Denver Gold Group member
Astral Resources
- ASX: AAR
- Developer (construction/feasibility)
- Gold
- South Perth, Australia
Company profile
Progressing towards development at the 2.1Moz Mandilla Gold Project near
Kalgoorlie, which encompasses the Mandilla, Feysville and Spargoville
projects.
Positive Pre-Feasibility Study completed in June 2025, with outstanding
financial outcomes including:
Robust 1.1Moz maiden Ore Reserve
95kozpa of gold production over an initial 12-year period
Pre-tax NPV8 of $1.4B
Pre-tax free cashflow of $2.8B
Payback of ~12 months
PFS outcomes were based on a gold price assumption of A$4,250/oz –
significantly lower than the current spot price of A$6,000/oz.
Definitive Feasibility Study for Mandilla expected March Quarter 2027, with a Final
Investment Decision targeted immediately thereafter.
Letter of Intent signed for a fully funded development partnership to deliver
early production from the Think Big Gold Project, part of Astral’s Feysville
Project.
Cash-flow from Think Big will provide funding to support the development of
the broader Mandilla Project, potentially reducing the debt and equity funding
requirement and minimising shareholder dilution.
At Mining Forum Australia
A Denver Gold Group member company
Member companies meet qualified investors in unmediated 1x1 Meetings at every Mining Forum. The 2027 issuer list is published as companies confirm.
Peer groupthe five most similar Denver Gold Group members, 1 = most similar
| Rank | Company | Stage | Minerals | Primary operations | Market cap | 2025 production | Reserves | Match by factor |
|---|---|---|---|---|---|---|---|---|
| This company | Astral ResourcesASX: AAR | Developer | Gold | Australia | $238M | 1.1 Moz | ||
| 1 | Rox ResourcesASX: RXL | Developer | Gold | Australia | $599M | 0.674 Moz | ||
| 2 | Vista Gold Corp.NYSE Arca: VGZ | Developer | Gold, Silver | Australia | $328M | 5.19 Moz | ||
| 3 | Mayfair Gold Corp.NYSE Arca: MINE | Developer | Gold | Canada | $197M | 1.04 Moz | ||
| 4 | Cabral GoldTSXv: CBR | Developer | Gold | Brazil | $379M | |||
| 5 | Minerals 260ASX: MI6 | Developer | Gold | Australia | $1.5B | 2.5 Moz |
close partial distant not reported Dots run in the order market cap, stage, minerals, country, production, reserves. Similarity weighs market capitalisation 25%, stage of development 20%, primary and secondary minerals 20%, primary country of operations 10%, production 12.5% and reserves 12.5%, with sizes compared on a logarithmic scale. Production and reserves are compared only between companies with the same primary mineral, and a figure a company has not supplied is left out of the score instead of counting against it. A statistical grouping for orientation, not a recommendation or a valuation comparison.
Prepared for information only; it is not investment advice or a recommendation. Company data as supplied to Denver Gold Group by member companies and public market sources. Market figures in US dollars as at 20 September 2026.