital. There can be no assurance that additional equity or debt funding will be available on acceptable terms or at all. Any future equity raising may dilute existing shareholders, whi le debt financing may impose operational or financial restrictions. An inabilit y to secure funding when required could result in delays to development activities, reduced exploration expenditure or changes to the Company's growth strategy. Astral actively manages its capital and monitors actual expenditure against Board approved budgets. Astral has appointed a debt advisor to explore funding alternatives in relation to the Mandilla Gold Project. As part of this process, Astral has also ap pointed an independent technical expert, which is considered a key requirement for most conventional project financing pathways. Gold Price and Foreign Exchange Risk The Company's future revenues and project economics are expected to be significantly influenced by the gold price and movements in foreign exchange rates, particularly the Australian dollar relative to the United States dollar. Gold prices are inherently volatile and may be affected by factors including global economic conditions, inflation, interest rates, geopolitical uncertainty, central bank activity and investor sentiment. Sustained reductions in gold prices or adverse currency movements may affect project economics, Ore Reserve estimates, asset valuations and future profitability. The financial model for the Mandilla DFS will include sensitivity analysis on both gold price and foreign exchange volatility and how that may affect the project economics and the final investment decision. Astral intends to explore steps to mitigate its exposure to gold price and foreign exchange risk, particularly during the period in which the project is indebted. This is likely to involve a hedging strategy. Environmental Risk The Company's operations and development activities are subject to Commonwealth and Western Australian environmental legislation and regulatory requirements. Project activities may result in environmental impacts including land disturbance, waste management, dust generation, water usage, groundwater interactions and rehabilitation obligations. Non- compliance with environmental requirements may result in delays, remediation obligations, financial penalties, reputational harm or restrictions on future operations. The Company maintains environmental management systems and seeks to minimise environmental impacts through compliance with applicable laws, permit conditions and industry standards. Heritage, Native Title and Community Risk The Company operates on land subject to Native Title rights and interests and within areas of cultural and heritage significa nce. Exploration and development activities require ongoing engagement with Traditional Owners, Native Title holders and local communities. Changes in legislative requirements, disputes regarding land access, delays in obtaining heritage clearances or failure to maintain stakeholder support may adversely impact project timelines and operational activities. While the Company actively engages with stakeholders and seeks to comply with all relevant legislative requirements, these risks cannot be entirely eliminated. Astral has negotiated Land Use Agreements that cover all of the tenure required to develop the Mandilla Gold Project, including the Mandilla, Spargoville and Feysville Gold Projects. The Land Use Agreements signed with the Marlinyu Ghoorlie outline a cooperative framework for reconciliation, cooperation and partnership between the Marlinyu Ghoorlie and Astral to develop and conduct their relationship in the spirit of goodwill, mutual respect and mutual recognition of their r espective interests. The purpose of the agreements are to: Facilitate ongoing engagement between Astral and Marlinyu Ghoorlie in relation to the conduct of activities, including protocols for heritage surveys, activities to protect identified sites and clearance procedures to facilitate mining activities; Minimise the impact of Astral’s activities on identified heritage sites in the Agreement area (e.g. Emu Rocks); Provide opportunities for members of the Marlinyu Ghoorlie People to participate in activities; and Provide compensation benefits to the Marlinyu Ghoorlie People for the effect on native title of the grant of the project righ ts and conduct of future mining and exploration activities on the tenements. Regulatory and Tenure Risk The Company's activities are subject to numerous laws, regulations, permits and approvals administered by government authorities. Changes to mining, environmental, taxation, workplace health and safety, heritage, climate-related or other legislation may result in increased compliance costs, restrictions on activities or project delays. In addition, there is no guarantee that all perm its, licences and approvals required for exploration, development or mining operations will be granted or maintained on acceptable terms. The Company has systems and processes in place to maintain tenure and monitor compliance obligations; however, regulatory risk remains an inherent aspect of the resources industry.
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Astral Resources NL Annual Report 30 June 2026 33 Health, Safety and Workforce Risk Mining, development and exploration activities involve inherent workplace risks and rely upon access to skilled employees, contractors and specialised service providers. The inability to attract and retain suitably qualified personnel, significant workplace incidents, changes in labour market conditions or contractor performance issues may adversely affect operational performance, project delivery and financial outcomes. The Company seeks to maintain a strong safety culture and robust occupational health and safety systems to manage these risks. Cyber Security and Digital Systems Risk The Company relies on digital systems, cloud-based services and information technology infrastructure to support its operations and corporate activities. Cyber incidents, unauthorised access, system failures, malware attacks, data breaches or other disruptions may compromise the confidentiality, integrity or availability of Company information and systems. Such incidents may result in operational disruption, reputational damage, financial loss or regulatory consequences. The Company maintains cyber security controls and monitoring processes designed to reduce exposure to cyber threats; however, no system can provide complete protection against all cyber security risks. CORPORATE Placement On 10 December 2025, Astral announced that it had undertaken a two -tranche placement of new fully -paid ordinary shares in the Company to eligible sophisticated, institutional and professional investors to raise approximately $65.0 million (before cost s) (Placement). The Placement comprised the issue of approximately 325 million new fully paid ordinary shares at an issue price of $0.20 per share (Placement Shares). Tranche 1 of the Placement included the issue of approximately 316.5 million shares utilising the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A ( Tranche 1 Placement Shares ). On 18 December 2025, a total of 173,276,424 new Tranche 1 Placement Shares were issued in accordance with Listing Rule 7 .1, and a total of 143,223,576 new Tranche 1 Placement Shares were issued in accordance with Listing Rule 7.1A. Tranche 2 of the Placement involved the issue of approximately 7.4 million shares (Tranche 2 Placement Shares). The issue of Tranche 2 Placement Shares was approved by shareholders at a General Meeting held on 23 January 2026. Additionally, Directors of the Company subscribed for 1.1 million shares ( Director Participation Shares ) on the same terms as the Placement Shares. The issue of these shares was approved by shareholders at a General Meeting held on 23 January 2026. Issued Capital In addition to the Tranche 1 Placement Shares , Tranche 2 Placement Shares and Director Participation Shares detailed above, the following additional changes occurred to issued capital during the financial year: The Company issued (on various dates) 35,471,700 fully-paid ordinary shares, pursuant to the exercise of 35,471,700 quoted options (ASX: AARO), exercisable at $0.14, expiring 24 October 2025. The Company (on various dates) issued 2,000,000 fully-paid ordinary shares, pursuant to the exercise of 2,000,000 unquoted options, exercisable at $0.10, expiring 24 October 2026. The Company (on various dates) issued 2,158,537 fully-paid ordinary shares, pursuant to the exercise of 2,158,537 unquoted options, exercisable at $0.075, expiring 9 April 2027. On 28 October 2025, the Company issued 2,280,701 fully-paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facility, resulting in 1,719,299 unquoted options being cancelled. On 20 November 2025, the Company issued 640,161 fully-paid ordinary shares in lieu of cash for short term incentives awarded to the Managing Director with respect to the year ended 30 June 2025 of $99,225. The calculation of shares to be issued was based on the VWAP of $0.155. Shareholder approval for the issue was obtained at the Company’s Annual General Meeting held on 20 November 2025. A total of 7,510,489 fully paid ordinary shares were issued on 1 August 2025, pursuant to the vesting, exercise and conversio n of the following performance rights: o 1,148,100 2023A Performance Rights; o 3,582,688 2023B Performance Rights; o 992,513 2023C Performance Rights; and o 1,787,188 2023D Performance Rights
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Astral Resources NL Annual Report 30 June 2026 34 A total of 334,861 performance rights were cancelled during the financial year, due to not having met the requisite performance conditions, as follows: o 188,562 2023B Performance Rights; o 52,237 2023C Performance Rights; and o 94,062 2023D Performance Rights. Other than as stated above, there were no other changes to issued capital during the financial year. There were no other changes to issued capital during the reporting period. Unissued Capital The following changes to unissued capital occurred during the financial year. Quoted options During the financial year (on various dates), the Company issued 35,471,700 fully-paid ordinary shares, pursuant to the exercise of 35,471,700 quoted options (ASX: AARO), exercisable at $0.14, expiring 24 October 2025. Unquoted options The Company (on various dates) issued 2,000,000 fully -paid ordinary shares, pursuant to the exercise of 2,000,000 unquoted options exercisable at $0.10, expiring 24 October 2026. The Company (on various dates) issued 2,158,537 fully -paid ordinary shares, pursuant to the exercise of 2,158,537 unquoted options exercisable at $0.075, expiring 9 April 2027. On 28 October 2025, the Company issued 2,280,701 fully-paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facility, resulting in 1,719,299 unquoted options being cancelled.
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Astral Resources NL Annual Report 30 June 2026 35 Performance rights During the financial year , the following unquoted performance rights were converted or cancelled, pursuant to the Company’s Employee Incentive Plan: A total of 7,510,489 fully paid ordinary shares were issued on 1 August 2025, pursuant to the vesting, exercise and conversio n of the following performance rights: o 1,148,100 2023A Performance Rights; o 3,582,688 2023B Performance Rights; o 992,513 2023C Performance Rights; and o 1,787,188 2023D Performance Rights. A total of 334,861 performance rights were cancelled during the financial year, due to not having met the requisite performance conditions over the performance period, as follows: o 188,562 2023B Performance Rights; o 52,237 2023C Performance Rights; and o 94,062 2023D Performance Rights. During the financial year , the Company issued the following unquoted performance rights pursuant to the Company’s Employee Incentive Plan: On 24 October 2025, the Company issued 1,572,414 unquoted 2025A performance rights to employees of the Company. On 24 October 2025, the Company issued 5,968,788 unquoted 2026A performance rights to employees of the Company. On 20 November 2025, the Company issued 2,121,212 unquoted 2026A performance rights to the Managing Director, following receipt of shareholder approval at the Company’s Annual General Meeting held on 20 November 2025. The following performance rights were issued to key management personnel: Key Management Personnel Number of 2025A Performance Rights Issued Number of 2026A Performance Rights Issued Marc Ducler - 2,121,212 Jed Whitford 804,598 1,272,727 Mathew Wilson 767,816 1,214,545 Brendon Morton - 1,018,182 Total Issued to KMP 1,572,414 5,626,666
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Astral Resources NL Annual Report 30 June 2026 36 CONSOLIDATED MINERAL RESOURCE & ORE RESERVE ESTIMATES Group Ore Reserve Estimates The consolidated JORC 2012 Ore Reserve Estimate for Astral Resources and its subsidiaries (the Group) as at the date of this report is detailed in Table 4 below. Table 4 – Group Ore Reserves Project Probable Total Ore Reserve Tonnes Grade Metal Tonnes Grade Metal (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) Mandilla36 34.3 0.9 1,000,000 34.3 0.9 1,000,000 Feysville36 2.3 1.2 88,000 2.3 1.2 88,000 Total 36.6 0.9 1,082,000 36.6 0.9 1,082,000 Ore Reserves are a subset of Mineral Resources. Ore Reserves are estimated using a gold price of AUD $3,000 per ounce. The preceding statement of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures. The Ore Reserves for Mandilla are reported at a cut -off grade of 0.30 g/t Au lower cut -off and Feysville are reported at a cut -off grade of 0.40 g/t Au lower cut-off. Group Mineral Resource Estimates The Group’s consolidated JORC 2012 Mineral Resource Estimate as at the date of this report is detailed in Table 5 below. Table 5 – Group Mineral Resources Project Measured Indicated Inferred Total Mineral Resource Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) (Mt) (Au g/t) (oz Au) Mandilla37 1.3 1.3 57,000 32.6 1.0 1,092,000 19.6 0.9 588,000 53.5 1.0 1,736,000 Feysville38 - - - 3.5 1.3 144,000 1.5 1.1 53,000 5.0 1.2 196,000 Spargoville39 - - - 1.9 1.3 81,000 1.1 1.6 58,000 3.0 1.4 139,000 Total 1.3 1.3 57,000 38.1 1.1 1,317,000 22.2 1.2 698,000 61.6 1.0 2,072,000 The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures The Mineral Resources are reported at 0.40g/t Au lower cut -off for Mandilla and 0.39 g/t Au lower cut -off for Spargoville and Feysville, while constrained within pit shells derived using a gold price of AUD$4,500 per ounce for Mandilla, AUD$3,500 for Spargoville and AUD$2,500 per ounce for Feysville. 36 - Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025). 37 - Refer to Astral ASX Announcement dated 21 April 2026. 38 - Refer to Astral ASX announcement dated 1 November 2024. 39 - Refer to Astral ASX announcement dated 7 May 2025.
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Astral Resources NL Annual Report 30 June 2026 37 SCHEDULE OF MINING TENEMENTS The Company reports the following interests in mining tenements in Western Australia in accordance with ASX Listing Rule 5.20. Table 6 – Schedule of Mining Tenements Held at 30 June 2026 Project (Location) Tenement Number Beneficial Interest Percentage Status Title Registered to Mandilla (Western Australia) M15/96 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/633 100% gold rights only Granted Astral Resources NL E15/1404 100% Granted Astral Resources NL P15/6760 100% Granted Mandilla Gold Pty Ltd P15/6766 100% Granted Mandilla Gold Pty Ltd E15/1958 100% Granted Mandilla Gold Pty Ltd E15/1943 100% Granted Mandilla Gold Pty Ltd L15/493 100% Granted Astral Resources NL L15/494 100% Granted Astral Resources NL L15/498 100% Granted Astral Resources NL Feysville (Western Australia) P26/4390 100% Granted Feysville Gold Pty Ltd P26/4351 100% Granted Feysville Gold Pty Ltd P26/4352 100% Granted Feysville Gold Pty Ltd P26/4353 100% Granted Feysville Gold Pty Ltd P26/4538 100% Granted Feysville Gold Pty Ltd P26/4539 100% Granted Feysville Gold Pty Ltd P26/4540 100% Granted Feysville Gold Pty Ltd P26/4541 100% Granted Feysville Gold Pty Ltd P26/4630 100% Granted Feysville Gold Pty Ltd P26/4631 100% Granted Feysville Gold Pty Ltd P26/4632 100% Granted Feysville Gold Pty Ltd P26/4633 100% Granted Feysville Gold Pty Ltd P26/4634 100% Granted Feysville Gold Pty Ltd M26/846 100% Granted Feysville Gold Pty Ltd L26/295 100% Granted Feysville Gold Pty Ltd M26/882 - Application Feysville Gold Pty Ltd Spargoville (Western Australia) E15/1837 100% Granted Maximus Resources Ltd E15/1839 100% Granted Maximus Resources Ltd M15/100 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/101 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/102 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/1101 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1263 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1264 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1271 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/1323 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1338 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1448 90% Granted Maximus Resources Ltd (90%) Bullabulling Pty Ltd (10%) M15/1449 75% (20% Nickel rights) Granted Maximus Resources Ltd (75%) Essential Metals Pty Ltd (25%) M15/1474 100% Granted Maximus Resources Ltd M15/1475 100% Granted Maximus Resources Ltd M15/1769 100% (80% Nickel rights) Granted Maximus Resources Ltd
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Astral Resources NL Annual Report 30 June 2026 38 Project (Location) Tenement Number Beneficial Interest Percentage Status Title Registered to M15/1770 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1771 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1772 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1773 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1774 100% (80% Nickel rights) Granted Maximus Resources Ltd M15/1775 100% Granted Maximus Resources Ltd M15/1776 100% Granted Maximus Resources Ltd M15/395 100% (excludes Nickel rights) Granted Maximus Resources Ltd P15/5545 100% Granted Maximus Resources Ltd P15/6241 100% (excludes alluvial rights) Granted Maximus Resources Ltd M15/653 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/703 100% (excludes Nickel rights) Granted Maximus Resources Ltd M15/97 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M15/99 100% gold rights only Granted Mt Edwards Critical Metals Pty Ltd M14/1869 - Application Maximus Resources Ltd Carnilya Hill (Western Australia) M26/453 100% Gold Rights only Granted Wyloo Kambalda Pty Ltd M26/47 100% Gold Rights only Granted Wyloo Kambalda Pty Ltd M26/48 100% Gold Rights only Granted Wyloo Kambalda Pty Ltd M26/49 100% Gold Rights only Granted Wyloo Kambalda Pty Ltd Koongie Park (Western Australia) P80/1878 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd P80/1879 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd P80/1880 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd P80/1881 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd P80/1882 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/4957 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/4960 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/5076 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/5087 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/5127 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd E80/5707 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd M80/276 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd M80/277 Gold & Precious Metals Rights only Granted Koongie Park Pty Ltd
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Astral Resources NL Annual Report 30 June 2026 39 COMPLIANCE STATEMENT Mandilla The information in this Report that relates to exploration targets and exploration results for the Mandilla Gold Project is b ased on, and fairly represents, information and supporting documentation compiled by Ms Julie Reid, who is a full -time employee of Astral Resources NL. Ms Reid is a Competent Person and a Member of The Australasian Institute of Mining and Metallurgy. Ms Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the act ivity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Reid consents to the inclusion in this report of the material bas ed on this information, in the form and context in which it appears. The information in this Report that relates to the Ore Reserves for the Mandilla Gold Project were announced in the Company’s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this announcement that relates to the Mineral Resources for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 21 April 2026 titled " Mineral Resource Increased to 2.07 Million Ounces - Mandilla Now at 1.74 Million Ounces Gold". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 21 April 2026 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this announcement that relates to metallurgical test work for the Mandilla Gold Project reported in this announcement were announced in the Company’s ASX announcements dated 28 January 2021, 6 June 2022, 17 September 2024 and 5 March 2025. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements dated 28 January 2021, 6 June 2022, 17 September 2024 and 5 March 2025 and all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announce ments. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. Feysville The information in this Report that relates to exploration targets and exploration results for the Feysville Gold Project is based on, and fairly represents, information and supporting documentation compiled by Ms Julie Reid, who is a full -time employee of Astral Resources NL. Ms Reid is a Competent Person and a Member of The Australasian Institute of Mining and Metallurgy. Ms Reid has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the ac tivity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Ms Reid consents to the inclusion in this report of the material ba sed on this information, in the form and context in which it appears. The information in this Report that relates to the Ore Reserves for the Feysville Gold Project were announced in the Company’ s ASX announcement dated 25 June 2025 titled “Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 25 June 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this Report that relates to the Mineral Resources for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 1 November 2024 titled "Astral's Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE". The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcement dated 1 November 2024 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous m arket announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. The information in this announcement that relates to metallurgical test work for the Feysville Gold Project reported in this announcement were announced in the Company’s ASX announcement dated 22 May 2025. The Company confirms that it is not aware
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Astral Resources NL Annual Report 30 June 2026 40 of any new information or data that materially affects the information included in the ASX announcement dated 22 May 2025 and all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. Spargoville The information in this Report that relates to the Mineral Resources for the Spargoville Project were announced in the Company’s ASX announcement dated 7 May 2025 titled "Astral's Group Gold Mineral Resource Increases to 1.76Moz with the inclusion of Spargoville Gold Project". The Company confirms that it is not aware of any new information or data that materially affects the informati on included in the ASX announcement dated 7 May 2025 and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms the form and context in which Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.astralresources.com.au. PREVIOUSLY REPORTED RESULTS Exploration Results The information in this Report that relates to Exploration Results is extracted from the ASX Announcements (Original Announcements), which were previously announced on the Company’s ASX Announcements Platform and the Company’s website at www.astralresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Announcements and that all material assumptions and technical parameters underpinning the estimates in the Original Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original announcement. Pre-Feasibility Study The information in this Report that relates to the production target for the Mandilla Gold Project was reported by Astral in accordance with ASX Listing Rules and the JORC Code (2012 edition) in the announcement “Mandilla Project Pre -Feasibility Study – Maiden Ore Reserve" reported to the ASX on 25 June 2025. A copy of that announcement is available at www.asx.com.au. Astral confirms it is not aware of any new information or data that materially affects the information included in that market announcement and that al l material assumptions and technical parameters underpinning the production target, and the related for ecast financial information derived from the production target in that market announcement continue to apply and have not materially changed. Astral confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that market announcement. FORWARD LOOKING STATEMENTS This Report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “likely”, “nominal”, “conceptual”, “propose”, “will”, “forecast”, “estimate”, and similar expressions. Forwar d- looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Astral. Neither the Company, its officers nor any other person gives any warranty, representation, assurance or guarantee that the events or other matters expressed or implied in this presentation (including the forward- looking statements) will actually occur. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statement in this presentation speak only at the date of issue of this report. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Astral does not undertake any obligation to update or revise any inform ation or any of the forward-looking statements in this report or any changes in events, conditions or circumstances on which any such forward- looking statement is based.
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Astral Resources NL Annual Report 30 June 2026 41 DIRECTORS’ REPORT Your Directors present the following report on Astral Resources NL and its controlled entities (referred to as Astral , Company or Group) for the year ended 30 June 2026. DIRECTORS The names of the Directors in office during the financial year and until the date of this report are as follows. Name Role Date of Appointment / Resignation Mark Connelly Non-Executive Chair Appointed 27 December 2023 / Elected Chair 15 January 2024 Marc Ducler Managing Director Appointed 23 December 2019 Justin Osborne Non-Executive Director Appointed 18 November 2021 Peter Stern Non-Executive Director Appointed 28 November 2011 David Varcoe Non-Executive Director Appointed 28 November 2019 PRINCIPAL ACTIVITIES During the financial year, the principal activities of the Group consisted of exploration and evaluation activities at the Company’s 100% owned Mandilla , Spargoville and Feysville Gold Project s. The Group continued its focus on the advancement of feasibility studies in order to support the development of the Mandilla Gold Project. Additionally, the Company continued to evaluate its portfolio of tenements and projects to identify opportunities to maximise value for shareholders. There were no other significant changes in the nature of the activities of the Group during the year. DIVIDENDS There were no dividends paid or proposed during the year. FINANCIAL REVIEW The Consolidated Statement of Profit or Loss and O ther Comprehensive Income shows a net loss from operations attributable to owners of $2,341,765 for the financial year ended 30 June 2026 (30 June 2025: loss of $2,644,190). CORPORATE Placement On 10 December 2025, Astral announced that it had undertaken a two -tranche placement of new fully -paid ordinary shares in the Company to eligible sophisticated, institutional and professional investors to raise approximately $65.0 million (before cost s) (Placement). The Placement comprised the issue of approximately 325 million new fully paid ordinary shares at an issue price of $0.20 per share (Placement Shares). Tranche 1 of the Placement included the issue of approximately 316.5 million shares utilising the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A ( Tranche 1 Placement Shares ). On 18 December 2025, a total of 173,276,424 new Tranche 1 Placement Shares were issued in accordance with Listing Rule 7 .1, and a total of 143,223,576 new Tranche 1 Placement Shares were issued in accordance with Listing Rule 7.1A. Tranche 2 of the Placement involved the issue of approximately 7.4 million shares (Tranche 2 Placement Shares). The issue of Tranche 2 Placement Shares was approved by shareholders at a General Meeting held on 23 January 2026. Additionally, Directors of the Company subscribed for 1.1 million shares ( Director Participation Shares ) on the same terms as the Placement Shares. The issue of these shares was approved by shareholders at a General Meeting held on 23 January 2026. Issued Capital In addition to the Tranche 1 Placement Shares, Tranche 2 Placement Shares and Director Participation Shares detailed above, the following additional changes occurred to issued capital during the financial year: The Company issued (on various dates) 35,471,700 fully-paid ordinary shares, pursuant to the exercise of 35,471,700 quoted options (ASX: AARO), exercisable at $0.14, expiring 24 October 2025. The Company (on various dates) issued 2,000,000 fully -paid ordinary shares, pursuant to the exercise of 2,000,000 unquoted options exercisable at $0.10, expiring 24 October 2026. The Company (on various dates) issued 2,158,537 fully -paid ordinary shares, pursuant to the exercise of 2,158,537 unquoted options exercisable at $0.075, expiring 9 April 2027.
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Astral Resources NL Annual Report 30 June 2026 42 On 28 October 2025, the Company issued 2,280,701 fully-paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facility, resulting in 1,719,299 unquoted options being cancelled. On 20 November 2025, the Company issued 640,161 fully-paid ordinary shares in lieu of cash for short term incentives awarded to the Managing Director with respect to the year ended 30 June 2025 of $99,225. The calculation of shares to be issued was based on the VWAP of $0.155. Shareholder approval for the issue was obtained at the Company’s Annual General Meeting held on 20 November 2025. A total of 7,510,489 fully paid ordinary shares were issued on 1 August 2025, pursuant to the vesting, exercise and conversio n of the following performance rights: o 1,148,100 2023A Performance Rights; o 3,582,688 2023B Performance Rights; o 992,513 2023C Performance Rights; and o 1,787,188 2023D Performance Rights A total of 334,861 performance rights were cancelled during the financial year, due to not having met the requisite performance conditions over the performance period, as follows: o 188,562 2023B Performance Rights; o 52,237 2023C Performance Rights; and o 94,062 2023D Performance Rights. Other than as stated above, there were no other changes to issued capital during the financial year. There were no other changes to issued capital during the reporting period. Unissued Capital The following changes to unissued capital occurred during the financial year. Quoted options During the financial year (on various dates), the Company issued 35,471,700 fully-paid ordinary shares, pursuant to the exercise of 35,471,700 quoted options (ASX: AARO), exercisable at $0.14, expiring 24 October 2025. Unquoted options The Company (on various dates) issued 2,000,000 fully -paid ordinary shares, pursuant to the exercise of 2,000,000 unquoted options exercisable at $0.10, expiring 24 October 2026. The Company (on various dates) issued 2,158,537 fully -paid ordinary shares, pursuant to the exercise of 2,158,537 unquoted options exercisable at $0.075, expiring 9 April 2027. On 28 October 2025, the Company issued 2,280,701 fully-paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facility, resulting in 1,719,299 unquoted options being cancelled. Performance rights During the financial year, the following unquoted performance rights were converted or cancelled, pursuant to the Company’s Employee Incentive Plan: A total of 7,510,489 fully paid ordinary shares were issued on 1 August 2025, pursuant to the vesting, exercise and conversio n of the following performance rights: o 1,148,100 2023A Performance Rights; o 3,582,688 2023B Performance Rights; o 992,513 2023C Performance Rights; and o 1,787,188 2023D Performance Rights. A total of 334,861 performance rights were cancelled during the financial year, due to not having met the requisite performance conditions over the performance period, as follows: o 188,562 2023B Performance Rights; o 52,237 2023C Performance Rights; and o 94,062 2023D Performance Rights.
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Astral Resources NL Annual Report 30 June 2026 43 During the financial year, the Company issued the following unquoted performance rights pursuant to the Company’s Employee Incentive Plan: On 24 October 2025, the Company issued 1,572,414 unquoted 2025A performance rights to employees of the Company. On 24 October 2025, the Company issued 5,968,788 unquoted 2026A performance rights to employees of the Company. On 20 November 2025, the Company issued 2,121,212 unquoted 2026A performance rights to the Managing Director, following receipt of shareholder approval at the Company’s Annual General Meeting held on 20 November 2025. The following performance rights were issued to key management personnel: Key Management Personnel Number of 2025A Performance Rights Issued Number of 2026A Performance Rights Issued Marc Ducler - 2,121,212 Jed Whitford 804,598 1,272,727 Mathew Wilson 767,816 1,214,545 Brendon Morton - 1,018,182 Total Issued to KMP 1,572,414 5,626,666 SIGNIFICANT CHANGES IN STATE OF AFFAIRS Other than stated above, there were no significant changes in the state of affairs of the Group during the half-year. MATTERS SUBSEQUENT TO THE END OF THE PERIOD The following matters or circumstances have arisen since the end of the year which significantly affected or may significantl y affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years: On 18 August 2026, the Company announced the execution of a Land Use Agreement ( LUA) with the Marlinyu Ghoorlie Native Title Claimant Group. The Agreement covers protocols for heritage surveys, activities to protect identified sites and clearan ce procedures to facilitate mining activities at the Mandilla Gold Project. The LUA provides a path forward for the completion of the Mandilla DFS and a strong foundation for Astral to responsibly progress the development of the Mandilla Project. On 26 August 2026, the Company issued 2,129,735 fully-paid ordinary shares in lieu of cash for S hort Term Incentives (STI’s) awarded to employees with respect to the year ended 30 June 202 6 of $ 234,271. A total of 1,183,090 were issued to key management personnel, equating to an STI value of $ 130,140. The calculation of shares to be issued was based on the closing share price at the end of the financial year of $0.11. The Company approved a cash STI award to the Managing Director with respect to the year ended 30 June 202 6 of $52,500. A total of 477,273 are proposed to be issued to the Managing Director in lieu of the cash STI award, based on the closing share price at the end of the financial year of $0.11. The issue of shares remains subject to shareholder approval at the Company’s 2026 Annual General Meeting. On 26 August 2026, following determination by the Board, the following performance rights vested and were converted to 2,634,339 fully paid ordinary shares: o 1,165,699 2024A performance rights; o 946,476 2024B performance rights; and o 522,164 2024C performance rights. On 26 August 202 6, following determination by the Board, the following performance rights lapsed, due to performance conditions not being satisfied: o 2,406,590 2024A performance rights; o 743,283 2024B performance rights; and o 410,064 2024C performance rights. On 26 August 2026, the following performance rights lapsed, due to employees no longer being employed with the Company: o 193,966 2025A performance rights; and o 492,424 2026A performance rights.
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Astral Resources NL Annual Report 30 June 2026 44 The Company has reported the following market sensitive ASX Announcements since the end of the financial year. Date Details 9-Jul-26 High-Grade Assay Results from Theia Stage 1 In-fill Drilling 14-Jul-26 Deep Drilling Continues to Expand Theia Deeps 23-Jul-26 High-Grade Assays from Stage 1 In-fill Drilling at Theia 27-Jul-26 Quarterly Activities & Cashflow Report 17-Aug-26 Theia Deeps Continues to Expand 18-Aug-26 Land Use Agreement Signed With Marlinyu Ghoorlie at Mandilla 21-Aug-26 Think Big Infill Drilling Confirms High Grade Mineralisation 8-Sep-26 More Thick-High Grade Infill Results Strengthen Theia Stage 1 15-Sep-26 Theia deeps Assay Results Continue to Strengthen Case There are no other matters or circumstances that have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, or the state of affairs of the Group in future financial years. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS The Group will continue its mineral exploration and development activit ies at the Mandilla, Spargoville and Feysville Gold Projects and will continue to evaluate opportunities to extract value from its other projects. ENVIRONMENTAL REGULATION The Group operates within the resources sector and conducts its business activities with respect for the environment while continuing to meet the expectations of the shareholders, employees and suppliers. The Company’s exploration activities are currently subject to significant environmental regulation under laws of the Commonwealth and Western Australia. The Group aims to ensure that the highest standard of environmental care is achieved, and that it complies with all relevant environmental legislation. As at the date of this report, the Group is not aware of any significant breaches of those environmental requirements.
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Astral Resources NL Annual Report 30 June 2026 45 INFORMATION ON DIRECTORS Mark Connelly Non-Executive Chair, Independent Qualifications B.Bus, MAICD Appointed 27 December 2023 Experience Mr Connelly is an internationally experienced financial and commercial executive, with extensive resource industry experience where he held positions of Chief Executive Officer and Managing Director. He has experience with several multinational companies acr oss many jurisdictions including Australia, North America, South America, Africa and Europe. Mr Connelly has a track record for deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (transaction value USD$570M), as well as the key person responsible for Adamus Resources Limited and Endeavour Mining M erger in September 2011 (transaction value of USD$597M). Interest in Shares and Options Fully-paid ordinary shares – 2,280,701 Unquoted options exercisable at $0.174 expiring 26-Nov-28 – 732,759 Current directorships Catalyst Metals Limited (ASX: CYL), Antares Metals Limited (ASX: AM5), Tesoro Gold Limited (ASX: TSO), BeMetals Corporation (TSX-V: BMET), Stellar Resources Limited (ASX: SRZ) and Renegade Exploration Limited (ASX: RNX). Former directorships held in past three years Alto Metals Limited (ASX: AME), Calidus Resources Limited (ASX: CAI), Chesser Resources Limited (ASX:CHZ), Omnia Metals Group Limited (ASX: OM1), Emmerson Plc (AIM: EML), Warriedar Resources Limited (ASX: WA8), and Velox Energy Materials Inc. (TSXV: VLX). Marc Ducler Managing Director Qualifications BSC (Metallurgy) WASM Appointed 23 December 2019 Experience Mr Ducler has over 26 years’ experience in the mining industry. For the past 20 years, Mr Ducler has been in senior operational management roles with Gold Fields, BHP, Fortescue Metals, Mineral Resources and Roy Hill. Mr Ducler’s most recent role was as Managing Director of Egan Street Resources Limited (ASX: EGA) (a gold exploration and near -term developer), until its takeover by Silver Lake Resources Limited (ASX: SLR). Interest in Shares and Options Fully-paid ordinary shares – 16,791,848 Performance rights – 6,341,351 Current directorships Nil. Former directorships held in past three years Nil.
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Astral Resources NL Annual Report 30 June 2026 46 INFORMATION ON DIRECTORS (continued) Justin Osborne Non-Executive Director Qualifications BSc (Hons) (Geology), MAICD, FAusIMM, FSEG Appointed 18 November 2021 Experience Mr Osborne has over 3 6 years’ experience as a professional geologist in exploration, mining and project development, and executive leadership. He was previously an Executive Director at Gold Road Resources (ASX: GOR) and was pivotal to the resource development of the world class Gruyere Gold Deposit (>8Moz Au) currently producing 350koz pa. Mr Osborne has also previously held senior positions on the exploration executive team of Gold Fields Ltd where he was instrumental in the discovery and development of several multi -million ounce gol d deposits in Australia (St Ives and Agnew gold mines), West Africa, South America, and Scandinavia. Interest in Shares and Options Fully-paid ordinary shares – 1,732,157 Unquoted options exercisable at $0.174 expiring 26-Nov-28 – 560,345 Current directorships AuMEGA Metals Ltd (ASX: AAM) – Non-Executive Chair, Hamelin Gold Limited (ASX: HMG) – Non- Executive Director. Former directorships held in past three years IGO Ltd (ASX: IGO) – Non-Executive Director. Peter Stern Non-Executive Director, Independent Qualifications BSc (Hons), FAICD Appointed 28 November 2011 Experience Mr Stern is a graduate of Monash University with a Bachelor of Science (geology major). Mr Stern’s career has been in corporate advisory, spending six years with Macquarie Bank and three years with both UBS and Deutsche Bank. In 2000, Mr Stern established Metropolis Pty Ltd, a corporate advisory firm specialising in mergers and acquisitions, capital raisings and proxy contests. Interest in Shares and Options Fully-paid ordinary shares – 22,667,790 Unquoted options exercisable at $0.174 expiring 26-Nov-28 – 560,345 Current directorships Nil. Former directorships held in past three years Metals Grove Mining Limited (ASX: MGA) – Non-Executive Director Troy Resources Limited (ASX: TRY - delisted) – Non-Executive Chair
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Astral Resources NL Annual Report 30 June 2026 47 INFORMATION ON DIRECTORS (continued) David Varcoe Non-Executive Director, Independent Qualifications B.Eng (Mining), FAusIMM Appointed 28 November 2019 Experience Mr Varcoe is a mining engineer with more than 3 6 years’ experience in the industry. Mr Varcoe has extensive operational and managerial experience across a number of commodities including gold, iron ore, copper, diamonds, coal, uranium and rare earths. Mr Varcoe is experienced in board positions and operations management as well as project management and consulting. Mr Varcoe was previously a principal consultant and director with leading Australian firm AMC Consult ants, prior to its sale to AFRY. Interest in Shares and Options Fully-paid ordinary shares – 2,294,781 Unquoted options exercisable at $0.174 expiring 26-Nov-28 – 560,345 Current directorships Nil. Former directorships held in past three years Nil. DIRECTORS MEETINGS The number of D irectors’ meetings and number of meetings attended by each of the D irectors of the Company during the period are: Director Number of meetings director eligible to attend Number of meetings director attended Mark Connelly 8 7 Marc Ducler 8 8 Justin Osborne 8 8 Peter Stern 8 8 David Varcoe 8 6 COMPANY SECRETARY Brendon Morton was appointed as Company Secretary and Chief Financial Officer on 13 January 2020. Mr Morton holds a Bachelor of Business degree and is a member of both the Institute of Chartered Accountants Australia (ICAA) and the Governance Institute of Australia (GIA). Mr Morton has previously held Company Secretarial and Chief Financial Officer roles with both ASX listed and unlisted public and private companies. Mr Morton is currently a Non-Executive Director and Company Secretary of Fitzroy River Corporation Ltd (ASX: FZR). FINANCIAL POSITION The net assets of the consolidated Group in creased to $154,443,910 at 30 June 202 6 (30 June 2025: $87,393,791). The Group’s working capital, being current assets less current liabilities, was $63,786,193 at 30 June 2026 (30 June 2025: $15,266,765).
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Astral Resources NL Annual Report 30 June 2026 48 UNISSUED SHARES UNDER OPTION Unissued ordinary shares of Astral Resources NL under option at the date of this report are as follows: (a) Unlisted options Tranche Grant date Expiry date Exercise Price (cents) Number M 27-Jul-23 24-Oct-26 10.00 3,000,000 O 1-Mar-24 9-Apr-27 7.50 13,841,463 P 26-Nov-24 26-Nov-28 17.40 2,413,794 Total unlisted options on issue at the date of this report 19,255,257 SECURITIES GRANTED DURING THE YEAR Performance rights granted during the year as share based payments are as follows: Tranche Class of securities Grant date Number of securities Exercise price Expiry date Disposal restriction 2025B Performance rights (employees) 7-Oct-25 1,572,414 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 22-Oct-29 Non- transferable 2026A Performance rights (Managing Director) 20-Nov-25 2,121,212 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-29 Non- transferable Performance rights (employees) 7-Oct-25 5,968,788 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 21-Oct-29 Non- transferable Refer to Note 15 for details of share-based payment expenditure.
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Astral Resources NL Annual Report 30 June 2026 49 INSURANCE OF OFFICERS During the year, the Company paid a premium to insure the directors and officers of the Group. The contract of insurance prohibits disclosure of the nature of the liability insured and the amount of the premium. PROCEEDINGS ON BEHALF OF THE GROUP No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of any company in the Group, or to intervene in any proceedings to which any company in the Group is a party. No proceedings have been brought or intervened in on behalf of the Group with leave of the Court under section 237 of the Corporations Act 2001. NON-AUDIT SERVICES The Group may decide to employ its auditor on assignments additional to their statutory audit duties where the auditor’s expertise and experience with the Group are important. During the year there were no fees paid or payable for non-audit services provided by an auditor of the Group (2025: nil). AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on the page following this Directors’ Report. ROUNDING The Company is a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 20 26/183 and, in accordance with that instrument, all financial information has been rounded to the nearest dollar, unless otherwise stated.
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Astral Resources NL Annual Report 30 June 2026 50 REMUNERATION REPORT - AUDITED The remuneration report outlines the remuneration arrangements which were in place during the year and remain in place as at the date of this report, for the Directors and key management personnel of Astral Resources NL. The information provided in this remuneration has been audited as required by section 308(3C) of the Corporations Act 2001. The remuneration report is set out under the following main headings: (a) Key management personnel (KMP) covered in this report (b) Remuneration policy and link to performance (c) Elements of remuneration (d) Link between remuneration and performance (e) Contractual arrangements for executive KMP (f) Non-executive director arrangements (g) KMP remuneration (h) Other statutory information (a) Key management personnel (KMP) covered in this report Figure 12: Directors (executive and non-executive) Name Position Mark Connelly Non-Executive Chair Marc Ducler Managing Director Justin Osborne Non-Executive Director David Varcoe Non-Executive Director Peter Stern Non-Executive Director Figure 13: Other key management personnel Name Position Jed Whitford Chief Operating Officer Mathew Wilson General Manager Brendon Morton Chief Financial Officer & Company Secretary (b) Remuneration policy and link to performance The objective of the Company’s remuneration structure is to reward and incentivise key management personnel and employees to ensure alignment with the interests of shareholders. The remuneration structure also seeks to reward key management personnel and employees for their contribution to the Company in a manner that is appropriate for a company at this stage of its development. The Company has a Remuneration Committee, comprising the full Board and the Company’s independent human resources consultant. The Board, acting as the Remuneration Committee reviews and determines remuneration policy and structure annually to ensure it remains aligned to the Company’s needs and meets the Company’s remuneration principles. The Board , from time to time, may engage external remuneration consultants to assist with t his review. A human resources consultant was engaged during the financial year to assist with a review of remuneration and to provide benchmark salary data analysis for comparable companies. (c) Elements of remuneration Fixed annual remuneration Key management personnel receive their base pay and statutory benefits structured as a total fixed remuneration ( TFR) package. Base pay for key management is reviewed annually to ensure the remuneration is competitive with the market and remains appropriate for the Company and its operations. There are no guaranteed base pay increases included in any employment contracts.
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Astral Resources NL Annual Report 30 June 2026 51 REMUNERATION REPORT - AUDITED (continued) Variable remuneration – Short-term incentive arrangements During the year, the Company approved a Short-Term Incentive (STI) Scheme. The objective of the STI is to link the achievement of the Group’s short-term performance objectives with the remuneration received by senior management and employees charged with achieving those measures. STI payments are dependent on the extent to which performance measures, as set by the Board are achieved and are “at risk”. The measures represent the key drivers for short-term success of the Group and provide a framework for delivering longer term value. Key features of the STI Plan (STIP) are provided in the following table. Plan Feature Details STI Objective The STIP motivates and rewards employees for their contribution to the Company’s performance. The STIP is also designed to retain staff over the vesting period of the award. Alignment with Shareholder Interests The STIP sets safety, exploration and growth, corporate and financial targets to enhance shareholder value. STIP Nature Any STI award is to be settled in cash, or via equity at the Company’s election. STIP Vesting Awards are determined on an annual basis after the financial year has closed and once the Board has assessed the performance of the Company and the individual against the defined KPI’s. STIP Performance Measures The Board has set a scorecard to measure the Company’s and individual’s performance which is broken down into the core components that the Board believes are key to delivering the Company’s strategic objectives over the year. Current Year Award The award opportunity for the financial year ended 30 June 202 6 was up to 50 % of base salary for the Managing Director and between 10%-45% of base salary for other eligible personnel. The STIP opportunity for KMP is comprised of between 30%-45% for Exploration and Growth KPI’s, 40-50% associated with DFS related milestones, with the remainder based on Safety and Corporate KPI’s. Different KPI targets exist for the Corporate, Exploration and Technical Services employees. The Company believes the stipulated KPI targets align with the interests of shareholders in terms of driving behaviours and achieving outcomes that are likely to lead to share price appreciation and value creation for shareholders. The Board (acting as the remuneration committee) assess the performance against the stipulated KPI targets, typically within one to three months after completion of the performance period. Any payment of short-term incentives is at the Board’s absolute discretion. On 1 August 2025, the Company issued 301,935 fully-paid ordinary shares in lieu of cash for short term incentives awarded to key management personnel with respect to the year ended 30 June 202 5 of $46,800. The calculation of shares to be issued was based on the closing share price of $0.155, immediately prior to board approval. On 20 November 2025, the Company issued 640,161 fully-paid ordinary shares in lieu of cash for short term incentives awarded to the Managing Director with respect to the year ended 30 June 202 5 of $99,225. The calculation of shares to be issued was on the closing share price of $0.155, immediately prior to board approval. Shareholder approval for the issue was obtained at the Company’s Annual General Meeting held on 20 November 2025. A total of $146,025 has been included as a share-based payment to key management personnel. For further details, refer to section (g) of this remuneration report. On 26 August 2026 (subsequent to the end of the financial year), the Company issued 1,183,090 fully-paid ordinary shares in lieu of cash for short term incentives awarded to key management personnel with respect to the year ended 30 June 2026 of $130,140. The calculation of shares to be issued was based on the closing share price at the end of the performance period of $0.11. Subsequent to the end of the financial year, the Company approved a cash short term incentive award to the Managing Director with respect to the year ended 30 June 202 6 of $52,500. A total of 477,273 full -paid ordinary shares are proposed to be issued to the Managing Director in lieu of the cash short term incentive award, based on the closing share price at the end of the performance period of $0.11. The issue of shares remains subject to shareholder approval at the Company’s 2026 Annual General Meeting. Long term incentives Options No options were issued to KMP during the year with respect to their role as KMP.
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Astral Resources NL Annual Report 30 June 2026 52 REMUNERATION REPORT - AUDITED (continued) Performance Rights During the financial year , 1,572,414 2025B performance rights , 2,121,212 2026A.1 performance rights and 3,505,454 2026A.2 performance rights were awarded to key management personnel. See Note 15 and the Remuneration Report (section (h)) for further details of these related party transactions. Following consideration by the Board, a total of 4,876,813 fully paid ordinary shares were issued to key management personnel on 1 August 2025, pursuant to the vesting, exercise and conversion of the following performance rights: 745,500 2023A Performance Rights; 3,582,688 2023B Performance Rights; and 548,625 2023C Performance Rights. A total of 217,437 performance rights issued to key management personnel were cancelled during the financial year, due to not having met the requisite performance conditions over the performance period, as follows: 188,562 2023B Performance Rights; and 28,875 2023C Performance Rights. (d) Link between remuneration and performance Remuneration of executives consists of an un -risked element (base pay) and long -term incentives (performance rights) which vest upon the satisfaction of performance criteria, based on key strategic, non -financial measures linked to drivers of performance in future reporting periods. The Group’s summary key performance information, including earnings and movement in shareholder wealth for the five (5) years to 30 June 2026, is included at Figure 14. Figure 14: Key performance indicators 30 June 2026 30 June 2025 30 June 2024 30 June 2023 30 June 2022 Revenue 1,861,938 794,500 24,063 13,410 173,712 Net profit/(loss) before tax (2,341,765) (2,644,190) (2,583,863) (3,713,941) (2,353,412) Net profit/(loss) after tax (2,341,765) (2,644,190) (2,583,863) (3,713,941) (2,353,412) Share price at start of year 0.165 0.083 0.066 0.070 0.085 Share price at end of year 0.110 0.165 0.083 0.066 0.070 Basic earnings/(loss) per share ($) (0.15) (0.22) (0.32) (0.57) (0.39) Diluted earnings/(loss) per share ($) (0.15) (0.22) (0.32) (0.57) (0.39) (e) Contractual arrangements for executive KMP The executive remuneration framework is summarised in the table below: Component Managing Director Other Key Management Personnel Fixed remuneration (excl. superannuation) $350,000 Range between $283,000 and $350,000 on a full-time basis. Short term incentive (STI) Company may invite the employee to participate at its sole discretion Long term incentive (LTI) Company may invite the employee to participate at its sole discretion Contract duration Ongoing contract Ongoing contract Notice by the individual/company 6 months 3 months During the financial year, following an annual periodic review of remuneration, the Managing Director’s remuneration was increased to $350,000 per annum, plus applicable superannuation, effective 1 July 2025.
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Astral Resources NL Annual Report 30 June 2026 53 REMUNERATION REPORT - AUDITED (continued) (f) Non-executive director arrangements Fees and payments to n on-executive directors reflect the demands which are made on, and the responsibilities of, the directors. Non-executive directors’ fees and payments are reviewed annually by the board taking into account comparable roles and market data. The Chair’s fees are determined independently to the fees of non-executive directors based on comparative roles in the external market. Following the annual review of remuneration for key management personnel and employees, the fee for the non -executive chair was increased to $95,000 per annum, effective 1 July 2025, with the fees for non-executive directors remaining at $65,000 per annum. Non-executive directors did not receive any performance-based pay during the financial year. Non-executive directors’ fees are determined within an aggregate directors’ fee pool limit, which is periodically recommended for approval by shareholders. The current aggregate maximum of $500,000 per annum was approved by shareholders at the Annual General Meeting held on 20 November 2024. Additional fees A director may also be paid fees or other amounts as the d irectors determine if a d irector performs special duties or otherwise performs services outside the scope of the ordinary duties of a director. A director may also be reimbursed for out-of-pocket expenses incurred as a result of their directorship or any special duties. Post-employment benefits Superannuation contributions required under the Australian Superannuation Guarantee Legislation continue to be made and are deducted from the directors’ overall fee entitlements, where applicable.
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Astral Resources NL Annual Report 30 June 2026 54 REMUNERATION REPORT - AUDITED (continued) (g) KMP Remuneration Details of the remuneration expense recognised for the Group’s key management personnel during the current and previous financial year in accordance with the requirements of the accounting standards is included below. Name Year Fixed remuneration Variable remuneration Total $ Performance based percentage Salary $ Post- employment benefits $ Other1 $ Total fixed $ Performance Rights $ Options $ Short-term incentives2 $ Total linked to performance $ Fixed remuneration % Remuneration linked to performance % Executive Directors M. Ducler 2026 362,000 30,000 15,265 407,265 233,866 - 99,225 333,091 740,355 55% 45% 2025 305,000 29,932 26,058 360,990 126,097 - 28,875 154,972 515,962 70% 30% Other KMP - - - - J. Whitford 2026 325,834 29,524 20,644 376,001 180,569 - - 180,569 556,570 68% 32% 2025 8,197 943 803 9,943 8,467 - 6,600 15,067 25,010 40% 60% M. Wilson 2026 259,250 23,550 16,734 299,534 144,237 - - 144,237 443,771 67% 33% 2025 - - - - - - - - - 0% 0% B. Morton 2026 277,452 30,000 9,886 317,337 123,191 - 46,800 169,991 487,328 65% 35% 2025 251,124 28,879 5,896 285,899 65,169 - 15,600 80,769 366,668 78% 22% Non-Executive Directors - - - M. Connelly 2026 84,821 10,179 - 95,000 - - - - 95,000 100% 0% 2025 72,870 8,380 - 81,250 - 43,614 - 43,614 124,864 65% 35% P. Stern 2026 65,000 - - 65,000 - - - - 65,000 100% 0% 2025 61,250 - - 61,250 - 33,352 - 33,352 94,602 65% 35% D. Varcoe 2026 65,000 - - 65,000 - - - - 65,000 100% 0% 2025 61,250 - - 61,250 - 33,352 - 33,352 94,602 65% 35% J. Osborne 2026 58,036 6,964 - 65,000 - - - - 65,000 100% 0% 2025 54,933 6,317 - 61,250 - 33,352 - 33,352 94,602 65% 35% Total 2026 1,497,393 130,217 62,529 1,690,138 681,862 - 146,025 827,887 2,518,025 67% 33% 2025 814,624 74,451 32,757 921,832 199,733 143,670 51,075 394,478 1,316,310 70% 30% 1 – Includes movement in KMP statutory leave entitlement balances (where applicable). 2 – Discussed in detail below.
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Astral Resources NL Annual Report 30 June 2026 55 REMUNERATION REPORT - AUDITED (continued) Short-term incentives Short term incentives included in the remuneration table in section (g) relate to the financial year ended 30 June 202 5. The Board does not reach determination on short term incentives for the financial year until after the end of the financial year. When determining the STI outcomes for the previous financial year, the Board carefully assessed the FY2 5 performance against set targets. Various exploration and corporate key performance indicators were set for three categories of employees – corporate, geology and technical services. The following table outlines KPI performance outcomes with respect to the year ended 30 June 2025 for each category of employee. STI Category Corporate Geology Technical STI Weighting STI Assessment STI Weighting STI Assessment STI Weighting STI Assessment Exploration & Growth 40% 40% 75% 65% 40% 40% Corporate 60% 50% 25% 25% 60% 50% Total 100% 90% 100% 90% 100% 90% Based on the above outcomes, the following table summarises the STI awards made to KMP during the year, with respect to the year ended 30 June 2025. KMP Target STI Opportunity % Of Base Salary Target STI Opportunity $ STI Awarded % STI Outcomes1 $ M. Ducler 35% 110,250 90% 99,225 J. Whitford - - - - M. Wilson - - - - B. Morton 20% 52,000 90% 46,800 Total - 162,250 - 146,025 1 - The Company settled the short -term incentive award to KMP, via the issue of 942,097 fully paid ordinary shares, based on the closing spot price of $0.155 per share, immediately prior to board approval. (h) Other statutory information (i) Terms and conditions of the share-based payment arrangements Performance Rights The terms and conditions of each grant of performance rights granted during the year to KMP which affect remuneration in the current or future reporting periods are as follows: Tranche Class of securities Grant date Number of securities Exercise price Expiry date Disposal restriction 2025B Performance rights (employees) 7-Oct-25 1,572,414 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 22-Oct-29 Non- transferable 2026A.1 Performance rights (Managing Director) 20-Nov-25 2,121,212 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-29 Non- transferable 2026A.2 Performance rights (employees) 7-Oct-25 3,505,454 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 21-Oct-29 Non- transferable 2025B Performance Rights (Employees) On 24 October 2025, the Company issued 1,572,414 unquoted 2025B Performance Rights to key management personnel , pursuant to the Company’s Employee Incentive Plan. The 2025B Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Permitting & Approvals: 20% of the 2025B Performance Rights vest upon the Mandilla Gold Project being fully permitted. Mineral Resources: 20% of the 2025B Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 2.0Moz of Au of at least 1.0g/t Au.
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Astral Resources NL Annual Report 30 June 2026 56 REMUNERATION REPORT - AUDITED (continued) Ore Reserve: 20% of the 2025B Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 15% of the 2025B Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 30% of the 2025B Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2025B Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. The 2025B Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model). The non- market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date. Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting conditions 2025B (Employees) 7-Oct-25 471,724 $0.2014 Nil Share Price 7-Oct-25 1,100,690 $0.2400 Nil Permitting, Mineral Resources, Ore Reserve, ESG. Total 1,572,414 2026A.1 Performance Rights (Managing Director) On 20 November 2025, following shareholder approval being received at the Company’s 2025 Annual General Meeting held 20 November 2025, the Company issued 2,121,212 unquoted 2026A .1 Performance Rights to the Managing Director, pursuant to the Company’s Employee Incentive Plan. The 2026A.1 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: Grow Consolidated Group JORC Mineral Resource Estimate (MRE). Either: o <10% growth in MRE (excluding depletion): 0% vest; o 10% growth in MRE (excluding depletion): 15% vest; or o 20% growth in MRE (excluding depletion): 30% vest. Final Investment Decision (FID): FID approved by the Board for the development of the Mandilla Gold Project. Either: o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest Construction: Commencement of construction of the Mandilla Gold Project. Either: o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest. Share Price: Share price growth over the performance period. Either o below the 50th percentile of peers: 0% vest; o in 50th to 60th percentile of peers: 17.50% vest; or o in 60th to 80th percentile of peers: 35% vest. ESG: 5% of the 2026A.1 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report.
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Astral Resources NL Annual Report 30 June 2026 57 REMUNERATION REPORT - AUDITED (continued) The 2026A.1 Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model) on the basis of the following inputs: Share Price $0.2150 as at grant date of 20 November 2025 Exercise Price Nil Term 4 years (from grant date to expiry date of 20 November 2029) Performance measurement period 3 years (from 1 July 2025 to 30 June 2028) Vesting period 2.61 years (from grant date to end of the performance measurement period Risk free rate 3.668% per annum Volatility 66% Dividend yield Nil The non-market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date. Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting Conditions 2026A.1 (Managing Director) 20-Nov-25 742,424 $0.1644 Nil Share Price 20-Nov-25 1,378,788 $0.2000 Nil Mineral Resources, FID, Construction, ESG. Total 2,121,212 2026A.2 Performance Rights (Employees) On 24 October 2025, the Company issued 3,505,454 unquoted 2026A.2 Performance Rights to key management personnel, pursuant to the Company’s Employee Incentive Plan. The 2026A.2 Performance Rights are subject to the identical performance conditions as the 2026A.1 performance rights and will vest if and when those conditions are satisfied. The 2026A.2 Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model) on the basis of the following inputs: Share Price $0.24 as at grant date of 7 October 2025 Exercise Price Nil Term 4.04 years (from grant date to expiry date of 21 October 2029) Performance measurement period 3 years (from 1 July 2025 to 30 June 2028) Vesting period 2.73 years (from grant date to end of the performance measurement period Risk free rate 3.484% per annum Volatility 64% Dividend yield Nil The non-market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date. Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting conditions 2026A.2 (Employees) 7-Oct-25 1,226,909 $0.1773 Nil Share Price 7-Oct-25 2,278,545 $0.2400 Nil Mineral Resources, FID, Construction, ESG. Total 3,505,454
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Astral Resources NL Annual Report 30 June 2026 58 REMUNERATION REPORT - AUDITED (continued) The terms and conditions of each grant of performance rights to KMP in prior periods affecting remuneration in the current or future reporting period are as follows: Tranche Class of Securities Grant Date Number of Securities Exercise Price Expiry Date Disposal Restriction 2025A.1 Performance rights (Managing Director) 20-Nov-24 1,900,862 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-28 Non- transferable 2025A.2 Performance rights (Employees) 10-Oct-24 1,403,018 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 10-Oct-28 Non- transferable 2024A.1 Performance rights 17-Nov-23 2,319,277 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 17-Nov-27 Non- transferable 2024A.2 Performance rights 30-Oct-23 1,253,012 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable 2024B Performance rights 30-Oct-23 1,132,530 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable 2024C Performance rights 30-Oct-23 530,120 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable Unlisted Options There were no options issued to key management personnel during the year. No share-based payment expenditure was recognised during the year in relation to any previous grant of options to KMP. (ii) Reconciliation of options, deferred shares and ordinary shares held by KMP The numbers of options over ordinary shares in the Group held during the period by each Director of Astral Resources NL and other key management personnel of the Group, including their personally related parties, are set out below. Figure 15: Listed option holdings Name Balance at beginning of the year Granted as compens- ation Vested Exercised Net Change Other Balance at the end of the year Vested and exercis- able Unvested Number % Number Exercise price Vested and exercis- able Unvested M. Ducler 244,684 - - - - (244,684) - - - J. Osborne 37,500 - - - - (37,500) - - - D. Varcoe 250,000 - - - - (250,000) - - - P. Stern 153,846 - - - - (153,846) - - - Total 686,030 - - - - (686,030) - -
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Astral Resources NL Annual Report 30 June 2026 59 REMUNERATION REPORT - AUDITED (continued) Figure 16: Unquoted option holdings Name Balance at beginning of the year Granted as compens- ation Vested Exercised Net Change Other1 Balance at the end of the year Vested and exercis- able Unvest ed Number % Number1 Exercise price Vested and exercis- able Unvested M. Connelly 4,732,759 - - - - (2,280,701) $0.098 (1,719,299) 732,759 - J. Osborne 560,345 - - - - - - - 560,345 - P. Stern 560,345 - - - - - - - 560,345 - D. Varcoe 560,345 - - - - - - - 560,345 - Total 6,413,794 - - - - (2,280,701) $0.098 (1,719,299) 2,413,794 - 1 - On 28 October 2025, the Company issued 2,280,701 fully- paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facili ty, resulting in 1,719,299 unquoted options being cancelled. The numbers of shares in the Group held during the period by each D irector of Astral Resources NL and other key management personnel of the Group, including their personally related parties , are set out below. There were no shares granted during the reporting period as compensation. Figure 17: Shareholdings Name Balance at the start of the year Capital Raising shares subscribed for Performance Rights vested & exercised Options exercised Shares issued in lieu of STI Other changes1 Balance at the end of the year Directors M. Connelly - - - 2,280,701 - - 2,280,701 M. Ducler 12,708,625 500,000 2,698,438 244,684 640,161 - 16,791,908 J. Osborne 1,194,657 500,000 - 37,500 - - 1,732,157 P. Stern 22,513,944 - - 153,846 - - 22,667,790 D. Varcoe 1,994,781 100,000 - 250,000 - - 2,344,781 Other key management personnel J. Whitford 1,153,517 - 647,625 - - - 1,801,142 M. Wilson - 2,000,000 - - - 2,200,000 4,200,000 B. Morton 5,003,776 - 1,530,750 - 301,935 - 6,836,461 Total 44,569,300 3,100,000 4,876,813 2,966,731 942,096 2,200,000 58,654,940 1 – Includes on-market acquisitions and disposals. There were no shares subject to escrow as at 30 June 2026. The number of performance rights over ordinary shares in the Group held during the period by each Director of Astral Resources NL and other key management personnel of the Group, including their personally related parties, are set out below.
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Astral Resources NL Annual Report 30 June 2026 60 REMUNERATION REPORT - AUDITED (continued) Figure 18: Performance Rights Name Balance at the start of the year Granted as compensation Exercised1 Expired / Cancelled2 Balance at the end of the year Vested and exercisable Un-vested Vested and exercisable Un-vested Directors M. Ducler - 7,038,889 2,121,212 (2,698,438) (120,312) - 6,341,351 Other key management personnel J. Whitford - 1,206,620 2,077,325 (647,625) (28,875) - 2,607,445 M. Wilson - - 1,982,361 - - - 1,982,361 B. Morton - 3,748,564 1,018,182 (1,530,750) (68,250) - 3,167,746 Total - 11,994,073 7,199,080 (4,876,813) (217,437) - 14,098,903 1 - Pursuant to a resolution of the Board, 4,876,813 fully paid ordinary shares were issued to KMP on 1 August 2025, following the vesting and exercise of 1,148,100 2023A performance rights, 3,582,688 2023B performance rights, 992,513 2023C performance rights and 1,787,188 2023D performance rights. 2 - On 1 August 2025, the Company cancelled 188,562 2023B performance rights and 28,875 2023C performance rights held by KMP due to the performance hurdles not being met during the performance period. (iii) Key Management Personnel Loans There were no loans to or from key management personnel outstanding at 30 June 2026 (30 June 2025: nil). (iv) Other transactions and balances with key management personnel There were no other transactions and outstanding balances with key management personnel for the year ended 30 June 202 6 that are not already included in the Remuneration Report contained in the Directors’ Report. (v) Reliance on Remuneration consultants To ensure the Board is fully informed when making remuneration decisions, it may seek external, independent remuneration advice on remuneration related issues. During the year, the Company engage d an independent consultant, Loftswood, to provide remuneration services in respect to external benchmarking and general insights for executive and employee incentive arrangements and for the annual review of key management personnel and employee remuneration . This included a review of total fixed remuneration and short -term and long- term incentives. Loftswood was paid a total of $5,400 (excluding GST) for services rendered. Loftswood was engaged by the Board, acting as the remuneration committee to ensure that any remuneration recommendations were free from undue influence. Remuneration recommendations made by Loftswood were reported directly to the Chair of the Company. Loftswood was permitted to discuss matters directly with management, in order to understand company processes, practices and more information about each role. Additionally, the Company subscribed to Remsmart, a cloud based subscription portal, which provides up to date salary data an d peer group benchmarking. (vi) Voting of shareholders at the Company’s 2025 Annual General Meeting The Company received 93.96% of “ yes” votes on its remuneration report for the 20 25 financial year. The Company did not receive any specific feedback at the Annual General Meeting or throughout the year on its remuneration practices. This is the end of the Remuneration Report.
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Astral Resources NL Annual Report 30 June 2026 61 This report of Directors, incorporating the Remuneration Report, is signed in accordance with a resolution of Directors. Marc Ducler Managing Director Perth, Western Australia 25 September 2026
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Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF ASTRAL RESOURCES NL As lead auditor of Astral Resources NL for the year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and 2. No contraventions of any applicable code of professional conduct in relation to the audit. This declaration is in respect of Astral Resources NL and the entities it controlled during the period. Phillip Murdoch DirectorB DO Audit Pty Ltd Perth 25 September 2026
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Astral Resources NL Annual Report 30 June 2026 63 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2026 Note 2026 $ 2025 $ Revenue from continuing operations Interest income 1,861,938 794,500 Consultants and advisors 4 (203,113) (155,034) Corporate costs 4 (610,579) (796,412) Depreciation and amortisation expense (186,977) (140,810) Employee benefit expense 4 (1,291,091) (1,183,636) General and administrative expenses (371,496) (274,653) Impairment expense 9 (92,469) (37,757) Interest expense (30,723) (14,402) Investor relations (206,013) (339,759) Share based payment expense 15 (1,211,242) (496,227) Loss before income tax (2,341,765) (2,644,190) Income tax expense 5 - - Net loss for the year (2,341,765) (2,644,190) Other comprehensive income Items that will not be reclassified subsequently to profit or loss Gain/(loss) on revaluation of equity instruments at fair value through other comprehensive income, net of tax - - Other comprehensive loss for the year, net of tax - - Total comprehensive loss for the year (2,341,765) (2,644,190) Total comprehensive loss attributable to equity holders of the Company (2,341,765) (2,644,190) Loss per share attributable to ordinary equity holders Basic loss per share (dollars per share) 6 (0.16) (0.22) Diluted loss per share (dollars per share) 6 (0.16) (0.22) The above consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes.
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Astral Resources NL Annual Report 30 June 2026 64 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 Note 2026 $ 2025 $ ASSETS Current assets Cash and cash equivalents 8 65,103,653 18,603,696 Trade and other receivables 1,639,790 625,375 Total current assets 66,743,443 19,229,071 Non-current assets Property, plant and equipment 129,786 150,328 Exploration and evaluation expenditure 9 90,961,448 72,385,204 Right of use assets 475,242 119,591 Total non-current assets 91,566,476 72,655,123 TOTAL ASSETS 158,309,919 91,884,194 LIABILITIES Current liabilities Trade and other payables 10 2,349,241 3,675,351 Employee benefits 420,532 220,669 Lease liabilities 187,477 66,286 Total current liabilities 2,957,250 3,962,305 Non-current liabilities Lease liabilities 309,404 58,383 Provisions 599,355 469,715 Total non-current liabilities 908,759 528,098 TOTAL LIABILITIES 3,866,009 4,490,403 NET ASSETS 154,443,910 87,393,791 EQUITY Issued capital 11 200,467,145 131,760,077 Reserves 12 4,507,659 3,829,916 Accumulated losses (50,530,894) (48,196,202) TOTAL EQUITY 154,443,910 87,393,791 The above consolidated statement of financial position is to be read in conjunction with the accompanying notes.
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Astral Resources NL Annual Report 30 June 2026 65 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2026 Note 2026 $ 2025 $ Cash flows from operating activities Interest received 1,087,845 729,406 Payments to suppliers and employees (4,572,499) (3,021,949) Net cash flows used in operating activities 13 (3,484,654) (2,292,543) Cash flows from investing activities Exploration and evaluation expenditure (16,148,022) (8,928,672) Cash acquired on acquisition of Maximus - 1,302,231 Proceeds from disposal of property, plant and equipment 1,800 455 Payments for property, plant and equipment (134,570) (62,769) Costs associated with acquisition of subsidiary (1,759,678) (831,918) Net cash flows used in investing activities (18,040,470) (8,520,673) Cash flows from financing activities Proceeds from issue of shares 65,000,000 25,157,532 Proceeds from exercise of options 6,310,665 100,359 Repayment of principal portion of lease liabilities (155,756) (122,557) Capital raising costs (3,129,828) (1,487,762) Net cash flows from financing activities 68,025,081 23,647,572 Cash and cash equivalents at beginning of the year 18,603,696 5,769,340 Net increase/(decrease) in cash and cash equivalents 46,499,957 12,834,356 Cash and cash equivalents at end of the year 8 65,103,653 18,603,696 The above consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
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Astral Resources NL Annual Report 30 June 2026 66 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2026 Issued capital $ Reserves $ Accumulated losses $ Total $ Balance at 1 July 2024 76,553,987 3,510,495 (45,552,012) 34,512,470 Loss for the year - - (2,644,190) (2,644,190) Other comprehensive loss for the year, net of tax - - - - Total comprehensive loss for the year - - (2,644,190) (2,644,190) Transactions with owners, directly recorded in equity: Issue of ordinary shares (placement) 25,075,000 - - 25,075,000 Issue of ordinary shares (share swap for MXR Investment) 5,989,623 - - 5,989,623 Issue of ordinary shares (off market takeover of MXR) 25,269,588 - - 25,269,588 Issue of shares in lieu of short-term incentives 75,321 - - 75,321 Issue of shares upon conversion of performance rights 82,663 (82,663) - - Issue of options to directors - 143,669 143,669 Issue/vesting of performance rights - 277,237 - 277,237 Exercise of quoted options 107,835 - - 107,835 Vesting/exercise of unquoted options 93,823 (18,823) - 75,000 Share issue costs (1,487,762) - - (1,487,762) Balance at 30 June 2025 131,760,078 3,829,915 (48,196,202) 87,393,791 Issued capital $ Reserves $ Accumulated losses $ Total $ Balance at 1 July 2025 131,760,078 3,829,915 (48,196,202) 87,393,791 Loss for the year - - (2,341,765) (2,341,765) Other comprehensive loss for the year, net of tax - - - - Total comprehensive loss for the year - - (2,341,765) (2,341,765) Transactions with owners, directly recorded in equity: Issue of ordinary shares (placement) 65,000,000 - - 65,000,000 Issue of shares in lieu of short-term incentives 246,262 - - 246,262 Issue of shares upon conversion of performance rights 217,070 (217,070) - - Issue/vesting of performance rights - 964,980 - 964,980 Cancellation of performance rights - (7,074) (7,074) - Exercise of quoted options 5,948,580 - - 5,948,580 Vesting/exercise of unquoted options 361,890 - - 361,890 Vesting/exercise of unquoted options (cashless exercise) 63,093 (63,093) - - Share issue costs (3,129,828) - - (3,129,828) Balance at 30 June 2026 200,467,145 4,309,782 (50,333,017) (154,443,910) The consolidated statement of changes in equity is to be read in conjunction with the accompanying notes.
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Astral Resources NL Annual Report 30 June 2026 67 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. Summary of material accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated. These financial statements ar e for the consolidated Group consisting of Astral Resources NL and its subsidiaries, together referred to as Astral or the Group. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The following Accounting Standards and Interpretations are most relevant to the Group: (a) Conceptual Framework for Financial Reporting (Conceptual Framework) The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. (b) New or amended Accounting Standards and Interpretations adopted The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. (c) Basis of preparation The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards, Interpretations and other authoritative pronouncements issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001 (Cth). Astral Resources NL is a listed public company, incorporated and domiciled in Australia. Astral Resources NL is a for-profit entity for the purpose of preparing the financial statements. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards as issued by the IASB . Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated. The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. An individual entity is no longer presented as the consequence of a change to the Corporations Act 2001. Financial information for Astral Resources NL as an individual entity is included in Note 23. (d) Principles of consolidation Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Astral Resources NL (‘’the Company’’ or ‘ ’the Parent Entity ’’) as at 30 June 202 6 and the results of all subsidiaries for the period then ended. Astral Resources NL and its subsidiaries together are referred to in this financial report as “the Group” or “the Consolidated Entity”. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. Intercompany transactions, intercompany balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction proves evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed whe re necessary to ensure consistency with the policies adopted by the Group. (e) Going concern As at 30 June 2026, the Group had cash and cash equivalents of $65,103,653 (30 June 2025: $18,603,696) and had net working capital of $63,786,193 (30 June 2025: $15,266,765). The Group incurred a loss for the year ended 30 June 2 026 of $2,341,765 (30 June 202 5: loss of $2,644,190) and net cash outflows used in operating activities and investing activities totalling $21,525,124 (30 June 2025: cash outflows of $10,813,215).
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Astral Resources NL Annual Report 30 June 2026 68 The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to secure fund s by raising capital from equity markets and managing cash flows in line with available funds. The financial statements have been prepared on the basis that the Group is a going concern, which contemplates the continuity of normal business activity, realisation of assets and settlement of liabilities in the normal course of business for the following reasons: The Group has the ability to issue additional equity securities under the Corporations Act 2001 to raise further working capital; and The Group has the ability to curtail administrative, discretionary exploration and overhead cash outflows as and when required. On the basis of the above, the directors believe that, as at the date of this report, there will be sufficient funds availabl e to meet the Group’s working capital requirements. (f) Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM are responsible for the allocation of resources to operating segments and assessing their performance. (g) Income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to tempora ry differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amounts of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for t he carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets a gainst current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable author ity on either the same taxable entity or different taxable entities which intend to settle simultaneously. Astral Resources NL (the 'head entity') and its wholly -owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity. (h) Exploration and evaluation assets Exploration and evaluation expenditure in relation to separate areas of interest for which rights of tenure are current is carried forward as an asset in the statement of financial position where it is expected that the expenditure will be recovered through the successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of economically
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Astral Resources NL Annual Report 30 June 2026 69 recoverable reserves. Where a project or an area of interest has been abandoned, the expenditure incurred thereon is written off in the year in which the decision is made. (i) Employee benefits Share-based payments Equity-settled share-based compensation benefits are provided to eligible employees. Equity-settled transactions are awards of performance rights or options over shares that are provided to employees in exchange for the rendering of services. The cost of equity-settled transactions are measured at fair value on grant date. (i) Performance rights The fair value of performance rights with market-based performance and vesting criteria are independently determined using the Hoadleys Hybrid ESO Model (a Monte Carlo simulation model). The calculation of fair value for rights takes into account the term of the right, the share price at grant date, the expected price volatility of the underlying share, the expected dividend yield and the risk -free interest rate for the term of the right, together with non -vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. An exercise multiple is applied based on a Hull-White Model which is considered the de facto standard for IFRS 2 compliant employee share option valuations. No account is taken of any other vesting conditions. The fair value of performance rights granted to employees for nil consideration under the Employee Incentive Plan is recognised as an expense over the relevant service period, being the vesting period of the performance rights. The fair value is measure d at the grant date of the performance rights and is recognised in equity in the share-based payment reserve. The cost of equity -settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estim ate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. Market conditions are taken into consideration in determining fair value. Therefore , any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification ha d not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the Group or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If an equity-settled award is cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the new award is treated as a modification of the cancelled award. (j) Parent entity information The financial information for the parent entity, Astral Resources NL, disclosed in Note 23 has been prepared on the same basis as the consolidated financial statements. (k) Standards and Interpretations in use not yet adopted Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2026. The Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations. 2. Critical accounting estimates and judgments The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. Share-based payment transactions
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Astral Resources NL Annual Report 30 June 2026 70 The Group measures the cost of equity -settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using either the Hoadleys Hybrid ESO Model (a Monte-Carlo simulation model) or Black-Scholes model (as the case may be), taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity -settled share-based payments would have no impact on the carrying amounts of assets and liabilities within th e next annual reporting period but may impact profit or loss and equity. Where performance rights are subject to vesting conditions, Management has formed judgments around the likelihood of vesting conditions being met. Expenses recognised during the year have been calculated accordingly. Refer to Note 15 for further information. Exploration and evaluation costs Exploration and evaluation expenditures are those expenditures incurred in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Expenditure incurred on activities that precede exploration and evaluation of mineral resources, including all expenditure incurred prior to securing legal rights to explore an area, is expensed as incurred. Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. An ‘area of interest’ is an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has been proved to contain such a deposit. These costs are carried forward only if they relate to an area of inter est for which rights of tenure are current and in respect of which: Such costs are expected to be recouped through successful development and exploitation or from sale of the area; and Exploration and evaluation activities in the area have not, at balance date, reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable resources, and active and significant operations in, or relating to, this area are continuing. A regular review is undertaken in each area of interest to determine the appropriateness of continuing to carry forward costs in relation to each area of interest. If costs do not meet the criteria noted above, they are written off in full against the prof it or loss statement. Impairment of exploration and evaluation assets Exploration and evaluation assets are assessed for impairment if sufficient data exists to determine technical feasibility and commercial viability or facts and circumstances suggest that the carrying amount exceeds the recoverable amount. Exploration and evaluation assets are tested for impairment when any of the following facts and circumstances exists: The term of the exploration licence in the specific area of interest has expired during the reporting period or will expire in the near future, and is not expected to be renewed; Substantive expenditure on further exploration and evaluation of mineral resources in the specific area of interest is not budgeted or planned; Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resource and the decision has been made to discontinue such activities in the specific area; or Sufficient data exists to indicate that, although development in the specific area of interest is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. When a potential impairment is indicated, an assessment is performed for each cash generating unit which is no larger than the area of interest. Recovery of deferred tax assets Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Employee benefits provision As discussed in Note 1, the liability for employee benefits expected to be settled more than 12 months from the reporting date is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account. 3. Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors. The Group has determined that it has one operating segment, being mineral exploration and development.
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Astral Resources NL Annual Report 30 June 2026 71 4. Expenses Profit/(Loss) before income tax for the year includes the following specific items: 2026 $ 2025 $ Employee benefit expense Employee expenses (including employment related expenses) 3,341,404 1,863,506 Superannuation 316,863 174,695 3,658,267 2,038,201 Capitalised as exploration and evaluation expenditure (2,367,176) (854,565) Total employee benefits expense 1,291,091 1,183,636 Consultants and advisors Accounting 131,622 95,547 Legal 71,036 59,487 Other 455 - Total consultant and advisor costs 203,113 155,034 Corporate costs Compliance costs 170,524 124,974 Directors’ fees (inclusive of superannuation) 290,000 272,439 Corporate Advisory costs 30,000 40,000 Share registry costs 78,120 81,371 Due diligence costs 41,934 277,628 Total corporate costs 610,578 796,412 5. Income tax 2026 $ 2025 $ a) Components of income tax expense Current tax expense - - Deferred tax expense - - - - b) Prima facie tax payable Loss before income tax (2,341,765) (2,644,190) Prima facie income tax at 25% (2025: 25%) (585,441) (661,047) Tax effect of amounts not deductible in calculating taxable income - Entertainment 695 182 - Legal fees 13,178 84,001 - Donations - 48 - Share-based payments 302,810 124,057 - Tax losses not recognised 268,758 452,759 Income tax expense/(benefit) attributable to loss - - c) Current tax liability Current tax relates to the following: Current tax liabilities / (assets) Opening balance - - Income tax - - Instalments paid - - - -
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Astral Resources NL Annual Report 30 June 2026 72 2026 $ 2025 $ d) Deferred Tax Deferred Assets balance comprises: Plant and equipment under lease 5,410 1,269 Accruals 92,660 90,067 Provisions – annual and long service leave 85,288 45,928 Capital raising costs 938,864 445,714 Business related costs 32,477 12,611 Tax losses 38,345,910 31,352,021 Offset against Deferred Tax Liabilities / Non-recognition (39,500,609) (31,947,610) - - Deferred Tax Liabilities balance comprises: Prepayments (39,194) (20,131) Plant and equipment (4,093) - Exploration assets (18,801,647) (13,452,766) Offset against Deferred Tax Assets 18,844,933 13,472,897 - - Net Deferred Tax - - e) Deferred income tax (revenue)/expense included in income tax expenses comprises: Decrease / (increase) in deferred tax assets (6,719,885) (3,369,702) (Decrease) / increase in deferred tax liabilities 5,668,588 6,641,606 Under/(over) provision in prior periods/revaluation of DTA due to change in tax rate (922,538) - Non-recognition of deferred tax assets 1,973,834 (3,271,905) - - f) Deferred income tax related to items charged or credited directly to equity Decrease / (increase) in deferred tax assets 782,457 371,941 Non-recognition of deferred tax assets (782,457) (371,941) Non-recognition of deferred tax liabilities - - - - g) Deferred tax assets not brought to account Temporary differences (17,897,263) (12,877,207) Operating tax losses 38,345,910 31,352,021 20,448,647 18,474,813
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Astral Resources NL Annual Report 30 June 2026 73 6. Earnings per share Basic earnings per share amounts are calculated by dividing net profit/(loss) for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. The following reflects the income and share data used in the total operations basic and diluted earnings per share computations: Basic and diluted profit/(loss) per share 2026 $ 2025 $ Basic and diluted profit/(loss) per share ($ per share) (0.16) (0.22) Profit/(Loss) 2026 $ 2025 $ Profit/(loss) used in the calculation of basic and diluted earnings per share is as follows: Profit/(loss) (2,341,765) (2,644,190) Loss from continuing operations (2,341,765) (2,644,190) Weighted average number of ordinary shares 2026 No. 2025 No. Weighted average number of ordinary shares outstanding during the period used in calculating basic EPS 1,433,241,049 1,197,849,156 Weighted average number of ordinary shares outstanding during the period used in calculating diluted EPS 1,433,241,049 1,197,849,156 7. Dividends paid or proposed The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report. 8. Cash and cash equivalents 2026 $ 2025 $ Current Cash at bank and in hand 65,103,653 18,603,696 Cash at bank and in hand earns interest at both floating rates based on daily bank rates and fixed rate term deposits. The Company notes that $692,578 (30 June 2025: $25,850) (included in the Cash at bank and in hand amount) is held as a guarantee with National Australia Bank subject to the following: a bank guarantee of $27,793 as at 30 June 2026 (30 June 2025: bank guarantee of $25,850) as a security deposit for the lease of Suite 2, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $29,257 as at 30 June 2026 (30 June 2025: nil) as a security deposit for the lease of Suite 3, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $635,528 as at 30 June 2026 (30 June 2025: nil) as security in relation to a Design Costs Agreement for a proposed power purchase agreement to provide electricity to the Mandilla Gold Project. Refer to Note 14 on financial instruments for details on the Company’s exposure to risk in respect of its cash balance.
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Astral Resources NL Annual Report 30 June 2026 74 9. Exploration and evaluation expenditure 2026 $ 2025 $ Non-Current Exploration and evaluation - at cost 90,961,448 72,385,204 Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: 2026 $ 2025 $ Movement Opening balance 72,385,204 29,357,407 Exploration expenditure capitalised during the year 18,848,133 9,943,231 Additions through asset acquisition - 32,873,595 Joint Venture Contribution (309,060) (89,247) Impairment expense (92,469) (37,757) Revaluation of rehabilitation provision 129,640 337,975 Closing balance 90,961,448 72,385,204 Comprised of: Feysville Project 11,310,343 10,180,743 Spargoville Project 38,826,482 33,990,055 Mandilla Project 40,824,623 28,214,406 90,961,448 72,385,204 Impairment Mandilla Project (59,560) (12,925) Feysville Project (22,209) (6,450) Other (10,700) (18,382) (92,469) (37,757) During the year, the Company assessed the carrying amount versus the recoverable amount of the areas of interest above . On the basis that a number of tenements had been relinquished and/or there is no substantive expenditure budgeted or planned, the Company recorded an impairment charge of $92,469 (2025: $37,757). The Group’s exploration properties may be subject to claim(s) under native title, or contain sacred sites, or sites of significance to Aboriginal people. As a result, exploration properties or areas within the tenements may be subject to exploration restrictions, mining restrictions and/or claims for compensation. At this time, it is not possible to quantify whether such claims exist, or the q uantum of such claims. 10. Trade and other payables 2026 $ 2025 $ Current Trade payables 1,930,052 1,627,687 Provision for stamp duty payable - 1,692,357 Other payables and accruals 419,189 355,307 2,349,241 3,675,351 All amounts are expected to be settled within 12 months.
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Astral Resources NL Annual Report 30 June 2026 75 11. Issued capital 2026 Shares 2025 Shares 2026 $ 2025 $ Ordinary shares – fully paid 1,801,045,606 1,418,017,229 200,467,145 131,760,077 (i) Movements in ordinary share capital Date Details No. of Shares Issue Price $ 30-Jun-24 Balance 935,197,536 - 76,553,987 30-Jun-25 Closing Balance 1,418,017,229 - 131,760,077 11-Jul-25 Exercise of listed options 2,150 $ 0.140 301 01-Aug-25 Exercise of listed options 1,003,264 $ 0.140 140,457 01-Aug-25 Conversion/cancellation of performance rights 7,510,489 $ 0.155 217,070 01-Aug-25 Shares issued in lieu of STI Cash Award of $147,038 948,629 $ 0.155 147,038 11-Aug-25 Exercise of listed options 43,159 $ 0.140 6,042 15-Aug-25 Exercise of listed options 251,011 $ 0.140 35,142 22-Aug-25 Exercise of listed options 38,967 $ 0.140 5,455 12-Sep-25 Exercise of listed options 3,134,637 $ 0.140 438,849 19-Sep-25 Exercise of listed options 1,593,107 $ 0.140 223,035 19-Sep-25 Exercise of $0.10 unlisted options 74,050 $ 0.100 7,405 19-Sep-25 Exercise of $0.075 unlisted options 475,610 $ 0.075 35,671 23-Sep-25 Exercise of $0.075 unlisted options 432,927 $ 0.075 32,470 23-Sep-25 Exercise of $0.010 unlisted options 925,950 $ 0.100 92,595 26-Sep-25 Exercise of listed options 203,352 $ 0.140 28,469 30-Sep-25 Exercise of $0.075 unlisted options 250,000 $ 0.075 18,750 30-Sep-25 Exercise of $0.010 unlisted options 1,000,000 $ 0.100 100,000 30-Sep-25 Exercise of listed options 748,513 $ 0.140 104,792 03-Oct-25 Exercise of listed options 684,152 $ 0.140 95,781 10-Oct-25 Exercise of listed options 2,120,293 $ 0.140 296,841 13-Oct-25 Exercise of listed options 2,275,364 $ 0.140 318,551 14-Oct-25 Exercise of listed options 774,154 $ 0.140 108,382 16-Oct-25 Exercise of listed options 1,933,226 $ 0.140 270,652 17-Oct-25 Exercise of listed options 842,069 $ 0.140 117,890 21-Oct-25 Exercise of listed options 7,097,422 $ 0.140 993,639 23-Oct-25 Exercise of listed options 12,964,730 $ 0.140 1,815,062 24-Oct-25 Exercise of listed options 6,242,394 $ 0.140 873,935 27-Oct-25 Exercise of listed options 537,896 $ 0.140 75,305 28-Oct-25 Exercise of $0.098 unlisted options via cashless exercise 2,280,701 $ 0.098 63,093 20-Nov-25 Shares issued in lieu of STI Cash Award of $99,225 640,161 $ 0.155 99,225 18-Dec-25 Placement (Tranche 1) 316,500,000 $ 0.200 63,300,000 28-Jan-26 Placement (Tranche 2) 7,400,000 $ 0.200 1,480,000 28-Jan-26 Placement (Director Participation Shares) 1,100,000 $ 0.200 220,000 28-Jan-26 Exercise of unlisted options 1,000,000 $ 0.075 75,000 Share issue costs (3,129,829) 30-Jun-26 Closing Balance 1,801,045,606 - 200,467,145 (ii) Terms and conditions of issued capital Ordinary shares have the right to receive dividends as declared and, in the event of winding up the Company, to participate i n proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. (iii) Capital risk management
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Astral Resources NL Annual Report 30 June 2026 76 The Group’s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Due to the nature of the Group’s activities, being mineral exploration, the Group does not have ready access to credit facilities, with the primary source of funding being equity raisings. Therefore, the focus of the Group’s capital risk management is the current working capital position against the requirements of the Group to meet exploration programs and corporate overheads. The Group’s strategy is to ensure appropriate liquidity is maintained to meet anticipated operating requirements, with a view to initiating appropriate capital raisings as required. (iv) Unissued ordinary shares Unissued ordinary shares of Astral Resources NL under option at the date of this report are as follows: a. Unlisted options Tranche Grant date Expiry date Exercise Price (cents) Number M 27-Jul-23 24-Oct-26 10.00 3,000,000 O 1-Mar-24 9-Apr-27 7.50 13,841,463 P 26-Nov-24 26-Nov-28 17.40 2,413,794 Total unlisted options on issue at the date of this report 19,255,257 12. Reserves 2026 $ 2025 $ Options reserve (i) 2,311,617 2,374,710 Performance rights reserve (ii) 2,196,042 1,455,206 4,507,659 3,829,916 (i) Options reserve The options reserve recognises options rights issued as share based payments. The following options were issued during the prior year: Options Number Reserve Opening balance as at 1 July 2024 69,615,317 2,249,864 Issue of unlisted options to Director 2,413,794 143,669 Issue of unlisted options to Lead Manager - - Exercise of unquoted options (1,000,000) (18,823) Exercise of quoted options (770,247) - Closing balance as at 30 June 2025 70,258,864 2,374,710 Options Number Reserve Opening balance as at 1 July 2025 70,258,864 2,374,710 Issue of unlisted options to Director - - Exercise of unquoted options (3,158,537) - Exercise of quoted options (42,489,860) - Expiry of quoted options (355,210) - Cashless exercise of unquoted options (4,000,000) (63,093) Closing balance as at 30 June 2026 20,255,257 2,311,617
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Astral Resources NL Annual Report 30 June 2026 77 (ii) Performance rights reserve The performance rights reserve recognises performance rights issued as share based payments. The following movements in the performance rights reserve were recorded during the prior year: Performance rights Number Reserve Opening balance as at 1 July 2024 15,187,726 1,260,632 Share based payment expense (rights issued prior to 1 July 2024) - 168,132 Performance Rights vested and converted to ordinary shares1 (1,148,100) (82,663) Performance Rights issued to key management personnel and employees 4,376,079 109,105 Closing balance as at 30 June 2025 18,415,705 1,455,206 Performance rights Number Reserve Opening balance as at 1 July 2025 18,415,705 1,455,206 Share based payment expense (rights issued prior to 1 July 2025) - 386,615 Performance rights vested and converted to ordinary shares1 (7,510,489) (217,070) Performance rights cancelled – performance hurdles not met2 (334,861) (7,074) Performance rights issued to key management personnel and employees 9,662,412 578,365 Closing balance as at 30 June 2026 20,232,767 2,196,042 1 – On 1 August 2025, the Company issued 7,510,489 fully paid ordinary shares following the vesting and exercise of 1,148,100 2023A performance rights , 3,582,688 2023B performance rights, 992,513 2023C performance rights and 1,787,188 2023D performance rights. 2 - On 1 August 2025, the Company cancelled 188,562 2023B performance rights, 52,237 2023C performance rights and 94,062 2023D performance rights due to the performance hurdles not being met during the performance period. 13. Operating cash flow reconciliation 2026 $ 2025 $ Reconciliation of operating cash flows to net profit/(loss) Profit/(loss) for the year (2,341,765) (2,644,190) Interest expense on lease liabilities 30,723 14,402 Loss on disposal of assets 11,252 5,595 Share based payments 1,211,242 496,227 Depreciation expense 186,977 140,810 Impairment expense 92,468 37,757 Exploration expenditure written off (51,696) (42,750) Change in operating assets and liabilities Change in trade and other receivables (674,932) 151,427 Change in trade and other payables (1,872,672) (490,181) Change in prepayments (76,252) 38,360 Cash flow used in operations (3,484,654) (2,292,543) Non-cash financing and investing activities During the year, the Company incurred interest expense on lease liabilities of $30,723 (2025: $14,402). There are no other non-cash financing and investing activities other than the above. 14. Financial risk management Overview This note presents information about the Group’s exposure to credit, liquidity and market risks, the objectives, policies and processes for measuring and managing risk, and the management of capital.
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Astral Resources NL Annual Report 30 June 2026 78 The Board has overall responsibility for the establishment and oversight of the risk management framework. Management monitors and manages the financial risks relating to the operations of the Group through regular reviews of the risks. (a) Credit risk Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations resulting in financial loss to the Group. Presently, the Group undertakes mineral exploration and evaluation activi ties in Australia. At the balance sheet date, there were no significant concentrations of credit risk. (i) Cash and cash equivalents The Group limits its exposure to credit risk by only investing with major Australian financial institutions. All cash and cas h equivalents are held with A+ rated financial institutions (2025: A+). (ii) Trade and other receivables The Group’s trade and other receivables relates to accrued interest, GST refunds and rental deposits. The Group has determined that its credit risk exposure on trade and other receivables is low, as all counterparties are considered reliable. Management does not expect any of these counterparties to fail to meet their obligations. Exposure to credit risk The carrying amount of the Group’s financial assets represents the maximum credit exposure. The Group’s maximum exposure to credit risk at the reporting date was: Carrying Amount 2026 $ 2025 $ Cash and cash equivalents (i) 65,103,653 18,603,696 Trade and other receivables (ii) 1,639,790 625,375 Total 66,743,443 19,229,071 (b) Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilitie s when due. The Group manages liquidity risk by maintaining adequate cash reserves from capital raisings and by continually monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. As at reporting date, the Group had sufficient cash reserves to meet its requirements in the short to medium term. The Group had no credit standby facilities or arrangements for further funding in place. The financial liabilities of the Group at reporting date were trade payables incurred in the normal course of the business an d lease liabilities. Trade payables are non -interest bearing and were due within the normal 30 -60 days terms of creditor payments. The Group does not consider this to be material to the Group and have therefore not undertaken any further analysis of risk exposure. The following are the contractual maturities of financial liabilities, including estimated interest payments. The carrying amount of the Group’s financial liabilities approximate their carrying amount at reporting date. 30 June 2026 Carrying Amount Contractual Cash Flows 12 Months or Less 1-2 years 2-5 years >5 years Trade and other payables 2,349,241 2,349,241 2,349,241 - - - Lease liabilities 496,882 600,019 224,318 230,041 145,660 - Total 2,846,123 2,949,260 2,573,559 230,041 145,660 - 30 June 2025 Carrying Amount Contractual Cash Flows 12 Months or Less 1-2 years 2-5 years >5 years Trade and other payables 3,675,351 3,675,351 3,675,351 - - - Lease liabilities 124,668 137,417 74,800 62,617 - - Total 3,800,019 3,812,768 3,750,151 62,617 - - (c) Market risk
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Astral Resources NL Annual Report 30 June 2026 79 Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates, interest rates and e quity prices will affect the Group’s income or the value of financial instruments. The objective of market risk management is to ma nage and control market risk exposures within acceptable parameters. (d) Fair values The carrying value of cash and cash equivalents, trade and other receivables, trade and other payables and interest-bearing liabilities is considered to be a fair approximation of their fair values. The carrying value of investments is based on the quoted prices in an active market. 15. Share-based payments (a) Employee Incentive Plan The Company’s Employee Incentive Plan (the Plan) was approved by shareholders at the Company’s Annual General Meeting held on 20 November 2025. The Plan is intended to assist the Company to attract and retain key staff, including employees or contractors. The Board believes that grants made to eligible participants under the Plan will provide a powerful tool to underpin the Company's employment and engagement strategy, and that the Plan will: enable the Company to incentivise and retain existing key management personnel and other eligible employees and contractors needed to achieve the Company's business objectives; enable the Company to recruit, incentivise and retain additional Key Management Personnel, and other eligible employees and contractors, needed to achieve the Company's business objectives; link the reward of key staff with the achievement of strategic goals and the long-term performance of the Company; align the financial interest of participants of the Plan with those of shareholders; and provide incentives to participants under the Plan to focus on superior performance that creates shareholder value. Under the Plan, eligible Directors, employees and contractors may be invited to subscribe for Options and Performance Rights, in order to increase the range of potential incentives available for eligible Directors, employees and contractors. Participation in the plan is at the Board’s discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. Incentive securities (performance rights and options) issued under the Plan are subject to vesting and performance conditions imposed by the Board. Incentive securities granted under the plan carry no dividend or voting rights. Only upon satisfaction of vesting and performance conditions and conversion to ordinary shares, will these incentive securities rank equally with all other shares. (b) Unlisted options During the reporting period, the following changes to the Company’s unquoted options occurred: The Company (on various dates) issued 2,000,000 fully-paid ordinary shares, pursuant to the exercise of 2,000,000 unquoted options exercisable at $0.10, expiring 24 October 2026. The Company (on various dates) issued 2,158,537 fully-paid ordinary shares, pursuant to the exercise of 2,158,537 unquoted options exercisable at $0.075, expiring 9 April 2027. On 28 October 2025, the Company issued 2,280,701 fully-paid ordinary shares, pursuant to the exercise of 4,000,000 unquoted options, exercisable at $0.098, expiring 27 December 2025. The unquoted options were exercised via a cashless exercise facility, resulting in 1,719,299 unquoted options being cancelled. The unlisted options cannot be transferred and will not be quoted on the ASX. Therefore, no voting rights are attached to the options unless converted into ordinary shares. All options are granted at the discretion of the Board. The terms and conditions of options on issue at 30 June 2026 are as follows: Tranche Number Grant Date Expiry Date Exercise Price (cents) Fair Value at Grant Date Vesting Date M 3,000,000 27-Jul-23 24-Oct-26 10.0 $0.0232 Immediate O 13,841,463 1-Mar-24 9-Apr-27 7.50 $0.0188 Immediate P 2,413,794 26-Nov-24 26-Nov-28 17.40 $0.0595 Immediate Total 19,255,257 There have been no alterations of the terms and conditions of the above share-based payment arrangement since grant date.
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Astral Resources NL Annual Report 30 June 2026 80 The following table illustrates the number and weighted average exercise prices of and movements in share options (listed and unlisted) during the year: 2026 2025 Number Weighted Average Exercise Price $ Number Weighted Average Exercise Price $ Outstanding at the beginning of the year 70,258,864 $0.121 69,615,317 $0.119 Granted during the year - - 2,413,794 $0.174 Forfeited during the year - - - - Exercised during the year (50,648,397) $0.132 (1,770,247) $0.112 Expired during the year (355,210) $0.14 - - Outstanding at the end of year 19,255,257 $0.091 70,258,864 $0.121 Exercisable at the end of year 19,255,257 $0.091 70,258,864 $0.121 Weighted average remaining contractual life of options outstanding at the end of year 1.91 years 0.84 years The fair values of the equity settled share options granted are estimated as at the date of the grant using the Black-Scholes model taking into account the terms and conditions upon which the options were granted. There is no grant of share options affecting share-based payment expenditure in the current or a future reporting period. (c) Performance Rights Performance rights granted during the year as share based payments are as follows: Tranche Class of securities Grant date Number of securities Exercise price Expiry date Disposal restriction 2025B Performance rights (employees) 7-Oct-25 1,572,414 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 22-Oct-29 Non- transferable 2026A.1 Performance rights (Managing Director) 20-Nov-25 2,121,212 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-29 Non- transferable 2026A.2 Performance rights (employees) 7-Oct-25 5,968,788 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 21-Oct-29 Non- transferable Performance rights issued in prior periods which affect share-based payment expenditure in the current or future reporting periods are as follows: Tranche Class of Securities Grant Date Number of Securities Exercise Price Expiry Date Disposal Restriction 2025A.1 Performance rights (Managing Director) 20-Nov-24 1,900,862 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-28 Non- transferable 2025A.2 Performance rights (Employees) 10-Oct-24 2,475,217 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 10-Oct-28 Non- transferable 2024A Performance rights (Managing Director) 17-Nov-23 2,319,277 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 17-Nov-27 Non- transferable 2024A Performance rights (Other employees) 30-Oct-23 1,253,012 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable
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Astral Resources NL Annual Report 30 June 2026 81 Tranche Class of Securities Grant Date Number of Securities Exercise Price Expiry Date Disposal Restriction 2024B Performance rights 30-Oct-23 1,689,759 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable 2024C Performance rights 30-Oct-23 932,228 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 31-Oct-27 Non- transferable The performance/vesting conditions of the respective tranches of Performance Rights are outlined below. 2025B Performance Rights (Employees) On 24 October 2025, the Company issued 1,572,414 unquoted 2025B Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2025B Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Permitting & Approvals: 20% of the 2025B Performance Rights vest upon the Mandilla Gold Project being fully permitted. Mineral Resources: 20% of the 2025B Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 2.0Moz of Au of at least 1.0g/t Au. Ore Reserve: 20% of the 2025B Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 15% of the 2025B Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 30% of the 2025B Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2025B Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. The 2025B Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model). The non- market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date. Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting conditions 2025B (Employees) 7-Oct-25 471,724 $0.2014 Nil Share Price 7-Oct-25 1,100,690 $0.2400 Nil Permitting, Mineral Resources, Ore Reserve, ESG. Total 1,572,414 2026A.1 Performance Rights (Managing Director) On 2 0 November 2025, following shareholder approval being received at the Company’s 202 5 Annual General Meeting held 20 November 2025, the Company issued 2,121,212 unquoted 2026A.1 Performance Rights to the Managing Director, pursuant to the Company’s Employee Incentive Plan. The 2026A.1 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: Grow Consolidated Group JORC Mineral Resource Estimate (MRE). Either: o <10% growth in MRE (excluding depletion): 0% vest; o 10% growth in MRE (excluding depletion): 15% vest; or o 20% growth in MRE (excluding depletion): 30% vest. Final Investment Decision (FID): FID approved by the Board for the development of the Mandilla Gold Project. Either:
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Astral Resources NL Annual Report 30 June 2026 82 o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest Construction: Commencement of construction of the Mandilla Gold Project. Either: o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest. Share Price: Share price growth over the performance period. Either o below the 50th percentile of peers: 0% vest; o in 50th to 60th percentile of peers: 17.50% vest; or o in 60th to 80th percentile of peers: 35% vest. ESG: 5% of the 2026A.1 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. The 2026A.1 Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model). The non- market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date. Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting Conditions 2026A.1 (Managing Director) 20-Nov-25 742,424 $0.1644 Nil Share Price 20-Nov-25 1,378,788 $0.2000 Nil Mineral Resources, FID, Construction, ESG. Total 2,121,212 2026A.2 Performance Rights (Employees) On 24 October 2025, the Company issued 5,968,786 unquoted 2026A.2 Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2026A.2 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: Grow Consolidated Group JORC Mineral Resource Estimate (MRE). Either: o <10% growth in MRE (excluding depletion): 0% vest; o 10% growth in MRE (excluding depletion): 15% vest; or o 20% growth in MRE (excluding depletion): 30% vest. Final Investment Decision (FID): FID approved by the Board for the development of the Mandilla Gold Project. Either: o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest Construction: Commencement of construction of the Mandilla Gold Project. Either: o during the performance period: 7.50% vest; or o on or before the published timetable (as approved by the Board): 15% vest. Share Price: Share price growth over the performance period. Either o below the 50th percentile of peers: 0% vest; o in 50th to 60th percentile of peers: 17.50% vest; or o in 60th to 80th percentile of peers: 35% vest. ESG: 5% of the 2026A.2 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. The 2026A.2 Performance Rights are subject to both market and non-market vesting conditions. The market-based vesting conditions (Share Price) were valued using Hoadleys Hybrid ESO Model Relative TSR vs Peer Group (a Monte Carlo simulation model). The non- market-based vesting conditions (Mineral Resource, Ore Reserve and ESG) were valued based on the share price at the deemed grant date and then a probability was applied to each non- market-based vesting condition, based on KMP’s assessment of the likelihood of the vesting condition being met. The table below outlines the valuation at grant date.
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Astral Resources NL Annual Report 30 June 2026 83 Tranche Grant Date Number of instruments issued Valuation per right at grant date Number of rights vested at reporting date Vesting conditions 2026A.2 (Employees) 7-Oct-25 2,089,075 $0.1773 Nil Share Price 7-Oct-25 3,879,713 $0.2400 Nil Mineral Resources, FID, Construction, ESG. Total 5,968,788 2025A.1 Performance Rights (Managing Director) On 26 November 2024, following shareholder approval being received at the Company’s 2024 Annual General Meeting held 20 November 2024, the Company issued 1,900,862 unquoted 2025A .1 Performance Rights to the Managing Director, pursuant to the Company’s Employee Incentive Plan. The 2025A.1 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Permitting & Approvals: 20% of the 2025A.1 Performance Rights vest upon the Mandilla Gold Project being fully permitted. Mineral Resources: 20% of the 2025A .1 Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 2.0Moz of Au of at least 1.0g/t Au. Ore Reserve: 20% of the 2025A.1 Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 15% of the 2025A.1 Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 30% of the 2025A.1 Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2025A.1 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. 2025A.2 Performance Rights (Employees) On 15 October 2024, the Company issued 2,475,217 unquoted 2025A.2 Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2025A.2 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Permitting & Approvals: 20% of the 2025.2A Performance Rights vest upon the Mandilla Gold Project being fully permitted. Mineral Resources: 20% of the 2025A .2 Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 2.0Moz of Au of at least 1.0g/t Au. Ore Reserve: 20% of the 2025A.2 Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 15% of the 2025A.2 Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 30% of the 2025A.2 Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2025A.2 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. 2024A.1 Performance Rights (Managing Director) On 22 November 2023, following shareholder approval being received at the Company’s 2023 Annual General Meeting held 17 November 2023, the Company issued 2,319,277 unquoted 2024A.1 Performance Rights to the Managing Director, pursuant to the Company’s Employee Incentive Plan. The 2024A.1 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: 10% of the 2024A.1 Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 1.75Moz of Au of at least 1.0g/t Au.
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Astral Resources NL Annual Report 30 June 2026 84 Ore Reserve: 10% of the 2024A.1 Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 10% of the 2024A.1 Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 70% of the 2024A.1 Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2024A.1 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. 2024A.2 Performance Rights (Employees) On 31 October 2023, the Company issued 1,253,012 unquoted 2024A.2 Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2024A.2 Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: 10% of the 2024A.2 Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 1.75Moz of Au of at least 1.0g/t Au. Ore Reserve: 10% of the 2024A.2 Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 10% of the 2024A.2 Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 70% of the 2024A.2 Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 10% of the 2024A.2 Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. 2024B Performance Rights On 31 October 2023, the Company issued 1,689,759 unquoted 2024B Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2024B Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: 50% of the 2024B Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 1.75Moz of Au of at least 1.0g/t Au. Ore Reserve: 25% of the 2024B Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 10% of the 2024B Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 20% of the 2024B Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group. ESG: 5% of the 2024B Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. 2024C Performance Rights On 31 October 2023, the Company issued 932,228 unquoted 2024C Performance Rights to eligible employees, pursuant to the Company’s Employee Incentive Plan. The 2024C Performance Rights are subject to the following performance conditions and will vest if and when the conditions are satisfied: Mineral Resources: 20% of the 2024C Performance Rights vest upon the public announcement by the Company of a total combined Mineral Resource estimate of at least 1.75Moz of Au of at least 1.0g/t Au. Ore Reserve: 50% of the 2024C Performance Rights vest upon the public announcement by the Company of a total combined Ore Reserve estimate of at least 0.85Moz of Au of at least 1.0g/t Au. Share Price: either o 10% of the 2024C Performance Rights vest 3 years after issue if the Company's Total Shareholder Return (TSR) over the performance period is in the 50th to 60th percentile of the nominated peer group; or o 20% of the 2024C Performance Rights vest 3 years after issue if the Company's TSR over the performance period is in the top quartile of the nominated peer group.
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Astral Resources NL Annual Report 30 June 2026 85 ESG: 10% of the 2024C Performance Rights vest 3 years after issue if the Company has published in each financial year during the performance period the Company's environmental, social and governance strategy either in its annual report or in a stand- alone sustainability report. (d) Expenses arising from share-based payment transactions Total expenses arising from share -based payment transactions recognised during the year as part of share -based expense were as follows: 2026 $ 2025 $ Recognised in Statement of Profit or Loss Performance rights issued to directors and employees 578,365 109,105 Performance rights issued to directors and employees (issued in prior years) 386,614 168,132 Issue of shares to managing director and employees in lieu of short-term incentives 246,263 75,321 Options issued to directors - 143,669 1,211,242 496,227 Recognised in Statement of Financial Position (Assets and/or Equity) Options issued to advisors - - 1,211,242 496,227 During the financial year, the Board awarded short -term incentives to employees in relation to the 30 June 202 5 financial year of $246,263. The Company settled the short -term incentive award via the issue of 1,588,790 fully paid ordinary shares, based on a closing share price immediately prior to Board determination of $0.155 per share. 16. Contingent assets (a) Koongie Park Royalty On 8 February 2021, Astral entered into an Earn- In and Joint Venture Agreement ( JVA) with AuKing Mining Limited (ASX: AKN) concerning the Koongie Park Joint Venture ( KPJV). Effective from 30 June 2024, Astral’s residual participating interest in the KPJV was converted to a 1% Net Smelter Return royalty. The Group is not in a position to assess whether the Koongie Park Royalty will ever materialise. (b) Leonora Base Metals Project On 10 January 2022, Astral executed an agreement with Ozz Resources Limited (ASX:OZZ) to dispose of its Leonora Base Metals Project, comprising two exploration licences (E37/1287 and E37/1355). Ozz Resources ha s named these tenements as the Pepper Tree Project. The agreement provides that 1 million OZZ shares will be issued to Astral if Ozz Resources Limited announces a JORC compliant gold resource of greater than 50,000 ounces or when commercial mining commences (Deferred Consideration). The Group is not in a position to assess the likelihood or timing of the Deferred Consideration materialising. 17. Contingent liabilities The Group has given the following bank guarantees as at 30 June 2026 (refer to Note 8): a bank guarantee of $27,793 as at 30 June 2026 (30 June 2025: bank guarantee of $25,850) as a security deposit for the lease of Suite 2, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $29,257 as at 30 June 2026 (30 June 2025: nil) as a security deposit for the lease of Suite 3, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $635,528 as at 30 June 2026 (30 June 2025: nil) as security in relation to a Design Costs Agreement for a proposed power purchase agreement to provide electricity to the Mandilla Gold Project. 18. Commitments (c) Exploration expenditure In order to maintain mining tenements, the economic entity is committed to meet the prescribed conditions under which tenements were granted. These commitments may be met in the normal course of operations by future capital raisings and/or farm -out and under certain circumstances are subject to the possibility of adjustment to the amount and timing of such obligations or by tenement relinquishment.
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Astral Resources NL Annual Report 30 June 2026 86 2026 $ 2025 $ Exploration expenditure commitments Payable: Not later than 12 months 1,161,651 1,548,719 Between 12 months and 5 years 2,880,346 2,589,435 Greater than 5 years 2,937,180 1,731,314 Total 6,979,177 5,869,468 19. Related party transactions (a) Key management personnel Disclosures relating to compensation of key management personnel are set out in Note 15 and in the Remuneration Report included in the Directors’ Report. Key management personnel covered in this report are listed below in Figure 19. Figure 19: Directors (executive and non-executive) Name Position Mark Connelly Non-Executive Chair (appointed as director 27-Dec-23, elected chair 15-Jan-24) Marc Ducler Managing Director Justin Osborne Non-Executive Director Peter Stern Non-Executive Director David Varcoe Non-Executive Director Figure 20: Other key management personnel Name Position Jed Whitford Chief Operating Officer Mathew Wilson General Manager Brendon Morton Chief Financial Officer & Company Secretary (b) Compensation of KMP The aggregate compensation paid to directors and other members of key management personnel of the Group is set out below: 2026 $ 2025 $ Short-term employee benefits 1,559,921 847,381 Post-employment long term benefits 130,217 74,451 Share based payments 827,887 394,478 Total 2,518,025 1,316,310 As required by Corporations Regulation 2M.3.03, information regarding individual Directors ’ and Executives ’ compensation and equity instrument disclosures is provided in the Remuneration Report section of the Directors’ Report. Performance Rights During the current period, 7,199,080 performance rights were awarded to key management personnel. See Note 15 and the Remuneration Report for further details of these related party transactions. During the financial year, the Board resolved that the performance/vesting conditions attaching to 1,148,100 2023A Performanc e Rights, 3,582,688 2023B Performance Rights, 992,513 2023C Performance Rights and 1,787,188 2023D Performance Rights had been met. 7,510,489 Performance Rights were exercised, resulting in the Company issuing 7,510,489 fully paid ordinary shares on 1 August 2025, of which 4,876,813 fully paid ordinary shares were issued to KMP. A total of 217,437 performance rights issued to KMP were cancelled, due to performance hurdles not being met. Short-Term Incentives On 1 August 2025, the Company issued 301,935 fully-paid ordinary shares in lieu of cash for short term incentives awarded to key management personnel with respect to the year ended 30 June 2025 of $ 46,800. The calculation of shares to be issued was based on the closing share price of $0.155, immediately prior to board approval.
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Astral Resources NL Annual Report 30 June 2026 87 On 20 November 2025, the Company issued 640,161 fully- paid ordinary shares in lieu of cash for short term incentives awarded to the Managing Director with respect to the year ended 30 June 2025 of $99,225. The calculation of shares to be issued was on t he closing share price of $0.155, immediately prior to board approval. Shareholder approval for the issue was obtained at the Company’s Annual General Meeting held on 20 November 2025. A total of $146,025 has been included as a share-based payment above. (c) Compensation by category of KMP Consulting fees were paid to directors, except for Mr Mark Connelly and Mr Justin Osborne who elected to receive their non- executive director fees as a salary. Details of the remuneration of directors are included in the Remuneration Report contained in the Directors’ Report. Salaries were paid to all other key management personnel, details of which are included in the Remuneration Report contained in the Directors’ Report. (d) Loans to/from related parties There were no loans to or from key management personnel outstanding at 30 June 2026 (30 June 2025: nil). (e) Other transactions and balances with related parties There were no other transactions and outstanding balances with key management personnel for the year ended 30 June 202 6 that are not already included in the Remuneration Report contained in the Directors’ Report. There were no other transactions and outstanding balances with other related parties for the year ended 30 June 2026. 20. Interests in Subsidiaries (a) Parent entities Astral Resources NL, an Australian company, is the ultimate parent entity. (b) Subsidiaries The consolidated financial statements include the financial statements of Astral Resources NL and the subsidiaries listed in the following table. 2026 2025 Principal Activity Country of Incorporation % Equity Interest Country of Incorporation % Equity Interest Mandilla Gold Pty Ltd Australia 100 Australia 100 Operating subsidiary Feysville Gold Pty Ltd Australia 100 Australia 100 Operating subsidiary Maximus Resources Pty Ltd Australia 100 Australia 100 Operating subsidiary SX Minerals Pty Ltd Australia 100 Australia 100 Operating subsidiary MXR Minerals Pty Ltd Australia 100 Australia 100 Operating subsidiary Koongie Park Gold Pty Ltd Australia 100 Australia 100 Operating subsidiary
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Astral Resources NL Annual Report 30 June 2026 88 21. Auditor’s remuneration 2026 $ 2025 $ Audit Services Amounts received or due and receivable by BDO Audit Pty Ltd - An audit and review of the financial reports of the Group (including subsidiaries) 58,916 59,382 Non-Audit Services - - Total 58,916 59,382 22. Events after the reporting date The following matters or circumstances have arisen since the end of the year which significantly affected or may significantl y affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years: On 18 August 2026, the Company announced the execution of a Land Use Agreement ( LUA) with the Marlinyu Ghoorlie Native Title Claimant Group. The Agreement covers protocols for heritage surveys, activities to protect identified sites and clearan ce procedures to facilitate mining activities at the Mandilla Gold Project. The LUA provides a path forward for the completion of the Mandilla DFS and a strong foundation for Astral to responsibly progress the development of the Mandilla Project. On 26 August 2026, the Company issued 2,129,735 fully-paid ordinary shares in lieu of cash for S hort Term Incentives (STI’s) awarded to employees with respect to the year ended 30 June 202 6 of $ 234,271. A total of 1,183,090 were issued to key management personnel, equating to an STI value of $ 130,140. The calculation of shares to be issued was based on the closing share price at the end of the financial year of $0.11. The Company approved a cash STI award to the Managing Director with respect to the year ended 30 June 2026 of $52,500. A total of 477,273 are proposed to be issued to the Managing Director in lieu of the cash STI award, based on the closing share price at the end of the financial year of $0.11. The issue of shares remains subject to shareholder approval at the Company’s 2026 Annual General Meeting. On 26 August 2026, following determination by the Board, the following performance rights vested and were converted to 2,634,339 fully paid ordinary shares: o 1,165,699 2024A performance rights; o 946,476 2024B performance rights; and o 522,164 2024C performance rights. On 26 August 2026, following determination by the Board, the following performance rights lapsed, due to performance conditions not being satisfied: o 2,406,590 2024A performance rights; o 743,283 2024B performance rights; and o 410,064 2024C performance rights. On 26 August 2026, the following performance rights lapsed, due to employees no longer being employed with the Company: o 193,966 2025A performance rights; and o 492,424 2026A performance rights. The Company has reported the following market sensitive ASX Announcements since the end of the financial year. Date Details 9-Jul-26 High-Grade Assay Results from Theia Stage 1 In-fill Drilling 14-Jul-26 Deep Drilling Continues to Expand Theia Deeps 23-Jul-26 High-Grade Assays from Stage 1 In-fill Drilling at Theia 27-Jul-26 Quarterly Activities & Cashflow Report 17-Aug-26 Theia Deeps Continues to Expand 18-Aug-26 Land Use Agreement Signed With Marlinyu Ghoorlie at Mandilla 21-Aug-26 Think Big Infill Drilling Confirms High Grade Mineralisation 8-Sep-26 More Thick High-Grade Infill Results Strengthen Theia Stage 1 15-Sep-26 Theia Deeps Assay Results Continue to Strengthen Case There are no other matters or circumstances that have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, or the state of affairs of the Group in future financial years.
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Astral Resources NL Annual Report 30 June 2026 89 23. Parent entity information The following details information related to the parent entity, Astral Resources NL, as at 30 June 202 6. The information presented here has been prepared using consistent accounting policies as presented in Note 1. 2026 $ 2025 $ Current assets 66,711,334 18,664,641 Non-current assets 91,079,961 70,740,344 Total assets 157,791,294 89,404,984 Current liabilities 2,932,420 1,851,730 Non-current liabilities 419,464 159,463 Total liabilities 3,347,384 2,011,193 Net assets 154,443,910 87,393,791 Contributed equity 200,470,294 131,763,227 Reserves 4,507,659 3,829,916 Accumulated losses (50,336,167) (48,199,352) Total equity 154,443,910 87,393,791 Loss after income tax (2,319,098) (2,303,166) Other comprehensive income/ (loss) for the period (2,319,098) (2,303,166) Total comprehensive loss for the period (2,319,098) (2,303,166) Commitments The parent entity has $ 1,166,261 (2025: $973,566) of commitments relating to minimum exploration expenditure on its various tenements at financial year end. These minimum exploration expenditure commitments are included in Note 18. Guarantees The parent entity has given the following bank guarantees as at 30 June 2026 (refer to Note 8): a bank guarantee of $27,793 as at 30 June 2026 (30 June 2025: bank guarantee of $25,850) as a security deposit for the lease of Suite 2, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $29,257 as at 30 June 2026 (30 June 2025: nil) as a security deposit for the lease of Suite 3, 6 Lyall Street, South Perth WA 6151. a bank guarantee of $635,528 as at 30 June 2026 (30 June 2025: nil) as security in relation to a Design Costs Agreement for a proposed power purchase agreement to provide electricity to the Mandilla Gold Project.
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Astral Resources NL Annual Report 30 June 2026 90 CONSOLIDATED ENTITY DISCLOSURE STATEMENT Set out below is relevant information relating to entities that are consolidated in the consolidated financial statements as at the end of the financial year as required by the Corporations Act 2001 (s.295(3A)(a)) and Australian Accounting Standards. Entity Name Entity Type Place Formed / Incorporated Ownership Interest Tax Residency Astral Resources NL Body Corporate Australia N/A Australian Mandilla Gold Pty Ltd Body Corporate Australia 100% Australian Feysville Gold Pty Ltd Body Corporate Australia 100% Australian Maximus Resources Pty Ltd Body Corporate Australia 100% Australian SX Minerals Pty Ltd Body Corporate Australia 100% Australian MXR Minerals Pty Ltd Body Corporate Australia 100% Australian Koongie Park Gold Pty Ltd Body Corporate Australia 100% Australian Basis of Preparation This Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001, reflecting the amendments to section 295(3A)(vi) and (vii) which clarify the definition of foreign resident as being an entity that is treated as a resident of a foreign country under the tax laws of that foreign country. These amendments apply for financial years beginning on or after 1 July 2024. The CEDS includes certain information for each entity that was part of the consolidated entity at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements. Determination of Tax Residency Section 295(3B)(a) of the Corporation Acts 2001 defines Australian resident as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. Section 295 (3A)(a)(vii) requires the determinatio n of tax residency in a foreign jurisdiction to be based on the law of the foreign jurisdiction relating to foreign income tax. In determining tax residency, the consolidated entity has applied the following interpretations: 1. Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5.
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Astral Resources NL Annual Report 30 June 2026 91 DIRECTOR’S DECLARATION In the Directors’ opinion: (a) The financial statements and notes are in accordance with the Corporations Act 2001, and: (i) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; (ii) give a true and fair view of the financial position as at 30 June 2026 and of the performance of the Group for the period ended on that date; (iii) are in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board, as stated in Note 1 to the financial statements; and (iv) The consolidated entity disclosure statement as required by the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Act 2024 (Amendments), is true and correct as at 30 June 2026. (b) There are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. The Directors have been given the declarations by the Managing Director and the Chief Financial Officer as required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by: Marc Ducler Managing Director Perth, Western Australia 25 September 2026
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Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. INDEPENDENT AUDITOR'S REPORT To the members of Astral Resources NL Report on the Audit of the Financial Report Opinion We have audited the financial report of Astral Resources NL and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial report, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion the accompanying financial report of the Group, is in accordance with the Corporations Act 2001, including: i) Giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the year ended on that date; and ii) Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Carrying value of exploration and evaluation expenditure Key audit matter How the matter was addressed in our audit As disclosed in Note 9 to the Financial Report, the carrying value of the exploration and evaluation asset represents a significant asset of the Group. The Group’s accounting policies and significant judgements applied to exploration and evaluation expenditure are detailed in Note 1 and Note 2 of the Financial Report. In accordance with AASB 6 Exploration for and Evaluation of Mineral Resources (‘AASB 6’), the recoverability of exploration and evaluation expenditure requires significant judgement by management in determining whether there are any facts and circumstances that exist to suggest the carrying amount of this asset may exceed its recoverable amount. As a result, this is considered a key audit matter. Our procedures included, but were not limited to: Assessing whether rights to tenure of the Group’s area of interest remained current at balance date; Considering the status of the ongoing exploration programmes in the respective areas of interest by holding discussions with management, and reviewing the Group’s exploration budgets, ASX announcements and director’s minutes; Considering whether any such areas of interest had reached a stage where a reasonable assessment of economically recoverable reserves existed; Considering whether any facts or circumstances existed to suggest impairment testing was required; and Assessing the adequacy of the related disclosures in Notes 9 to the Financial Report. Other information The directors are responsible for the other information. The other information comprises the information in the Group’s annual report for the year ended 30 June 2026, but does not include the financial report and the auditor’s report thereon. Our opinion on the financial report does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Responsibilities of the directors for the Financial Report The directors of the Company are responsible for the preparation of: a) the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and for such internal control as the directors determine is necessary to enable the preparation of: i) the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our auditor’s report. Report on the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included on pages 50 to 60 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Astral Resources NL, for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001.
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Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. BDO Audit Pty Ltd Phillip Murdoch DirectorPe rth, 25 September 2026
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Astral Resources NL Annual Report 30 June 2026 96 ASX ADDITIONAL INFORMATION Additional information required by the ASX Listing Rules not disclosed elsewhere in this Annual Report is set out below. 1. Shareholdings The issued capital of the Company a s at 31 August 2026 is 1,805,809,680 ordinary fully paid shares . All issued ordinary fully paid shares carry one vote per share. Ordinary Shares Shares Range Holders Units % 1-1,000 118 22,232 0.00% 1,001-5,000 632 2,239,468 0.12% 5,001-10,000 790 6,257,829 0.35% 10,001-100,000 2,276 92,690,003 5.13% 100,001 and above 1,208 1,704,600,148 94.40% Total 5,024 1,805,809,680 100.00% Unmarketable parcels There were 249 holders of less than a marketable parcel of ordinary shares at 31 August 2026, holding a total of 278,120 shares, amounting to 0.02% of issued capital. 2. Top 20 Shareholders as at 31 August 2026 The top twenty shareholders of fully paid ordinary shares in the Company as at 31 August 2026 is as follows: # Name Number of shares % 1 HSBC Custody Nominees (Australia) Limited 216,692,650 12.00% 2 Citicorp Nominees Pty Limited 96,291,089 5.33% 3 Mr Colin Petroulas 96,000,000 5.32% 4 J P Morgan Nominees Australia Pty Limited 68,862,803 3.81% 5 ACN 106966401 Pty Ltd 66,662,754 3.69% 6 Braham Consolidated Pty Ltd 61,759,046 3.42% 7 BNP Paribas Nominees Pty Ltd <IB AU Noms Retailclient> 58,764,033 3.25% 8 Porter Street Investments Pty Ltd 39,321,296 2.18% 9 ACN 106 966 401 Pty Ltd 36,432,828 2.02% 10 Alexander Assets Pty Ltd <Alexander Super Fund A/C> 34,000,000 1.88% 11 Braham Investments Pty Ltd <Braham Staff Super Fund A/C> 27,705,579 1.53% 12 Brazil Farming Pty Ltd 25,350,211 1.40% 13 Equity Trustees Limited <Lowell Resources Fund A/C> 24,861,149 1.38% 14 Mrs Sabina Fontana 19,000,000 1.05% 15 Bell Potter Nominees Ltd <BB Nominees A/C> 14,966,838 0.83% 16 Mrs Rada Mattani 13,229,514 0.73% 17 Westminex Pty Ltd 12,300,000 0.68% 18 Lois Lane Investments Pty Ltd <PAS Superannuation Fund A/C> 11,896,727 0.66% 19 Mr Graeme Ian Smith 11,200,000 0.62% 20 Mr Peter Andrew Stern 10,771,063 0.60% Total remaining holders balance 946,067,580 52.39% Total 1,805,809,680 100.00%
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Astral Resources NL Annual Report 30 June 2026 97 3. Unquoted securities Unlisted options There were 19,255,257 unlisted options over shares in the Company as at 31 August 2026 as follows: Tranche Grant date Expiry date Exercise Price (cents) number M 27-Jul-23 24-Oct-26 10.00 3,000,000 O 1-Mar-24 9-Apr-27 7.50 13,841,463 P 26-Nov-24 26-Nov-28 17.40 2,413,794 Total unquoted options on issue at 31 August 2026 19,255,257 The names of the security holders holding more than 20% of an unlisted class of security are listed below: Security Exercise Price (cents) Number of options Number of holders Holders with > 20% Unlisted options expiring 24-Oct-26 10.0 3,000,000 1 Atlantis MG Pty Ltd <MG Family A/C> Unlisted options expiring 9-Apr-27 7.50 13,841,463 8 Zenix Nominees Pty Ltd Atlantis MG Pty Ltd <MG Family A/C> Unlisted options expiring 26-Nov-28 17.40 2,413,794 4 Mark Anthony Connelly Peter Andrew Stern Janet Tunjic Pty Ltd <Tunoz Family A/C> Karalee Maree Varcoe Total 19,255,257 Performance rights There were 13,352,101 performance rights on issue as at 31 August 2026 as follows: Tranche Class of Securities Grant Date Number of Securities Exercise Price Expiry Date 2025A.1 Performance rights (Managing Director) 20-Nov-24 1,900,862 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 26-Nov-28 2025A.2 Performance rights (Employees) 10-Oct-24 2,281,251 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 15-Oct-28 2025B Performance rights (New Employees) 7-Oct-25 1,572,414 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 22-Oct-29 2026A.1 Performance rights (Managing Director) 20-Nov-25 2,121,212 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 20-Nov-29 2026A.2 Performance rights (employees) 7-Oct-25 5,476,362 Nil – performance rights vest and are converted to ordinary shares on achievement of performance conditions 21-Oct-29 4. Voting rights See Note 11 of the financial statements.
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Astral Resources NL Annual Report 30 June 2026 98 5. Substantial shareholders at 31 August 2026 Holder Number of shares held % of issued capital held Date of last notice COLIN PETROULAS 96,000,000 5.30% 24-Aug-26 TIMOTHY PATRICK BURKE ACN 106966401 PTY LTD 106,595,582 5.90% 27-Nov-24 6. Restricted securities subject to escrow period There are currently no securities on issue subject to escrow. 7. On-market buyback There is currently no on-market buyback program for any of Astral Resources NL’s listed securities.
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astralresources.com.au