• Signed Letter of Intent with Mineral Mining Services Pty Ltd for a Development Partnership/Joint Venture
• MMS to fund 100% of development costs for Think Big Project, with profits shared 30-50% after cost recovery
• Accelerates development timeline, with mining targeted to commence in Q3 2026

Astral Resources NL (ASX: AAR) has signed a Letter of Intent (LOI) with Mineral Mining Services Pty Ltd (MMS) to form a Development Partnership/Joint Venture (JV) for the Company's 100%-owned Think Big Gold Project, which forms part of the broader Feysville Gold Project near Kalgoorlie, Western Australia. Under the proposed JV, MMS will fund 100% of the development costs for Think Big, which will be recovered from initial project cash flows. Following cost recovery, profits will be shared, with MMS to receive between 30% and 50%. This structure strongly aligns the interests of both parties to maximise project profitability and ensure efficient development. The standalone development of the Think Big Project provides an opportunity to deliver early gold production and cash-flow from Astral's asset portfolio, potentially reducing the debt and equity funding requirement for the Company's flagship Mandilla Gold Project and minimising shareholder dilution. Subject to finalisation of the binding JV and receipt of approvals, the JV is aiming to commence mining at Think Big in Q3 2026, aligning with a targeted Final Investment Decision for Mandilla. The partnership leverages MMS's extensive experience and capability to accelerate the development of Think Big, creating a clear pathway to commercialisation.

The proposed joint venture aims to commence mining at the Think Big Gold Project in Q3 2026, with the initial project cash flows funding the recovery of MMS's development costs.

The partnership with MMS provides a clear, fully-funded pathway to establish early gold production from the Think Big Gold Project, delivering an initial income stream for Astral Resources and potentially reducing the external funding requirement for the development of the Company's flagship Mandilla Gold Project.