Austral Resources Australia Ltd. announce the release of a Scoping Study prepared by CSA Global-that examines the viability of constructing an open cut mine at the Company's Lady Colleen Project. The construction of this mine would add significantly to both Austral's copper production capabilities and its revenue base, which is already trending higher as Mt Kelly's output levels continue to ramp up. The Mineral Resources underpinning the production target have been prepared by a competent person in accordance with the JORC Code and announced on 28 October 2022 as Lady Colleen ore grade Increases by 200%.

The next stage of project development commences with a Pre-feasibility Study. When that is completed (and the technical and economic viability of the Lady Colleen Project is confirmed by this Study) a timeframe for development and production will be finalised and communicated.