Letter from the Managing Director

Letter from the Managing Director

It’s hard to believe we are nearly a quarter of the way through the year, but the time has flown thanks to the flurry of activity at Asra Minerals.

As a dedicated multi-commodity explorer focused on the beautiful Goldfields of Western Australia, Asra has made significant moves over the past few months as we grow our strategic portfolio of gold and critical minerals.

Most recently, Asra entered an option agreement to add two new tenements to our Southern Hub near Norseman, , covered by exploration licences located a stone’s throw from our 100 per cent owned Lake Johnston Lithium Project.

The two sites stretch across more than 140km2 of prime lithium-bearing pegmatite real estate, but this does not mean our focus will remain purely on spodumene.

The option agreement covers all mineral rights, paving the way for Asra to explore for rare earth elements (REE) and gold, as well as any other commodities, as we reinforce our commitment to maintaining a multi-commodity portfolio.

This exciting expansion of Asra’s landholding in the Goldfields followed the release of positive results from soil and rock chip sampling at our Kookynie West Project in our Northern Hub near Leonora.

Large, discrete target areas for lithium and REE were defined, including multiple lithium anomalies up to five kilometres long in a vastly underexplored area. These anomalies will be the focus of further geochemical sampling to cover more of the project’s large, underexplored areas.

An initial four-kilometre-long target corridor for REE and scandium was also defined, with more work planned to determine the extent of potential mineralisation below surface.

On the gold front, we began drilling preparations for the Little Wonder Gold Deposit at our Mt Stirling Project near Leonora in our Northern Hub.

This remarkable site historically produced more than 4,000 ounces of gold, including 950 ounces at an exceptionally high grade of 1,180 grams per tonne.

While we are still waiting on final approvals, a shallow RC drilling campaign has been planned, comprising 10 to 12 holes for approximately 2,000 metres.

As one of 10 gold prospects within the Mt Stirling Project, Little Wonder is in an ideal position close to road and rail infrastructure, as well as suitable mills.

Asra entered 2024 in a financially strong position, which has been reinforced following two recent funding injections.

Asra received a research and development refund of more than $527,000 for the Yttria REE Project for work conducted at the site in 2022.

Yttria has a uniquely high concentration of heavy REE and scandium oxide mineralisation and is located only a few kilometres north of Little Wonder at the Mt Stirling Project

The geology, mineralisation and structures of both projects are very similar, allowing learnings and exploration techniques to be applied across the district.

We also saw a strong take-up of the Option Offer over the past few months, with an additional $262,325 added to the Company’s balance sheet.

This result would not have been possible without our option holders, and I thank you for your continued support.

It was fantastic to meet some of our shareholders, and potential new investors, at the RIU Explorers Conference in Fremantle earlier in February.

Understandably, most of the conversation at the Asra booth revolved around fluctuations in the critical mineral market and responses from both industry and Government to support the sector.

Despite recent ups and down in the market, the long-term outlook for exploration remains strong and Asra is well-positioned with a growing, balanced, multi-commodity portfolio.

This year, we will rapidly move forward with exploration activity, while also keeping an eye on further opportunities to expand our presence in the Goldfields.

I look forward to keeping you updated as we unlock further gold and critical mineral potential at this prestigious mining jurisdiction.

Rob Longley
Managing Director