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Astral Resources
Investor Insight
Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Overview
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
Company Highlights
- Astral Resources is an ASX-listed gold exploration company in the Kalgoorlie region of Western Australia, a tier 1 jurisdiction and a mature mining region with a successful development history and granted mining leases.
- The company has three assets - the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold exploration project.
- The focus is on advancing its flagship Mandilla gold project, with a mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
- The scoping study at Mandilla highlights the project’s robust economics with a mine life of 11 years, NPV@8 percent of AU$442 million, and free cash flow of AU$740 million.
- Mandilla’s cornerstone Theia deposit comprises 81 percent of the project’s resources, contains 29 Mt at 1.1 g/t gold, with 1.02 Moz of contained gold in one large open pit.
- Updated JORC 2012 mineral resource estimate (MRE) at the Feysville gold project is 5.0Mt at 1.2g/t gold for 196koz of contained gold.
- Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
- The company is led by an experienced team with a proven track record of advancing projects to development and M&A.
Key Projects
Mandilla Gold Project
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
Feysville Gold Project
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Carnilya Gold Project
The Carnilya Hill gold project is situated about 20 kilometers south-southeast of the company's Feysville project and approximately 40 kilometers southeast of Kalgoorlie, Western Australia. The project encompasses various tenements – M26/047-049, M26/453 – spanning approximately 2.65 sq. km. Astral holds rights for gold mining, while Mincor Resources NL (ASX:MCR) holds rights to nickel and other minerals.Management Team
Mark Connelly – Non-executive Chairman
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler – Managing Director
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern – Non-executive Director
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe – Non-executive Director
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne – Non-executive Director
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton – Chief Financial Officer & Company Secretary
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron – Technical Services Manager
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid – Geology Manager
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
Gold exploration with highly prospective assets in Western Australia
NevGold: Portfolio of Gold, Antimony and Copper Projects in Tier 1 jurisdictions in the US
NevGold (TSXV:NAU,OTCQX:NAUFF,FSE:5E50) is advancing a portfolio of high-quality oxide and porphyry gold projects in Nevada and Idaho, targeting the discovery and growth of a multi-million-ounce gold-equivalent resource. With a market capitalization of under C$50 million, the company offers substantial upside potential. As NevGold continues to expand resources and de-risk its assets, it is well-positioned for a meaningful valuation re-rating over the next 12 to 18 months.
NevGold is actively advancing three projects with fully funded drill programs, metallurgical studies, and resource updates following its recent capital raise. The company is well-positioned to capitalize on rising gold and copper prices, surging strategic demand for antimony, and heightened interest from major mining companies seeking high-quality, undervalued juniors. Backed by a proven team with deep expertise in mine development and M&A, NevGold offers a compelling growth opportunity in the current commodity cycle.
The Limo Butte Project is NevGold’s cornerstone development asset, located in eastern Nevada within a highly prospective Carlin-style gold district.
Company Highlights
- Multi-million-ounce Target: NevGold is on track to define 5+ Moz gold equivalent in combined resources at Limo Butte and Nutmeg Mountain by Q4 2025.
- Gold+Antimony Critical Metals Advantage: Limo Butte is emerging as a significant near-surface oxide gold-antimony system – one of only two of its kind in the United States.
- Substantial Resource Base: Nutmeg Mountain contains a 2023 NI 43-101 compliant oxide gold resource of 1.28 Moz (indicated + inferred), with strong exploration upside and favorable heap-leach characteristics.
- District-scale Copper Exposure: Zeus offers early-stage copper-gold-molybdenum potential in a highly active porphyry belt, adjacent to a Barrick-backed discovery.
- Strategic Location, Strategic Commodities: All projects are located in mining-friendly jurisdictions with excellent infrastructure, low geopolitical risk, and growing US demand for domestic gold and critical mineral supply.
- Fully Funded Growth: Recent C$6 million financing supports 2025 drill campaigns, metallurgical testwork, and updated NI 43-101 estimates across the portfolio.
- Tight Capital Structure & Strong Support: Backed by strategic shareholders including GoldMining and McEwen Mining.
- Significant Valuation Gap: Trading at a fraction of peers such as Perpetua Resources (~C$1.7 billion), despite similar resource and jurisdictional advantages.
This NevGold profile is part of a paid investor education campaign.*
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NevGold
Investor Insight
With a sharp focus on discovery and resource growth, NevGold presents a compelling investment opportunity as an undervalued gold and critical metals explorer with projects in Nevada and Idaho—two of the world’s top mining jurisdictions.
Overview
NevGold (TSXV:NAU,OTCQX:NAUFF,FSE:5E50) is focused on discovering and growing a multi-million-ounce gold-equivalent resource base across Nevada and Idaho in the US. With a lean market capitalization of under C$50 million and a pipeline of highly prospective oxide and porphyry assets, the company is positioned for a significant valuation re-rate over the next 12 to 18 months as it executes on its resource growth and de-risking strategy.
The company is rapidly advancing toward its goal of defining a 5 Moz+ gold-equivalent resource base by Q4 2025, anchored by its flagship Limo Butte project – one of North America’s rare oxide gold-antimony systems – and its gold resource at Nutmeg Mountain, along with early-stage copper potential at Zeus.
The Limo Butte project is a high-grade oxide gold-antimony system in Nevada with strong analogues to Carlin-style mineralization and excellent near-surface drill results. Nutmeg Mountain in Idaho is an advanced-stage, heap-leach gold project with 1.3 Moz in defined resources and favorable metallurgy. Zeus, an early-stage copper project staked in 2023, provides blue-sky porphyry exploration potential in a district that has already attracted major interest, including a C$30 million investment by Barrick Gold in a neighboring property.
NevGold is actively executing on drill programs, metallurgical studies, and resource updates across all three projects, fully funded through its recent capital raise. The company is well positioned to benefit from rising gold and copper prices, increasing strategic demand for antimony, and a growing appetite among major mining companies for high-quality, undervalued juniors – all under the leadership of a proven team with deep expertise in mine development and M&A.
Company Highlights
- Multi-million-ounce Target: NevGold is on track to define 5+ Moz gold equivalent in combined resources at Limo Butte and Nutmeg Mountain by Q4 2025.
- Gold+Antimony Critical Metals Advantage: Limo Butte is emerging as a significant near-surface oxide gold-antimony system – one of only two of its kind in the United States.
- Substantial Resource Base: Nutmeg Mountain contains a 2023 NI 43-101 compliant oxide gold resource of 1.28 Moz (indicated + inferred), with strong exploration upside and favorable heap-leach characteristics.
- District-scale Copper Exposure: Zeus offers early-stage copper-gold-molybdenum potential in a highly active porphyry belt, adjacent to a Barrick-backed discovery.
- Strategic Location, Strategic Commodities: All projects are located in mining-friendly jurisdictions with excellent infrastructure, low geopolitical risk, and growing US demand for domestic gold and critical mineral supply.
- Fully Funded Growth: Recent C$6 million financing supports 2025 drill campaigns, metallurgical testwork, and updated NI 43-101 estimates across the portfolio.
- Tight Capital Structure & Strong Support: Backed by strategic shareholders including GoldMining and McEwen Mining.
- Significant Valuation Gap: Trading at a fraction of peers such as Perpetua Resources (~C$1.7 billion), despite similar resource and jurisdictional advantages.
Key Projects
Limo Butte Project
The Limo Butte Project is NevGold’s cornerstone development asset, located in eastern Nevada within a prolific Carlin-style geological setting. The project encompasses 1,724 hectares consisting of 210 unpatented claims, 12 patented claims and private land leases. Historically explored in the 2000s, a 2009 non-43-101-compliant resource estimate outlined 241 koz of gold in the measured and indicated category (0.78 g/t gold) and 51 koz in the inferred category (0.70 g/t gold).
In 2025, NevGold re-assayed approximately 50 legacy drillholes and completed more than 5,000 meters of new RC drilling across the Resurrection Ridge and Cadillac Valley zones, revealing a substantial near-surface gold-antimony mineralized footprint.
Notably, recent drill intercepts returned thick oxide intervals, including:
- 1.11 g/t gold and 0.30 percent antimony (2.46 g/t gold equivalent) over 86.9 m, including 1.83 g/t gold and 0.87 percent antimony (5.75 g/t gold equivalent) over 12.8 m
- 2.26 g/t gold and 0.32 percent antimony (3.69 g/t gold equivalent) over 22.3 m
- 1.20 g/t gold and 0.64 percent antimony (4.07 g/t gold equivalent) over 54.9 m
These results confirm strong grade continuity and a positive spatial correlation between gold and antimony mineralization. Importantly, historical assays had a detection limit of 1 percent antimony, meaning actual antimony content in several zones is likely underreported.
Mineralization begins within 20 meters of surface, supporting low-strip, open-pit mining scenarios.
Metallurgical test work is underway, evaluating flowsheet options for gold and antimony recovery. A conceptual flowsheet includes gravity concentration, flotation and leaching stages to produce marketable gold and antimony products, including potential for antimony metal recovery via roasting.
NevGold aims to complete a maiden NI 43-101 compliant gold-antimony resource estimate by Q4 2025, setting the foundation for future economic studies.
Nutmeg Mountain Project
Nutmeg Mountain is an advanced oxide gold project located 80 km northwest of Boise, Idaho. The project benefits from exceptional infrastructure, road access and proximity to water and power. NevGold’s 2023 NI 43-101-compliant mineral resource estimate defined 1.01 Moz of gold in the indicated category (51.7 Mt @ 0.61 g/t gold) and 275 koz inferred (17.9 Mt @ 0.48 g/t gold), using a 0.30 g/t cut-off.
Mineralization starts at surface and exhibits strong lateral and vertical continuity. The deposit is hosted in volcanic and sedimentary units, with mineralization controlled by both lithological and structural features. The pit-constrained resource has a strip ratio of less than 1:1, highlighting the project’s potential for low-cost, bulk tonnage heap leach development. Additional drilling has confirmed the presence of higher-grade core zones (1 to 2 g/t gold), as well as potential feeder structures below the 2023 pit shell.
Current work comprises approximately 2,500 meters of RC drilling, metallurgical test work and an updated MRE planned for late 2025. Exploration targets include untested lateral extensions and high-grade feeder structures at depth. Nutmeg Mountain compares favorably to peer heap-leach projects across the Western US in terms of grade and strip ratio. It offers near-term development optionality in a mining-friendly jurisdiction and is a key contributor to NevGold’s goal of surpassing 5 Moz in gold-equivalent resources.
Zeus Copper Project
Zeus is an early-stage copper-gold-molybdenum exploration asset located on the Hercules Copper Trend in western Idaho. The project spans 29 sq km and shares similar geologic features with Hercules Metals’ Hercules Project (TSXV:BIG), which received a C$30 million strategic investment from Barrick Gold in 2023.
Zeus sits at the structural intersection of the Olds Ferry and Izee terranes, and hosts Triassic to Jurassic intrusives associated with porphyry-style mineralization. Geological mapping and surface sampling have revealed two priority targets:
- Poseidon: 2.4+ km copper-gold-molybdenum soil anomaly with coincident structural and rock chip indicators
- Thorn Springs: 1+ km copper-gold-molybdenum soil anomaly with interpreted intrusive-hosted alteration
Soil surveys were completed in early 2025, and geophysical work is ongoing to refine drill targeting. Initial drilling is anticipated by late 2025. With no prior modern exploration, Zeus offers blue-sky potential for a significant copper discovery in a highly prospective but underexplored belt. Zeus enhances NevGold’s exposure to critical minerals and provides optionality in the copper sector – particularly relevant given tightening global copper supply and increasing US strategic interest in domestic copper sources.
Management Team
Brandon Bonifacio – President, CEO and Director
Brandon Bonifacio is a mining executive with over a decade of experience in project development and M&A. Previously served as finance director of the Norte Abierto JV (Cerro Casale/Caspiche) for Goldcorp (now Newmont), and a senior member of Goldcorp’s Corporate Development group. He holds an MASc in mining engineering and MBA from the University of Nevada, Reno.
Greg French – VP Exploration and Director
Greg French is a professional geologist with over 35 years of exploration and development experience in the US and Canada. He has held leadership roles in Nevada Copper, Homestake and Atlas Precious Metals, and has guided multiple projects through feasibility and into production.
Bob McKnight – EVP, CFO and Corporate Development
Bob Knight is a professional engineer with an MBA and more than 40 years of mining experience. He was involved in over $1.5 billion in debt, equity and M&A deals. Knight brings strategic and financial depth to NevGold’s growth trajectory.
Astral Resources Investor Kit
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