Austral Resources Australia Ltd. announced assay results from the diamond drilling hole program, part of the in-progress Lady Colleen drilling program that includes Reverse Circulation drilling ("RC"). Lady Colleen ("LC") is located on an existing Mineral Lease (ML90170) and contains a JORC Mineral Resource Estimate of 7.9MT at 0.84% Cu. The quoted resource was calculated in 2013 by the previous mine owner and released by Austral in its IPO prospectus.

As previously announced (3), Austral has commenced evaluation of the potential at LC for a lower tonnage, higher grade sulphide resource that could be economically open pit mined. Progress to date includes. Updating of the LC sulphide resource by an independent resource geologist, confirming the continuity of the higher-grade core of the LC resource.

Pit shell evaluation of the updated LC sulphide resource with positive results warranting further detailed mine design and economic evaluation.: Integration of both the updated resource model and pit shells were then used to optimise the design of a now in-progress drilling program with multiple targets being identified; Infill of the current LC resource and upgrade portions of the Inferred Resource to Indicated and Measured status; Potential extensions of the resource within and immediately outside or adjacent to the Pit shells with step out drilling To the north and northeast of the current resource envelope targeting potential extensions of mineralisation along strike and down plunge, and Evaluation of the oxide and transitional cap over the sulphide resource. Drilling Update: Austral has now completed the drilling program with a total of 17 RC drill holes for 2,229.4m at LC. The drilling of a total of 6 DDH tails totalling 906.7m is in progress.

All RC & DDH tail drillholes are sampled on 1m intervals and submitted to ALS Laboratory for analysis. Austral has previously and will continue to update the market as results for LC are received (4). Results to date have been outstanding and have: verified the current geologic resource model and validated the targeting strategy applied; increased knowledge on the structural and stratigraphic controls on high-grade mineralization; confirmed the continuity of the high-grade core at LC which remains open along strike to the north-west and down plunge to the north-east.

Assays are detailed in Appendix 2. Significant intersections include: MTKCD086: 30.0m @ 2.35% Cu (from 201.0m downhole) Including 8.0m @ 3.55% Cu (from 209.0m downhole); Including 2.0m @ 6.77% Cu (from 215.0m downhole) Including 5.0m @ 5.74% Cu (from 223.0m downhole). MTKD011.: 31.2m @ 2.22% Cu (from 242.8m downhole) Including 15.0m @ 2.86% Cu (from 258.0m downhole) and 1.2m @ 9.96% Cu (from 292.0m downhole); MTKCD085: 13.0m @ 1.14% Cu (from 206.0m downhole) Including 1.0m @ 4.96% Cu (from 211.0m downhole). MTKCD086 & MTKD011 are both step-out holes targeting targeting potential extensions of high-grade mineralisation along strike and down plunge.

The intersection in MTKCD086 is a 37m step out along strike to the north-west and 31m step out down dip to the north-west from MTKC0545 (16m @ 2.612% Cu from 177m). The intersection in MTKD011 is a 54m step out down plunge of MTKC0548 (33m @ 4.528% Cu from 168m). The intersections of high-grade mineralisation in both MTKCD086 and MTKD011 are open along strike and down plunge.

Further drilling will be designed and completed to evaluate the potential continuation along strike and down plunge of the high-grade mineralisation. On completion of the drilling program and once all assays are received, the LC resource model will be updated to enable generation of a new Mineral Resource estimate which is expected in Fourth Quarter 2022. Program of Work: The extensive program of further work includes: The evaluation, identification, design and completion of required further drilling, including evaluation of the potential strike extent of the high-grade core, by end of September.

Completion of the drilling program at LC, receipt of all assays, geological evaluation (including structure and mineralogy), updating the LC resource model, evaluation and classification of an updated Mineral Resource reporting in accordance with the JORC Code - by mid-October. Completion of a Scoping Study of the potential for extraction of LC sulphide resource through open pit mining of a lower-tonnage higher-grade portion of the existing sulphide Mineral Resource, including all costs relevant to having the material transported and processed at an appropriate sulphide concentrator. This includes; Drill core from the current drilling program will be utilised to generate a composite that is representative of the LC deposit that will be used for floatation test work and to the evaluate the metallurgical characteristics of the high-grade mineralisation.

This ongoing evaluation of LC is a first step in assessing the potential to begin commercializing Austral's 210,000t of contained copper in sulphides to augment the Company's current 40,000t Anthill Mine copper production from the Anthill copper oxide mine.