Austral Resources (ASX:AR1) has improved operating cashflow and copper production in the March 2023 quarter, while mining continues to exceed daily targets.
Copper sales of 2,818 tonnes in the March quarter generated net revenue of $35.55 million (up 17 per cent quarter-on-quarter) and operating cash flow of $13.6 million (up 158 per cent quarter-on-quarter).
Production averaged 30.7 tonnes a day (up 14 per cent quarter-on-quarter) of copper at an all-in sustaining cost (AISC) of US$2.79 per pound sold (down 24 per cent quarter-on-quarter) despite February being a short month and more than a thousand millimetres of cumulative rainfall in the quarter.
Thiess continues to exceed the daily mining target, despite extreme weather conditions in the quarter.
Mining recommenced in the Anthill West mine as the weather conditions are improving, and processing is already at a steady state with plant efficiency of 90-plus per cent.
Austral Managing Director and CEO Dan Jauncey said: “This quarter has been outstanding as our team successfully navigated a challenging environment not only for the Company, but all associated with Austral Resources.
“The exploration season has just started for us, I could not be happier with how things are tracking currently, and this will be another solid quarter with strong news flow.
“The board believes that the development of Lady Colleen will be transformational, offering the potential to increase annual production combined with the existing production from Anthill to over 25,000 tonnes per annum in copper cathode and concentrate, placing Austral in a unique position to its peers and materially extending Austral’s existing mine life.”
