Astral Resources secures funding for exploration acceleration

Astral Resources NL (ASX:AAR) has successfully secured firm commitments to raise approximately $25.0 million through a two-tranche share placement at an offer price of $0.095 per share. The placement, well supported by existing and new domestic and offshore institutional investors, will enable Astral to accelerate exploration and evaluation activities at its Mandilla and Feysville Gold Projects in Western Australia. The proceeds will also facilitate the completion of the Mandilla Pre-Feasibility Study and Definitive Feasibility Study.

Astral's Managing Director, Marc Ducler, on the Placement

We are delighted with the strong support shown by both new and existing investors in the Placement. The calibre of new investors we were able to attract and the quantum of funds we were able to raise is testament to the quality of the Mandilla Gold Project as one of Australia's best near-term gold development stories. Proceeds from the Placement will enable Astral to accelerate exploration and evaluation activities at both Mandilla and Feysville in order to unlock the genuine potential of these projects. Furthermore, the Placement will see Astral funded through to completion of the Mandilla DFS. On behalf of the Astral Board and management, I would like to extend our appreciation to our new shareholders and thank current shareholders for their ongoing support.

Astral Resources' Outlook

Astral Resources' successful $25 million funding through the share placement will drive the acceleration of exploration and evaluation activities at the Mandilla and Feysville Gold Projects. The completion of the Mandilla Pre-Feasibility Study and Definitive Feasibility Study is now facilitated, positioning the company to unlock the genuine potential of these projects. With strong support from both new and existing investors, Astral is well-positioned to advance its near-term gold development stories and achieve its exploration goals. The company's capital structure is expected to be positively impacted, providing a solid foundation for future growth and development.