AUSTRAL RESOURCES AUSTRALIA LTD — Capital/Financing Update 2022

Oct 12, 2022

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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13 October 2022

Outstanding step-out drilling delivers 6m @ 2.95% Cu at Lady Colleen

Highlights:

• Further and final assay results from the current diamond drilling program at the Lady Colleen prospect, a copper sulphide resource at the Mt Kelly operation include:

• MTKCD087 (70m step-out along strike and 30m down-dip to the NW).

  • 49m @ 1.27% Cu (from 173m downhole) including;

    • 6m @ 2.95% Cu (from 189m downhole)

    • 4m @ 2.54% Cu (from 199m downhole)

    • 5m @ 2.18% Cu (from 217m downhole)

• MTKCD088 (15m step-out along strike and 77m down-dip to the NW).

  • 48m @ 1.00% Cu (from 132m downhole) including;

    • 3m @ 2.85% Cu (from 169m downhole)

    • 3m @ 2.69% Cu (from 178m downhole)

• Results confirm the presence of a continuous high-grade core to mineralisation at Lady Colleen which remains open along strike and down plunge to the north-west

• Focus on understanding the controls on high-grade mineralisation to target the next phase of drilling exploring the potential continuation along strike and down plunge

• Drilling has consistently intersected higher-grade zones within a broader envelope of lowergrade mineralisation[(1)]

• On schedule with the extensive program of work which is underway at the Lady Colleen deposit to provide with consistent news flow expected this calendar year including the updated Mineral Resource Estimate in early Q4 2022

• Austral has announced a Scoping Study to assess the potential of the Lady Colleen Mineral Resource to support an open cut mining project at Mt Kelly[(2)]

1 Appendix 1, ASX release 27 September 2022 2 Appendix 1, ASX release 16 September 2022

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Copper producer Austral Resources Australia Ltd (ASX:AR1) ( “Austral” or the “Company” ) is pleased to announce further and final assay results from the diamond drilling hole ( “DDH” ) program, part of the current Lady Colleen drilling program that includes Reverse Circulation drilling ( “RC” ) .

Dan Jauncey CEO said :

“The 2022 drilling campaign at Lady Colleen has been completed safely and effectively with the support of our contracting partners Tulla Drilling, Rural Earthworx, and ALS Global.

The outstanding results have delivered our 2022 exploration strategy at Lady Colleen, to explore for a high-grade core within the large Mineral Resource.

Results have confirmed the presence of a continuous high-grade core at Lady Colleen. Critically, the high-grade core remains open along strike and down plunge.

We are now updating the Mineral Resource Estimate and designing the next drilling campaign.

Following the Mineral Resource Estimate update, Austral will commence a Scoping Study to evaluate all modifying factors and determine the economic potential for open pit mining at Lady Colleen.

We look forward to advising the market with the updated Mineral Resource Estimate at Lady Colleen over the coming weeks.”

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 - see Table 1 below[(3)] . The quoted resource was calculated in 2013 by the previous mine owner and released by Austral in its IPO prospectus.

DEPOSIT	MATERIAL TYPE MT CU% CA% MG% CONTAINED CU TONNES
LADY COLLEEN	Oxide 0.2 0.58 0.9 0.4 1,160
	Transitional 2.1 0.75 3.8 2.1 15,750
	Sulphide 5.6 0.89 4.4 2.4 49,840
	Total** 7.9 0.84 4.2 2.3 66,750

Table 1. Lady Colleen JORC Mineral Resource Estimate. ** Rounding applied to resource numbers.

3 Appendix 1, ASX release 26 April 2022

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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As previously announced[(4)] , 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 completed 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 2,219.1m at LC. The drilling of a total of 6 DDH tails totalling 926.2m has also now been completed. A plan view of collar locations and section lines is displayed in Figure 1, with sections displayed in Figure 2. Drillhole design details are listed in Table 2.

All RC & DDH tail drillholes are sampled on 1m intervals and submitted to ALS Laboratory for analysis. Results to date have been outstanding[(5)] 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 mineralisation

• 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, as indicated in Figure 3 and Figure 4.

4 Appendix 1, ASX release 28 July 2022 5 Appendix 1, ASX release 5 September 2022

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Assays are detailed in Appendix 2. Significant intersections include;

• MTKCD087

• 49m @ 1.27% Cu (from 173m downhole) including;

  • 6m @ 2.95% Cu (from 189m downhole)

  • 4m @ 2.54% Cu (from 199m downhole)

  • 5m @ 2.18% Cu (from 217m downhole)

• MTKCD088

• 48m @ 1.00% Cu from 132m, including

  • 3m @ 2.85% Cu (from 169m downhole)

  • 3m @ 2.69% Cu (from 178m downhole)

MTKCD087 is a step-out hole targeting potential extensions of high-grade mineralisation along strike and down plunge.

The intersection in MTKCD087 is a 70m step out along strike to the northwest from MTKCD038 (24m @ 2.08% Cu from 145m & 38m @ 3.28% Cu from 206m), and a 30m step back down dip from MTKCD086 (30m @ 2.35% Cu from 201m).

Importantly, the intersection from MTKCD087 confirms that the LC high-grade core remains open along strike and down plunge to the Northwest. (Figures 3 & 4).

MTKCD088 is an infill hole drilled to increase resource certainty and evaluate grade continuity between existing intersections.

The intersection in MTKCD088 is a 77m step back down dip from MTKC0626 (4m @ 3.16% Cu from 107m and 6m @ 1.75% Cu from 120m) and adds 15m strike extension to the northwest of MTKCD038 (grades listed above).

Further drilling will be designed and completed to evaluate the potential continuation along strike and down plunge of the high-grade mineralisation, as indicated in Figures 3 & 4.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Figure 1. Lady Colleen 2022 drilling collars, drill traces, significant intersections report and section lines. Newly announced results in large font & symbol, previously announced results in small font & symbol

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Figure 2. Lady Colleen Sections A-A & B-B. Heavy black lines are recent actual and planned drilling, purple line is base pit shell and pink line is pit shell +5% RF (pit shell as per announcement 28 July 2022).

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Figure 3. Lady Colleen 216mRL Level plan. Heavy black lines are recent actual and planned drilling. Newly announced results in large font & symbol, previously announced results in small font & symbol

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Figure 4. Lady Colleen Long Section along plane of controlling structure. Line of section shown on Figure 3. Newly announced results in large font & symbol, previously announced results in small font & symbol

Program of Work

The extensive program of further work includes;

• The evaluation, identification and design of required further drilling to evaluate the potential strike extent of the high-grade core, as indicated in Figures 3 & 4 - by end October.

• Geological evaluation (including structure and mineralogy), updating the LC resource model, pit shell evaluation of the updated resource model, evaluation and classification of an updated MRE reported in accordance with the JORC Code - by end October.

• Following update of the MRE, commencement of a Scoping Study evaluating 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;

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
----- End of picture text -----

• 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 commercialising 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.

HoleID	Status	EAST	NORTH	RL	Dip	Azi(TN)	Depth(m)	RC(m)	HQ (m)	Comment
MTKC0618	Drilled	304080	7799700	340	-60	220	75	75		Trace malachite
MTKC0619	Drilled	304062	7799716	340	-60	220	75	75		Trace malachite
MTKC0620	Drilled	304042	7799734	339	-60	220	75	75		Trace malachite
MTKC0621	Drilled	304205	7799643	342	-60	220	75	75		Trace malachite
MTKC0622	Drilled	304184	7799669	345	-60	220	129	120		Trace malachite
MTKC0623	Drilled	304140	7799692	350	-60	220	129	130		Trace malachite
MTKC0624	Drilled	304116	7799701	345	-60	220	93	100		Trace to minor malachite
MTKC0625	Drilled	304094	7799823	344	-60	220	129	120		Dissiminated & veins
MTKC0626	Drilled	304146	7799843	346	-60	220	150	150		Disseminated to semi-massive
MTKC0627	Drilled	304199	7799861	345	-60	220	231	250		Disseminated & veins
MTKC0628	Drilled	304304	7799844	351	-60	220	225	220		Disseminated & veins
MTKCD083	Drilled	304350	7799898	345	-55	227	298.7	173.7	125	Disseminated & veins
MTKD011	Drilled	304314	7799990	347	-53	222	306.4		306.4	Disseminated to semi-massive Redrill(from surface)of MTKCD084
MTKCD085	Drilled	304318	7799926	339	-60	225	270.4	149.7	120.7	Disseminated & veins
MTKCD086	Drilled	304200	7800005	355	-55	213	300.3	176.7	123.6	Disseminated to semi-massive
MTKCD087	Drilled	304224	7799980	356	-60	216	300.3	179.3	121	Disseminated & veins
MTKCD088	Drilled	304212	7799918	347	-60	220	279.2	149.7	129.5	Disseminated & veins
								2219.1	926.2

Table 2. Lady Colleen 2022 Drilling Program.

This announcement is authorised for market release by the Board of Directors

FOR FURTHER INFORMATION PLEASE CONTACT:

Jane Morgan Investor and Media Relations Manager +61 (0) 405 555 618 jm@janemorganmanagement.com.au

Company contact: Level 9, 60 Edward Street Brisbane City Qld 4000 +61 (0) 73520 2500

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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About Austral Resources

Austral Resources Australia Ltd is an ASX listed copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral has developed its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.

Austral also owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt@ 0.7% Cu (420,000t of contained copper) and 2,100km[2] of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine, increase its resource base and then review options to commercialise its copper resources.

Competent Persons’ Statement

The information in this announcement that relates to Mineral Assets, Exploration Targets, Exploration Results, Mineral Resources and Ore Reserves is based on and fairly reflects information compiled and conclusions derived by Mr Andrew Beaton and Mr Ben Coutts, Competent Persons who are Members of the Australasian Institute of Mining and Metallurgy. Mr Beaton is the Site General Manager at Austral and Mr Coutts is Exploration Manager at Austral. Mr Coutts and Mr Beaton are geologists and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results and Ore Reserves (2012 JORC Code). Mr Coutts and Mr Beaton consent to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information as cross referenced in this release.

Ore Reserve and Mineral Resource Estimate Statements

Detailed information that relates to Ore Reserves and Mineral Resource Estimates is provided in Austral Resources Prospectus, Section 7, Independent Technical Assessment Report. This document is available on Austral’s website: www.australres.com and on the ASX released as “Prospectus” on 1 November 2021. The Company confirms that it is not aware of any new information or data that materially affects the estimates of Mineral Resources and Ore Reserves as cross referenced in this release and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Appendix 1. Key Austral ASX announcements

DATE	TITLE
1 Nov 2021	Austral Prospectus
3 Nov 2021	Austral lists on ASX
9 Nov 2021	Anthill and Mt Kelly development underway
17 Nov 2021	Anthill blasting commences
7 Dec 2021	Thiess signing
14 Dec 2021	Updated Company presentation
11 Jan 2022	Mining commences at Anthill
30 Jan 2022	December Quarter Report
3 Feb 2022	Offtake and Prepayment Agreement secured with Glencore
31 Mar 2022	Austral's Anthill Mine Ore Shipments Commence
26 Apr 2022	Exploration update
28 Apr 2022	March Quarter Report
4 May 2022	RIU Conference presentation
6 Jun 2022	Austral exploration update
8 Jun 2022	Glencore (MIM) JV
8 Jun 2022	Resources Rising Stars Presentation
14 Jun 2022	First Anthill Copper Cathode Plated
21 Jun 2022	Austral Appoints Exploration Manager
27 Jun 2022	Change of Management
27 Jul 2022	Austral June 2022 Quarterly Update
28 Jul 2022	Lady Colleen Drilling Update
2 Aug 2022	Drilling at Flying Horse confirms 14m @ 2.39% Cu
9 Aug 2022	Maiden Mineral Resource at Enterprise
11 Aug 2022	Austral successfully completes $17M placement
26 Aug 2022	Operational and Strategic Update
29 Aug 2022	Austral Resource Appendix 4 and half-year report
5 Sep 2022	New drilling Results at Lady Colleen include 5m @ 7.10% Cu
16 Sep 2022	Austral Board Approves Scoping Study for Lady Colleen
27 Sep 2022	Lady Colleen assays confirm 5m @ 5.74% Cu in step-out drilling

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Appendix 2. Newly reported assays from Lady Colleen 2022 Drilling Program

Hole_ID	From	To	SampleID	Sample Method	Sample Type	ME-ICP49	ME-ICP49	ME-ICP49	ME-ICP49		Cu-OG46 + Cu-OG62	Intersections (External Dilution > 0.24% Cu + Maximum Internal Dilution)
						Cu(%)	Ca(%)	Fe(%)	Mg (%)	S(%)	Cu(%)
MTKCD087	0	4	D104107	Half Core	HQCore	0.001	0.32	0.77	0.16	0.04
MTKCD087	4	8	D104108	Half Core	HQCore	0	0.05	0.4	0.06	0.03
MTKCD087	8	12	D104109	Half Core	HQCore	0	0.07	0.2	0.1	0.05
MTKCD087	12	16	D104110	Half Core	HQCore	0	0.12	0.15	0.08	0.04
MTKCD087	16	20	D104111	Half Core	HQCore	0.001	0.03	0.09	0.02	0.03
MTKCD087	20	24	D104112	Half Core	HQCore	0.002	0.02	0.07	0.02	0.03
MTKCD087	24	28	D104113	Half Core	HQCore	0.002	0.04	0.1	0.03	0.03
MTKCD087	28	32	D104114	Half Core	HQCore	0.002	0.03	0.1	0.02	0.03
MTKCD087	32	36	D104115	Half Core	HQCore	0.013	0.06	1.82	0.05	0.03
MTKCD087	36	40	D104116	Half Core	HQCore	0.007	0.04	0.51	0.03	0.02
MTKCD087	40	44	D104117	Half Core	HQCore	0.035	0.02	2.23	0.02	0.02
MTKCD087	44	48	D104118	Half Core	HQCore	0.075	0.16	6.94	0.04	0.02
MTKCD087	48	52	D104119	Half Core	HQCore	0.049	8.66	4.64	4.68	0.03
MTKCD087	52	56	D104120	Half Core	HQCore	0.03	9.29	1.92	4.96	0.03
MTKCD087	56	60	D104121	Half Core	HQCore	0.016	8.71	1.76	4.71	0.07
MTKCD087	60	64	D104122	Half Core	HQCore	0.012	8.56	1.97	4.54	0.16
MTKCD087	64	68	D104123	Half Core	HQCore	0.004	9.17	2.14	4.88	0.13
MTKCD087	68	72	D104124	Half Core	HQCore	0.004	9.58	2.16	5.06	0.22
MTKCD087	72	76	D104126	Half Core	HQCore	0.003	8.09	1.84	4.23	0.34
MTKCD087	76	80	D104127	Half Core	HQCore	0.002	9.42	1.99	4.95	0.25
MTKCD087	80	84	D104128	Half Core	HQCore	0.003	10.15	2.29	5.33	0.27
MTKCD087	84	88	D104129	Half Core	HQCore	0.002	9.66	2.33	5.03	0.44
MTKCD087	88	92	D104130	Half Core	HQCore	0.001	8.91	2.06	4.66	0.34
MTKCD087	92	96	D104131	Half Core	HQCore	0.002	8.83	2.02	4.64	0.34
MTKCD087	96	100	D104132	Half Core	HQCore	0.001	8.52	2.32	4.36	0.43
MTKCD087	100	104	D104133	Half Core	HQCore	0.001	10.05	2.33	5.23	0.32
MTKCD087	104	108	D104134	Half Core	HQCore	0.001	8.83	2.18	4.54	0.38
MTKCD087	108	112	D104135	Half Core	HQCore	0.001	10.65	2.3	5.52	0.34
MTKCD087	112	116	D104136	Half Core	HQCore	0.001	9.57	2.33	4.96	0.28
MTKCD087	116	120	D104137	Half Core	HQCore	0.001	11.1	2.81	5.56	0.3
MTKCD087	120	124	D104138	Half Core	HQCore	0.003	9.75	2.52	5.06	0.34
MTKCD087	124	128	D104139	Half Core	HQCore	0.001	10.45	2.64	5.32	0.34
MTKCD087	128	132	D104140	Half Core	HQCore	0.001	11.5	2.96	5.75	0.32
MTKCD087	132	136	D104141	Half Core	HQCore	0.001	10.4	2.54	5.32	0.36
MTKCD087	136	140	D104142	Half Core	HQCore	0.001	9.52	1.9	4.98	0.33
MTKCD087	140	144	D104143	Half Core	HQCore	0.001	11.1	2.5	5.72	0.28
MTKCD087	144	148	D104144	Half Core	HQCore	0.001	11.35	2.54	5.77	0.25
MTKCD087	148	152	D104145	Half Core	HQCore	0.002	10.1	2.18	5.22	0.32
MTKCD087	152	156	D104146	Half Core	HQCore	0.002	10.45	1.89	5.52	0.26
MTKCD087	156	160	D104147	Half Core	HQCore	0.003	9.76	2.01	5.03	0.34
MTKCD087	160	164	D104148	Half Core	HQCore	0.002	10.3	1.99	5.38	0.33
MTKCD087	164	168	D104149	Half Core	HQCore	0.004	10.2	2.15	5.33	0.35
MTKCD087	168	172	D104151	Half Core	HQCore	0.007	10.4	1.96	5.47	0.29
MTKCD087	172	173	D104152	Half Core	HQCore	0.237	10.1	2.3	5.31	0.64
MTKCD087	173	174	D104153	Half Core	HQCore	>1	5.6	3.85	2.92	3.11	2.62	49m @ 1.27% Cu (From 173m)
MTKCD087	174	175	D104154	Half Core	HQCore	0.426	9.35	2.45	4.79	0.88
MTKCD087	175	176	D104155	Half Core	HQCore	0.136	11.45	2.48	5.94	0.49
MTKCD087	176	177	D104156	Half Core	HQCore	>1	4.09	2.75	2.09	2.09	1.75
MTKCD087	177	178	D104157	Half Core	HQCore	0.854	7.45	2.49	3.91	1.2
MTKCD087	178	179	D104158	Half Core	HQCore	>1	2.58	4.08	1.3	3.87	3.17
MTKCD087	179	179.3	D104159	Half Core	HQCore	0.505	6.86	2.01	3.63	0.82
MTKCD087	179.6	180	D104777	Half Core	HQCore	0.03	7.7	1.74	4.03	0.44
MTKCD087	180	181	D104778	Half Core	HQCore	0.23	5.68	1.82	3.05	0.81
MTKCD087	181	182	D104779	Half Core	HQCore	0.43	5.01	1.63	2.74	0.85
MTKCD087	182	183	D104780	Half Core	HQCore	0.22	7.32	1.78	3.86	0.59
MTKCD087	183	184	D104781	Half Core	HQCore	>1	4.8	3.62	2.53	3.01	2.49
MTKCD087	184	185	D104782	Half Core	HQCore	>1	5.6	3.27	3.04	2.41	1.93
MTKCD087	185	186	D104783	Half Core	HQCore	0.05	10.85	2.3	5.63	0.36
MTKCD087	186	187	D104784	Half Core	HQCore	0.02	9.55	1.84	5.01	0.39
MTKCD087	187	188	D104785	Half Core	HQCore	0.38	8.96	2.15	4.68	0.83
MTKCD087	188	189	D104786	Half Core	HQCore	0.51	6.15	1.94	3.42	1.09
MTKCD087	189	190	D104787	Half Core	HQCore	>5	2.32	10.2	1.16	9.56	10.4
MTKCD087	190	191	D104788	Half Core	HQCore	0.63	5.5	2.14	3.09	1.5
MTKCD087	191	192	D104789	Half Core	HQCore	>1	4.69	4.22	2.48	3.74	2.64
MTKCD087	192	193	D104790	Half Core	HQCore	0.16	7.52	1.76	4.05	0.79
MTKCD087	193	194	D104791	Half Core	HQCore	>1	4.37	3.67	2.38	3.25	2.43

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Hole_ID	From	To	SampleID	Sample Method	Sample Type	ME-ICP49	ME-ICP49	ME-ICP49	ME-ICP49		Cu-OG46 + Cu-OG62	Intersections (External Dilution > 0.24% Cu + Maximum Internal Dilution)
						Cu(%)	Ca(%)	Fe(%)	Mg (%)	S(%)	Cu(%)
MTKCD087	194	195	D104792	Half Core	HQCore	>1	6.22	3.02	3.42	2.19	1.44	(From previous page) 49m @ 1.27% Cu (From 173m)
MTKCD087	195	196	D104793	Half Core	HQCore	0.08	9.54	1.93	5.11	0.62
MTKCD087	196	197	D104794	Half Core	HQCore	0.03	8.23	1.64	4.38	0.52
MTKCD087	197	198	D104795	Half Core	HQCore	0.04	9.09	1.96	4.8	0.61
MTKCD087	198	199	D104796	Half Core	HQCore	0.63	6.21	1.98	3.42	1.05
MTKCD087	199	200	D104797	Half Core	HQCore	>1	1.76	2.47	0.82	2.32	1.58
MTKCD087	200	201	D104798	Half Core	HQCore	>1	1.21	4.43	0.46	4.16	3.94
MTKCD087	201	202	D104799	Half Core	HQCore	>1	5.61	2.43	3.04	1.58	1.16
MTKCD087	202	203	D104800	Half Core	HQCore	>1	3.6	4.44	1.86	3.84	3.5
MTKCD087	203	204	D104801	Half Core	HQCore	0.2	7.41	1.84	4.11	0.54
MTKCD087	204	205	D104803	Half Core	HQCore	0.06	9.28	1.81	4.91	0.46
MTKCD087	205	206	D104804	Half Core	HQCore	0.04	9.5	1.92	4.96	0.53
MTKCD087	206	207	D104805	Half Core	HQCore	0.34	11.3	2.41	5.94	0.7
MTKCD087	207	208	D104806	Half Core	HQCore	0.07	11	2.28	5.71	0.35
MTKCD087	208	209	D104807	Half Core	HQCore	>1	6.45	3.01	3.53	2	1.64
MTKCD087	209	210	D104808	Half Core	HQCore	0.15	8.91	1.8	4.78	0.51
MTKCD087	210	211	D104809	Half Core	HQCore	0.12	8.63	1.74	4.58	0.55
MTKCD087	211	212	D104810	Half Core	HQCore	0.18	8.91	2.09	4.64	0.77
MTKCD087	212	213	D104811	Half Core	HQCore	0.4	10.75	2.8	5.51	0.87
MTKCD087	213	214	D104812	Half Core	HQCore	>1	6.97	2.51	3.63	1.6	1.08
MTKCD087	214	215	D104813	Half Core	HQCore	>1	6.17	3.9	3.31	2.94	2.4
MTKCD087	215	216	D104814	Half Core	HQCore	0.08	10.55	2.35	5.34	0.64
MTKCD087	216	217	D104815	Half Core	HQCore	0.03	11.1	2.18	5.76	0.38
MTKCD087	217	218	D104816	Half Core	HQCore	0.96	6.52	2.28	3.56	1.32
MTKCD087	218	219	D104817	Half Core	HQCore	>1	4.05	4.23	2.12	3.56	3.24
MTKCD087	219	220	D104818	Half Core	HQCore	>1	7.49	5.22	3.72	3.74	3.27
MTKCD087	220	221	D104819	Half Core	HQCore	>1	8.18	4.35	4.16	3.06	2.64
MTKCD087	221	222	D104820	Half Core	HQCore	0.81	7.19	2.42	3.96	1.45
MTKCD087	222	223	D104821	Half Core	HQCore	0.01	9.28	2.11	4.75	0.5
MTKCD087	223	224	D104822	Half Core	HQCore	-0.01	9.9	2.14	5.05	0.29
MTKCD087	224	225	D104823	Half Core	HQCore	-0.01	9.1	2.1	4.66	0.4
MTKCD087	225	226	D104824	Half Core	HQCore	0.41	8.86	2.76	4.55	1.38
MTKCD087	226	227	D104825	Half Core	HQCore	0.09	9.07	2.2	4.65	0.53
MTKCD087	227	228	D104826	Half Core	HQCore	0.01	8.61	2.25	4.46	0.84
MTKCD087	228	229	D104827	Half Core	HQCore	-0.01	7.24	1.92	3.7	0.7
MTKCD087	229	230	D104829	Half Core	HQCore	0.01	11.1	2.64	5.63	0.53
MTKCD087	230	231	D104830	Half Core	HQCore	0.03	10.75	2.45	5.45	0.35
MTKCD087	231	232	D104831	Half Core	HQCore	0.13	10.75	2.77	5.45	0.7
MTKCD087	232	233	D104832	Half Core	HQCore	>1	7.92	6.54	4.01	5.74	3.26	1m@3.26% Cu(From 232m)
MTKCD087	233	234	D104833	Half Core	HQCore	0.08	8.31	2.1	4.29	0.68
MTKCD087	234	235	D104834	Half Core	HQCore	0.01	6.95	1.72	3.57	0.47
MTKCD087	235	236	D104835	Half Core	HQCore	0.09	7.79	2.5	4.02	1.34
MTKCD087	236	237	D104836	Half Core	HQCore	0.01	5.66	1.73	3.06	0.85
MTKCD087	237	238	D104837	Half Core	HQCore	0.09	12.2	3.31	6.25	1
MTKCD087	238	239	D104838	Half Core	HQCore	0.01	5.94	2.3	3.21	1.04
MTKCD087	239	240	D104839	Half Core	HQCore	0.01	8.33	2.77	3.94	0.83
MTKCD087	240	241	D104840	Half Core	HQCore	-0.01	5.81	2.02	2.89	0.67
MTKCD087	241	242	D104841	Half Core	HQCore	0.01	1.58	1.44	0.6	1
MTKCD088	0	4	D104160	Half Core	HQCore	0.016	0.2	1.7	0.17	0.05
MTKCD088	4	8	D104161	Half Core	HQCore	0.023	0.03	4.75	0.04	0.03
MTKCD088	8	12	D104162	Half Core	HQCore	0.059	0.03	10.55	0.05	0.03
MTKCD088	12	16	D104163	Half Core	HQCore	0.003	0.05	0.37	0.06	0.02
MTKCD088	16	20	D104164	Half Core	HQCore	0.002	0.03	0.13	0.03	0.02
MTKCD088	20	24	D104165	Half Core	HQCore	0.004	0.02	0.38	0.03	0.01
MTKCD088	24	28	D104166	Half Core	HQCore	0.15	0.05	14.25	0.05	0.04
MTKCD088	28	32	D104167	Half Core	HQCore	0.127	0.02	7.36	0.07	0.01
MTKCD088	32	36	D104168	Half Core	HQCore	0.091	0.28	3.29	0.07	0.03
MTKCD088	36	40	D104169	Half Core	HQCore	0.014	7.2	1.85	3.87	0.06
MTKCD088	40	44	D104170	Half Core	HQCore	0.006	9.22	1.66	4.82	0.09
MTKCD088	44	48	D104171	Half Core	HQCore	0.004	9.13	1.87	4.84	0.08
MTKCD088	48	52	D104172	Half Core	HQCore	0.004	9.13	2.2	4.62	0.1
MTKCD088	52	56	D104173	Half Core	HQCore	0.008	9.51	2.31	4.96	0.13
MTKCD088	56	60	D104174	Half Core	HQCore	0.005	10.1	2.39	5.24	0.18
MTKCD088	60	64	D104176	Half Core	HQCore	0.004	10.35	2.29	5.3	0.21
MTKCD088	64	68	D104177	Half Core	HQCore	0.003	11.25	2.9	5.81	0.22
MTKCD088	68	72	D104178	Half Core	HQCore	0.003	9.23	2.03	4.87	0.2
MTKCD088	72	76	D104179	Half Core	HQCore	0.002	10.5	2.32	5.41	0.23
MTKCD088	76	80	D104180	Half Core	HQCore	0.002	10.8	2.33	5.53	0.31

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Hole_ID	From	To	SampleID	Sample Method	Sample Type	ME-ICP49	ME-ICP49	ME-ICP49	ME-ICP49		Cu-OG46 + Cu-OG62	Intersections (External Dilution > 0.24% Cu + Maximum Internal Dilution)
						Cu(%)	Ca(%)	Fe(%)	Mg (%)	S(%)	Cu(%)
MTKCD088	80	84	D104181	Half Core	HQCore	0.001	11.35	2.39	5.82	0.26
MTKCD088	84	88	D104182	Half Core	HQCore	0.002	9.17	1.94	4.72	0.33
MTKCD088	88	92	D104183	Half Core	HQCore	0.002	11.05	2.24	5.71	0.26
MTKCD088	92	96	D104184	Half Core	HQCore	0.003	10	2.15	5.22	0.3
MTKCD088	96	100	D104185	Half Core	HQCore	0.004	8.69	1.93	4.57	0.3
MTKCD088	100	104	D104186	Half Core	HQCore	0.004	9.69	2.11	5	0.25
MTKCD088	104	108	D104187	Half Core	HQCore	0.01	8.91	2.09	4.77	0.3
MTKCD088	108	112	D104188	Half Core	HQCore	0.011	9.51	1.8	5.18	0.04
MTKCD088	112	116	D104189	Half Core	HQCore	0.006	10.25	1.89	5.75	0.13
MTKCD088	116	120	D104190	Half Core	HQCore	0.004	9.19	1.63	5	0.2
MTKCD088	120	124	D104191	Half Core	HQCore	0.005	10.55	1.93	5.59	0.34
MTKCD088	124	128	D104192	Half Core	HQCore	0.004	11.85	1.95	6.31	0.27
MTKCD088	128	132	D104193	Half Core	HQCore	0.008	10.3	1.85	5.38	0.35
MTKCD088	132	133	D104194	Half Core	HQCore	>1	4.5	2.05	2.31	1.78	2.19	48m @ 1.00% Cu (from 132m)
MTKCD088	133	134	D104195	Half Core	HQCore	>1	6.76	3.02	3.41	2.06	2.21
MTKCD088	134	135	D104196	Half Core	HQCore	0.355	9.57	2.05	4.91	0.63
MTKCD088	135	136	D104197	Half Core	HQCore	0.04	10.85	2.11	5.57	0.35
MTKCD088	136	137	D104198	Half Core	HQCore	0.026	11.95	2.32	6.29	0.34
MTKCD088	137	138	D104199	Half Core	HQCore	0.117	10.6	2.23	5.55	0.43
MTKCD088	138	139	D104201	Half Core	HQCore	0.779	8.56	2.47	4.49	1.26
MTKCD088	139	140	D104202	Half Core	HQCore	0.061	12	2.02	6.36	0.3
MTKCD088	140	141	D104203	Half Core	HQCore	0.044	12.35	2.18	6.6	0.26
MTKCD088	141	142	D104204	Half Core	HQCore	0.019	10.95	1.84	5.88	0.28
MTKCD088	142	143	D104205	Half Core	HQCore	0.033	10.95	1.98	5.82	0.3
MTKCD088	143	144	D104206	Half Core	HQCore	0.032	11.75	2.22	6.12	0.33
MTKCD088	144	145	D104207	Half Core	HQCore	0.17	9.89	1.96	5.24	0.46
MTKCD088	145	146	D104208	Half Core	HQCore	>1	4	2.86	2.04	2.39	2.05
MTKCD088	146	147	D104209	Half Core	HQCore	>1	6.33	2.92	3.35	2.45	1.34
MTKCD088	147	148	D104210	Half Core	HQCore	0.07	8	1.52	4.24	0.55
MTKCD088	148	149	D104211	Half Core	HQCore	>1	1.7	2.92	0.76	2.92	2.42
MTKCD088	149	149.7	D104212	Half Core	HQCore	>1	1.24	3.21	0.56	3.15	2.83
MTKCD088	149.7	150.5	D104844	Half Core	HQCore	0.07	10.7	2.05	5.51	0.35
MTKCD088	150.5	151	D104845	Half Core	HQCore	0.31	6.24	1.54	3.45	0.74
MTKCD088	151	152	D104846	Half Core	HQCore	>1	2.98	3.23	1.49	2.76	2.58
MTKCD088	152	153	D104847	Half Core	HQCore	0.17	10.8	2.36	5.5	0.7
MTKCD088	153	154	D104848	Half Core	HQCore	0.04	10.7	2.23	5.4	0.47
MTKCD088	154	155	D104849	Half Core	HQCore	0.03	10.7	2.12	5.43	0.37
MTKCD088	155	156	D104850	Half Core	HQCore	0.06	12.2	2.36	6.18	0.39
MTKCD088	156	157	D104851	Half Core	HQCore	>1	5.82	3.57	3.09	2.4	2.47
MTKCD088	157	158	D104852	Half Core	HQCore	0.37	5.12	1.58	2.71	0.56
MTKCD088	158	159	D104853	Half Core	HQCore	0.11	8.56	1.93	4.43	0.51
MTKCD088	159	160	D104854	Half Core	HQCore	>1	7.74	2.77	3.92	1.54	1.26
MTKCD088	160	161	D104855	Half Core	HQCore	0.17	10.65	2.33	5.46	0.46
MTKCD088	161	162	D104856	Half Core	HQCore	0.75	11.05	3.03	5.61	1.14
MTKCD088	162	163	D104857	Half Core	HQCore	>1	2.28	2.97	1.06	2.51	2.25
MTKCD088	163	164	D104858	Half Core	HQCore	0.65	2.61	1.74	1.23	1.3
MTKCD088	164	165	D104859	Half Core	HQCore	0.06	10.65	2.22	5.44	0.42
MTKCD088	165	166	D104860	Half Core	HQCore	>1	6.27	3.29	3.23	1.97	1.74
MTKCD088	166	167	D104861	Half Core	HQCore	0.1	10.15	2.34	5.07	0.51
MTKCD088	167	168	D104862	Half Core	HQCore	1	6.11	2.37	3.25	1.37
MTKCD088	168	169	D104863	Half Core	HQCore	0.05	8.77	1.69	4.54	0.45
MTKCD088	169	170	D104864	Half Core	HQCore	>1	3.72	2.84	1.89	2.35	1.3
MTKCD088	170	171	D104865	Half Core	HQCore	>5	3.08	6.86	1.48	5.54	6.69
MTKCD088	171	172	D104866	Half Core	HQCore	0.57	7.5	2.34	3.73	1.01
MTKCD088	172	173	D104867	Half Core	HQCore	0.04	8.58	2.17	4.23	0.42
MTKCD088	173	174	D104868	Half Core	HQCore	>1	5.13	3.22	2.64	2.2	1.9
MTKCD088	174	175	D104870	Half Core	HQCore	>1	7.04	2.73	3.52	1.45	1.02
MTKCD088	175	176	D104871	Half Core	HQCore	0.76	11.1	2.78	5.6	0.99
MTKCD088	176	177	D104872	Half Core	HQCore	0.15	9.76	2.16	5.03	0.49
MTKCD088	177	178	D104873	Half Core	HQCore	0.05	10.25	2.2	5.32	0.55
MTKCD088	178	179.3	D104874	Half Core	HQCore	>1	1.77	3.52	0.82	3.4	1.5
MTKCD088	179.3	180	D104875	Half Core	HQCore	>5	0.68	12.2	0.28	14.25	7.97
MTKCD088	180	181	D104876	Half Core	HQCore	0.55	10.5	3.39	5.42	1.6
MTKCD088	181	182	D104877	Half Core	HQCore	0.09	9.62	2.46	4.97	0.87
MTKCD088	182	183	D104878	Half Core	HQCore	0.06	10	2.77	5.1	0.94
MTKCD088	183	184	D104879	Half Core	HQCore	0.02	6.97	1.91	3.79	0.78
MTKCD088	184	185	D104880	Half Core	HQCore	0.05	8.79	2.48	4.51	0.89
MTKCD088	255	256	D104881	Half Core	HQCore	0.02	0.35	0.95	0.13	0.93
MTKCD088	256	257	D104882	Half Core	HQCore	0.29	0.29	1.14	0.11	1.1
MTKCD088	257	258	D104883	Half Core	HQCore	0.87	0.33	2.85	0.17	2.94
MTKCD088	258	259	D104884	Half Core	HQCore	0.09	0.18	1.27	0.07	1.3
MTKCD088	259	260	D104885	Half Core	HQCore	0.02	0.46	1.12	0.19	1.06

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Appendix 3. JORC Code Table 1

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	RC drilling was sampled on 1 m intervals to collect 2 to 3 kg samples. The splitter was cleaned at the end of each rod, the cyclone was cleaned at the start of each hole. Diamond core drilling was used to sample half core in 1 m lengths based on mineralisation. Samples were sent to ALS lab for sample preparation and analysis. The laboratory conforms to Australian Standards ISO 9001 and ISO 17025.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Reverse circulation and percussion methods were used to test near surface oxide mineralisation while diamond drilling (HQ and NQ) was used for evaluating deeper sulphide mineralisation. RC drilling used standard face sampling hammers, high pressure compressor and a riffle splitter. Diamond drilling was HQ & NQ size using standard/triple tubing. Drill holes considered unreliable such as water bore, percussion holes, RAB holes, were excluded from the resource estimate
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	For RC samples the weight of the recovered sample was recorded as high, medium or low or as a number from 1 to 5. The drill hole database indicates that 35% of the samples have a high sample recovery weight and 51% with medium sample recovery weights. For diamond drilling, the historical sample recovery averages 95%. RC and diamond sampling methods are appropriate for the style of mineralisation. Current AR1 drilling procedures include adequate measures to control sample contamination and minimise sample loss.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in _nature. Core(or costean, channel, etc) photography. _	Geological logging entered into a Microsoft Access database includes lithology, oxidation, grain size, colour, rock texture, dominant copper minerals, fracture angle and bedding angle (DD).

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Criteria	JORC Code explanation	Commentary
	The total length and percentage of the relevant intersections logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Diamond core is sawn longitudinally with half core taken for sampling. The RC drilling has an attached cyclone and riffle splitter from which 2 to 3 kg samples were collected. Field duplicates were collected for the RC samples from a bucket containing the rejects using a spear. Duplicates for diamond core samples were taken from the crushed rejects at ALS laboratory.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Standards and blanks were inserted at a rate of 1 in 25 and a minimum of 2 standards per batch. Standards were picked to match the expected grade of the mineralised interval. Blanks were inserted immediately after the standard. Field duplicates were inserted with the blanks and standards. Prior to 2008 there was minimal QAQC, but some check sampling and production reconciliation indicated no material problems with assaying. Available QAQC data was assessed and there were no significant sampling and assaying issues noted. The frequency of standards, blanks and duplicates is considered adequate. 2022 XRF sampling protocols are being established to statistically determine levels of accuracycompared to laboratoryassaymethods.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	At the LC deposit, there has not yet been any twinning program or other verification of significant intersections. Current drilling is designed to test and validate predicted grades, estimated and interpolated from prior drilling assay results. The AR1 drill hole database (including LC) is maintained on site in digital (Microsoft SQL database) and hard-copy format. A designated database administrator maintains the database and is tasked with adding data and making any corrections to the database. Negative assay values indicate half detection limit (typically 0.005). Unsampled intervals within the mineralised envelope were assigned a value of 0.01% Cu.
Location of data points	Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	Across AR1 (including LC) the majority of the drill hole locations are reported to be by differential GPS which provides sub-metre accuracy for regional AMG coordinates. All drilling is in Australian Map Grid (AMG84) coordinates Zone 54. Down hole surveys were collected using a range of methods with the majority of the drill holes surveyed using a single-shot or multi-shot camera on approximately 30 m intervals. 16% of samples at Lady Annie were surveyed by compass and 3% were vertical. For 34% of the Lady Annie drill holes the survey method is not recorded in the database. Topography is provided by a detailed survey by Austral, which is continuously updated with sub metre accuracy. The current topography surfaces have been updated to the end of January2021.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Criteria	JORC Code explanation	Commentary
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Lady Colleen: drill spacing varies from 20 m to over 100 m and averages approximately 30 m by 40 m. Drill hole data was composited to 3 m intervals by mineralisation domain for Lady Colleen. The drill spacing is sufficient to capture the salient geological features controlling the mineralisation and is sufficient, in places, to define Measured and Indicated Mineral Resources.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Lady Colleen: drilling is oriented 60 toward azimuths of 220 ; copper mineralisation is flat dipping near surface oxide and steeper mineralisation is dipping 35 to 40 with a strike of 120 to 160 . Drilling is appropriately oriented to intersect the mineralisation across dip to avoid any sampling bias.
Sample security	The measures taken to ensure sample security.	Sample numbers are recorded on the sample sheet and the data is later entered into the corresponding drill log. Once the hole/log is complete the file is sent to the database manager and checked by a geologist. Samples are placed in numbered samples dispatch bins, prior to being sent to the laboratory. The sample number, bin and date-time are recorded in the sample dispatch sheet which is signed by the operating field technician. Each sample bin or approximately every 300 samples are allocated a batch number and a separate laboratory submission sheet. Samples were dispatched by truck to the ALS Townsville laboratory weekly. The assay results were sent from the Laboratory directly to the database The assay results were sent from the laboratory directly to the manager andgeologist byemail.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	FinOre Mining Consultants undertook an audit of the drill hole QAQC including an audit of the laboratory in 2005 for the CopperCo Lady Annie Feasibility Study. In 2007 and 2008 Maxwell GeoServices assessed the CopperCo QAQC data. Snowden in 2010 assessed the QAQC data collected since 2008. Golder completed a high-level database review in 2012, including undertaking a small number of checks of the hard-copy data with the digital data and rudimentary checks of the drill hole database. No major issues with the sampling and assaying were identified by the reviews. The RC and diamond drilling data are appropriate for Mineral Resource estimation.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Lady Colleen is located onML90170 Austral Resources Lady Annie Pty Ltd holds 15 Mining Leases (ML) and 14 Exploration Permit for Minerals (EPM) around the Lady Annie Copper Project. Mineral Resources, Ore Reserves and all mining and processing infrastructure are located on ML’s. A further 18 EPM’s are held by Austral Resources Exploration Pty Ltd, a 100% subsidiary of Austral Resources.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Buka Minerals Limited (Buka) purchased the Lady Annie and Lady Loretta deposits in 1996 and commissioned a pre-feasibility study into the development of a standalone cathode copper operation at Lady Annie. In June 2004, Avon Resources was renamed to CopperCo Limited (CopperCo) and acquired 100% of the Lady Annie Project from Buka. The Lady Annie Project was developed by CopperCo and mining commenced at Mount Clarke with pre-stripping in April 2007 and at Lady Annie in October 2008. The Mount Kelly process plant was commissioned in October 2007. Exploration primarily utilised RC and diamond drilling to test the Lady Annie, Mt Kelly and Anthill areas. Drilling at Lady Annie and Mt Kelly was conducted from 1964 to present-day with the majority of the drilling completed in 2004 using predominantly modern reverse circulation (61% of drilling) and diamond drilling (11% of drilling) methods. The rest of the drilling is predominately rotary air blast (RAB 12% of drilling) and unspecified drilling methods (10%).
Geology	Deposit type, geological setting and style of mineralisation.	The Mount Kelly mining area, where Lady Colleen Deposit is located, is dominated by early to mid-Proterozoic siltstones and dolomitic siltstones of the McNamara Group. Copper mineralisation occurs within units of the McNamara Group and is reportedly related to the north-west-trending Mount Kelly and Spinifex Faults, which intersect and cut the McNamara Fault. The known mineralisation is associated with multiple phases of brecciation and veining along the fault zones. The copper oxide mineralisation appears to be shear and fault controlled.
Drillhole information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: easting and northing of the drillhole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Drillhole information is considered to be of a good standard.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Criteria	JORC Code explanation	Commentary
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	No data aggregation methods have been applied.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width _not known’). _	Drill intersections are reported as downhole intersections and may not reflect true widths.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	All diagrams contained in this document are generated from spatial data displayed in industry standard mining and GIS packages.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Balanced reporting principles are being applied.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Historic geophysical data was reprocessed late 2021 to confirm projections and apply new processing methods where possible
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The evaluation, identification, design and completion of required further drilling, including evaluation of the potential strike extent of the high-grade core, as indicated in Figure 3. By end-September. Completion of the drilling program at LC, receipt of all assays, geological evaluation (including mineralogy) and updating the LC resource model to enable generation of a new Mineral Resource. By mid-October. Completion of a pre-feasibility study(PFS)of the potential for extraction of LC sulphide resource through open pit mining, including all costs relevant to having the material transported and processed at an appropriate sulphide concentrator. By mid-November.

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Austral Resources Australia Ltd
ASX AR1
ASX ANNOUNCEMENT
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Criteria	JORC Code explanation	Commentary
		Evaluation of the appropriate Mineral Resource and Ore Reserve (dependent on the PFS outcomes) classification and reporting in accordance with the JORC Code. By mid-November.

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