Austral Gold operational update

Austral Gold Limited (ASX: $AGD) has provided an operational update, indicating a delay in the installation of the high-pressure grinding roll equipment (HRC 800) at the Company's Heap Reprocessing Project. This delay has led to a revision of production guidance for 2024 from 24,000-28,000 gold equivalent ounces (GEOs) to 18,000-20,000 GEOs.

Executive Commentary

The installation of the HRC 800 equipment has faced unexpected delays, impacting our production for Q2 2024. To address the resulting cash shortfall, we have sold a portion of our minority equity investments in public mining companies and are exploring alternative measures, including the potential sale of non-core assets. Despite these challenges, we remain committed to advancing our portfolio of producing and exploration assets as part of our growth strategy.

Summary of Operational Update

Austral Gold Limited has experienced delays in the installation of the HRC 800 equipment, leading to a downward revision of its production guidance for 2024. The company has taken proactive steps to address the cash shortfall by selling minority equity investments and considering the sale of non-core assets. Despite these challenges, Austral Gold remains focused on advancing its portfolio of producing and exploration assets as part of its growth strategy.