Astral Resources Advances Think Big Gold Project Through MMS Partnership

About Astral Resources Ltd

Astral Resources NL (ASX: AAR) is a Western Australia-based gold exploration and development company focused on unlocking value across its high-quality portfolio of projects near Kalgoorlie and Kambalda. The company’s primary asset, the Mandilla Gold Project, continues to progress toward production following strong Pre-Feasibility Study results in June 2025.

In its latest announcement, Astral has strengthened its near-term growth strategy by partnering with Mineral Mining Services Pty Ltd (MMS) — a specialist mining services provider with extensive operational expertise across the Goldfields. The newly signed Letter of Intent sets the stage for a Development Joint Venture at the Think Big Gold Deposit, a key satellite orebody within the Feysville Project. This partnership provides a standalone, fully funded development pathway, allowing Astral to advance Think Big toward early production and generate internal funding for its flagship Mandilla operation.

Strategic Significance

The Think Big deposit forms part of Astral’s Feysville Gold Project, located just south of Kalgoorlie — a region renowned for its rich gold endowment and strong infrastructure access. Feysville was included as a satellite feed source in the Mandilla Pre-Feasibility Study (PFS) released in June 2025, which confirmed robust economics and a clear pathway to commercialisation.

By advancing Think Big as a standalone operation, Astral aims to bring forward production, tapping into early-stage gold revenues that could offset funding requirements for Mandilla. This approach reflects a disciplined strategy to leverage existing assets, manage capital efficiently, and position the company as a near-term producer in Western Australia’s competitive gold sector.

The Think Big deposit currently hosts a Mineral Resource Estimate (MRE) of 2.4 million tonnes grading 1.1g/t Au, containing 85,200 ounces of gold. Within the Mandilla PFS, Think Big was projected to contribute approximately 30,000 ounces to life-of-mine output beginning in year three of production. Under the MMS partnership, those ounces will now be brought forward to the start of operations, creating an accelerated cash-generation profile for Astral.

Partnership Structure and Key Terms

The proposed Development Joint Venture governed by the Letter of Intent is structured to align both parties’ interests through a shared-risk, shared-reward model. Under the agreement, Mineral Mining Services (MMS) will fund and manage all development, construction, and operational activities, including heritage and environmental assessments, mine planning, and regulatory approvals. MMS will recover its development expenditure from early project cash flows, ensuring that Astral incurs no upfront capital burden. Once these costs are repaid, profit-sharing will commence, with MMS entitled to between 30% and 50% of net project earnings, a range to be confirmed in the final JV agreements. The partnership also provides MMS with a first right of proposal to participate in future Astral projects, signalling potential for a broader, long-term collaboration between the two companies. While the LOI is non-binding on commercial terms, it includes a binding 90-day exclusivity period, during which both parties will negotiate and execute a definitive Development JV agreement.

Next Steps and Timeline

During the exclusivity period, MMS will complete a Scoping Study and detailed development plan for the Think Big deposit, forming the technical and financial basis for the JV. Pending completion of definitive documentation and receipt of necessary regulatory approvals, the JV aims to commence mining operations in Q3 2026, aligning with the timeline for Mandilla’s Final Investment Decision (FID). This parallel development strategy ensures Astral can transition from explorer to cash-generating producer, while continuing to advance its larger-scale flagship project.

Broader Context and Strategic Outlook

Astral’s latest partnership underscores its pragmatic growth strategy — focusing on disciplined capital allocation, project optionality, and de-risked development pathways. By securing a fully funded JV, the company effectively mitigates financing risks and accelerates its transition to production, while preserving shareholder value. The initiative also enhances Astral’s broader Mandilla Project economics, potentially reducing the reliance on external debt or equity and strengthening the company’s balance sheet ahead of FID.

As the gold market remains supported by high prices and geopolitical uncertainty, Astral’s dual-track development strategy positions it to benefit from both near-term cash generation and long-term resource growth. With a growing resource base of 1.46 million ounces across its portfolio, Astral continues to consolidate its position as one of Western Australia’s emerging mid-tier gold developers — leveraging strong technical foundations, a proven management team, and strategic partnerships that accelerate value creation.

Conclusion

Astral Resources’ agreement with Mineral Mining Services represents a pivotal step in transforming the company from an explorer into a near-term producer. The fully funded structure ensures financial flexibility, operational expertise, and alignment of interests — all while enabling Astral to pursue the larger Mandilla development from a stronger, self-funded position.