Astron Limited · ASX:ATR
Astron — IMARC (October 2026)
35 slides from Astron's conference presentation, Oct 29, 2026
Slide 1: Globally significant, near term source of critical minerals
www.astronlimited.com.au rsonal use only Globally significant, near term source of critical minerals ATR Investor Presentation - IMARC 29 October 2026 ASX Code: ATR All figures are denominated in Australian Dollars unless otherwise stated
Slide 2: Disclaimer
Disclaimer CAUTIONARY STATEMENT COMPETENT PERSONS STATEMENT This presentation has been prepared by Astron Limited (Astron or the Company). The information contained in this The information in this report that relates to the MIN5532 Mineral Resource estimate is based on information and presentation i
Slide 3: Astron Limited (ASX:ATR)
Astron Limited (ASX:ATR) Advancing the Donald Project toward H2 2028 production, in partnership with Energy Fuels • Donald contains >2Mt of monazite, 136kt of HREE-rich xenotime and 22Mt of zircon Globally significant, long rsonal use only • Phase 1 delivers a A$462m post-tax NPV8, 15.6% post-tax IR
Slide 4: The Donald Rare Earths & Mineral Sands Project
1 The Donald Rare Earths & Mineral Sands Project A fully permitted, long-life Australian project combining conventional mineral-sands mining with high-value rare-earth exposure Overview (Donald Phase 1) Project location and tenement footprint rsonal use only • Located in Victoria, Australia (~300km
Slide 5: Donald Project Economics
1 Donald Project Economics Phase 1 BFS establishes a 40-year base case; Phase 2 RES demonstrates material expansion upside Study outcomes Average Annual Revenue Mix (%) – Phase 11 rsonal use only Item Unit Phase 1 (BFS)1 Phase 1+2 (RES)3 12% Physicals 34% Heavy Rare Earths 56% Light Rare Earths Prod
Slide 6: Joint Venture Partnership with Energy Fuels
2 Joint Venture Partnership with Energy Fuels… Significant project de-risking via introduction of Energy Fuels Key Joint Venture Terms1 Energy Fuels • Energy Fuels to earn up to 49.0% JV interest for A$183m cash + US$17.5m (~A$24.3m) in EFR shares2 rsonal use only • NYSE American / TSX-listed critic
Slide 7: Forming an Integral Part of their Supply Chain
2 …Forming an Integral Part of their Supply Chain Donald Project feed is critical to Energy Fuels’ magnet production build-out Energy Fuels has invested ~US$3.3bn to develop a global, vertically integrated mine-to-magnet rare-earths supply chain, with Donald acting as the first cornerstone feed supp
Slide 8: Clear Pathway to Near-Term Production
3 Clear Pathway to Near-Term Production One of the fastest Western rare earth project schedules to first production Having secured all major approvals and committed JV funding, Astron is positioned to deliver first production in H2 2028 into a market anticipated to be entering a sustained structural
Slide 9: with A$180m of Financing Conditionally Approved
3 …with A$180m of Financing Conditionally Approved Funding combines substantial JV equity support with a materially advanced project-financing process Next milestones rsonal use only Conditional Q4 2026 JV Equity Support Project financing approval2 Q4 2026 FID Commercial lenders ✔ Energy Fuels is ea
Slide 10: with A$180m of Financing Conditionally Approved
3 …with A$180m of Financing Conditionally Approved EFA and NRFC have conditionally approved up to A$180m of the targeted A$200m Senior Debt Facility Key Terms1 Joint Venture – Funding Table rsonal use only Senior Lenders • EFA, NRFC and one or more commercial lenders Sources A$m • Up to A$200 millio
Slide 11: Delivering into Structural Shortage
4 Delivering into Structural Shortage The Donald Project is set to supply markets facing structural shortages Rare Earth Market Dynamics Mineral Sands Market Dynamics rsonal use only Donald’s REEC product will supply the critical rare earths that support The Donald Project will produce a heavy miner
Slide 12: High Desire for HREE – Donald's Advantage
4 High Desire for HREE – Donald’s Advantage Significant and highly desired HREEs with pathway to separable oxides and beyond via Energy Fuels Donald is rich in both heavy and light rare earths – commodities Western governments and processors are competing to secure – and leads its developer peers on
Slide 13: Downstream Processing and Market Experience
5 Downstream Processing and Market Experience Wholly-owned, 150,000 tonne per annum mineral separation plant located in Yingkou, China Astron’s wholly-owned downstream Chinese process business provides strategic optionality via a channel into the world’s largest zircon and titanium market with estab
Slide 14: Material Future Optionality and Upside
5 Material Future Optionality and Upside Opportunity to extend generational asset by leveraging unique resource position Donald Project: Phase 2 “Doubling” rsonal use only • Part of the Donald JV with Energy Fuels • Duplication of Phase 1 on adjoining tenement • Expanded ore throughput of 15Mtpa • A
Slide 15: Board & Management
6 Board & Management An Experienced Senior Leadership Team to Deliver the Donald Project rsonal use only Board George Lloyd Marcelo Bastos Mark Elliott Kang Rong Gerard King AM Catherine Costello Chair Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Non-Ex
Slide 16: Supporting Corporate & Asset Information
rsonal use only Supporting Corporate & Asset Information Appendix A 16
Slide 17: Corporate Overview
Corporate Overview 40+ Years in Mineral Sands Overview Capital Structure ASX:ATR Unit # 40+ years in mineral sands: rsonal use only Ordinary shares outstanding mm 430 • Listed on ASX + began China operations (1983) Fully diluted shares outstanding mm 442 1 • Acquired Donald and Jackson tenements (20
Slide 18: Donald Project Phase 1: Summary
Donald Project Phase 1: Summary Bankable Feasibility Study Overview Phase 1 Net Operating Cash Flow (A$m)1 Key BFS Financial Metrics1 Cash flow from operations rsonal use only Cash flow from investing Cumulated cash flow Metric Phase 1 LoM Metric Units Phase 1 LoM Pre-tax NPV8% (FID) $m 759 350 Life
Slide 19: Donald Project Phase 1: Key Sensitivities
Donald Project Phase 1: Key Sensitivities Donald Project NPV Sensitivity Analysis and Pricing Assumptions Sensitivity analysis of key project parameters demonstrates that the Donald Project is robust and able to withstand market fluctuations NPV Sensitivity Analysis (vs $759m Pre-tax8%)1 BFS Product
Slide 20: Emerging Western Proven Product Value Chain
Emerging Western Proven Product Value Chain Donald Project feed is critical to Energy Fuels’ magnet production build-out Donald provides de-risked, early supply as downstream production expands. Value Chain Operating 2027 2028 2029 2030 2031 2032 2033 rsonal use only Donald Project Phase 1: Phase 2:
Slide 21: Additional Project Detail
rsonal use only Additional Project Detail Appendix B 21
Slide 22: A Conventional Mineral Sands Operation
A Conventional Mineral Sands Operation Conventional Mining and Processing Mining Processing rsonal use only • Free-digging open-pit mining with conventional trucks and shovels • Conventional, Established and Proven Flowsheet • 7.5Mtpa Run of Mine production • Tracked, in-pit MUP reduces ore handling
Slide 23: Execution Plan
Execution Plan Astron is the JV manager, key suppliers awarded major contracts As a part of the Joint Venture Agreement, Astron Mineral Sands Pty Ltd has been appointed the manager of the project. The dedicated project team consists of Astron Mineral Sands project personnel and the Agilitus Project
Slide 24: Geology, Mineral Resource, and Ore Reserve
Geology, Mineral Resource, and Ore Reserve WIM-style deposit of critical minerals exhibiting consistency and scale Deposit Overview • The Project is a WIM-style deposit containing zircon, rsonal use only titanium minerals (rutile, ilmenite, leucoxene) and rare earth minerals (monazite, xenotime) • W
Slide 25: Logistics and Infrastructure
Logistics and Infrastructure The Donald Project will leverage existing nearby infrastructure Transport & Logistics Infrastructure • Strategically located in the Wimmera region; benefits from rsonal use only REEC HMC existing transport infrastructure which will support both Class 7 cargo General carg
Slide 26: Environmental, Social and Governance
Environmental, Social and Governance Astron is active in the local community and committed to responsible mining rsonal use only Operating Sustainability Rehabilitation Community Engagement ✔ Microgrid hybrid power station ✔ Approved Work Plan with robust environmental ✔ Environmental Review Committ
Slide 27: Phase 2 Revised Economic Study
Phase 2 Revised Economic Study Incremental value realisation from globally significant resource base Key Project Metrics1,2 Phase 1+2 Forecast Operating Economics2 The Donald Project Phase 2 Revised Economic Study envisages an effective doubling of the Donald Project via a duplication of the Phase 1
Slide 28: Rare Earths & Mineral Sands Markets
rsonal use only Rare Earths & Mineral Sands Markets Appendix C 28
Slide 29: Rare Earth Market Overview
Rare Earth Market Overview Globally significant rare earth supply coming online during increased product demand The Donald Project will produce a rare earth element concentrate (REEC) product containing light and heavy rare earth bearing minerals rsonal use only Rare Earths Markets • Light rare eart
Slide 30: Mineral Sands Market Overview
Mineral Sands Market Overview The Donald Project will produce HMC via zircon and titania feedstocks – both classified as critical minerals1 Zircon Titanium • Primarily used for ceramics, with secondary uses in foundry casting, • Global feedstock demand is forecast to grow ~2% p.a. to 2029, with rson
Slide 31: Supporting Information
rsonal use only Supporting Information Appendix D 31
Slide 32: Mineral Resource Table
Supporting Information Mineral Resource Table Total MIN5532 Resource with VHM assemblage above a 1% HM cut-off Total Mineral Resource where VHM data available not including MIN5532, above a 1% HM cut-off rsonal use only Class Tonnes Total HM Slime OS Zircon Rutile Leucoxene Ilmenite Monazite Xenotim
Slide 33: Ore Reserve Table
Supporting Information Ore Reserve Table MIN5532 (phase 1 mining licence) Ore Reserve Class Tonnes Total HM Slimes Oversize Zircon Monazite Xenotime TiO2 ZrO2+HfO2 Pr6O11 Nd2O3 Dy2O3 Tb4O7 TREO rsonal use only Mt (%) (%) (%) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of HM) (% of
Slide 34: Comparison Table: Select rare earth projects' assemblage as % of TREO
Supporting Information Comparison Table: Select rare earth projects’ rare earth assemblage as a % of TREO Selected Rare Earth Projects — REO Assemblage (% of TREO) FS = Feasibility Study; PFS = Pre-Feasibility Study; SS = Scoping Study Ticker ATR/EF ILU ILU LYC ARU IPX VHM NTU BRE IXR LIN MEI USAR V
Slide 35: Contact Us
rsonal use only Contact Us Address +61 473 089 355 Level 7, Swann House [email protected] 419 Flinders Lane ASX: ATR Melbourne VIC 3000 Get in touch 35