• Phase 2 of Donald Project estimated to deliver $1.5B incremental NPV
• Combined Phases 1 and 2 expected to generate $2.3B pre-tax NPV
• Phase 2 to double production, extend mine life to 52 years
• Phase 2 construction planned for Q1 2031, commercial ops in Q3 2032
• Funding for Phase 2 to come from internal cash flows

Astron Corporation Ltd. has announced an updated economic study for Phase 2 of the Donald Rare Earth and Mineral Sands Project, highlighting an incremental pre-tax Net Present Value (NPV) of $1.5 billion and extending the mine life to 52 years. The combined Phases 1 and 2 are expected to generate a pre-tax NPV of $2.3 billion at an internal rate of return (IRR) of 25.6%. Phase 2, located on Retention Licence RL2002, will duplicate Phase 1 operations, increasing ore throughput to 15 million tonnes per annum. The capital cost for Phase 2 is estimated at $557 million, with construction planned to commence in Q1 2031 and commercial production expected in Q3 2032. The project's financial analysis indicates substantial free cash flow generation over a 52-year plus mine life, with an average annual after-tax free cash flow of $199 million.

Combined Phases 1 and 2 expected to generate $2.3B pre-tax NPV at 25.6% IRR

Phase 2 construction planned for Q1 2031, commercial ops in Q3 2032, funded by internal cash flows