Highlights

  • Sustainable Operations: Production to start during the last week of July 2023 at the Company’s Heap Reprocessing Project located at the Guanaco/Amancaya mine complex in Chile, which has been operating since 2012. Reprocessing is to supplement existing production for the next 10 years.

  • Low Cost Production: Projected cash operating costs below $700 per gold equivalent ounce for 223,000 gold ounces and 1,043,000 silver ounces of proven mineral reserves.

Established gold producer Austral Gold Limited (Austral or the Company) (ASX: AGD; TSX-V: AGLD) is pleased to announce that construction at the Heap Reprocessing Project (“Project”) at its Guanaco-Amancaya Mine Complex in Antofagasta, Chile was completed, and commissioning has started. The Company expects production from the Project to start during the last week of July 2023.

During the balance of 2023, the Company expects the Project to contribute 7,000-9,000 gold equivalent ounces (“GEOs”) at a cash cost of production below $700 per GEO. The Project total’s proven mineral reserves are estimated at 223,000 gold ounces and 1,043,000 silver ounces.

The Company’s forecasts total annual production for fiscal year 2023 between 34,000-38,000 GEOs.

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