• Executed Journey and Understanding Agreement with Barengi Gadjin Land Council Aboriginal Corporation
• Released revised and updated bankable feasibility study for Phase 1 of the Donald Project
• Phase 1 expected to generate pre-tax NPV8 of $759 million at 19.3% IRR over 40-year mine life

Astron Limited released its quarterly activities report for the period ending 31 March 2026. Key highlights include the execution of a Journey and Understanding Agreement with the Barengi Gadjin Land Council Aboriginal Corporation, which represents the Traditional Owners of the lands within the Donald Project's mining licence area. The company also released a revised and updated bankable feasibility study (BFS) for Phase 1 of the Donald Project, which is expected to generate a pre-tax NPV8 of $759 million at an internal rate of return of 19.3% over its approximately 40-year mine life. The BFS is supported by a new Mineral Resource Estimate and an updated Ore Reserve Statement, which includes detailed elemental data for individual rare earth components. The study confirms the Donald Project's outstanding rare earth composition, with Dysprosium (Dy) oxides accounting for 2.9% of the total rare earth oxide (TREO) content, and Terbium (Tb) oxides accounting for 0.4% of TREO content. An updated pre-feasibility study for Phase 2 of the Donald Project is also underway and is targeted for completion in Q2 2026. Discussions with lenders, including Export Finance Australia, continue to advance towards finalizing a credit-approved term sheet for the Donald Project debt facility, with the Final Investment Decision now targeted in Q2 2026.

Based on the bankable feasibility study, Phase 1 of the Donald Project is expected to have an average annual throughput of 7.5 million tonnes per annum of ore, producing 7,100 tonnes per annum of Rare Earth Element Concentrate (REEC) and 192,000 tonnes per annum of Heavy Mineral Concentrate (HMC).