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Austral Build the Mt Isa Anthill

9 January 2023 12:48

Austral Resources closed out 2022 strong, having hit commercial production from its Anthill Copper Project in Queensland’s world-renowned Mount Isa Region.

Last month the company hit an outstanding average production rate of 33.3 tonnes of plated copper per day for a total of 976 tonnes over a 29-day period following a steady ramp up in the months prior.

Now cashflow positive, with total costs in December coming in at just under 9 million dollars, Austral expects costs to decline throughout CY23 as they begin to progressively increase production rates towards 33.5 tonnes per day.

Lying within the company’s Lady Annie Project and only 45kms shy from the Mt Kelly processing facility, Anthill is one of Austral’s most promising projects, hosting a JORC-compliant resource of 13.8Mt grading 0.70% copper.

This news adds another feather in Mt Isa’s copper cap and is particularly exciting for Austral’s Mt Isa neighbours Castillo Copper, who are chasing a large-scale copper discovery at its historical Big One Deposit, alongside Power Metal’s recent merger NewCo who have 1507 square kilometres of exploration licence in the renowned region.

The Company said it is grateful for the support it received from shareholders over what was a difficult year.

“From the board to the camp chiefs, we have been shoulder to shoulder, with one goal in mind, becoming operationally cash flow positive. And we achieved that in December,” said Managing Director and Chief Executive Dan Jauncy.

“We look forward to an increasingly productive year during 2023, and further repaying the faith and trust placed in us with operational success.”

AR1’s Australian Stock Exchange-listed share price has risen 15.99 per cent today, currently selling at 29c (11:52 am UTC+ 8 hours).

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