Austral Gold Ltd. V.AGLD

Austral Gold Heap Reprocessing Project to Deliver Production

[Betteryear2]

HIGHLIGHTS

• Sustainable Operations: Production to start during the last week of July 2023 at the Company's Heap Reprocessing Project located at the Guanaco/Amancaya mine complex in Chile, which has been operating since 2012. Reprocessing is to supplement existing production for the next 10 years.*
• Low Cost Production: Projected cash operating costs below $700 per gold equivalent ounce for 223,000 gold ounces and 1,043,000 silver ounces of proven mineral reserves.*

Sydney, Australia--(Newsfile Corp. - July 20, 2023) - Established gold producer Austral Gold Limited's  (ASX: AGD) (TSXV: AGLD) (Austral or the Company) is pleased to announce that construction at the Heap Reprocessing Project ("Project") at its Guanaco-Amancaya Mine Complex in Antofagasta, Chile was completed, and commissioning has started. The Company expects production from the Project to start during the last week of July 2023.

Austral Gold Heap Reprocessing Project to Deliver Production (newsfilecorp.com)

[kleinhomer]

In their quarterly report (June 2023) they stated: Forecasted Calendar 2023 Production and Costs • Production guidance for 2023 is estimated between 34,000-38,000 GEOs including 7,000-9,000 GEOs from the heap-reprocessing project, which started production in late July 2023. • C1 for 2023 is estimated between US$1,200-US$1,250 per GEO. The average C1 for the second half of the year is expected