Summary of Astral Resources Conference Call Company Overview - **Company**: Astral Resources - **Industry**: Gold Mining - **Key Executive**: Mark Daclaret, Managing Director with over 30 years of experience in the mining industry [1] Key Points and Arguments 1. **Resource and Reserve Estimates**: - Total resources of **1,800,000 ounces** across three emerging hubs [3] - New ounces added: **1,500,000 ounces** at a discovery cost of less than **$20 per ounce** [3] - Prefeasibility indicates **1,100,000 ounces** in reserve [3] 2. **Financial Metrics**: - Prefeasibility shows a **100% internal rate of return**, a **one-year payback**, and a **net present value (NPV)** of **$1,400,000,000** at a gold price of **$4,250 per ounce** [3] - Current cash position: **$90,000,000** with potential additional funding of **$6,000,000** from expiring options [4] 3. **Market Performance**: - Share price increased from **7.5 cents** last year to over **15 cents** today [5] - Institutional holding rose from **8%** to **24%** [5] 4. **Project Development**: - Ongoing drilling with two rigs on-site, aiming to maintain discovery costs below **$20 per ounce** [4] - The company is working on a Definitive Feasibility Study (DFS) to be delivered by June [4] 5. **Location and Infrastructure**: - Projects located in the Kalgoorlie Gold Fields, an area with essential infrastructure such as water, gas pipelines, and power [6] - The prefeasibility study indicates a multi-decade mine development with **95,000 ounces per annum** for the first twelve years [7] 6. **Historical Context**: - Historical exploration and mining activities date back to **1988**, with significant discoveries made over the years [8][9] - The company has transitioned to a bulk low-grade mining perspective since its recapitalization in **2019** [10] 7. **Operational Efficiency**: - The design post-Maximus transaction allows for reduced waste movement and shorter hauling distances [16] - The probable reserve for Thea alone is **829,000 ounces**, with a **96% conversion rate** from indicated ounces [22] 8. **Future Plans**: - Plans for **20,000 meters** of drilling across Mandela and Fayesville [26] - Expected to submit works approvals within the next month and mining proposals by December [27][28] - Targeting first gold production by **December 2027** [29] Additional Important Information - The company emphasizes the importance of de-risking its mining development through various strategies [30] - The Kalgoorlie region is noted for its strong community and local government support, which is crucial for operational success [31] - The prefeasibility study indicates robust financials, with potential cash flow of **$2,800,000,000** at a gold price of **$4,250** [32]