Bankable Feasibility Study - Donald Project Phase 1

• Astron completes Bankable Feasibility Study for Phase 1 of the Donald Rare Earth and Mineral Sands Project
• Phase 1 delivers robust economics with pre-tax NPV8 of $759 million and IRR of 19.3%
• Negotiations with lenders advanced for $300 million project financing package

Astron has completed a Bankable Feasibility Study (BFS) for Phase 1 of the Donald Rare Earth and Mineral Sands Project, reflecting technical and commercial progress through 2025 and early 2026. Based on the BFS, Phase 1 is expected to deliver an average annual EBITDA of $119 million from an average revenue of $262 million over its approximately 40-year mine life, leading to a real pre-tax NPV8 of $759 million and an IRR of 19.3%. The Phase 1 Project is forecast to generate $3.3 billion of free-cash flows, $10.4 billion of gross revenue and $4.7 billion of EBITDA over its life. Key achievements include an updated ore reserve estimate, adoption of an in-pit mining unit plant, and incorporation of results from detailed metallurgical analyses. Negotiations with lenders are well advanced for a project financing package of up to $300 million, representing the final milestone prior to the Final Investment Decision targeted for Q2 2026.

Phase 1 of the Donald Project is expected to deliver an average annual EBITDA of $119 million from an average revenue of $262 million over its approximately 40-year mine life.