Austral Resources Australia Ltd (ASX:AR1) March 2022 Quarterly Report

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.

*To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/861XGZE2

Jane Morgan 
Investor and Media Relations Manager 
T: +61-405-555-618 
E: jm@janemorganmanagement.com.au