The gold stock wants to work with Mineral Mining Services to fast-track gold at Think Big by 2026.
South Perth’s Astral Resources has struck a development partnership with Bibra Lake’s Mineral Mining Services (MMS) to bring the Think Big gold deposit into early production.
According to a letter of intent signed this week, MMS will fully fund development at the Think Big camp, part of Astral’s Feysville Gold Project just south of Kalgoorlie.
Astra says MMS’s investment will cover all exploration, planning, environmental and operational costs, slated for repayment from the project’s initial cash flows.
Once costs are recovered, the plan is to split profits between 30 and 50 per cent in MMS’s favour, depending on the final terms decided in a binding joint-venture agreement.
While the ink is still drying on the letter of intent, both parties have agreed to a 90-day exclusivity period to formalise the deal.
The aim is to get mining underway in the third quarter of 2026, when a final investment decision is due for Astral’s flagship Mandilla Gold Project.
Managing director Marc Ducler said the arrangement marked an important step towards self-funded growth for the ASX-lister.
“The agreement with MMS provides a clear, fully funded pathway to establish early gold production from Think Big, potentially reducing the external funding required to develop Mandilla,” he said.
“Partnering with an expert local provider significantly de-risks development and delivers early cash flow while allowing Astral to focus on the larger project.”
Feysville’s Think Big deposit is home to around 85,200 gold ounces, according to Astral’s most recent resource statement.
The Mandilla pre-feasibility study claimed the deposit would come online as a satellite source in the third year of the project’s mine life, contributing around 30,000 ounces — a production target that will be brought forward under the new joint venture.
For MMS, led by chief executive Robert Ryan, the project offers a near-term development opportunity within a proven geological district.
“Our initial review of the project highlights the exceptional work completed by the Astral team,” Mr Ryan said.
“[We are confident] in the joint venture’s potential to be highly profitable for both companies.”
Astral, which laid plans to merge with gold neighbour Maximus Resources earlier this year, sees the arrangement as a bridge to larger-scale operations.
Early cash flow from Think Big could offset its financing needs for the Mandilla camp — the project underpinning more than 1.4 million ounces of Astral’s 1.76-million-ounce gold inventory.
Back in 2024, the company raised $32 million across two placements to fund feasibility studies and exploration at Mandilla and Feysville.
Now, it believes the Think Big joint venture could reduce future shareholder dilution.
If final approvals go to plan, Astral expects the partnership to fast-track its status shift from explorer to producer and position it to launch Mandilla’s development in 2026.
Astral shares are down nearly 2 per cent following the announcement, priced at 26 cewnts a pop in early afternoon trade.
