1

Astron Corporation Limited

Donald Mineral Sands Project

March 2013

Simon Peters, Development Manager

ASX Code: ATR

2

Disclaimer, Forward Looking Statements and Competent Person’s Statement

This presentation has been prepared by Astron Corporation Limited (the “Company or Astron”). It should not

be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an

inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for

securities in the Company will be entered into on the basis of this presentation. This presentation contains

forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of

future performance and involve unknown risks and uncertainties. Actual results and developments will almost

certainly differ materially from those expressed or implied. The Company has not audited or investigated the

accuracy or completeness of the information, statements and opinions contained in this presentation.

Accordingly, to the maximum extent permitted by applicable laws Astron makes no representation and can give

no assurance, guarantee or warranty, express or implied, as to, and take no responsibility and assume no

liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from

any information, statement or opinion contained in this presentation. You should not act or refrain from acting

in reliance on this presentation material. This overview does not purport to be all inclusive or to contain all

information which its recipients may require in order to make an informed assessment of the Company's

prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself

as to the accuracy and completeness of the information, statements and opinions contained in this presentation

before making any investment decisions.

Competent Person’s Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information

compiled by Dr Boris Matveev, who is a Member of The Australian Institute of Geoscientists. Dr Matveev is a full-

time employee of Astron Ltd and has sufficient experience which is relevant to the style of mineralisation and

type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person

as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resource

and Ore Reserves’. Dr Matveev consents to the inclusion in the report of the matters based on his information in

the form and context in which it appears.

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Presentation Agenda

Introducing Astron

Donald Mineral Sands Project, Murray Basin, Australia

Project Fit & Market Dynamics

Conclusion

Introducing Astron

4

5

History

6

A Corporate Snapshot

Listed on ASX since 1983 – holding company ‘Astron Corporation Limited’ domiciled in HK

Dedicated focus on mineral sands mining and processing

Tier 1 Donald Project in Murray Basin, Australia

Near-term production project in Niafarang, Senegal

Approx. ~$115m of cash; no debt

25 years in China – strong presence and reputation in mineral sands processing and marketing

Operate a Chinese mineral sands trading business with close relationships to all key customers

Technology leader – significant research and technology development

Location of Operations

7

‘000

$/share A$m

Cash and term deposits

0.94 115

Donald (including water rights)

0.41 50

Niafarang

0.01 1

PPE & land use rights

0.21 26

Investments

0.02 2

Net current assets 0.03 3

8

Astron Corporation Limited - Overview

Share Price Performance Financials

ASX Code ATR

Market Cap A$134m

Ordinary Shares 122m

Enterprise Value A$19m

Net Asset Value A$198m

Trading at a ~30% discount to net asset value

Shareholder Structure Asset Value Per Share*

*As at 31 December 2012

A$

Firback Finance Ltd(50%)

PT Arafua (26%)

Other Top 20shareholders (15%)

RemainingShareholders (9%)

0

500

1,000

1,500

2,000

2,500

3,000

0.600.700.800.901.001.101.201.301.401.501.60

Avg Volume Astron S&P ASX 200 (rebased)

Donald Mineral Sands Project

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10

Donald Mineral Sands Project

One of the largest undeveloped deposits in the world

Next Generation Tier 1 resource

4 billion tonnes of resource at 4.8% THM

JORC reserve of 150mt

Stage 1 to produce 950ktpa of HMC; 30 year mine life

World class location – Murray Basin

Close to existing infrastructure: port, rail and road

Standard open-cut mining operation

50km from regional city of Horsham

Skilled workforce

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World Class Location

Intergenerational resource sits within 300km from port

Road and water networks in place

300km to ports

70km to rail hub

Astron Tenements

Historically identified strandline HM mineralisation

Known extensions of WIM deposits

5595 sq. km licenses

Held by subsidiaries Donald Mineral Sands & Sovereign Gold

Donald & Jackson two of the largest WIM type deposits in the region

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WIM Style Deposits - Geology

Geology Hosts Massive multi commodity Resource

Large, lobate, sheet-like

Laterally extensive individual heavy mineral lenses separated by barren sand

Relatively uniform grade over large areas

Basis: Rutile price = US$1330/t FOB

Zircon price = US$2200/t FOB

Ilmenite price = US$200/t FOB

• High zircon, high-grade titania

concentrates

• High value in ground

• relative to other mining

opportunities

• relative to other feasible projects $0

$200

$400

$600

$800

$1,000

$1,200

$1,400

50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100%

% TiO2

Valu

e o

f ti

tan

ium

feed

sto

ck p

rod

ucts

Murray Basin fine

concentrates

Rutile

Synthetic

Rutile

Sulphate

Ilmenite

WIM Style Deposits - Opportunities

• Large ore tonnages

• Good grade

• Favourable assemblage

• High-quality Ti content

• Rare Earth Credits provide

multiple opportunities

Next Generation Product Supply

14

15

Resource Geology

• 4,039Mt @ 4.8% HM Measured + Indicated + Inferred Mineral Resource *

• 461Mt @ 5.9% HM Proved + Probable Ore Reserve**

• Includes 150mt @ 5.8% HM Proved Ore Reserve

* combined Measured + Indicated + Inferred Mineral Resource at 1% HM cut-off

** calculation: tonnes below 1% HM / tonnes above 1% HM

AREA AVERAGE GRADE

HM%

RESOURCE* (MT)

AVERAGE STRIP RATIO**

2 4.5 407 1.6

3 3.7 951 0.9

ML 4.5 452 1.3

4 4.2 267 1.7

5 5.1 545 1.5

6 6.1 427 1.7

7 6.1 486 4.3

8 5.5 501 4.0

* ASX announcement dated 1 December 2011

** ASX announcement dated 15 June 2012

ML

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Previous Challenges now overcome

Secured long term high security water supply

Developed process flow with adequate recoveries based on proven technologies

Developed Hot Zircon Wash process to decrease impurities of Fe U & Th

Value Adds – Monazites and Tertiary Zircon Products

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Project Fit & Dynamics

0.0%

2.9%

5.9%

8.8%

SFX GUN MDL MZI DRX BSE KMR SRX PFP ATR IMA ILU WTR

To

tal H

eav

y M

inera

ls (

%)

Average

Peer Comparison – Highly Competitive

18

264.6

74.9

90.3

90.0

69.1

0.8

18.7

4.7

1.6

70.2

32.2

8.1

12.6

13.4

0 50 100 150 200 250 300

Iluka Resources

Kenmare Resources

Sierra Rutile

Mineral Deposits

Base Resources

Astron

World Titanium Resources

Sheffield Resources

Pathfinder Minerals

Image Resources

Miatilda Zircon

Gunson Resources

Diatreme Resources

Mineral Commodities EV / Zircon Eq ($A/t)

Source: Bell Potter, Astron

0

200

400

600

800

1,000

1,200

1,400

1,600

MZI DRX GUN IMA SFX BSE WTR MDL ATR PFP

Sale

ab

le p

rod

ucti

on

(K

tpa)

Average

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

IMA SFX GUN DRX ATR(D)

ATR(N)

MDL WTR BSE ILU

Rev

en

ue / C

ost

(tim

es)

*ATR (stage 2)

SFX – Sheffield Resources

GUN – Gunson Resources

MDL – Mineral Deposits

MZI – Matilda Zircon

DRX – Diatreme Resources

BSE – Base Resources

KMR – Kenmare Resources

SRX – Sierra Rutile

PFP – Pathfinder Minerals

ATR – Astron Corporation

IMA – Image Resources

ILU – Iluka Resources

WTR – World Titanium Resources

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Donald’s Position & Fit

Major Comments Major Suppliers

Summary of Development Projects

F/Production

TiO2

('000t/pa) Zi

('000t/pa) Zi Ratio

Rank Zi:TiO2 Funding $Am

(D/E)

Financed

Grand Còte Senegal (Mineral Deposits JV with Eramet)

Late 2013 591 85 4 0.14 198/305

Kwale, Kenya (Base) Late 2013 330 25 5 0.08 173/140

Being Financed

Coburn (Gunson) 2014 106 40 1 0.38

Donald (Astron) 2015 340 121 2 0.36

Niafarang (Astron) 2014 82 15 3 0.18 Nil debt

Toliara Sands (WTR) 2014 407 32 5 0.08

13%

16%

12%

8% 4%

4%

43%

TiO2 units (6.5Mt)

Others

QIT

(Rio 80%)

RBM (Rio 74%)

Exxaro Kenmare

BeMax

Iluka

Astron 4%

39%

16%

13%

7%

5%

4%

3%

2% 2% 9%

Zircon (1.5Mt)

Others QIT (Rio 80%)

RBM (Rio 74%)

Exxaro

Kenmare

India

Iluka

China

Indonesia

BeMax

Astron

8%

• 8% world supply of Zircon

and 4% of Ti02

• 80% of revenue from high

value materials (Zircon and

Rutile)

• Largest new Zircon project

to come on stream

• Rio Tinto forecast titanium dioxide

market to grow 46% to 9.5Mtpa

in 2020

• Outlook for pricing has deteriorated

• Producer inventories have increased

• Producers managing production to limited further inventory build

• Outlook for Ti02 is better than zircon

• Downstream inventories remain low

Long Term

Short Term

Market Dynamics

• Fundamentals underlying strong zircon demand growth expectations,

in particular in China, remain intact

• Global zircon production will decline unless new resources

are brought on stream

• Titanium markets to grow 40-50% by 2020

• Growth to come from China

Long Term

Short Term

Market Dynamics

Conclusion

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The Astron Value Proposition

Extensive history

in Chinese

marketplace –

25 year record

Active mineral

sands import and

trading business

in China

Massive resource

base

Robust long term

product demand

Robust balance

sheet

Well advanced

path to

production

Major Permits

in place with

Understand key

requirements of

customers and

Chinese market

dynamics

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For further information please contact

Simon Peters

Development Manager Email: simon.peters@donaldmineralsands.com.au

Tel: +61 4 08502248

Website: www.astronlimited.com