Astron (ASX:ATR) completed a bankable feasibility study for the first phase of the Donald project in Victoria, as it advances the project towards the final investment decision targeted for the second quarter, according to a Tuesday filing with the Australian bourse.

The project's first phase is expected to deliver an average annual earnings before interest, taxes, depreciation, and amortization of AU$119 million from an average revenue of AU$262 million over an estimated mine life of 40 years, the filing said.

Phase one has an estimated capital expenditure of AU$450 million, which includes a contingency of AU$39 million, per the filing.