AUSTRAL RESOURCES AUSTRALIA LTD — Investor Presentation 2021

Nov 2, 2021

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Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer with significant exploration and development upside 3 November 2021

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DISCLAIMER & COMPETENT PERSONS STATEMENT

Important Notice and Disclaimer

You must read this notice before reading or making any use of this Presentation (defined below) or any information contained in this Presentation. By continuing to read, use or otherwise act on this Presentation, you agree to be bound by the following terms and conditions, including (without limitation) any modifications to them.

This Presentation has been prepared by Austral Resources Australia Ltd (ACN 142 485 470) (“ Austral ”). This Presentation does not constitute, and is not to be construed as, an offer to issue or sell, or a solicitation of an offer or invitation to subscribe for, buy or sell securities in Austral. The information in this Presentation is general in nature and does not purport to be all inclusive or to contain all information that may be required to evaluate all of the factors that would be relevant to the recipient in considering the Purpose, or otherwise relating to Austral. The information in this Presentation (including any statement of fact or opinion) is subject to change without notice and has not been independently verified by Austral or any third parties (unless otherwise expressly specified).

This Presentation has been prepared as of 3 November 2021. Austral reserves the right in its absolute discretion to alter this Presentation, but does not undertake to update this Presentation (except to the extent required by law). To the maximum extent permitted by law, each of Austral and its subsidiaries and controlled affiliates (together, the “ Austral Group ”) and each of their respective directors, officers and employees (together, the “ Representatives ”) expressly exclude and disclaim any obligations or undertaking to release any updates, supplements, corrections or revisions to the information in this Presentation to reflect any matter arising or coming to their notice after the date of this Presentation which may affect any matter referred to in this Presentation.

No Recommendation or Advice

This Presentation is not, and should not be construed as a recommendation by Austral or its Representatives to you to participate in any transaction. Neither Austral nor its Representatives makes a representation that it has verified the information in this Presentation.

The information in this Presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation to acquire securities nor is it intended to form the basis of any investment decision. Nothing in this Presentation constitutes legal, financial, tax or other advice and should not be relied on by the recipient in considering the merits of any particular transaction. It has been prepared without taking into account the objectives, financial situation, tax situation or needs of individuals. Recipients should consider the appropriateness of the information having regard to their own objectives, financial situation, tax situation and needs and seek legal and taxation advice appropriate for their jurisdiction.

Neither this Presentation nor anything contained in it forms the basis of any contract or commitment and it is not intended to induce any person to engage in, or refrain from engaging in, any transaction.

Third Party Information

Certain information in this Presentation has been derived from third parties or publicly available information and the accuracy of that information has not been independently audited or verified by Austral or its Representatives. Accordingly, the accuracy and completeness of that information (and any other information in the Presentation) is not guaranteed.

The Presentation Information may contain forward-looking statements with respect to the Austral Group’s businesses and operations, market conditions, results of operations and financial condition, funding requirements and risk management practices. Any forward-looking statements included in this Presentation involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, Austral or its shareholders or any other person. In particular, they speak only as of the date of this Presentation, they assume the success of Austral’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this Presentation (“ Recipients ”) are cautioned to not place undue reliance on such forward-looking statements. Austral makes no representation or warranty as to the accuracy, reliability or completeness of information in this Presentation and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this Presentation has been issued. To the extent permitted by law, Austral and its officers, employees, related bodies corporate and agents (“ Agents ”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Austral and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

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DISCLAIMER & COMPETENT PERSONS STATEMENT (CONT.)

Financial Information and Modelling

All amounts in Australian dollars unless stated otherwise. The financial information (and associated modelling and financial analysis) contained in or referred to in this Presentation is current as of the date of this Presentation, but is in summary form and indicative only. It has been prepared on the basis of certain assumptions and differs from statutory financial information, and does not purport to be the level or type of information that would be required for financial reporting purposes or for any transaction. No representation or warranty (express or implied) is made as to the reasonableness of the assumptions made within, or the accuracy or completeness of, any such financial information, or associated modelling or financial analysis. Any future investor presentation, disclosure document or other material may include more comprehensive financial information (including a comparison between statutory and pro forma financial information).

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 Steven Tambanis, Competent Persons who are Members of the Australasian Institute of Mining and Metallurgy. Mr Beaton is the Site General Manager at Austral and Mr Tambanis is Chief Executive Officer of the Company. Mr Tambanis 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 Tambanis 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.

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 and released as an ASX announcement on 1 November 2021 titled “Prospectus”. This document is available on Austral’s website: www.australres.com and on the ASX. 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. Austral further confirms that all material assumptions underpinning the production target and forecast financial information derived from the production target as announced on 1 November 2021 “Prospectus” continue to apply and have not materially changed.

Peer comparisons

The comparative information related to other Australian copper explorers and developers has been sourced from recently published public information on their respective websites.

Approval

This presentation has been approved for release by Chief Executive Officer, Steven Tambanis.

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Summary: Austral (AR1) is a copper cathode producer with significant exploration and development upside

• Austral owns and operates the Mt Kelly heap leach SXEW facility, 115km NW of Mt Isa, north Queensland

• •

• Simple Value Austral’s Anthill Mine has a 5Mt JORC Reserve, containing 47,500t of Proposition contained copper. • The project will produce ~10,000t p.a. of Copper cathode for 4 years, from Q2, 2021

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• Listed on the ASX early November, raising A$30m

• • Anthill mine development underway: equipment being mobilised, environmental

• Key bonds lodged, all permitting in place. Tier 1 Mining Contractor - Thiess Mining

• Metrics • Mt Kelly plant being prepared for 5,000tpd ore deliveries expected to commence Q1 2022

• • Anthill NPV is A$134m and $160m cashflow at a copper price of US$8,180/t

• • 1,940km[2] of prime exploration tenure in the heart of the Mt Isa District. Target

• Superb rich environment – 49 exploration prospects.

• Exploration • Commencing regional structural geology review, upgrading of historic

• Tenure and geophysics, geochemical sampling… as a precursor to drilling

• Data • Exploration is self-funded from Anthill cashflow

• Sulphide • 420,000t of contained copper in Austral’s JORC Mineral Resource Estimate, of

• Development which most resources are sulphides. Reviewing development options

• Upside

A pure-play Australian copper company: shovel ready mine, significant exploration upside and scalable production facilities.

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DIRECTORS & MANAGEMENT

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• Phillip • Significant experience in the roles of CEO and Thomas Chairman of several ASX and TSX mining companies, Non Executive geologist with expertise in exploration, mine feasibility, Chairman processing, operations, mineral trading, corporate strategy and valuation

• International and local experience includes Macquarie Bank, ABN-Amro, CEO of Admiralty Resources, Arrowstar Resources, AIS Resources

• FAusIMM, MAIG, and Certified Mineral Valuer, Director and past Chairman of the Australasian Institute of Mineral Valuers and Appraisers, CP in Copper

• Dan • Founder and CEO of Matilda Equipment; a high margin, Jauncey national rental company providing late model, low-hour Executive ancillary equipment to the mining industry – acquired by Director Emeco Group in 2018

• +20 years’ experience in the mining services industry with expertise in procurement and disposal

• Founder and major shareholder of Austral Resources

• A mining engineer with over 40 years’ experience in the industry with demonstrated performance in operations, strategic planning, feasibilities, mine expansion and restructuring

Jeff

Innes

Non-Executive

Director

• Senior roles include General Manager with MIM, Joy Global, HSE Mining, BHP and Ok Tedi Mining Limited

• Fellow and Chairman of the North Queensland Branch AusIMM

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Steve Tambanis CEO

Luke

Johnstone

CFO

Shane

O’Connell

COO

• A geologist with extensive management and operational experience gained across large and small mining companies in Copper, gold and other resources

• Prior to Austral, Steve held the position of CEO of North Stawell Minerals, Managing Director of ASX listed Black Rock Mining Limited and Technical Director of Goldminex Resources

• Steve has successfully recruited, developed and mentored exploration teams in a number of jurisdictions

• +14 years’ experience in business management and private equity

• Co-founded a corporate advisory firm with a focus on mining, energy and infrastructure projects

• • CFO of Austral Resources since 2019

• +20 years’ experience in senior management roles across multiple industries

• Managing Director and CEO of a private earthmoving company that specialised in civil engineering and rehabilitation works

• 2 years as Managing Director of Austral Resources

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PROJECT, INFRASTRUCTURE, HISTORY & OFFTAKE

• Anthill Mine development underway with ore deliveries planned to begin in Q1 2022.

• • Planned production of ~10,000t p.a. of Copper cathode for 4 years.

• • The Project possesses an NPV of A$134m and IRR of 276%, however at current Cu pricing the NPV >A$180m.

Anthill Project

• Mt Kelly is an operating SXEW processing facility, 115km north of Mt Isa.

• • Heap leach SXEW technology. Crushing, agglomeration, stacking, with 30,000

• Mt Kelly tpa solvent extraction and electrowinning capacity.

• Processing • Mt Kelly is the only operating heap leach SXEW plant in Australia and

• Infrastructure produces LME Grade-A copper cathode.

• • The plant retains a ~$160m replacement value

• • In 2007, CopperCo began open pit mining operations.

• • In 2009, CST purchased the Lady Annie Project from Cape Lambert.

• • Between 2010 and 2016, CST conducted operations across the deposits,

• History produced 91kt of LME Grade A copper cathode, generating US$662m revenue and US$218m operating profit.

• • Austral acquired the assets in July 2019.

Offtake • Austral has a rolling offtake agreement with Marubeni Corporation.

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IMMEDIATE COPPER PRODUCTION

PROJECTED TIMELINE – ALREADY IN PRODUCTION

Austral intends to commence Anthill mining in January 2022, with Ore deliveries expected in March/April 2022 and 1,000t of cathode produced per month by from 2022[#]

✓ Rapid ramp-up of cathode production and sales revenue . Steady-state full production achieved within 5 months of commencing heap stacking.

✓ Mt Kelly has 30,000tpa nameplate capacity , which can easily process additional ore feed.

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• At A$12,750/t copper price.[# ] Weather dependent

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CSA GLOBAL - INDEPENDENT TECHNICAL ASSESSMENT REPORT (ITAR)

• CSA modelled the Anthill Project for Ore Reserve Estimate validation

• The assessment assumes a conservative average Cu price of US$8,180/t at A$0.71

NPV7.5%	A$134
IRR	276%
Free Cash Flow	A$159

• The project delivers a total copper production of 40.4kt Copper at a C1 cost of A$7,270/t copper or US$2.40/lb

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Note:

• At a copper price of US$9,300/t and A$0.726, the NPV7.5% is A$183m

The production rate and derived forecast financial information is subject to a number of assumptions regarding the Modifying Factors set out in Table 1 of the JORC Code which is detailed in the Independent Technical Assessment Report ( ITAR ). The ITAR is included in the Austral Prospectus and is available on Austral’s website.

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PRODUCTION UPSIDE & EXPLORATION POTENTIAL

TENURE, RESERVES, RESOURCES AND EXPLORATION POTENTIAL

• Granted Exploration Leases 1,940km[2]

• Tenure • Access Authority and 53km[2] of Mining Leases covering all operations , including haul and access roads.

• Reserves & • JORC Ore Reserve Estimate: Anthill 5.06Mt @ 0.94% Cu (47.5kt of contained Cu) Resources • JORC Mineral Resource Estimate: 60Mt @ 0.70% Cu (420kt contained Cu) • Target rich environment with 49 existing prospects located in the world class

• Exceptional Mt Isa copper province.

• self-funded • Multiple oxide targets have been identified for follow up.

• Exploration • Sulphide Resources are set to be evaluated in 2022.

• Potential • Exploration to be funded from cashflow as Anthill commences production.

• North East

3D schematic of Anthill pit shells

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Existing 1,940km [2] EPMs
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ADDITIONAL RESOURCE POTENTIAL AT ANTHILL

• Anthill has potential to quickly define additional oxide resources:

• Immediately outside of the current optimised US$8,200 pit shell by dropping cut-off grade.

• Extensional mineralisation further along interpreted and drilled fault zones – drilling planned.

• Anthill oxide mineralisation remains open along strike , to the southeast, northwest and southwest.

• Sulphides beneath the Anthill oxide zone have potential to be exploited in the future.

Additional drilling proposed

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N
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• An evaluation programme for additional oxide resources is planned during the first 12 months of mining at Anthill.

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400m
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Current pit outlines in blue for anthill pit. Pink zone is the 0.2% copper resource outline and areas of proposed drilling in brown

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SIGNIFICANT REGIONAL PROSPECTIVITY

Austral currently has 49 exploration targets within its 1,940km[2] of granted tenure

The Mt Isa inlier hosts many world class copper and base metal mines. Austral’s tenure contains a JORC Mineral Resource Estimate with over 400,000 tonnes of contained copper, providing a compelling platform for further discoveries through exploration.

Oxide Potential:

• Previous exploration was primarily focused on eight mining areas. There are numerous untested anomalous copper prospects and regional targets yet to be followed up. Tenure is under explored.

• Significant short-term potential to define additional oxide resources at Anthill

• >20 Initial Priority Targets within 50kms of Mt Kelly have been identified.

Sulphide Potential:

• Copper sulphide mineralisation lies beneath the oxide copper at the Flying Horse, Mount Clarke, Lady Annie, Lady Brenda and Anthill mines.

• Previous exploration has intersected sulphide mineralisation at depths from 75m to 400m.

• Copper sulphides would be amenable to mining (beneath oxide resources) and concentrate production if sufficient open pit tonnes and grade can be defined.

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EXPLORATION STRATEGY – FUNDED BY ANTHILL CASHFLOW

Exploration is being revamped to review historic datasets, update and acquire new geophysics, significantly increase geochemical sampling and update structural interpretation.

1. Oxide ore within 50km of Mt Kelly to extend production beyond four years

• Numerous coincident geochemical/structural targets.

• Reprocessing historic geophysics and new geophysical surveys planned.

2. Increasing the sulphide mineralisation inventory beneath known open pits and further drilling existing sulphide mineralised prospects

• Most existing pits had drilling stop upon reaching sulphides as the focus was only on oxide mineralisation.

• Potential to define substantial additional sulphide resources with cost effective drilling.

3. Discovering new sulphide orebodies outside of the existing exploration target set – broaden the search envelope

• Structural review underway of entire tenure holdings to rank target areas.

• Update existing geophysics (reprocess) and acquisition of new datasets.

• Application of IOCG and Isa-style target models.

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Mt Kelly Plant
Anthill
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Six priority targets planned out of the existing 49 target portfolio.

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FINANCIAL INFORMATION

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CAPITAL STRUCTURE

With an EV of $100m, Austral listed at $89m market capitalisation, $17m cash and $28m debt.

Capital raising completed, listed on the ASX 03 November:

• Issued 150m shares at $0.20 to raise $30m.

• Dan Jauncey will retain 58.94% of the issued capital at listing, escrowed for 2 years.

Use of Funds:

• $13.5m of new equity will be allocated to commencing Anthill mining, Mt Kelly working capital and drilling priority exploration targets.

• Repayment of loans totaling $14m which are related to procuring the business in 2019.

Proforma Balance Sheet:

• Post IPO, Austral will have cash at bank of $17m and a long-term senior secured debt facility of $28m.

• A debt facility ($30m) is in place with Wingate Investment Partners.

• FX hedge is active and copper hedging will be implemented for 30% of Anthill production.

Use of Proceeds	AUD
Exploration	$5.0 million
Operating expenses	$4.0 million
Capital Expenditure - Anthill	$1.5 million
Capital Expenditure - Mt Kelly	$1.4 million
Working capital	$1.6 million
Costs of the offer	$2.5 million
Loan repayment	$14 million
Total uses of funds	$30 million

Shareholder(s)	Shares	%
Dan Jauncey and nominees	262,500,000	58.94%
Harvey Family Office	15,000,000	3.37%
Other shareholders (seed and brokers)	17,875,000	4.01%
IPO investors	150,000,000	33.68%
Total	445,375,000	100.00%

IPO Structure
Offer price per share	$0.20
Gross proceeds from the Offer	$30 million (before costs)
Shares on issue following the Offer	445,375,000
Performance Rights	44,537,500
Options	10,000,000
Indicative market capitalisation at the Offer Price on completion of the Offer (undiluted)	$89.08 million

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INVESTMENT HIGHLIGHTS

Austral Resources is strategically positioned as a producing, pure play Copper Company in a tier 1 jurisdiction.

• Shovel-ready Anthill Project to produce 40,000t of LME Grade A copper cathode over four years

• • Immediate start

• • Mount Kelly heap leach SX/EW facility is operational and has spare capacity to treat more ore

In Production

• Clearly defined exploration program to increase oxide resources and mine life, with tenure that provides a

• Excellent target rich environment – 49 targets for initial review. Self funded through cashflow

• exploration potential

• Exciting runway to increase sulphide resources and review a sulphide processing strategy

• Mount Isa district is a prolific copper region, containing numerous other copper assets/companies

Mount Isa: a prolific copper region

• Austral’s Mt Kelly plant is ideally positioned to promote regional consolidation

• • $160m replacement value

Pure Copper Exposure

• Looking to become one of few pure-play copper companies on the ASX

• Leveraged to Cu price increases via near-term production

• Significant Large JORC Mineral Resource Estimate of 60Mt @ 0.70% Cu (approx. 423kt of contained Cu) •

• Inventory Meaningful copper inventory to be further expanded through exploration and discovery

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CONTACTS

Dan Jauncey Executive Director dan@australres.com

Steve Tambanis Chief Executive Officer steve@australres.com +61 407 689 231

www.australres.com Level 9, 60 Edwards Street Brisbane 4000 07 3520 2500

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APPENDIX SLIDES
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Raffinate collection ponds at Mt Kelly

MINERAL RESOURCE & ORE RESERVES*

Austral holds 15 Mining Leases and 14 Exploration Permits (Lady Annie Project only). Mineral Resources, Ore Reserves and all mining and processing infrastructure are located on the Mining Leases.

						•	Global JORC compliant Mineral Resource Estimate
		Tonnes	Cu	Ca	Mg		of 60Mt @ 0.70% Copper (423kt of contained
		(millions)	(%)	(%)	(%)		copper)
Mineral	Measured	10.35	0.72	3.6	2.2	•	Sulphide mineralisation makes up 212kt of contained copper (50% of the global resource)
Resource Estimate*	Indicated Inferred	35.71 14.43	0.72 0.64	4.9 4.4	2.9 2.6	• •	Transition mineralisation contains 122kt of contained copper (26.5% of global resource) Oxide mineralisation makes up 99kt of contained
							copper (23.5% of global resource)
	*at a 0.3% Cu cut-off					•	423kt of contained copper in total (inclusive of the
							Anthill Ore Reserve)

		Tonnes	Cu	Ca
Ore		(millions)	(%)	(%)	•	Austral’s Anthill Project contains a JORC compliant Ore Reserve Estimate of 5.06Mt @ 0.94% copper
Reserves	Proved	1.86	0.93	0.51		(47.5kt of contained copper)
Estimate	Probable	3.20	0.95	0.64	•	This is expected to deliver ~40,000t of copper cathode over a four-year period
	Total	5.06	0.94	0.59

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*Full details of Ore Reserve and Mineral Resource Estimates are contained in the Independent Technical Assessment Report, Section 7 of Austral’s Prospectus (www.australres.com)

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JORC MINERAL RESOURCE ESTIMATED BY DEPOSIT

Deposit	Material Type	Measured	Measured	Measured	Measured	Indicated	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Inferred	Total	Total	Total	Total
		Mt	Cu%	Ca%*	Mg%*	Mt	Cu%	Ca%*	Mg%*	Mt	Cu%	Ca%*	Mg%*	Mt	Cu%	Ca%*	Mg%*
Anthill	Oxide	2.70	0.77	0.3	0.2	6.10	0.71	0.3	0.3	0.10	0.37	0.3	0.3	8.90	0.73	0.3	0.3
	Transition	0.30	0.90	5.8	3.3	1.80	0.76	5.6	3.2	0.30	0.47	5.5	3.3	2.40	0.74	5.6	3.2
	Sulphide	0.02	0.70	5.9	3.4	0.80	0.61	5.5	3.1	1.70	0.54	6.5	3.9	2.50	0.57	6.2	3.7
	Total**	3.00	0.79	0.8	0.5	8.70	0.71	1.9	1.2	2.10	0.52	6.0	3.6	13.80	0.70	2.3	1.4
Flying Horse	Oxide	0.72	0.47	0.7	0.7	0.57	0.44	0.6	0.6	0.01	0.34	0.1	0.1	1.30	0.46	0.6	0.6
	Transition	0.76	0.59	5.0	2.9	1.37	0.61	4.3	2.6	0.06	0.56	2.7	1.5	2.19	0.60	4.5	2.6
	Sulphide	0.95	1.16	5.1	2.9	5.75	0.85	5.9	3.4	4.01	0.77	5.2	3.1	10.71	0.85	5.5	3.3
	Total**	2.42	0.78	3.8	2.2	7.69	0.78	5.2	3.0	4.08	0.77	5.1	3.1	14.20	0.77	4.9	2.9
Lady Annie	Oxide	0.51	0.56	1.0	0.6	1.35	0.44	0.5	0.5	0.03	0.40	0.4	0.7	1.89	0.47	0.6	0.5
	Transition	1.94	0.68	8.0	4.7	3.33	0.83	8.1	4.9	0.12	0.57	9.2	5.8	5.39	0.77	8.1	4.8
	Sulphide	0.55	0.91	8.3	4.9	3.84	0.89	9.7	5.9	0.49	0.58	10.4	6.5	4.88	0.86	9.6	5.9
	Total**	3.00	0.70	6.9	4.0	8.52	0.80	7.6	4.6	0.64	0.57	9.7	6.1	12.16	0.76	7.5	4.6
Lady Brenda	Oxide	0.33	0.43	1.6	1.0	2.76	0.39	1.3	0.9	0.16	0.35	2.2	1.4	3.25	0.39	1.4	1.0
	Transition	0.29	0.57	10.2	5.8	2.99	0.52	8.9	5.2	0.65	0.46	7.4	4.6	3.94	0.51	8.7	5.1
	Sulphide	0.02	0.42	2.6	1.3	0.45	0.56	10.4	6.2	0.37	0.45	7.1	4.2	0.84	0.51	8.7	5.2
	Total**	0.64	0.49	5.5	3.2	6.20	0.47	5.6	3.4	1.18	0.44	6.6	4.0	8.03	0.46	5.7	3.5
Lady Colleen	Oxide	-	-	-	-	0.10	0.63	1.0	0.4	0.10	0.52	0.7	0.3	0.20	0.58	0.9	0.4
	Transition	0.10	0.93	5.7	3.2	1.30	0.84	4.5	2.5	0.70	0.55	2.2	1.2	2.10	0.75	3.8	2.1
	Sulphide	0.10	1.08	0.7	0.4	1.90	1.14	6.1	3.3	3.60	0.75	3.5	2.0	5.60	0.89	4.4	2.4
	Total**	0.10	1.00	3.3	1.9	3.30	1.01	5.3	2.9	4.40	0.72	3.2	1.8	7.90	0.84	4.2	2.3
Mount Clarke	Oxide	0.15	0.46	0.4	0.6	0.35	0.43	0.2	0.5	0.02	0.48	0.3	0.8	0.52	0.44	0.3	0.5
	Transition	0.41	0.55	1.5	1.0	0.16	0.47	2.2	1.3	0.00	0.46	6.4	2.8	0.57	0.53	1.7	1.1
	Sulphide	0.36	0.61	1.2	0.8	0.69	0.57	1.9	1.2	0.50	0.55	2.4	1.4	1.55	0.57	1.9	1.2
	Total**	0.92	0.56	1.2	0.8	1.20	0.52	1.5	1.0	0.52	0.55	2.4	1.4	2.64	0.54	1.5	1.0
McLeod Hill	Oxide	-	-	-	-	-	-	-	-	0.48	0.35	-	-	0.48	0.35	-	-
	Transition	-	-	-	-	-	-	-	-	0.55	0.57	-	-	0.55	0.57	-	-
	Sulphide	-	-	-	-	-	-	-	-	0.39	0.56	-	-	0.39	0.56	-	-
	Total**	-	-	-	-	-	-	-	-	1.42	0.49	-	-	1.42	0.49	-	-
Swagman	Oxide	0.14	0.67	-	-	0.03	0.62	-	-	0.02	0.53	-	-	0.19	0.65	-	-
	Transition	-	-	-	-	0.07	0.60	-	-	0.04	0.45	-	-	0.11	0.55	-	-
	Sulphide	-	-	-	-	-	-	-	-	0.03	0.45	-	-	0.03	0.45	-	-
	Total**	0.14	0.67	-	-	0.10	0.61	-	-	0.09	0.47	-	-	0.33	0.60	-	-
Total	Oxide	4.55	0.66	0.5	0.4	11.26	0.58	0.6	0.5	0.92	0.38	0.5	0.4	16.73	0.59	0.6	0.5
	Transition	3.80	0.66	6.6	3.9	11.02	0.70	6.9	4.1	2.42	0.52	3.8	2.3	17.25	0.67	6.4	3.7
	Sulphide	2.00	0.98	5.0	2.9	13.43	0.86	6.9	4.1	11.09	0.69	4.8	2.9	26.50	0.80	5.9	3.5
	Total**	10.35	0.72	3.6	2.2	35.71	0.72	4.9	2.9	14.43	0.64	4.4	2.6	60.48	0.70	4.6	2.7

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21

ANTHILL BLOCK MODEL SECTIONS - 7759110N

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WEST PIT SECTION

EAST PIT SECTION

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22

ANTHILL BLOCK MODEL

• First ore from east pit is planned 3 months after commencing pre-strip.

• Anthill is fully permitted to commence mining

North

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East

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3D schematic of the Anthill pit shells and block model. Looking northeast. East pit is 600m wide.

23

PROJECT READINESS

Detailed work underway to enable commencement of operations: permits, licenses, contracts, Native Title and landowner access agreements. Refurbishment and detailed maintenance to ensure equipment is fit for purpose, safe, reliable and with appropriate critical spares inventory.

•

Mt Kelly Readiness Audit

• Landowner access agreements for mining and exploration

• Independent Audit carried out by PPM Global to assess the Heap Leach, SX, EW and Acid storage and distribution systems

• Crushing, Agglomeration and Stacking

• Crushing Circuit, Agglomerator, conveyor refurbishment – new conveyor rubber, rollers, guarding and compliance upgrades.

• SX/EW Processing Facility

• Filter press refurbished, spare rectiformer being refurbished, Cell house upgrade, Structural and OHS refurbishment. Chemical bunding upgrades.

• Spares inventories reviewed

• In place

• Native title agreements in place

• Land clearance completed at Anthill Mine

• Cultural Clearance completed. Native Title implementation committees formed

• Environmental permits and bonds

• Environmental Authority updated and bonds calculated

• Department of Resources, Department of Environment and Science

• Contracts finalised for:

• Mining Leases and Exploration Permits in good order

• Earthmoving contractor, power generation, process metallurgy, laboratory services, acid supply, crushing and stacking management, catering and camp management

• Mt Kelly ready for pre wet season audit

• Exploration team recruitment underway

• Mine engineering and geology team in place

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COPPER MARKET

Long Term fundamentals for copper appear strong.

• A strong outlook underpinned by global economic growth – given wide use for copper (construction, power, industrials, automotive and consumer goods)

• More recent growth due to COVID-19 stimulus related infrastructure spend.

• Incremental upside from growing de-carbonisation / electrification trends

• Average copper in ICE vehicle of ~20kg vs. 40-60kg in hybrid and ~80kg in an EV[1]

• EV’s sales expected to grow from 10 million in 2025 to 32 million by 2030[3]

• A key component in growing renewable energy sector

EV’s as a Mix of Annual Global Vehicle Sales[4]

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• Overall demand for copper expected to increase an average 4% p.a to 27.3Mtpa in 2023

• Refined production was steady in 2020 at 25Mt despite COVID-19 and is expected to increase an average 3% p.a. through to 27Mtpa in 2023[2]

• New sources of supply are required to meet this longer-term supply deficit

• Copper price recovered faster than expected following COVID-19 impact due to various government stimulus packages, reaching high of over $10,000/t in May 2021 – versus ~$6,700/t over the past decade[2]

• Consensus forecasts (mean) for prices to soften into 2022 with an easing of short-term pressure on LME stocks and new production

• Longer term forecasts provide a wide range – however important to note that low end is still high, relative to historic pricing

Notes:

1. International Copper Study Group (ICSG), The World Copper Factbook 2020, at https://www.icsg.org/index.php/component/jdownloads/finish/170/3046 2. Resource Energy Quarterly - June 2021

3. Electric Vehicle outlook 2021. Source: BloombergNEF – EVO 2021 (turtl.co)

4. Deloitte, Electric Vehicle Trends 5. IRESS, Bloomberg

Price Outlook for Copper[5]

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$14,000
$13,000 High
$12,000
$11,000
$10,000
Mean
$9,000
$8,000
$7,000
Low
$6,000
$5,000
$4,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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MT KELLY INFRASTRUCTURE

Austral will utilise existing operating infrastructure to process the Anthill ore. The company will continue processing ore that was mined during the Company’s recent remnant mining campaign to ensure early cash flow.

• SX-EW facility (~30kpa capacity)

• Heap leach pads

• Crushing, screening, agglomerating, conveyors and radial stacking infrastructure

• Shared road access agreement for Lady Annie and Anthill Project

• Workshops, offices, laboratory, storage for acid (1 million litres) and fuel (300 kilolitres)

• Spare capacity to process additional ore feed

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PROCESS FLOWSHEET

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• Austral utilises a simple process for Copper cathode production • The processing facility has been operating since 2007 • Estimated processing unit cost of A$2,400/t Cu cathode • Annual sustaining capital estimated at A$500,000

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PEER VALUATION - COMPARATIVE

Plant	Producing	Code	Company	Mkt Cap A$M*	Mt Cu Resource**	Mkt Cap A$/t Cu Resource
No		HAV	Havilah	60 $	1.30	46 $
No		AML	Aeon	42 $	0.59	71 $
No		CVV	Caravel	180 $	1.84	98 $
Yes	No	CYM	Cyprium	129 $	1.10	117 $
Yes	Oxide	AR1	Austral Resources	89 $	0.42	210 $
Yes	sulphide	HGO	Hillgrove	57 $	0.18	317 $
No		COD	Coda Minerals	94 $	0.25	378 $
No		RCP	Redbank Copper	35 $	0.09	393 $
No		KGL	KGL Resources	222 $	0.43	521 $
No		PEX	Peel Mining	106 $	0.13	828 $
No		EM2	Eagle Mountain	165 $	0.17	966 $
Yes	sulphide	AIS	Aeris	423 $	0.31	1,384 $
				*14Sept	**Cu Equivalent

Mkt Cap A$M / Tonne of Cu Resource

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$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
Hav AML CVV CYM AR1 HGO COD RCP KGL PEX EM2 AIS
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Austral’s tenure holds 420kt of contained copper in a Mineral Resource Estimate, 49 exploration targets and a comprehensive historic database in the fertile Mt Isa copper mineralised province. The Company is confident that this highly prospective tenure will deliver new copper resources through exploration.

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28