ASRA Minerals

Insight

Asra Minerals is an emerging gold Explorer with a compelling investment case because it focuses on strategic expansion and development of high -quality sources About the Leonora Gold project in the West Australia.

Overview

Asra Minerals (ASX:ASR) unlocks the potential of his portfolio of existing resources and underexposed prospects in the renowned Leonora Goldfields in West -Australia. The company controls one of the largest and most potential land positions in the district, strategically surrounded by controversial gold Producers such as Genesis Minerals’ (ASX:GMD) with his 8.9 million OZ (MOZ) Leonora operations; Vault Minerals (ASX:Me), who operates the 1.9 MOZ Darlot and 4.1 Moz King of the Hills Mine; and Northern Star (ASX:Nst), who serves the 4.2 MOZ Thunderbox -my.

With existing JORC 2012 sources of 200,000 oz gold and a clear strategy to reach 500,000 oz in the short term, Asra Minerals uses its 936 square kilometer Leonora Landholding in one of the most productive gold belts in Australia. ASRA’s rental properties include 75 km battle length, including two primary zones-Leonora North and Leonora South milk with projects for resource stage, Brownfields upside down and newly identified sedules with high priority.

A strategic reset at the end of 2024 led to a new CEO, technical team and drill strategy that was aimed at the growth of resources and project consolidation. With global unrest to support continuing high gold prices and WA’s regulatory stability, the land of ASRA – historically underexposed and fragmented – is now ready for discovery, growth and value creation.

Highlights of the company

• District scale Gold Project in Tier-One Jurisdiction: 936 square kilometers of land ownership in the Leonora region of WA, proximal to more than 15 MOZ gold resources in neighboring large mines.
• Jorc Resource of 200 KOZ at 1.8 G/T Gold: Existing source includes high -quality shallow mineralization at Orion, Sapphire, MT Stirling and Stirling Put.
• Aggressive growth strategy: Targeting> 500 KOZ Resource Base in 2025 via Near-Resource and Greenfield drilling.
• Current exploration: Systematic exploration in the corridor in the portfolio with multiple goals with high priority that have been identified for further follow-up.
• New leadership with a high impact: At the end of 2024, management and technical team, including renowned golden discoverers behind Gruyere (6.2 MOZ) and Raleigh (1 MOZ).
• Undervalued opportunity: With a market capitalization of ~ $ 10 million, ASRA offers a significant revaluation potential in the midst of rising gold prices and renewed institutional interest rates.

The Flagship Leonora Gold Project by Asra Minerals comprises more than 936 square kilometers in the productive eastern gold fields of West -Australia. The active is subdivided into the Leonora North and Leonora South project areas. The region houses several golden operations of world class, including Leonora operations by Genesis Minerals, King of the Hills from Vault Minerals and the Thunderbox mine of Northern Star, all within the truck distance. ASRA’s rental properties are located along the very potential granite-green contacts and large error systems such as the Ursus error, known for controlling high-quality orogenous gold mineralization.

Leonora South

The Leonora South Project is 549 km² with eight granted mine rental contracts, located in the historic Kookynie Goldfields. This area is host for numerous high-quality deposits, including the Ulysses-Hub of Genesis Minerals (~ 2 MOZ Gold). ASRA is aimed at the open pit deposits of the sapphire and orion, which together have derived a Jorc 2012 from 48,014 OZ assessment with 2.2 grams per tonne (G/T) gold. High-quality interceptions include striking results such as 166 g/t gold over 6 m of 135 m, including 248.8 g/t gold of more than 4 m (sapphire) and 46.4 g/t gold over 4 m of 3 m (Orion), which demonstrates a potentially for Bonanza quality extensions at depth.

Diamond drills completed in Q4/2024 Confirmed continuity of the Down-Dip of high-quality gold zones about 30 to 50 m below historic interposses, with assays such as 47.95 g/t Gold over 1 m of 115.2 m, 23.12 g/t Gold over 1 m of 161 m and 23.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g of 16.97 g. RC and DiamantTaart started in Q2/2025 to test these goals with high priority, which would considerably increase the resource base. The mineralized quartz veins at Saffier and Orion-Trend East-Noordoostlijk and dive steep-50 to 80 degrees-South and stay open at depth and along the strike.

Exploration in Leonora South has identified 21 goals with high priority, 15 of which were never tested drill. These were derived from detailed 2025 aerial magnetics, structural reinterpretation and geochemical mapping. Placed work includes follow-up aircore and RC-drilling to expand the mineralized footprint, including in Gladstone and Jessop Creek, with approvals that have already been received from the Ministry of Energy, Mines, Industrial Regulations and Safety.

Leonora North

Leonora North is located 40 km northeast of Leonora and just 5 km from the King of the Hills Mine van Vault and is a Gold Asset of Brownfields with a considerable exploration and expansion potential. The area is located in the eastern Goldfields super terrane of the Yilgarn Craton and is hosted along the structurally controlled Ursus error zone, a large golden shear corridor. The project contains several zones with a total JORC 2012 -Source of 152,000 OZ assessment at 1.7 g/t Gold, including:

• MT Stirling -Viserion deposit: 2.16 mt @ 1.6 g/t Gold for 111,000 oz (derived), plus 391,000 t @ 2.1 g/t for 26,000 oz (indicated).
• Stirling Well: 198,000 t @ 2.3 g/t gold for 15,000 oz (derived).

The MT Stirling Resource remains open along the strike and at depth, with high -quality shoots that have been identified in the north. The flat Stirling Well Orebody has potential for parallel Lodes and deeper extensions in Mafic-Gasthost rocks. An important aeromagnetic and litho-structural reinterpretation, completed in December 2024, identified +20 gold targets with high priority about the northern strike extensions. Several of this are located next to the historically mined Diorite King -my all, which is reportedly produced at high degrees. The non -tested 12 km Ursus Fault Corridor remains an important focus, with ~ 9 km still unexplored.

It is important that ASRA secured 100 percent owned by the MT Cutmore prospect in May 2025Consolidating a very strategic zone in the MT Stirling region. This acquisition includes several live and hanging homes and improves the ability of ASRA to use a targeted drilling campaign in the Leonora North Project Area. Drilling permits are secured and both AC and RC programs are planned for H2/2025 to evaluate new geophysical anomalies, to follow up known mineralization and grow the current resource base.

Management team

Paul Stephen – Managing Director

Paul Stephen, a seasoned mining manager, has held various functions for executive and director in ASX and LSE-GEGOOT BEFORE he came to ASRA. He was co-founder and executive director of Crusader Resources, where he played an important role in the discovery, development and operation of the Posse Iron Ori in Brazil. During his term of office, he supervised the definition of more than 2.6 million our gold, which significantly contributes to the market capitalization of Crusader, which more than AU $ 160 million.

Paul Summers-not-executive chairman

Paul Summers has been a legal practitioner since 1985 and founded his own company, Summers Legal in 1989. He has been Asra’s Council for more than 10 years and has provided extensive advice and service during the recent takeover of Cascade resources. Summers is currently the main advisor – commercial, business and owned by Summers Legal and is familiar with the business, projects and strategy of the company.

Mathew Longworth-not-executive director

Mathew Longworth is a geologist with more than 35 years of experience in large projects, exploration and discoveries in Australia, Greenland, Africa, South America and the Pacific. He is currently chairman of Ardea Resources and Greenfields Exploration and non-executive chairman of Northam Resources. As director and chairman, he has led companies through challenging operating times, including IPO listings, acquisitions, large capital increases, 249d knowledge and negotiations for joint venture and at the same time to maximize the value for shareholders.

Leonard Math – not – executive director, financial director and business secretary

Leonard Math is a chartered accountant with more than 15 years of experience in the resource industry. He was an auditor at Deloitte and was experienced with the responsibilities of the public company, including ASX and ASIC -compliance, control and implementation of corporate governance, legal financial reporting and shareholder relationships. He previously held business secretary and administrative roles for a number of ASX granted companies.

Ziggy Lubieniecki – Technical Consultant

Ziggy Lubieniecki is a very experienced geologist with more than three decades of expertise that includes exploration, mining, management, real estate acquisition and business brings. His earlier senior rolls his main mine geologist at Plutonic, exploratory manager at Australian Platinum Mines and executive director at Gold Road Resources. Together with a successful track record of the exploration, Lubieniecki is credited for the discovery of the 6.2 Moz Gruyere Gold Deposit.