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Austral Resources secures $15M expansion funding
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Austral Resources secures $15M expansion funding

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  • Austral Resources secured $15 million in non-dilutive royalty financing from the QIC Queensland Critical Minerals Fund.
  • The funding supports growth planning while the company share price remained unchanged at $0.071 following the news.
  • Capital will fund a Stage 2 expansion scoping study and alternative power studies at the Rocklands copper processing facility.

Austral Resources Australia (ASX:AR1) secured $15 million in royalty funding from the Queensland Critical Minerals Fund.

The capital will finance studies evaluating an expansion of the Rocklands plant from 3 to 6 million tonnes.

"Securing the support of the QIC Queensland Critical Minerals Fund is a significant milestone for Austral and a strong endorsement of both the Rocklands processing facility and our long-term strategy," said Austral Resources Chairman David Newling.

The company stated that internal mine production will fully utilise current plant capacity through at least 2034.

Following the announcement, the Austral Resources share price was unchanged at $0.071.

Austral Resources recently submitted an $80.7 million binding proposal to acquire regional peer Hammer Metals (ASX:HMX).

The company continues targeting first restarted copper production at the Rocklands facility during the third quarter of 2027.

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