Announcement PDF ASX Announcement ASX: AAR 28 SEPTEMBER 2026 Astral Resources Suite 2, Lyall St, South Perth WA 6151 ACN 009 159 077 T +61 8 9382 8822 E info@astralresources.com.au astralresources.com.au | ASX: AAR ASTRAL SECURES TENURE OVER MANDILLA DEVELOPMENT FOOTPRINT Transaction with WIN Metals results in Astral having title and unfettered control over the tenure earmarked for the Mandilla Gold Project development HIGHLIGHTS • Key aspects of the sale and purchase agreements between Astral Resources NL (Astral or the Company) and WIN Metals Ltd (ASX: WIN) (WIN) include: o Transfer of tenure and all mineral rights (excluding lithium rights) on mining leases 15/96, 15/97, 15/653, 15/100, 15/1271 and miscellaneous licence 15/254 from WIN to Astral. o Transfer of nickel rights on M15/633 to Astral. o Mining Rights Agreement over all mineral rights (excluding lithium rights) in favour of Astral over a portion of M15/99 covering the Eagles Nest gold deposit. o Mining Rights Agreement over all mineral rights in favour of WIN over a portion of M15/653 covering WIN’s McEwen and McEwen Hangingwall Nickel Resources. o Transfer of gold rights on mining leases 15/99, 15/101 and 15/102 from Astral to WIN. • Consideration payable by Astral to WIN as follows: o $8,050,000 +GST on completion o $1,000,000 +GST payable following registration of the transfer of mining lease M15/96 to Astral o Completion is scheduled to occur by or on Monday, 5 October 2026 Astral Resources’ Managing Director Marc Ducler said: “Astral and WIN have been working on this transaction for a long time and it is great to finally complete. Importantly, the transaction provides Astral with title and unfettered control over the tenure which is required for the Mandilla Gold Project development. This significantly improves Astral’s permitting, approvals pathways and ultimately project financing. This is a pragmatic deal allowing both companies to move forward with confidence with their respective projects.” JOIN ASTRAL RESOURCES’ INVESTOR HUB Visit Astral Resources' Investor Hub or scan the QR code to be a part of Astral’s interactive hub. Click here to see the latest announcement. 2 astralresources.com.au ASX: AAR | Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to announce a transaction with WIN Metals Ltd (ASX: WIN) (WIN) for the rationalisation of its contiguous tenure holdings and mineral rights over a portion of WIN’s Mt Edwards Nickel Project tenure. Importantly, the transaction provides Astral with title and unfettered control over the tenure critical to the development of the 100%-owned Mandilla Gold Project (Mandilla), 70km south of Kalgoorlie in Western Australia (Figure 1). Figure 1 – Map illustrating the location of the Mandilla, Spargoville and Feysville Gold Projects. 3 astralresources.com.au ASX: AAR | TERMS OF THE TRANSACTION Astral receives Transfer of tenure and all mineral rights, excluding lithium rights, on mining leases 15/96, 15/97, 15/653, 15/100, 15/1271 and miscellaneous licence 15/254 from WIN to Astral. Prior to the transaction Astral held the gold rights only over the mining lease tenure with WIN’s 100% owned subsidiary Mt Edwards Critical Metals Pty Ltd (MECM) holding the tenure and all other commodity rights. M15/97 includes the Zabel nickel Resource of 325kt @ 2% Ni for 6,360 Ni tonnes which passes to Astral. Transfer of nickel rights on M15/633 to Astral. Prior to the transaction Astral held the underlying tenure and all commodity rights with the exception of nickel rights held by MECM. A Mining Rights Agreement (AAR MRA) over all mineral rights, excluding lithium, in favour of Astral over a portion of M15/99 covering the Eagles Nest gold deposit. Prior to the transaction MECM held the tenure and all commodity rights with the exception of gold rights held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. Following the transaction Astral will hold all mineral rights, except lithium, over the AAR MRA portion of M15/99. Astral will be responsible for payment of all tenure rent, rates and tenure maintenance and management activities on the tenure where it becomes the tenure holder; M15/96, M15/97, M15/653, M15/100 and M15/1271 including proportionally over the relevant M15/99 AAR MRA area. WIN receives A Mining Rights Agreement (WIN MRA) over all mineral rights in favour of MECM over a portion of M15/653 covering WIN’s McEwen and McEwen Hangingwall nickel Resources. Prior to the transaction MECM held the tenure and all commodity rights with the exception of gold held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. The underlying tenure M15/653 will be transferred to Astral with the WIN MRA providing MECM with all mineral rights over a portion of M15/653 containing the McEwen and McEwen Hangingwall nickel Resources. Transfer of gold rights on mining leases 15/99, 15/101 and 15/102 to MECM. Prior to the transaction MECM held the underlying tenure and all commodity rights with the exception of gold rights held by Astral’s 100% owned subsidiary Maximus Resources Pty Ltd. Consideration totalling $9,050,000 (excl. GST) is to be paid by Astral to WIN as follows: o $8,050,000 +GST payable on completion o $1,000,000 +GST to be paid following registration of the transfer of mining lease 15/96 to Astral on the Tenement Register of the WA Department of Mines, Petroleum and Exploration o Completion is scheduled to occur by or on Monday, 5 October 2026 WIN remains responsible for payment of all tenure rent, rates and tenure maintenance and management activities on tenure where it remains the tenure holder; M15/99, M15/101 and M15/102 including proportionally over the relevant M15/653 WIN MRA area. 4 astralresources.com.au ASX: AAR | Figure 2: Map showing respective MECM and Astral tenure interests post transaction completion. 5 astralresources.com.au ASX: AAR | APPROVED FOR RELEASE This announcement has been authorised for release by the Managing Director. For further information: Investors Media Marc Ducler Nicholas Read Managing Director Read Corporate Astral Resources +61 419 929 046 +61 8 9382 8822 6 astralresources.com.au ASX: AAR | ABOUT THE MANDILLA GOLD PROJECT The Mandilla Gold Project 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 Golden Mile Super 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 to 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 interpreted 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 more 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 west 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). The mineralisation at Hestia, which is present in a different geological setting to the bedrock mineralisation at Theia and Iris, remains open both down-dip and along strike. In April 2026, Astral announced a Mineral Resource Estimate (MRE) of 53.5Mt at 1.0 g/t Au for 1.74Moz of contained gold1 for the Mandilla Gold Project. 1 - 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 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) 7 astralresources.com.au ASX: AAR | 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 grinding2,3. 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. The base case gold price assumption for the Mandilla PFS was A$4,250/oz and demonstrated a Net Present Value (8% discount rate) (NPV8) of $1.4 billion4. At a A$6,250 gold price, the NPV8 increases to $2.9 billion. Four open-pit mines at Mandilla were included in the Mandilla PFS (Theia, Hestia, Eos and Iris), and three open-pits mines at Feysville (Kamperman, Think Big and Rogan Josh). A map of Mandilla illustrating both the local area geology and mineral deposits is set out in Figure 3. Figure 3 – Map of Mandilla Gold Project on local area geology. 2 ASX Announcement 6 June 2022 “Outstanding metallurgical test-work results continue to de-risk Mandilla.” 3 ASX Announcement 17 September 2024 “Outstanding metallurgical results further de-risk Mandilla.” 4 Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025) 8 astralresources.com.au ASX: AAR | CONSOLIDATED MINERAL RESOURCE & ORE RESERVE ESTIMATES Ore Reserve Estimates The Group’s consolidated JORC 2012 Ore Reserve Estimate as at the date of this report is detailed in Table 1 below. Table 1 – 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) Mandilla5 34.3 0.9 1,000,000 34.3 0.9 1,000,000 Feysville5 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 2 below. Table 2 – 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) Mandilla1 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 Feysville6 - - - 3.5 1.3 144,000 1.5 1.1 53,000 5.0 1.2 196,000 Spargoville7 - - - 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. 5 Mandilla Project Pre-Feasibility Study – Maiden Ore Reserve (refer to Astral ASX Announcement dated 25 June 2025) 6 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). 7 Spargoville JORC 2012 Mineral Resource Estimate: 2Mt at 1.3g/t Au for 81koz Indicated Mineral Resources and 1Mt at 1.6g/t Au for 58koz Inferred Mineral Resources (refer to Astral ASX announcement dated 7 May 2025). 9 astralresources.com.au ASX: AAR | Competent Person’s Statements Mandilla The information in this announcement that relates to exploration targets and exploration results for the Mandilla 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 activity 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 based on this information, in the form and context in which it appears. The information in this announcement 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 announcements. 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 announcement 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 activity 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 based on this information, in the form and context in which it appears. The information in this announcement 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. 10 astralresources.com.au ASX: AAR | The information in this announcement 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 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 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 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 announcement that relates to exploration targets and exploration results for the Spargoville 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 activity 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 based on this information, in the form and context in which it appears. The information in this announcement that relates to the Mineral Resources for the Spargoville Gold 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 information 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 announcement that relates to Exploration Results is extracted from the ASX Announcements (Original Announcements), which have been 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 announcement 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" released 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 all material assumptions and technical parameters underpinning the production target, and the related forecast financial information 11 astralresources.com.au ASX: AAR | 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 announcement may contain certain “forward looking statements” which may not have been based solely on historical facts but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward looking statements. Such risks include, but are not limited to exploration risk, resource risk, metal price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which we operate, and government regulation and judicial outcomes. For more detailed discussion of such risks and other factors, see the Company’s other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.