Astral Resources NL’s Pre‑Feasibility Study presents a detailed evaluation of the Mandilla Gold Project, which includes the Mandilla and Feysville deposits—and uses adjacent tenure at Spargoville to support infrastructure planning. The study shows that the project is located in a prolific gold district, with open pit, bench‐mining methods designed to extract a total of approximately 1.08 million ounces of gold in Ore Reserves. The study’s Mineral Resource Estimate for the Group totals around 1.76 million ounces, made up predominantly of high‑confidence Indicated material that underpins the reserve conversion. The processing plant is designed for a throughput of 2.75 million tonnes per annum using a carbon‑in‑pulp circuit, with detailed plant design criteria specifying three-stage crushing and a single-stage grinding circuit; the CIP process is expected to deliver an overall recovery of around 96% for Mandilla’s oxide, transitional, and fresh ores. The robust operating cost estimates indicate a total All‑in‑Sustaining Cost of roughly A$2,085 per ounce, while the project economics remain resilient; at a gold price of A$4,250 per ounce the Pre‑Tax Internal Rate of Return is forecast at around 101% with a rapid payback period of less than one year, and sensitivity analyses confirm that even a 20% drop in gold price would still leave a positive Net Present Value. The study outlines comprehensive geological, metallurgical, and geotechnical work—including significant drill data from diamond, reverse circulation, and air‑core methods—that has been used to build and validate resource models. Open pit optimization was performed using industry-standard software; the design accounts for mining dilution and ore loss through regularisation of the block model at appropriate dimensions for the equipment planned. Detailed metallurgical test work conducted in multiple phases supports the chosen processing method and confirms that recoveries remain high, while reagent consumption and water chemistry studies have been factored into the design. On the infrastructure side, the project benefits from its proximity to sealed highways and regional centers, with studies completed to secure access to power (using grid connection at an estimated cost of around A$0.22/kWh) and adequate water supply through a combination of local dewatering, pond storage, and potential new borefield developments. Environmental assessments covering waste rock, tailings, soils, surface water, and local flora and fauna indicate a low risk of acid mine drainage and minimal impact on sensitive ecological or social receptors; stakeholder engagement is well underway, including ongoing native title negotiations. Capital cost estimates for the project are comprehensive, with pre-production capex of approximately A$227 million covering the process plant, non‑process infrastructure, and owner’s costs, and sustaining capital of about A$80 million over the life of the mine. Overall, the study’s financial analysis projects an undiscounted pre‑tax free cash flow in excess of A$2.8 billion and a life‑of‑mine gold revenue of roughly A$6.0 billion at the base price assumption—all underpinned by conservative cost assumptions and pricing inputs. Looking ahead, the Board is supportive of progressing to a Definitive Feasibility Study, with further drilling, metallurgical testing, permitting, and infrastructure planning scheduled to resolve outstanding uncertainties. The robust technical and economic fundamentals, combined with clear pathways for resource growth and cost management, position the Mandilla Gold Project as a compelling and commercially viable opportunity for Astral Resources NL.