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AUSTRAL RESOURCES AUSTRALIA LTD (AR1)

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Our website ranking of AR1: rating 4
(4 out of 5)
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REGISTRY:

Automic Group
Level 5, 191 ST GEORGES TERRACE PERTH WA 6000
Tel : +61 (2) 8072 1400 or 1300 288 664 (within Australia)
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Company details

ISIN: AU0000175838
Address: Level 9, 60 Edward Street, BRISBANE, QLD, AUSTRALIA, 4000
Tel:  07 3520 2500

Date first listed: 03/11/2021

Activities: Mineral exploration and production

News & Events

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Austral, Glencore, Thiess and Secover (a subsidiary of Harvey Family Office) have entered into an agreement subject to conditions precedent to discharge all secured debt, by granting workout rights pursuant to the Anthill Project Agreement. The Company currently has $78 million in total secured debt. The APA structure is designed to ensure that Austral is debt-free and riskfree with no operational exposure. Austral retains the benefit of a portion of the free cash flow generated from Anthill once the secured debt has been repaid. Senior Secured Debt Reduced by 100% - decreasing from $78 million to Zero. The Company is seeking to raise equity of between $27 million to $35 million1 to repay unsecured debt to Thiess, and fund working capital and accelerate its suite of expansion projects which at Scoping Study levels show the extended mine life. Austral will issue Thiess a convertible note in discharge of the balance of the remaining unsecured debt. The face value of this note will be approximately $31.25 million. On completion of the transactions under the Framework Agreement, Thiess has agreed to the termination of the existing Mining Service Agreement without penalty. With increased financial stability, Austral's focus will be to fast-track the recent Scoping Study into Definitive Feasibility Study with projected timeline to start mining within the next 12 months. Heap Leach Re-Mine will provide another source of revenue for Austral on completion of mining Anthill. The heap leach pads have significant amounts of residual copper.

20/06/2024

New assay results from DDH drilling program at Flying Horse, a copper sulphide resource on the Mt Kelly Extended Mining Lease (ML 90170) include: MTKD019 (Sulphide) 40m @ 2.27% Cu from 132m (12.89m true width) including 16m @ 4.71% Cu from 150m (5.15m true width). Assay results from RC drilling targeting extensions to copper oxide mineralisation at the Mt Kelly Pit on the same group of mining leases returned: MTKC0662 (Oxide). 9m @ 1.48% Cu from 35m including 3m @ 2.34% Cu from 36m. Drilling results from the 2023 Flying Horse Program confirm the exploration potential still available on Austral's Mining Leases for both copper oxide and sulphide mineralisation. Improved structural understanding of the Flying Horse "“ Mt Kelly - Mt Clarke mineral systems provide further scope for future copper exploration and extensions to known high-grade copper mineralisation.

28/05/2024

The company announces the completion of an update to the Mineral Resource Estimate for the McLeod Hill deposit within ML5426 and ML5474, near the Mount Kelly processing plant and Mount Clarke mine. The McLeod Hill Copper Mineral Resource estimate has seen a 50% increase in contained copper, with a total of 10.7 kt of copper, based on 21 additional drill holes completed by Austral Resources in 2023. The resource is located just 5 km southeast of the AR SX-EW processing plant and is consistently low carbonate (<1.0% Ca). Acid solubility assays indicate some fresh material may suit heap leach processing, and Cu oxide mineralisation remains open along strike to the north. The update for the McLeod Hill Deposit underpins planned work, including evaluating technical, operational, and economic aspects for heap leach processing, diamond drilling to acquire local density measurements and copper mineralogy, and further modelling of high carbonate units within the Gunpowder Creek Formation. The mineral resource confidence has improved, with one third now classified as Indicated.

20/05/2024

The securities of Austral Resources Australia Ltd were suspended from quotation by ASX under Listing Rule 17.3 on Thursday, 2 May 2024, following the appointment of Receivers and Managers to AR1. AR1's securities will continue to be suspended under Listing Rule 17.3 until such time that ASX is satisfied with AR1's compliance with the Listing Rules, including Listing Rule 12.2, and that it is otherwise appropriate for AR1's securities to be reinstated to quotation.

15/05/2024

The company advises the retirement of Deloitte as Receivers and Managers of the Austral group of companies. The Directors are now in control of the business and operations of the Austral group of companies. Glencore Australia Holdings Pty Limited, the Company's strategic offtake partner, has acquired the senior secured debt from Win Finance No. 359 Pty Ltd. and has assumed the role of senior secured creditor.

13/05/2024

Shareholders in this company should consider crystallising a capital loss in 2023/24 by selling their shares. This process is now much easier and quicker. It can be achieved online by entering transaction details here. While, this usually makes good economic sense we recommend you seek professional advice before buying or selling securities, your accountant is probably the best person.

02/05/2024

The securities of Austral Resources Australia Ltd were suspended from quotation at AR1's request under Listing Rule 17.2 on 5 September 2023, pending the release of an announcement in relation to corporate financing. At AR1's request, the suspension of AR1's securities from quotation was extended on each of 11 September 2023, 18 September 2023, 29 September 2023, 20 October 2023, 6 November 2023, 27 November 2023, 2 January 2024, 5 February 2024 and 4 March 2024 to allow AR1 to progress negotiations regarding the corporate financing which AR1 disclosed was critical to its on-going financial viability. The securities of AR1 will now continue to be suspended from quotation under Listing Rule 17.3, following the appointment of Receivers and Managers to AR1.

02/05/2024

Win Finance No. 359 Pty Ltd. has appointed Deloitte's Sean Holmes, Jason Tracy, and Grant Sparks as joint receivers and managers to Austral Resources Operations and Austral Resources Exploration Pty Ltd, in relation to a secured debt owed to Wingate by Austral Operations.

02/05/2024

The company appoints Deloitte Turnaround & Restructuring partners Jason Tracy, Grant Sparks, and Sean Holmes as Joint and Several Receivers and Managers. The business will continue to trade while the Receivers and Managers undertake an urgent assessment of the financial position and determine the future of the business and its assets.

02/05/2024

The company lodges its March 2024 Quarterly Report.

01/05/2024

The company's AGM will be held on Wednesday 22 May 2024 at 10:00am (AEST) (Brisbane time) at the Offices of HopgoodGanim Lawyers, Level 8, Waterfront Place, 1 Eagle Street Brisbane, Queensland.

18/04/2024

The Company is intending to hold its 2024 annual general meeting on 22 May 2024. The closing date for receipt of nominations from persons wishing to be considered for election as a Director at the Meeting is 27 March 2024. Any nominations must be received at the Austral registered office no later than 5.00pm (Brisbane time) on 27 March 2024.

19/03/2024

The voluntary suspension is pending the release of an announcement in relation to corporate financing as advised in its trading halt request on 1 September 2023 and subsequent voluntary suspensions to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

04/03/2024

The company releases an Appendix 4E.

29/02/2024

The voluntary suspension is pending the release of an announcement in relation to corporate financing as advised in its trading halt request on 1 September 2023 and subsequent voluntary suspensions to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

05/02/2024

The company releases a notification of cessation of securities.

01/02/2024

The company lodges its December 2023 Quarterly Report.

31/01/2024

The company provides an operational update. Challenges faced, yet still mining. During the December quarter, Austral encountered unprecedented events when destructive bushfires threatened local properties and mining sites in the western province of Far North Queensland over a three-week period.The Company has faced the recent impact associated with Cyclone Kirrily. Austral's crushing circuit at Mt Clarke faced a setback, resulting in one week's interruption to production. This disruption was primarily caused by exceedingly wet ore that caused significant and continual blockages. A new haulage contract has been successfully executed with REGROUP. Under this agreement, REGROUP will be providing 5 brand-new Kenworth C509 trucks, each equipped to tow new ultra quad trailers, with a Gross Vehicle Mass (GVM) weight of 240 tonnes. This transition aims to ensure more efficient and reliable haulage operations for the Anthill project moving forward.

31/01/2024

The Company's securities are expected to remain in voluntary suspension until Friday 2 February 2024 to enable the Company to continue completion of the previously announced financing. The Company continues to progress restructuring its current financial position and is actively engaged in ongoing negotiations to set in place the most effective financial structure.

02/01/2024

The voluntary suspension is pending the release of an announcement in relation to corporate financing to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

27/11/2023

The voluntary suspension is pending the release of an announcement in relation to corporate financing as advised in its trading halt request on 1 September 2023 and subsequent voluntary suspensions to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

06/11/2023

The company lodges its September 2023 Quarterly Report.

01/11/2023

The voluntary suspension is pending the release of an announcement in relation to corporate financing as advised in its trading halt request on 1 September 2023 and subsequent voluntary suspensions to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

20/10/2023

The company releases a notice of application for quotation of securities.

20/10/2023

As required under Listing Rule 3.10A, 203,506,289 fully paid ordinary shares and 15,516,864 unlisted performance rights, currently subject to ASX restriction, will be released on 4 November 2023.

20/10/2023

The voluntary suspension is pending the release of an announcement in relation to corporate financing. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

29/09/2023

The voluntary suspension is pending the release of an announcement in relation to corporate financing as advised in its trading halt request on 1 September 2023 and subsequent voluntary suspensions on 5 September 2023 and 11 September 2023; to allow more time to complete the process. Securities will remain in voluntary suspension until the announcement to the market of the completion of the restructure.

18/09/2023

The Company notes that securities will remain in voluntary suspension until the earlier of the announcement to the market of the financing or the commencement of trade on Monday 18 September 2023.

11/09/2023

Recent drilling has intersected significant near-surface copper intervals. Oxide mineralisation at McLeod Hill is interpreted to define 3 zones, a low-grade surface copper oxide of ~0.3% Cu, a deeper oxide zone of between ~0.60% Cu to >1% Cu, and an underlying transitional / sulphide zone of >1% Cu. The mineralisation is open and untested to the northwest into the adjoining sub-blocks held by Austral (under EPMA28881 Canyon). These drill results have intersected multiple near-surface zones of mineralisation, further intersections of higher-grade zones, and extending the continuity and resource potential. The McLeod Hill prospect is on an existing ML within 5km of the Austral's SX-EW plant, positive economic levers to further explore and increase this resource. Austral has engaged a third-party to update and potentially increase the JORC compliant Mineral Resource.

06/09/2023

The securities of Austral Resources Australia Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of AR1, pending the release of an announcement in relation to corporate financing.

05/09/2023

listed entity carried for record purposes only

03/11/2021

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    04/05/2023Dan Jauncey590,906$0.275$162,479
    28/04/2023Dan Jauncey129,500$0.288$37,322
    04/01/2023Dan Jauncey610,616$0.218$132,840
    30/06/2022Dan Jauncey243,637$0.515$125,491
    20/06/2022Dan Jauncey1,684,706$0.451$760,015

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Phillip ThomasChairman03/11/2021
    Angus PetersonCFO22/08/2023
    Michael HanselNon Exec Director14/02/2022
    Dan JaunceyExecutive Director, CEO03/11/2021
    Jaroslaw KopiasCompany Secretary

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Luke JohnstoneCFO03/11/202117/06/2024
    Jeffrey InnesNon Exec Director03/11/202116/03/2023
    Steve TambanisCEO03/11/202131/07/2022

    Date of first appointment, title may have changed.