Fund Manager Summary
The fund managers believe that Astron Corp Ltd presents a compelling investment opportunity, particularly due to its significant Rare Earths and Zircon deposits. In their opinion, the recent convertible note agreement at a strike price of 54c allows for strategic liquidity without dilutive capital raising, positioning the company for substantial growth. They emphasize that once the company progresses its definitive feasibility study (DFS), the share value could exceed $2, given the current share price of $0.45. With one of the largest undeveloped sites globally, the demand for Zircon is expected to drive prices higher, as evidenced by recent increases. The management team’s extensive experience and significant co-investment further align their interests with investors, making Astron a potentially lucrative investment against a market cap of under $100 million.
Source: Trading View
Commentary From The Managers
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Collins St Asset Management
30 Sept 2025
$0.49
Summary
- Collins St Asset Management has been a long-term shareholder in Astron (ASX:ATR), resulting in a profitable experience.
- Astron’s share price increased by almost 70% during 2025 to the end of the quarter, with further increases noted.
- The company's primary focus is the development of the Donald Rare Earth and Mineral Sands Project in regional Victoria.
- Astron operates a mineral sands trading operation in Shenyang, China.
- It owns and operates a zircon and titanium chemicals research facility in Yingkou, China.
- During the quarter, shareholders approved a scheme to redomicile the Astron Group from Hong Kong to Australia.
- Astron Limited became the listed parent company of the Astron Group, with securities replaced on a two for one basis.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Collins St Asset Management
30 Sept 2025
$0.49
- Collins St Asset Management has been a long-term shareholder in Astron (ASX:ATR), resulting in a profitable experience.
- Astron’s share price increased by almost 70% during 2025 to the end of the quarter, with further increases noted.
- The company's primary focus is the development of the Donald Rare Earth and Mineral Sands Project in regional Victoria.
- Astron operates a mineral sands trading operation in Shenyang, China.
- It owns and operates a zircon and titanium chemicals research facility in Yingkou, China.
- During the quarter, shareholders approved a scheme to redomicile the Astron Group from Hong Kong to Australia.
- Astron Limited became the listed parent company of the Astron Group, with securities replaced on a two for one basis.
Summary
Collins St Asset Management
30 June 2025
$0.62
- Astron Corp Ltd (ASX:ATR) is developing a mineral sands and rare earth project in the Donald region of western Victoria.
- Recent testing indicates it is the fourth largest Rare Earths project outside China and the largest undeveloped Zircon resource globally.
- Astron plans to develop the project in stages, with Stage 1 projected to have a 40+ year mine life and generate earnings over $850 million (NPV8).
- Collins St Asset Management notes that Astron has partnered with Energy Fuels, which will invest $200 million for up to 49% of the project.
- An offtake agreement has been established for the rare earths concentrate produced by the mine.
- Feasibility studies for Stage 2 suggest a 60-year mine life with a production value of $2.2 billion (NPV8).
- Despite the significant potential, Astron’s current market cap is only $122 million.
- Collins St Asset Management believes ATR should be trading at a minimum reflecting the $200 million investment from Energy Fuels.
- Recent regulatory progress includes the Work Plan approval, advancing the project towards development.
- With a current share price of 60c, Collins St Asset Management suggests ATR could be valued closer to $1.20 or higher as development progresses.
Summary
Collins St Asset Management
31 Mar 2022
$0.58
- Collins St Asset Management has long been interested in investing in Astron Corp Ltd.
- The fund manager initiated a position through a convertible note agreement with a strike price of 54c.
- This investment vehicle allows liquidity and potential equity ownership without immediate dilution.
- There is potential for significant value increase, with estimates suggesting shares could exceed $2 post-definitive feasibility study.
- Astron holds one of the largest undeveloped sites for Zircon and Rare Earths globally.
- The Rare Earths project aligns with growing technological demands and strategic interests, particularly amid US supply concerns.
- Supply constraints are impacting Zircon prices, with recent increases noted by Iluka.
- Astron’s Donald project has the capacity to meet five years of global demand for Zircon.
- The management team at Astron boasts over 30 years of relevant industry experience.
- Management’s significant co-investment aligns their interests closely with those of the fund.
- Previous DFS results indicated a Net Present Value of over US$1 Billion, with increasing market demand since then.
- The market cap of Astron remains under $100 million, presenting potential upside for investors.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
With a strategic position in the booming Rare Earths and Zircon markets, Astron Corp Ltd appears poised for a breakout. As supply constraints tighten, the potential for substantial returns seems imminent, especially with a management team deeply aligned with investor interests.
Last Updated: 30 Sept 2025
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Frequently Asked Questions
Who is investing in Astron Corp Ltd (ASX:ATR)?
Fund managers including Collins St Asset Management have invested in Astron Corp Ltd (ASX:ATR).
Why do fund managers invest in Astron Corp Ltd?
Fund managers are investing in Astron Corp Ltd due to its ownership of a major undeveloped Zircon and Rare Earths site, which is increasingly valuable amid global supply constraints. The company's strategic assets align with growing demand in technology sectors, such as electric vehicles and renewable energy. Additionally, the management's significant co-investment and experienced team bolster confidence in the company's potential. A recent convertible note agreement allows for liquidity while supporting project advancement, positioning Astron for substantial future valuation increases.
What happened to Astron Corp Ltd (ASX:ATR)?
Fund managers have invested in Astron Corp Ltd due to its significant share price growth of nearly 70% in 2025, driven by the development of its long-life Donald Rare Earth and Mineral Sands Project in Victoria. The company also operates a mineral sands trading business in China and a research facility for zircon and titanium chemicals. Recent strategic moves, including redomiciling to Australia, enhance its operational stability and market presence, making it an appealing investment.