Austral Resources Australia Ltd (ASX:ARI) Scoping Study Announcement

Austral Resources Australia Ltd (ASX:ARI) has announced the positive results of the Scoping Study conducted by ERM Australia Consultants Pty Ltd. The study, supervised by Howard Simpson, Mining Manager, ERM, reveals the potential for significant copper production from several key deposits, including Lady Annie, Lady Brenda, Mount Clarke, and Flying Horse. The study supports a rapid pathway to production and a compelling risk/return exploration opportunity to potentially extend the existing resources. The board is fast-tracking the Pre-feasibility study of these deposits to Q4 2024.

Chairman's Comment on Scoping Study Results

Austral's Chairman, Mr David Newling, expressed excitement about the outcomes of the scoping study, highlighting the strength of Austral Resources' extension project and its long-term copper production growth story. He emphasized the viability of the go-forward case and the potential for Austral to become a leading Australian mid-tier copper producer, especially in the context of a greener world. Mr Newling thanked stakeholders and shareholders for their support and looked forward to sharing more positive updates as the company progresses with the recapitalization.

Summary of Scoping Study and Outlook

The scoping study conducted by ERM for Austral Resources Australia Ltd (ASX:ARI) has revealed the significant potential for copper production from key deposits, supporting a rapid pathway to production and a compelling risk/return exploration opportunity. The study indicates a strong go-forward case and the potential for Austral to emerge as a leading Australian mid-tier copper producer, aligning with the company's ambitions for long-term growth. The company's operating strategy includes optimizing existing deposits, production and delivery of the Anthill Deposit, strategic exploration of its landholding, and estimation of the Ore Reserve for the existing Heap Leach. The study also outlines the next steps, including geological drilling, geotechnical drilling, and hydrogeological/hydrological work to facilitate detailed mine design and economic analysis. The company intends to update the market on its planned operational cashflow and proposed capital raising in the short term.