AAR outlined its gold development plans at a September 2026 Resources Rising Stars Gold Coast Conference presentation, saying the Mandilla project remains a core asset with a 100,000-ounce-a-year production profile. Management described Mandilla as a 'crack mine that will be operating for decades' and said complexities around prior project reviews were resolved in June.
Financially, AAR reported AUD 650 million of cash available to fund development without near-term equity or debt, total debt of $0.21 million and a current ratio of 18.18 for the last twelve months through Q2 2026. The balance sheet leaves the company with more cash than debt. The Mandilla development capital estimate is AUD 62 million, based on a gold price assumption of $4,250, with an additional AUD 6 million for a specific phase. Prior project reviews used gold price scenarios of AUD 4,200 and AUD 5,500.
Project work includes Theia and Nampaman, identified resources totaling 2.8 million ounces. Stage 1 pit drilling is halfway through using a 12.5-meter drill density averaging 1.5 meters at 1.1 grams per ton. Management said the deposit was open at depth and that testing underneath it showed logged visible gold. Theia extension drilling returned 6.1 meters at 1.2 grams per ton, 8.1 meters at additional grades, and one down-hole result of 4.5 meters.
Kamperman reverse circulation drilling returned 7 meters at 12 grams per ton and 9 meters at 6 grams per ton, with heritage survey work completed. Diamond drilling at Kamperman is planned for the December quarter of 2027, while reconnaissance work at Spargoville and Kamperman, plus a mineral resource update, is scheduled for the following December quarter.
Other assets include Astral, which has a 17-year mine life study, Bullabulling, described as a 1 gram per ton ore body with development potential, and Feysville, positioned as a satellite deposit to Mandilla with a pre-feasibility assessment or review under way. Spargoville was acquired from Maximus last year and includes an 8,500-kilometer nest location identified as a possible integration site for a Mandilla processing facility. AAR targeted submission of the Mandilla enclosure application in the following year after finalizing detailed mining collection work.
