Ann: Collaboration with Glencore to Increase Oxide Production, page-2

Austral’s Managing Director and CEO, Dan Jauncey, commented.
“Austral has been working collectively with Glencore on numerous opportunities to monetise some
of our joining tenure. Our April 2023 announcement on re optimising Lady Annie pit certainly shows
oxides extending through into the Lady Loretta mining lease. After working closely with Glencore
over the last 4 years and forming an understanding that there are synergies in working together,
this certainly makes for a win win for both parties.
The exceptional drill results, include a significant intercept of 17m @ 2.51% copper in XLAT-17 from a
depth of 54m, located just 100 meters northeast from the boundary of our Lady Annie mining lease.
Additional drill results showing significant near-surface intercepts, such as 12m @0.94% copper from
a depth of 49m, are also only 250m northeast of our mining lease. These results are highly
encouraging. I have been talking about feeding the beast (our processing facility), I stated in April
we want to increase our oxide feed by 60% by starting a mining campaign on our existing pits, and
that we have 30,000 tonnes of oxide and transitional ore to mine, this certainly is in train now, and
likely to increase with these results.
We remain committed to maximising value for our shareholders and will continue to explore and
capitalise on these opportunities”.