Strategic collaboration between Austral and Glencore to increase...

Strategic collaboration between Austral and Glencore to increase and extend oxide production
Highlights
• Austral and Glencore examining strategic collaboration to explore for oxides in
Glencore’s tenure immediately east of Lady Annie Mining Lease (LAML) and to undertake
studies, after sharing previous drill results by Glencore (Table 1).
• Exceptional oxide drill results including 17m @ 2.51% Cu from 54m downhole in XLAT-17,
located on Glencore’s tenure, 100m from Austral’s Lady Annie boundary1
:
HOLEID TYPE Intercept
Depth to surface
Location
XLAT09 12m @0.94% Cu & 0.05 %Ca from 49m 60m 250m NE of LAML
XLAT09 INCLUDING 6m @1.27% Cu & 0.08 %Ca from 50m 60m 250m NE of LAML
XLAT17 17m @2.51% Cu & 1.09 %Ca from 54m 50m 100m NE of LAML
XLAT17 INCLUDING 11m @3.39% Cu & 0.81 %Ca from 59m 50m 100m NE of LAML
Table 1. Assays intersection from previous Glencore drilling
• Additional drill results return significant near surface intercept, including 12m @ 0.94% Cu
from 49m downhole in XLAT-09, located on Glencore tenure 250m from Austral’s Lady
Annie boundary. Austral considers these drilling results indicate there is a high probability
to expand the existing Mineral Resource at Lady Annie.

• Recently conducted Whittle optimisation study by independent consultant ERM Australia
Consultants Pty Ltd (trading as CSA Global) identified a potential for an additional 30,000
tonnes of contained copper as oxide and transitional Mineral Resource within Austral’s
mining lease.
• Further drilling in 2023 (3,512m over a total of 43 holes) has extended copper oxide
potential at Lady Annie within Austral’s mining lease.
• Collaboration subject to binding documentation which is expected to be entered into
within the next 60 days.