ASTRAL RESOURCES NL (AAR)
Share Price Analysis and Chart

16/10/2025

1

Buy

$0.45

63.64%

Astral Resources reported further strong assay results from 29 holes in its 99-hole RC infill drill program at the flagship Theia deposit, part of the Mandilla Gold Project near Kalgoorlie.

Shaw and Partners observes notable intercepts include 14m at 6.9g/t Au and 24m at 2.2g/t Au. They support strong alignment with the mineral resource estimate (MRE) model and derisk initial production.

Theia underpins 75% of planned output in the pre-feasibility study, with 14 years of mining, $250M capex, and a life-of-mine cost of $2,114/oz.

An update to the Mandilla resource estimate is planned for the March quarter of 2026.

Buy, High Risk. Target unchanged at 45c.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.20 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.10 cents.

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01/10/2025

1

Speculative Buy

$0.73

165.45%

Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.

For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.

This has resulted in an average 13% rise in the broker's target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.

Target price for Astral Resources rises to 73c from 64c. Speculative Buy retained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -1.00 cents.