Astron : Corporate Presentation December 2021

onlyuseProgression of the Donald Mineral Sands Project

Astron Corporation Limited (ASX:ATR)

ersonalCorporate Presentation - December 2021

Astron Corporation ASX:ATR

Disclaimer

CAUTIONARY STATEMENT

This presentation has been prepared by Astron Corporation Limited (Astron or the "Company"). The information onlycontained in this presentation is for information purposes only. The information contained in this presentation is not

investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, Astron has not considered the objectives, financial position or needs of any particular recipient. Astron strongly suggests that investors consult a financial advisor prior to making an investment decision. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Astron, its related bodies corporate or its shareholders nor their respective directors, officers, employees, agents nor advisors, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use or application of information contained in this presentation.

This presentation may include "forward looking statements" within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words "anticipate", "believe",

use"expect", "project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "plan", "guidance" and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Astron and its related bodies corporate, together with their respective directors, officers, employees, agents or advisers, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and Astron assumes no obligation to update such information. Specific regard should be given to the risk factors outlined in this presentation (amongst other things) . This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything

ersonalcontained in it forms the basis of any contract or commitment.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. Certain financial data included in this presentation is not recognised under the Australian Accounting Standards and is classified as 'non-IFRS financial information' under ASIC Regulatory Guide 230 'Disclosing non-IFRS financial information' (RG 230). This non-IFRS financial information provides information to users in measuring financial performance and condition. The non-IFRS financial information does not have standardised meanings under the Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be interpreted as an alternative to other financial measures determined in accordance with the Australian Accounting Standards. No reliance should therefore be placed on any financial information, including non- IFRS financial information and ratios, included in this presentation. All financial amounts contained in this presentation are expressed in Australian dollars and rounded to the nearest $0.1 million unless otherwise stated. Any discrepancies

Astron Corporation ASX:ATR

between totals and sums of components in tables contained in this presentation may be due to rounding.

COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results and Mineral Resources for the Donald Project is based on information first reported in previous ASX announcements by the Company, as listed in this notice. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the original announcements continuing to apply and have not materially changed. The information in this notice that relates to the estimation of the Ore Reserves is based on information compiled by Mr Pier Federici, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Federici is a full-time employee of AMC Consultants Pty Ltd and is independent of Donald Mineral Sands Pty Ltd (DMS) (being the Company's wholly owned subsidiary) and the Company, the owner of the Donald Project Mineral Resources. Mr Federici has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

The information in this document that relates to the estimation of the Mineral Resources is based on information compiled by Mr Rod Webster, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists. Mr Webster is a full-time employee of AMC Consultants Pty Ltd and is independent of the Company and DMS, the owner of the Donald Project Mineral Resources. Mr Webster has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that the form and context in which the Competent Persons' findings are presented have not materially modified from the relevant original market announcement.

The information in this document that relates to the metallurgical performance and outcomes of testwork is based on information compiled by Mr Ross McClelland, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr McClelland is the principal metallurgist and director of Metmac Services Pty Ltd. Mr McClelland has been involved with the metallurgical development of the Wimmera-style mineral sands resources for more than 30 years. He has provided metallurgical consultation services to DMS for more than 7 years. He qualifies as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been prematurely modified from the relevant original market announcement.

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Astron Corporation - Company Snapshot

only	Focus on creating and delivery
	of shareholder value
use
Donald - large, long-life,
	globally significant new supply
ersonal	of heavy minerals & rare earths
Material, high-value rare earth
	component ~30% of revenue

Flyover of Donald Project Test-Pit

Astron Corporation ASX:ATR

Extensive experience in

mineral sands downstream &

marketing sectors

Donald project - at advanced evaluation & approvals stage

Favourable market

demand/supply conditions

Astron's (ASX:ATR) prime focus is on the delivery of shareholder value through the development of the Donald Mineral Sands and Rare Earth Project in Victoria.

ASX Code	ASX:ATR
	122.48M
Shares/CDIs on Issue
Share Price1	A$ 0.30
Market Capitalisation1	A$ 36.8 M
Net Assets2	A$ 92.4 M
Products	Zircon, Rare Earths, Titania
	Wimmera Region, Victoria,
Project Location
Australia

1. Share price and Market capitalisation as at 6 December 2021
2. See pg. 31 for further description

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Astron Corporation

VALUE PROPOSITION

Revenue %1

Mineral Sands Applications

only	Creation of shareholder value through delivery of a globally significant Tier 1
•
	mineral sands project
• Scale and longevity, premium zircon and rare earth production - represents a
	major value opportunity
use	• Ore Reserve underpins expected production life of over 40 years with
exploration upside
	• One of the largest undeveloped zircon reserves globally (~5 years of global
	consumption)
	• High value minerals (zircon and rare earths) account for ~80% of revenue,
	making Donald a strategic and independent source of these critical minerals
• Favourable supply/demand market conditions
ersonal	Progress on project milestones, over next 1-2 years, provides Astron
•

valuation uplift potential (vis a vis current market capitalisation ~A$37 million)

1. Indicative Revenue Splits based on average product volumes for first four years of mining operations announced on 14 May 2021, pg. 2 of Clarification regarding Donald Minerals Sands Project - Mineral Separation Metallurgical Testwork, and recent C.I.F. market pricing of premium zircon of US$1650, zircon 60 of US$990, titania of US$300, rare earth con. of US$6,000.

Astron Corporation ASX:ATR

Zr

~50%

Ti

~20%

R.E.

~30%

Ceramics, kitchen and sanitaryware Casting and foundry applications

Paint and pigment production

Aerospace and industrials

Wind turbines	Electric vehicles and batteries
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Extensive Experience & History in the Mineral Sands Sector

Board of Directors

		30 years resource industry and
only
corporate business development
and finance experience, including
with RGC Limited, as well as
serving as a senior executive and
director of a number of listed and
unlisted companies with interests

Commenced working with Astron in 2018, holding various business development planning and executive roles in China and Australia. Director of Astron from December 2019.

>35 years

Extensive operating history in various aspects of the mineral sands industry

Expertise

In downstream processing of mineral

sands into final products

			in industrial minerals, base and
	George Lloyd		precious metals, as well as
		energy sector.
	Chairman
			Former partner of Lavan & Walsh,
use		which became Phillips Fox Perth.
	Experienced in commercial
	contracting, mining law and
			corporate and ASX compliance. A
			former member of the Australian
			Mining & Petroleum Lawyers
			Association Served as a non-
			executive director for several

Tiger Brown

Managing Director

Kang Rong

Executive Director

Joined Astron in 1995 and has been a key contributor to the establishment of Astron's downstream processing and global marketing and sales activities, with a deep knowledge of the mineral sands' product market and its key participants. Board member since 2012.

Track Record of R&D

Development of processes for

production of zirconia & zirconium

chemical products

Market Experience

History of trading & marketing activities spanning China, Asia, Europe & North America

Gerard King	companies. Mr. King will step into
N.E. Director	the position of Non-executive
ersonal
Director following the AGM

Astron Corporation ASX:ATR

Dr Mark Elliott

N.E. Director

Twenty-seven years experience in corporate roles, both as Chairman and Managing Director on several ASX-listed and private companies. Involved in identifying and securing resource projects, capital raisings, marketing and completing commercial agreements, feasibility studies, mine development and execution.

Astron's technical capabilities and mineral sands market experience underpins the development of the Donald Mineral Sands & Rare Earth Project.

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