Austral Mines 514,000 Tonnes at 0.85% Cu, Raises $40M for Growth

• 514,000 tonnes mined at Anthill with 0.85% copper grade
• Raised $40 million through a placement at $0.05 per share
• Record crushing and stacking outputs at Mt Kelly Heap Leach
• Copper cathode production of 2,283 tonnes with operational improvements
• Q4 2025 production guidance targets 2,610 tonnes of copper cathode

Strong Operational Momentum at Anthill and Mt Kelly

Austral Resources Australia Ltd (ASX – AR1) delivered a solid performance in the September 2025 quarter, mining over half a million tonnes of ore at the Anthill deposit with a copper grade of 0.85%. This translated into approximately 4,045 tonnes of contained copper, underscoring the mine’s growing productivity despite increasingly challenging conditions below the water table. The company’s Mt Kelly heap leach and solvent extraction electrowinning (SX-EW) plant processed 568,781 dry metric tonnes of ore, surpassing budgeted targets and producing 2,283 tonnes of copper cathode.

Capital Raise Fuels Growth and ASX Reinstatement

Following the quarter, Austral successfully completed a $40 million placement at $0.05 per share, a critical milestone that will fund balance sheet recapitalisation, integration of recent acquisitions, exploration, and development of the Rocklands mine. This capital injection also paves the way for the company’s anticipated reinstatement to the ASX, a key step in Austral’s ambition to become a mid-tier copper producer in Australia.

Operational Enhancements and Reliability Gains

Operationally, the quarter saw record crushing and stacking outputs, with improvements in crushing and stacking reliability contributing to more consistent throughput. Preventative maintenance and asset upgrades, including conveyor belt replacements and electrowinning cell refurbishments, have enhanced plant efficiency and copper recovery rates. Despite regional acid supply constraints affecting leaching rates, the company reported progressive improvements in heap leach performance and solution grades.

Exploration and Resource Development Pipeline

Austral’s exploration team has amassed a significant geochemical dataset at the Lady Annie Project, generating 28 drill-ready targets across multiple tenements. The company is actively integrating new assets into its development pipeline, focusing on high-impact near-term drill targets across the Mt Isa and Cloncurry regions. This exploration momentum supports Austral’s strategy to extend mine life and grow its resource base.

Looking Ahead – Production Guidance and Market Positioning

For the October quarter, Austral projects copper cathode production of 2,610 tonnes, reflecting confidence in operational continuity and ongoing improvements. With a nameplate capacity of 30,000 tonnes per annum at Mt Kelly and a clear pathway to scale production to 25,000 tonnes annually, Austral is positioning itself as a significant player in the Australian copper sector. The company’s focus on operational excellence, capital discipline, and exploration upside will be critical as it navigates the next phase of growth.

Bottom Line?

Austral’s $40 million capital raise and operational strides set a promising course, but execution risks and market conditions will test its ascent to mid-tier copper status.

Questions in the middle?

• How will Austral manage acid supply constraints impacting heap leach performance in the near term?
• What are the timelines and expected impacts of integrating new acquisitions like Rocklands into production?
• Can Austral sustain and scale its copper production to meet its 25,000 tonnes per annum target by 2026?