In this paper, the effect on thermal behavior and compounds mineralogy of replacing different percentages of fly ash with compact particles was studied. A total of 30% of fly ash was replaced with mass powder glass (PG), 70% with mass natural aggregates (S), and 85% with mass PG and S. According to this study, the obtained fly ash based geopolymer exhibits a 20% mass loss in the 25–300 °C temperature range due to the free or physically bound water removal. However, the mass loss is closely related to the particle percentage. Multiple endothermic peaks exhibit the dihydroxylation of β-FeOOH (goethite) at close to 320 °C, the Ca(OH)2 (Portlandite) transformation to CaCO3 (calcite) occurs at close to 490 °C, and Al(OH)3 decomposition occurs at close to 570 °C. Moreover, above 600 °C, the curves show only very small peaks which may correspond to Ti or Mg hydroxides decomposition. Also, the X-ray diffraction (XRD) pattern confirms the presence of sodalite after fly ash alkaline activation, whose content highly depends on the compact particles percentage. These results highlight the thermal stability of geopolymers in the 25–1000 °C temperature range through the use of thermogravimetric analysis, differential thermal analysis, and XRD.