Astral Resources NL (ASX:AAR) advanced its flagship Mandilla Gold Project and broader Kalgoorlie portfolio through an active September quarter, highlighted by key drilling programs, definitive feasibility study (DFS) progress, and a new development partnership aimed at accelerating production.
The company also finished the quarter with a strong cash position of $15.9 million, bolstered by a further $4.96 million in option proceeds received after quarter-end.
Mandilla drilling and DFS momentum
At Mandilla, located about 70 kilometres south of Kalgoorlie, Astral completed 8,270 metres of reverse circulation (RC) drilling across 73 holes during the quarter, targeting resource growth at the Theia and Iris deposits and potential mineralisation between them.
Map of Mandilla Gold Project showing gold deposits on local area geology.
Assay results for 105 holes totalling 13,305 metres were reported during and after the period, with strong grades from Theia and Iris reinforcing the project’s scale and continuity.
Map of Theia illustrating drill collar locations of recent and historical drilling on local area geology.
The activity follows June’s preliminary feasibility study (PFS), which outlined a standalone operation producing an average 95,000 ounces per year over the first 12 years, based on seven open pits feeding a 2.75-million-tonnes-per-annum processing facility. The PFS delivered a base-case NPV8 of $1.4 billion at a gold price of A$4,250/oz, rising to $2.7 billion at A$6,000/oz.
Cross-section through Theia illustrating drill trace, assay results and geological interpretation.
In October, Astral made several senior appointments to accelerate the Mandilla DFS and operational readiness:
- Jed Whitford was named chief operating officer and Mathew Wilson general manager – Mandilla.
- GR Engineering Services was appointed to design process and non-process infrastructure.
- Taylor Collison was engaged as debt advisor to assist with project financing.
The DFS is scheduled for completion by mid-2026, with a final investment decision (FID) targeted for the September 2026 quarter and first gold production by end-2027.
Feysville JV creates early production opportunity
Astral also signed a Letter of Intent with Mineral Mining Services (MMS) to form a joint venture for the Think Big deposit within the Feysville Gold Project, also near Kalgoorlie.
Under the proposed structure, MMS will fund 100% of development costs — to be repaid from early project cash flow — before profit sharing of 30–50% in MMS’ favour. The deal aims to fast-track Think Big into production by Q3 2026, aligning with Mandilla’s development timeline.
Feysville, which holds an existing 196,000-ounce resource, contributes satellite ore feed to the Mandilla development model. Recent diamond and RC drilling returned high-grade results, including 4.7 metres at 30.6 g/t gold from 31.8 metres at the Kamperman deposit and 5.2 metres at 3.93 g/t gold from 31.6 metres at Think Big.
Map of Feysville Gold Project (including tenements and deposits/prospects) on local area geology.
The company also finalised a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group, paving the way for a mining lease over the Think Big deposit and future development at Feysville.
Strong drilling momentum at Spargoville
At the nearby Spargoville Gold Project, Astral completed 11,775 metres of RC drilling across 75 holes, testing extensions along the 8-kilometre Spargoville Shear Zone and several greenfields targets.
Assay results for 74 holes (11,740 metres) were reported, including programs at the Eagles Nest, Trapdoor, Lindsay’s Reward and Hestia South prospects. Results have continued to confirm the corridor’s broader mineralised potential and build on Spargoville’s existing 139,000-ounce resource.
Map of Spargoville Gold Project identifying gold deposits on local area geology.
Looking ahead
Astral has commenced diamond drilling at Theia (3,000 metres) to test high-grade structures and parallel mineralisation zones, while a 17-hole RC program is under way at Feysville’s Kamperman deposit to follow up strong footwall mineralisation.
The company’s integrated exploration, DFS, and early-stage development strategy is designed to establish a long-life gold operation spanning Mandilla, Feysville, and Spargoville, supported by consistent resource growth and strengthening financials.
Map illustrating the location of the Astral’s Mandilla, Spargoville and Feysville Gold Projects.