Austral Resources Australia Limited announced its planned development and exploration program for the remainder of calendar 2022 and the 1st half of calendar 2023. Austral's Exploration Strategy Progressed: As previously reported, Austral has committed to an annual exploration and development budget of $10 million. Austral's current total JORC compliant Mineral Resource Estimate of 60Mt @ 0.7%Cu, hosts 420,000t of contained copper 2. Within this headline number, mineralisation by type is approximately 50% sulphide, 25% transitional and 25% oxide.

Austral is constantly reviewing this resource inventory, with the dual aims of expanding and commercialising it. The Company's key exploration activities continue to be: Extend mine life beyond the current four years at Anthill by discovering additional copper oxide ore: The focus in 2022 and 2023 are targets on existing mining leases and/or within 50km of the Mt Kelly SX-EW plant. Increase the current JORC compliant Mineral Resource estimate of 420kt of contained copper; Monetise Austral's current JORC compliant sulphide Mineral Resources of 210kt of contained Copper; Explore for primary copper and base metal sulphide mineralisation within the Company's vast 2,100km2 of exploration tenure.

CY22 copper oxide exploration has systematically progressed: Lady Annie has an existing JORC Compliant resource of 12.2Mt @ 0.76% Cu at a 0.3% Cu cut-off2. Phase 1 exploration drilling is targeting geophysical targets. Exploration program details: Lady Treska - geophysical VTEM anomaly occurs with a coincidental gravity anomaly offset 100m to the west.

This feature is comparable with the adjacent Lady Annie VTEM anomaly; · Big Nose - the largest geophysical gravity anomaly on ML displays a coincidental spatial distribution of high amplitude gravity with anomalous Cu in soils >500ppm; · Planned drilling in 2022 of prioritised 13 holes for 1,450m. All CHC & CCA in place. Access and drill pads are being developed.

Anthill ML: Anthill is the current Austral Resources flagship with a JORC 2012 compliant resource of 13.8Mt @ 0.7% Cu2. During 2022 the area surrounding Anthill mine was reviewed using historical and newly acquired additional data. A significant amount of historical exploration work has been completed including surface sampling, drilling and mapping.

This legacy work was integrated with additional information including; Following up on targets identified by previous explorers; Process freely available land satellite data and use the images to better delineate geological litho types, exposed mineralogy, and signify geological domain boundaries; Assess previous drill hole/exploration data in relation to new-found targets to determine whether additional ground truthing can be beneficial in proving additional resource; Geologic knowledge gleaned from exposures in the current mining operation has been integrated into the exploration design; Intended 34 holes for 3,630m. All CHC & CCA approvals in place. Pads and access completed; Planned holes have been reviewed and prioritised.

The highest priority 19 holes total 2,200m. Further drilling of lower priority holes will be dependent upon results from the phase 1 drilling. McLeod Hill ML: The McLeod Hill prospect hosts a 2012 JORC-compliant inferred resource of 1.42Mt @ 0.49% Cu2.

The inferred resource is strongly correlated with an outcropping zone of strongly developed hematite alteration running parallel to and adjacent to the McNamara Fault, a reactivated D1 structure. Details of the 2022 exploration program include: Surface sampling of around 500 rock chips over the southern area of McLeod's Hill ML has been completed; Planned drilling of 10 holes for 800m. All CHC & CCA in place.

Pads and access completed. CY23 copper oxide targets: The key area of focus in Austral's CY23 copper oxide exploration program is located within the Company's Western Tenement Area (WTA). A key positive for the viability of any additional resource found in this area will be its economic haulage distance to the Lady Annie SX-EW plant.

There are a number of strong copper oxide exploration targets across the WTA that are scheduled for exploration in CY23. Priority exploration targets within the WTA include: Drifter Prospect Area The Drifter prospect is located 15km NNE of Lady Annie. It hosts multiple historic prospects including: Drifter: Recent rock chip sampling includes assay results at 4.83% Cu.

Historical drilling results include; 22m @ 1.23% Cu from 28m, including 5m @ 2.93% Cu from 39m (DRFB0025); 25m @ 0.93% Cu from 29m, including 2m @ 2.51% Cu from 39m (DRFC0011); 8m @ 2.36% Cu from 37m, including 2m @ 5.67% Cu (DRFC0008). Kechenaj: Historical drilling results include; 4m @ 1.34% Cu from 1m (DRFC0003); 4m @ 1.14% Cu from 4m (DRFB0030). Busy Bee: Recent rock chip sampling includes assay results at 16.05% Cu.

Limited prior drilling did not return any significant assays. Lady Agnes: The Lady Agnes prospect is located 15km due north of the Lady Annie copper mine. The target in this prospect has significantly lower exploration maturity than the Drifter-Kechenaj area, but hosts many of the features necessary for copper mineralization and is considered reasonably prospective.

The Lady Agnes prospect is located within the Gunpowder Formation and hosts a 1,800m long, +100ppm Cu soil anomaly confined between two NNE- to NE-trending structures. Limited drilling has been completed at Lady Agnes South with the bulk of the copper soil anomaly remains untested by drilling.