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Austral Resources Australia Ltd (AR1.AX) March 2022 Quarterly Report
Brisbane, Australia, April 28, 2022 - (ABN Newswire) - Copper producer Austral Resources Australia Ltd (ASX:AR1) is pleased to provide an overview of its activities for the quarterly period ending 31 March 2022.
During the Quarter, the Company's Anthill Mine commenced production, paving the way to achieving >9,000t of copper cathode production in 2022 and >12,000t in 2023, as Austral continues to execute its growth strategy. Importantly, copper cathode production will increase significantly from May 2022 to a planned monthly output of 1,400t by October 2022, driving revenue growth throughout the remainder of the 2022 Calendar Year.
Copper prices are at historic highs, approaching A$14,000/t. This, coupled with a strongly increasing cathode production rate from May 2022, will see significant growth in sales revenues, considerably higher than originally forecast when Austral listed late last year. The US$15m Glencore prepayment facility provides a safe cash buffer during production ramp-up and enables increased exploration expenditure on drilling during 2022, with the aim of increasing Austral's copper inventory through discovery.
With works completed to develop a strong cashflow from copper cathode production and sales, exploration activities are now being expanded in the heart of one of Australia's most prolific copper provinces to build upon the Company's significant resource endowment of 420,000 tonnes of contained copper.
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About Austral Resources Australia Ltd:
Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.
Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.
Investor and Media Relations Manager
Austral Resources Australia Ltd
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