Price Target Changed • Mar 11
Price target decreased by 44% to AU$0.90 Down from AU$1.60, the current price target is provided by 1 analyst. New target price is 32% above last closing price of AU$0.68. Stock is up 45% over the past year. The company posted earnings per share of AU$0.10 last year. Announcement • Jan 12
Astron Limited Announces Appointment of Catherine Costello as Non-Executive Director, Effective January 12, 2026 Astron Limited has appointed Ms. Catherine Costello as a non-executive director, effective January 12, 2026. Ms. Costello brings more than 25 years of experience in Australian and multinational resource businesses, including large ASX-listed and US-listed entities, in which she has held key executive roles with responsibility for financial management, strategic development and governance. She has been closely involved in strategic decision making and transformative business processes and has led significant corporate transactions. Her board experience includes executive and non-executive director roles as well as providing independent advisory services while chairing board committees. Ms. Costello is currently employed by Ok Tedi Mining Limited as General Manager, Project Financing and Strategy. Prior to this, her role at Ok Tedi Mining was Chief Financial Officer and General Manager People and Commercial. Ms. Costello is a Chartered Accountant and Chartered Secretary. She is a graduate of both the Australian Institute of Company Directors and the Governance Institute of Australia and holds the degrees of Bachelor of Commerce and Master of Science (Mineral Economics). Ms. Costello presently serves as a non-executive director and chair of the Audit Committee of ASX-listed Horizon Oil Limited. Announcement • Oct 24
Astron Corporation Limited, Annual General Meeting, Nov 25, 2025 Astron Corporation Limited, Annual General Meeting, Nov 25, 2025. Location: bdo melbourne, tower 4, level 18, 727 collins street, docklands, victoria3008, Australia Announcement • Oct 21
Energy Fuels Inc. and Astron Limited Announce Conditional Letter of Support for the Donald Project Energy Fuels Inc. and Astron Limited announced that they have received a non-binding and conditional Letter of Support from Export Finance Australia (EFA) (dated 21 October 2025), for up to AUD 80 million in respect of senior debt project financing for the development of the Donald Rare Earth and Mineral Sands Project ("Donald Project"). The Donald Project total funding requirement is estimated to be AUD520mm based on the latest project parameters released in July 2025, The joint venture is targeting a 50%: 50% debt-to-equity gearing ratio and is working with other Export Credit Agencies and senior lenders to confirm the syndicate that will provide the project financing facility for the Donald Project. EFA is Australia's export credit agency, providing commercial finance for export trade and overseas infrastructure development. The shovel ready Donald Project is one of Australia's most advanced critical mineral projects, targeting the production of rare earth elements (REEs), which are expected to be shipped to Energy Fuels' mineral processing facility in the U.S. for production of advanced REE materials, and zircon-rich heavy mineral concentrates for global supply chains. Production is planned to commence as early as H2 2027, subject to securing project financing and completion of a positive final investment decision ("FID") for the Project. With 100% of the Project's Rare Earth Element Concentrate ("REEC") subject to a life-of-mine offtake agreement with Energy Fuels, the Donald Project, once developed and brought into production, will strengthen global supply chain resilience for Western and partner nations. When in production, Phase 1 of the Donald Project is expected to produce on average 7.2 thousand tonnes (" ktpa") of REEC per annum containing both light and highly strategic heavy rare earths, including up to 1,000t of Neodymium-Praseodymium ("NdPr") oxides, 92t of Dysprosium (Dy) oxide, and 16t of Terbium (Tb) oxides per year. Energy Fuels' White Mesa Mill ("Mill") in Utah, USA has the current capacity to process all of the Donald Project's Phase 1 REEC production and extract the light and heavy REEs. The Mill also has the current capacity to produce up to 1,000t the separated Dy, Tb, and potentially other heavy REE oxides as soon as late 2026. Based on the revised project economic parameters, which were announced on 23 July 2025, the Project's indicative forecast total funding requirement is AUD520 million (in nominal terms) including capital expenditures and start-up working capital, as well as AUD 44 million of indicative finance costs, fees and interest during the construction period, and funding reserves, based on targeting a base case 50%:50% debt-to equity ratio.ron will continue to work with its debt advisor, ICA Partners, on the arrangement of debt funding for the Donald Project. This announcement is authorised for release by the Managing Director of Astron and CEO of Energy Fuels. New Risk • Sep 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 129% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). High level of non-cash earnings (29% accrual ratio). Shareholders have been substantially diluted in the past year (129% increase in shares outstanding). Reported Earnings • Sep 17
Full year 2025 earnings released: EPS: AU$0.10 (vs AU$0.16 loss in FY 2024) Full year 2025 results: EPS: AU$0.10 (up from AU$0.16 loss in FY 2024). Net income: AU$19.7m (up AU$44.5m from FY 2024). Revenue is forecast to grow 66% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Sep 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (AU$9.0m net loss in 3 years). Market cap is less than US$100m (AU$87.9m market cap, or US$58.5m). Announcement • Jun 26
Energy Fuels' Donald Rare Earth and Mineral Sand Joint Venture in Australia Receives Final Major Regulatory Approvals Energy Fuels Inc. announce that the Government of Victoria, Australia has approved the Work Plan for the construction and operation of the Donald Rare Earth and Mineral Sand Project (the "Donald Project") located in the Wimmera region of Victoria. This is the final major regulatory approval required to construct and operate the Donald Project. It enables the finalization of critical activities, including arrangements for debt and equity financing, before a final investment decision ("FID") can be made. The Donald Project is a joint venture ("JV") between US-based Energy Fuels and Australia-based Astron Corporation Limited ("Astron"), under which Energy Fuels has the right to invest a total of AUD 183 million (USD 119 million at current exchange rates), plus issuance of USD 17.5 million of common shares, to earn up to a 49% interest in the project. The Donald Project is expected to provide Energy Fuels with a low-cost and long-term allied supply of monazite- and xenotime-bearing REE mineral concentrate ("REEC"), which the Company plans to import into the U.S. for processing into high-purity separated REEs at the Company's White Mesa Mill in Utah (the "Mill"), including neodymium-praseodymium ("NdPr"), terbium ("Tb"), dysprosium ("Dy"), and potentially samarium ("Sm") and others. Once in operation, the Donald Project JV will sell: (i) all the REEC to Energy Fuels at then-prevailing market prices and (ii) the titanium and zircon heavy mineral sand concentrate ("HMC") to Astron or other global customers. Following payment of all JV expenses, all profits from the JV will be distributed to Energy Fuels and Astron, pro rata according to their respective ownership interests. This arrangement is expected to provide Energy Fuels with a low-cost and large-scale source of REE feedstock for several decades. This June 3, 2024 news release describes additional terms of the JV. Phase 1 of the Donald Project is expected to supply Energy Fuels with approximately 7,000 – 8,000 metric tons ("tonnes") of REEC per year ("Donald – Phase 1"), commencing as early as 2026. 8,000 tonnes of REEC from the Donald Project would contain approximately 4,700 tonnes of total REE oxides ("TREO"), including roughly 990 tonnes of separated NdPr, 84 tonnes of Dy oxide, and 14 tonnes of Tb oxide. Energy Fuels has the current installed "Phase 1" capacity at the Mill in Utah to process the Donald – Phase 1 quantities of REEC into separated NdPr, along with a samarium-plus ("Sm+") REE concentrate. The Sm+ concentrate would be stockpiled at the Mill for future processing into separated "mid" and "heavy" REE oxides in the planned Phase 2 expansion of the Mill (the "Phase 2 Mill Expansion"). New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 29% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Significant insider selling over the past 3 months (AU$1m sold). Market cap is less than US$100m (AU$133.9m market cap, or US$87.0m). Recent Insider Transactions • Mar 20
MD, CEO & Executive Director recently sold AU$3.1m worth of stock On the 17th of March, Tiger Brown sold around 6m shares on-market at roughly AU$0.52 per share. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Tiger has been a net seller over the last 12 months, reducing personal holdings by AU$2.9m. Reported Earnings • Feb 26
First half 2025 earnings released: EPS: AU$0.045 (vs AU$0.046 loss in 1H 2024) First half 2025 results: EPS: AU$0.045 (up from AU$0.046 loss in 1H 2024). Revenue: AU$4.06m (down 35% from 1H 2024). Net income: AU$8.35m (up AU$15.3m from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Announcement • Dec 05
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 11.545191 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 11.545191 million.
Security Name: CHESS DEPOSITARY INTERESTS
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 15,219,986
Price\Range: AUD 0.66
Discount Per Security: AUD 0.0396
Security Name: CHESS DEPOSITARY INTERESTS
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 2,272,727
Price\Range: AUD 0.66
Discount Per Security: AUD 0.0396
Transaction Features: Rights Offering Announcement • Nov 13
Astron Corporation Limited, Annual General Meeting, Dec 05, 2024 Astron Corporation Limited, Annual General Meeting, Dec 05, 2024. Location: at bdo melbourne, tower 4, level 18, 727 collins street, docklands, victoria 3008, Australia Announcement • Oct 24
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 3 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 4,545,455
Price\Range: AUD 0.66
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 17
Full year 2024 earnings released: AU$0.16 loss per share (vs AU$0.06 loss in FY 2023) Full year 2024 results: AU$0.16 loss per share (further deteriorated from AU$0.06 loss in FY 2023). Revenue: AU$12.2m (down 16% from FY 2023). Net loss: AU$24.9m (loss widened 222% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Mar 28
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 5,357,143
Price\Range: AUD 0.56
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 7,142,857
Price\Range: AUD 0.56
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 5,357,143
Price\Range: AUD 0.56
Transaction Features: Subsequent Direct Listing Announcement • Dec 04
Astron Corporation Limited, Annual General Meeting, Dec 28, 2023 Astron Corporation Limited, Annual General Meeting, Dec 28, 2023, at 11:00 China Standard Time. Location: Rooms 43A & 23B, Level 43, champion tower, No. 3 Garden road Central Hong Kong Agenda: To consider and approve the Director report and financial report for the year ended 30 June 2023; to consider and approve the election of Director; to consider and approve the appointment of Director; to consider and approve the remuneration report; to consider and approve the ratification of prior issue of shares; to consider and approve to issue of 15% of securities; and to consider and approve the change in performance rights plan. Announcement • Nov 23
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.68 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.68 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 3,000,000
Price\Range: AUD 0.56
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 1,785,714
Price\Range: AUD 0.56
Transaction Features: Subsequent Direct Listing Announcement • Nov 09
Astron Corporation Limited has filed a Follow-on Equity Offering in the amount of AUD 10.000001 million. Astron Corporation Limited has filed a Follow-on Equity Offering in the amount of AUD 10.000001 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 10,714,286
Price\Range: AUD 0.56
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 7,142,858
Price\Range: AUD 0.56
Transaction Features: Subsequent Direct Listing Announcement • Oct 12
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 1.68 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 1.68 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 3,000,000
Price\Range: AUD 0.56
Transaction Features: Subsequent Direct Listing New Risk • Sep 30
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$9.0m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$9.0m). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$68.9m market cap, or US$44.3m). Reported Earnings • Sep 30
Full year 2023 earnings released: AU$0.06 loss per share (vs AU$0.074 loss in FY 2022) Full year 2023 results: AU$0.06 loss per share (improved from AU$0.074 loss in FY 2022). Revenue: AU$14.5m (down 24% from FY 2022). Net loss: AU$7.73m (loss narrowed 14% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$75.5m market cap, or US$48.2m). New Risk • Aug 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$4.3m free cash flow). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$80.6m market cap, or US$51.7m). Announcement • Jul 08
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 7 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 7 million.
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 6,481,481
Price\Range: AUD 0.54
Security Name: Chess Depository Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 6,481,481
Price\Range: AUD 0.54
Transaction Features: Subsequent Direct Listing New Risk • Jul 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$4.3m free cash flow). Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (AU$67.9m market cap, or US$45.2m). Breakeven Date Change • Mar 31
Forecast to breakeven in 2025 The analyst covering Astron expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$86.0m in 2025. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Reported Earnings • Feb 25
First half 2023 earnings released: AU$0.041 loss per share (vs AU$0.041 loss in 1H 2022) First half 2023 results: AU$0.041 loss per share (in line with 1H 2022). Revenue: AU$6.77m (down 35% from 1H 2022). Net loss: AU$5.06m (loss widened 1.3% from 1H 2022). Revenue is forecast to grow 50% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Announcement • Feb 17
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.6094 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.6094 million.
Security Name: Chess Depository Interest
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 4,427,223
Price\Range: AUD 0.54
Security Name: Chess Depository Interest
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 405,000
Price\Range: AUD 0.54
Transaction Features: Subsequent Direct Listing Announcement • Dec 02
Astron Corporation Limited Provides Update on Mineral Resource Estimate for Mining Licence MIN5532 Astron Corporation Limited announced an updated Mineral Resource Estimate (MRE) for Mining Licence MIN5532, which is the site of Phase 1 of the Donald Rare Earth and Mineral Sands Project (Donald or the Donald Project). The Donald Project is an advanced, globally significant critical minerals project located 300km west- northwest of Melbourne in the Wimmera Region of Victoria. The Donald Project comprises the Donald deposit (MIN5532 and RL2002) and the Jackson deposit (RL2003) and has the benefit of a favourably assessed Victorian Environmental Effects Statement (EES), a concluded Federal Environmental Protection and Biodiversity Conservation (EPBC) Licence and a granted Mining Licence (MIN5532). It is proposed that Donald will be developed in a number of Phases. Phase 1 is centred on MIN5532 which represents only 17% of the total HM of the Donald Project Mineral Resource. The Mineral Resource Estimate is 525Mt @ 4.0% total heavy minerals (HM) containing 21Mt total HM and comprises a Measured Resource Estimate of 394Mt @ 4.2% total HM for 17Mt of contained total HM; an Indicated Resource Estimate of 110Mt @ 3.5% total HM for 4Mt of contained total HM; and an Inferred Resource Estimate of 20Mt @ 2.3% total HM for 0.5Mt of contained total HM. The MRE is based on a 245 Reverse-Circulation Air Core (RCAC) drillhole program which was completed in March 2022 1 and covered 97% of MIN5532. Analysis included sizing, heavy liquid separation (HLS) and mineralogy and was completed in October 2022. The MRE is classified and reported in accordance with the guidelines of the JORC Code (2012 edition). The March 2022 drilling and sampling program was designed to expand the resource estimation of valuable heavy minerals (VHM) within the known mineralisation of MIN5532 greater than 1% total HM in areas which had not been previously analysed for valuable heavy minerals. Analysis for xenotime and the 20 to 38 micron (µm) fine-grained fraction, which is known to contain rare earth minerals and zircon, was also included in the program. This work was carried out using industry accepted methods and practice for very fine mineral sands deposits and increases the confidence in the Mining Licence's VHM content. The results from the 2022 program also led to an update of the previous Donald Project MRE which was determined in 2016. The 2016 MRE of 2.4Bt @ 4.8% total HM 2 is now updated to 2.6Bt @ 4.6% total HM. Comparison with Previous Estimate: In 2016, AMC Consultants Pty Ltd. (AMC) prepared the previous MRE within the VHM domain (for which composited samples were analysed for zircon, ilmenite, rutile/anatase, leucoxene and monazite) in MIN5532 based on a cut-off grade of 1% total HM. The key features include: Total Mineral Resource tonnage increased by 66% to 525Mt: Total in-situ heavy mineral (HM) resource increased by 25% to 21Mt, including increased in-situ valuable mineral resources of: zircon increased by 5% to 3.4Mt; monazite increased by 18% to 376kt; and maiden in-situ xenotime resource of 136kt. There are differences in the contained ilmenite, leucoxene and rutile, mainly due to different titania mineral grouping, with an overall increase in the combined titania minerals of 3%. All sampling for total HM, slimes and oversize content has been carried out on 1m intervals down hole. Sampling from 2000 to 2015 was by collecting the entire 1m interval sample and later riffle splitting the dried sample down to size for analysis. In 2022, subsamples were collected directly from a drill rig mounted rotary splitter netting on average 1.6kg (dry) with the remainder of the sample interval also being collected for recovery analysis. Composite samples prior to 2022 were created by grouping samples' HLS sink fractions down hole based on the presence of heavy mineral (>1.5% total HM) even though the MRE models were quoted using a 1% total HM cut-off grade. In 2022 mineralogy composites were created by grouping samples' HLS sink fractions across multiple adjacent holes and also down hole within the same geological domain (where total HM is >1%). These composites were analysed by XRF, optical grain counting and QEMSCAN methods prior to 2022 and additionally by laser ablation ICP-MS in 2022. There have been multiple drilling campaigns conducted across the Donald deposit since the early 1980s. All drilling since 1987 has been conducted by licensed and trained drillers from Wallis Drilling using the reverse circulation air core (RCAC) method and NQ rods with a nominal drill bit diameter of 82mm. Assay information from drilling prior to 2004 has not been used for the resource estimate, only for geological interpretation. Sample analysis method: All of the samples from the 2022 drilling program were prepared and analysed by Bureau Veritas Minerals Pty Ltd. (BV) at their Adelaide laboratory. The samples were screened at 20µm, 250µm and 1 mm. Slimes is the -20µm fraction, oversize is the +1mm fraction and total HM was measured in the +20µm/-250µm fraction and reported as a percentage of the whole sample. For assay analysis work done prior to 2022, different in-size fractions have been used for defining analysis of the total HM contents of the whole sample processed post break up and splitting: Zirtanium 2000 and 2002 +38µm to -1mm for total HM% and mineralogy determined in +38µm to -90µm and then adjusted to % of whole sample. Zirtanium 2004 +38µm to -1mm for HM% and mineralogy determined in +38µm to -90µm and then adjusted to % of whole sample. DMS 2010 and 2015 +38µm to -90µm. All samples used for the 2022 Mineral Resource estimate were analysed for total HM content within the stated size ranges by the heavy liquid separation technique (TBE 2.936 S.G.). HLS analysis prior to 2022 was predominantly carried out by Western Geolabs Pty Ltd. in Perth, WA and Titanatek Lab in Ballina, NSW. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Chairman of the Board George Lloyd was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 26
Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.147603 million. Astron Corporation Limited has completed a Follow-on Equity Offering in the amount of AUD 2.147603 million.
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 3,977,042
Price\Range: AUD 0.54
Discount Per Security: AUD 0.0108
Transaction Features: Subsequent Direct Listing Reported Earnings • Oct 04
Full year 2022 earnings released: AU$0.074 loss per share (vs AU$0.024 loss in FY 2021) Full year 2022 results: AU$0.074 loss per share (further deteriorated from AU$0.024 loss in FY 2021). Revenue: AU$19.0m (up 16% from FY 2021). Net loss: AU$9.04m (loss widened 205% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Aug 18
Astron Corporation Limited Provides Update on the Review of the Project Configuration for the Donald Mineral Sands and Rare Earth Project Astron Corporation Limited provided an update on the review of the project configuration for the Donald Mineral Sands and Rare Earth Project. The Donald Project is a tier-1 mineral sands and rare earth project located approximately 300 kilometres north-west of Melbourne in regional Victoria. Given its resource scale, the phased development of the Donald Project has the potential to represent a globally significant, long-life supply of the critical mineral elements of zirconium, titanium, neodymium and praseodymium (rare earth elements). Project Review Rationale: As previously advised, the Board of Astron considered it appropriate to undertake a comprehensive review of project parameters of the Donald Project as part of defining the final parameters for the Feasibility Study, scheduled for completion at the end of the first quarter of 2023. The review was undertaken with a view to establishing the least risk path towards the commercialization of the Phase 1 development of the Project on Mineral Licence 5532 (MIN5532), while maintaining flexibility to deliver the value that the development of the broader tenement resources is expected to represent. This review has had several objectives, including: Aligning the Phase 1 Project configuration, including physical infrastructure and site services, with the requirements of the Environmental Effects Statement (EES), so as to minimise the risks and time involved in securing the remaining regulatory approvals (most notably, the Work Plan); identifying opportunities to improve the capital-efficiency of the Project; mitigating project execution risks, particularly in terms of the sourcing and procuring of long lead time items; and maintaining the flexibility for subsequent phases of the Project to recover the remaining Resource base and/or enable higher production output, including by consideration of the on- site production of final mineral sands products (subject to further regulatory approvals at a later stage). Project Review Principal Outcomes: The main review outcomes include: Reduction in ore throughput to 7.5 million tonnes per annum (Mtpa) from 12.5 Mtpa, resulting in a roughly proportionate decrease in HMC and finished product production; production on-site of two product streams: a rare earth element concentrate (REEC) and a valuable heavy mineral concentrate (HMC), instead of the separation of the HMC on-site to produce zircon and titania (66% TiO2 content) final products; the elimination of an on-site Wet High Intensity Magnetic System (WHIMS) plant and a dry mineral separation plant; off-site processing of the HMC product to final zircon and titania products by either a third- party separation facility, or (subject to further evaluation) at the Company's minerals processing facilities at Yingkou, China or a combination of both; and reduction in the scale of the footprint of the processing plant and associated facilities with an attendant reduction in materials required during the construction phase. A preliminary estimate of average annual production for Phase 1 operations over 35 years is between 250 300 thousand tonnes per annum (ktpa) of HMC and 710 kpta of REEC. As detailed below, these preliminary estimates are subject to refinement associated with further geological analysis of the March 2022 drilling programme data, which addressed a finer +2038 micron fraction of the ore body and, in turn, the total valuable heavy mineral (VHM), as well as rare earth element (including xenotime), component of the ore body. This analysis, which is expected to result in an updated Mineral Resource Statement in the fourth quarter of 2022, provides the potential for an increase in both the volume and value of minerals recovered in the production process. Staged Development Approach: The Donald Project is based on the staged development of the mineral resources contained within the retention licences RL2002 and RL2003 (See Appendix 1 Donald Project Tenement Map). Phase 1 of the Project will be undertaken on the Mining Licence MIN5532 which is contained wholly within RL2002. MIN5532 contains VHM Resources of 317 Mt at an average HM grade of 5.3%. At the proposed ore production rate of 7.5 Mtpa, this will support a mine-life of approximately 35 years. Phase 1 development is planned to access approximately 13% of the total Ore Resources for the Donald and Jackson tenements within the total licence areas. RL2002 and RL2003 contain a combined Mineral Resources of 2.4 billion tonnes at a heavy mineral (HM) grade of 4.8%. At a zircon assemblage of 19%, Phase 1 of the Donald Project contains in-situ zircon resources of 22.1 Mt, representing the largest undeveloped zircon deposit globally.2 Future potential phases of mine development on RL2002 and RL2003, including the on-site separation of HMC into its constituent zircon and titania products, are under consideration. It is expected that decisions to progress further production outcomes will be taken after Phase 1 operations are underway and will be subject to further regulatory approvals. Astron expects the phased development approach will deliver material, long-term value. Announcement • Jul 21
Astron Corporation Limited Appoints Greg Bell as Chief Financial Officer Astron Corporation Limited announced the appointment of Greg Bell as Chief Financial Officer. Greg has finance and accounting experience spanning more than 21 years, working initially in corporate advisory and assurance services with Deloitte Touche Tohmatsu, followed by eight years with Mineral Deposits Limited (MDL) as Accounting Manager and then Chief Financial Officer. Subsequent to MDL, Greg held both consulting and executive roles with international mineral sands and resource companies, including in the critical minerals sector. Greg brings a depth of experience in the mineral sands sector. As Chief Financial Officer of Mineral Deposits Limited, which operated a Senegalese dredge mining operation and a titanium smelter in Norway, Greg had direct responsibility for all financial and accounting aspects of the business, including financial and management systems, budgeting, cost control and operational improvement, as well as statutory financial reporting. Greg has also had extensive engagement with mineral sands customers and understands the sector's market dynamics. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Chairman of the Board George Lloyd was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 01
Astron Corporation Limited announced that it expects to receive AUD 5 million in funding from Collins Street Securities Pty Limited Astron Corporation Limited announced a private placement of convertible notes for gross proceeds of AUD 5 million from Collins Street Securities Pty Limited on February 1, 2022. The notes issuance is subject to shareholder approval and other customary conditions precedent. The notes have a term of two years and are convertible into ordinary shares of the company at AUD 0.54 per share, representing a 24% premium over the trailing 60-day VWAP. The notes carry a 10% per annum coupon with the full amount capitalized to the loan balance. Board Change • Oct 19
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director George Lloyd was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2021 earnings released The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: AU$16.4m (up 95% from FY 2020). Net loss: AU$651.2k (loss narrowed 90% from FY 2020). Announcement • May 15
Astron Corporation Limited Provides an Update on Donald Minerals Sands Project Astron Corporation Limited announced the results of metallurgical test work relating to its Donald mineral sands project, located in regional Victoria. Pilot scale process work has been undertaken on 1,000 tons (t) of ore recovered from a test pit and subsequently produced a 24 ton sample of heavy mineral concentrate (HMC) for purposes of pilot testing the processing of HMC into final product streams. The metallurgical test work has been undertaken at facilities operated by Mineral Technologies. The test work and evaluation has included the production of zircon, a titania (titanium dioxide) concentrate, and a rare earth element (REE) concentrate. The work represents a key part of the work stream for the potential commercialisation of the Donald resource; one of the largest undeveloped mineral sands ore bodies globally. The metallurgical test work forms an integral part of determining the full scope of the Donald mineral sands project, including: rare earth recovery; zircon and titania production stream and product specifications (suitable for customer testing and offtake arrangements); determination of concentrating and processing flow sheet and configuration on site; further pilot work and the move to a detailed feasibility study during 2021 to allow completion of project economics for determination of project funding strategies. The Donald mineral sands project is located in the Wimmera region of Victoria, 60 kilometres from Horsham and near the township of Minyip. Donald represents one of the largest known zircon and titanium ore bodies in the world and a potentially significant new source of global supply. Based on an Ore Reserve Update, as announced on 18 February 2021, the Donald project area holds Ore Reserves of 602 million tonnes (mt) of ore with an average heavy mineral (HM) grade of 4.8% consisting of 310 mt of proved ore and 292 mt of probable ore. In total, the ore reserves equates to an approximate, in-situ ore body of 28.9 Mt of heavy minerals, comprised: 5.4 mt of zircon; 9.2 mt of ilmenite; 8 mt of higher titanium content products of rutile and leucoxene (Hi-Ti), as well as a significant REE component of 491 thousand tonnes (kt). It is likely that the Donald project will produce four main product streams: a premium, ceramic grade zircon (expected to be 80% of total zircon, or ~95ktpa -100ktpa during Stage 1); a zircon 60 product (~20 - 25ktpa); a combined titania product, with a 65% titanium dioxide content (>200ktpa), suitable for slag production for both chloride and sulphate pigment production; and a REE concentrate (~15ktpa). Astron is now investigating a pit to final product on site, allowing the capture of the value-adding processing component within Australia (as opposed to offshore processing of HMC). The initial stage of the planned Donald project will involve the mining and processing of the Ore Reserves contained within ML5532, located wholly within RL2002 (refer tenement map below). Mining operations are then planned to extend into the remainder of RL2002. The current Ore Reserves for the project encompass only RL2002; while a Mineral Resources is available for the entire area including RL2003. Announcement • Feb 18
Astron Corporation Limited Appoints Tiger Brown as the Managing Director of Astron Astron Corporation Limited appointed Mr. Tiger Brown as the Managing Director of Astron, effective immediately. Tiger was appointed a director in December 2019 and has been serving as an Executive Director since that time, with responsibility for direct oversight of the company over recent months. Announcement • Jan 25
Astron Corporation Limited Appoints Mark Elliott as a Non-Executive Director Astron Corporation Limited announced that it has appointed Dr. Mark Elliott as a non-executive director of Astron, effective immediately. Dr. Elliott's appointment forms part of Astron's efforts to enhance its board capabilities as it advances the final scoping and evaluation of its major Donald Mineral Sands project. Dr. Elliot has or has held numerous non-executive directorships, which currently include Nexus Minerals Limited and Aruma Resources Limited. 
