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HIGHLIGHTS
- Up to date Mineral Useful resource and Reserve Estimate reinforces the Firm’s technique to advance the Casposo Mine in direction of renewed manufacturing, complemented by the beforehand introduced Toll Milling Settlement with ASX-listed Challenger Gold Restricted
- Confirmed and Possible Mineral Reserves for the Casposo Mine is estimated to be 2.149 Mt grading 1.31 g/t Au and 58.52 g/t Ag and containing ounces recoverable of 80 thousand ounces (Koz) Au and three.276 M oz Ag
- Measured and Indicated Mineral Sources for the Casposo Mine are estimated to be 2.258 million tonnes (Mt) grading 1.48 g/t Au and 59.91 g/t Ag
- Inferred Mineral Sources are estimated to be roughly 0.173 Mt grading 7.52 g/t Au and 68.54 g/t Ag
- After-Tax Web Current Worth (NPV) at 11.8% low cost fee is US$72.7 million (US$2,855/oz gold value)
- Undiscounted pre-tax free money flows of US$137.9 million (publish tax US$92.7 million).
- All-in Sustaining Value (AISC): US$1,695/oz Au.
- The mine life is 74 months, based mostly on Mineral Reserves.
- Estimated annual common manufacturing of 11,495 ounces recovered for gold and 468,434 ounces recovered for silver.
- Lifetime of mine capital totals US$10.8 million, relate to sustaining capital for reprocessing mineralized materials from the event and development of the stockpile (DCS), reclamation, and closure prices (offset by salvage worth). No capital prices for open pit operations because the Firm has elected to make the most of contract mining providers.
- Common working price over the lifetime of mine is US$85 per tonne milled or US$1,517 per gold equal ounce.
- Metallurgical restoration averages 88.0% for gold and 81.0% for silver over the LOM.
- Metallic costs: Lifetime of mine common of US$2,855/oz gold and US$35/oz silver, based mostly on consensus of unbiased forecasts for annual costs.
- *See tables under for assumptions used within the estimates
- **Solely Measured and Indicated mineral sources are utilized in calculating the NPV
Austral Gold Restricted (ASX: AGD,OTC:AGLDF) (TSXV: AGLD) (OTCQB: AGLDF) (“Austral” or the “Firm”), a longtime gold producer, is happy to announce the constructive outcomes of a Mineral Reserve and Mineral Useful resource Estimate ready internally in accordance with CIM Definitions 2014, Nationwide Instrument 43-101 (“NI 43-101”) and Joint Ore Reserves Committee Code, 2012 (JORC 2012) with respect to the Firm’s 100% owned Casposo Operation in Argentina (the “Casposo Operation”).
To assist the Mineral Reserve and Mineral Useful resource Estimate, the Firm is submitting a technical report ready in accordance with NI 43-101 on the ASX (www.asx.com) and SEDAR+ (www.sedarplus.ca) as we speak (the “Technical Report”).
Govt Officer of Austral, Stabro Kasaneva, commented, “This mineral reserve estimate for the Casposo Operation marks a big step ahead in our technique to advance the mission in direction of manufacturing that has beforehand demonstrated its manufacturing capabilities. Since being positioned on care and upkeep in 2019, our crew has labored diligently to reassess and strengthen the technical and financial basis of the mission. The outcomes of this reserve replace reinforce our confidence within the long-term potential of the asset.
“We’re particularly inspired by the timing of this announcement, as gold and silver costs stay strong amid sturdy market fundamentals. This favorable pricing atmosphere enhances the economics of the mission and positions us to ship significant worth to our shareholders.”
The up to date Mineral Reserve estimates are based mostly on Firm infill drilling and exploration actions for the reason that June 30, 2016 Technical Report filed on SEDAR+ and the Mineral Useful resource estimates are based mostly on the July 19, 2024 Technical Report filed on SEDAR+.
Whole Mineral Sources Estimation Assertion – as of June 30, 2025
Austral Gold Restricted – Casposo Mine
| Class | Mass | Grade | Ounces Contained | Ounces Recovered | ||||||
| (000′ t) | (g/t Au) | (g/t Ag) | (g/t AuEq) | (000’s oz Au) | (000’s oz Ag) | (000’s oz AuEq) | (000’s oz Au) | (000’s oz Ag) | (000’s oz AuEq) | |
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 2,258 | 1.48 | 59.91 | 2.13 | 107 | 4,349 | 155 | 98 | 3,688 | 138 |
| M&I | 2,258 | 1.48 | 59.91 | 2.13 | 107 | 4,349 | 155 | 98 | 3,688 | 138 |
| Inferred | 173 | 7.52 | 68.54 | 8.28 | 42 | 381 | 46 | 38 | 323 | 42 |
Notes:
- The Indicated Mineral Sources are inclusive of these Mineral Sources modified to provide the Mineral Reserves.
- Stationary domains had been modelled based on the lithological and structural continuity.
- Mineral Sources had been labeled and reported in accordance with CIM Definition Requirements and NI 43-101 necessities.
- Indicated Sources had been outlined utilizing a 25 m x 25 m drill grid in each strike and dip instructions for ore mineralization. Stockpile and DCS sources had been outlined based mostly on operational historical past and sampling information.
- Variable cut-off grades had been utilized by sector, based mostly on spatial location and bodily traits of the mineralized materials:
Manantiales & Julieta: 1.24 g/t AuEq.
Mercado & B-Vein: 1.15 g/t AuEq.
Stockpile: 1.01 g/t AuEq.
DCS: 0.85 g/t AuEq. - The next bulk densities had been utilized for tonnage calculations:
2.5 t/m3 for open pit and underground domains
1.8 t/m3 for stockpiles
1.4 t/m3 for DCS materials. - Mineral Sources had been constrained by open -pit optimization, utilizing metallic costs of US$2,500 /oz for gold and US$27.5 /oz for silver.
- AuEq = (g/t) Au + (g/t) Ag / 90.91 [factor 90.91 = US$2,500 /oz for gold / US$27.5 /oz for silver.
- Ounces Contained were not applied to metallurgical recoveries.
- Ounces Recovered were applied to metallurgical recoveries by deposits.
- Metallurgical recovery rates were applied by deposit, based on historical and test data.
Ore Mineral: 91.1% gold and 84.8% silver
Stockpiles: 89.0% gold and 85.8% silver
DCS: 86.9% gold and 78.5% silver - Totals may not sum exactly due to rounding.
Mineral Reserve Statement by deposit – as of June 30, 2025
Austral Gold Limited – Casposo Mine
| Category | Mass | Grade | Metallurgical Recovery | Ounces Recovered | |||||
| (000 t) | (g/t Au) | (g/t Ag) | (% Au) | (%Ag) | (000 oz Au) | (000 oz Ag) | |||
| Julieta | |||||||||
| Proven | – | – | – | – | – | – | – | ||
| Probable | 161 | 5.01 | 24.10 | 91.1 | 84.8 | 24 | 106 | ||
| Prov + Prob | 161 | 5.01 | 24.10 | 91.1 | 84.8 | 24 | 106 | ||
| Mercado | – | – | – | – | |||||
| Proven | – | – | – | – | – | – | – | ||
| Probable | 92 | 1.73 | 150.60 | 91.1 | 84.8 | 5 | 378 | ||
| Prov + Prob | 92 | 1.73 | 150.60 | 91.1 | 84.8 | 5 | 378 | ||
| Total Open Pit | – | – | – | – | |||||
| Proven | – | – | – | – | – | – | – | ||
| Probable | 253 | 3.81 | 70.15 | 91.1 | 84.8 | 28 | 484 | ||
| Prov + Prob | 253 | 3.81 | 70.15 | 91.1 | 84.8 | 28 | 484 | ||
| Stockpile | – | – | – | – | |||||
| Proven | – | – | – | – | – | – | – | ||
| Probable | 1,507 | 0.88 | 52.95 | 86.9 | 78.5 | 37 | 2,013 | ||
| Prov + Prob | 1,507 | 0.88 | 52.95 | 86.9 | 78.5 | 37 | 2,013 | ||
| All | – | – | – | – | |||||
| Proven | – | – | – | – | – | – | – | ||
| Probable | 2,149 | 1.31 | 58.52 | 88.7 | 81.0 | 80 | 3,276 | ||
| Prov + Prob | 2,149 | 1.31 | 58.52 | 88.7 | 81.0 | 80 | 3,276 | ||
Notes:
- Mineral Reserves were estimated using a gold price of US$2,200/oz and a silver price of US$25/oz.
- Dilution was considered as 10% and Mining Recovery as 95%.
- Variable cut-off grades were applied by sector, based on spatial location and physical characteristics of the mineralized material:
Julieta: 1.303 g/t AuEq,
Mercado: 1.217 g/t AuEq,
Stockpile: 1.152 g/t AuEq,
DCS: 1.047 g/t AuEq - The following bulk densities were applied for tonnage calculations:
In-situ mine material: 2.5 t/m3
Stockpile material: 1.8 t/m3
DCS material:1.5 t/m3 - Totals may not sum exactly due to rounding.
There are no known legal, political, environmental, or other risks that could materially affect the potential development of mineral resources or mineral reserves.
TECHNICAL CONTENT AND QUALIFIED PERSONS
The Technical Report referenced in this news release was prepared under the supervision of the following persons, each a non-Independent “Qualified Person” as defined by NI 43-101:
- Marcos Valencia, FAusIMM and Registered Member of the ChMC, Principal Geoscientist of the Company;
- Guillermo Valdés, Registered Member of the Ch.M.C, Mining Engineer and Technical Services Manager of the Company; and
- Francisco Pavez, Registered Member of the Ch.M.C, Metallurgical Civil Engineer and Manager of Metallurgical Processes of the Company,
- (collectively, the “Qualified Persons“).
The scientific and technical information contained in this announcement has been extracted from the Technical Report and has been reviewed and approved by the above Qualified Persons.
The Technical Report to support the updated Mineral Reserve and Mineral Resource estimates for the Casposo Operation, prepared in accordance with NI 43-101, will be filed with the ASX and on SEDAR+ (www.sedarplus.ca) within 45 days of this news release.
COMPETENT PERSON’S STATEMENT
For the purposes of Listing Rule 5.22, the Company confirms that the updated Mineral Reserve and Mineral Resource estimates for the Casposo Operation were based on work reviewed or compiled by the Marcos Valencia, Guillermo Valdés and Francisco Pavez, each a non-independent “Qualified Person” as defined by NI 43-101 and a “Competent Person” as defined in the JORC (2012) Code, either as a Member of the Australian Institute of Geoscientists, or members in good standing of Recognised Professional Organisations in Canada and the United States.
Each Competent Person is an employee of the Company.
Each Competent Person consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Each Competent Person has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the JORC (2012) Code.
DATA VERIFICATION
All information contained in this news release was generated by Austral and was previously verified in the technical report prepared by Marcos Valencia in 2024 and RPA in 2016. The scientific and technical information included in the Technical Report, which forms the basis of this news release disclosure, was reviewed by the Qualified Persons who determined that the disclosure is in accordance with the guidelines established by the CIM and falls under the requirements of NI 43-101 for publication to the market.
The data verification was carried out by taking the original information, comparing it with what was reported in the 2016 technical report, and also reviewing the procedures that Austral applied during its drilling and quality assurance activities.
All information captured and processing procedures and protocols have been developed to detect deviations in the early stages of the process and to apply corrective measures for mitigation and to minimize the source of risk of failures in the information generated and declared as public.
A site visit was undertaken by each of the Qualified Persons. However, it was not possible to oversee the drilling procedures and processes for data collection. Each of the Qualified Persons reviewed the protocols and procedures and determined that are in line with industry standards.
Analytical laboratories for the project have not been inspected at this stage. A thorough Quality Assurance and Quality Control (“QA/QC”) program adhering to internationally accepted standards were completed for Austral drilling over the past phases. Each of the Qualified Persons is satisfied with the methods employed for internal data validation and for the purpose of the mineral resource estimate.
The Qualified Person, Marcos Valencia considers that the sample preparation, security, and analytical procedures adopted for the resource drilling provide an adequate basis for the current mineral resource estimate and that the QAQC program and procedures developed by the Austral geology team and reviewed by each of the Qualified Persons are adequate. The data contained in the drill hole database were generated and collected according to the industrial standards and Austral applied proper programs to keep the security of the data developed by the Austral geology team and reviewed by each of the Qualified Persons.
FURTHER INFORMATION
For the purposes of listing Rule 5.9.1, the Company wishes to provide a summary of the material assumptions and outcomes of the Technical Report that was used to upgrade the mineral resources to ore reserves. This information is to be read together with the JORC (2012) Code Table 1 Report.
- The mineralised domains evaluated for the mineral resource estimation were interpreted by the Casposo geology team using a lithological model in Leapfrog and a set of cross-vertical sections were used to guide the 3D modelling for veins, breccias, stockwork or veinlets mineralization domains developed in Vulcan software.
- Drill hole spacing at the mine generally ranges from 12.5 m x 12.5 m to 60 m x 60 m. Given the density of drilling at the Casposo Mine, a 25 m by 25 m grid pattern has been established to classify resources as Indicated. This pattern, aligned with the vein main vein plane, allows for the definition of geological continuity with an acceptable level of risk for resource estimation.
- Benchmarking was conducted using comparable deposits in Argentina, Peru and Chile, where a broader grid pattern, typically 30 m x 30 m is commonly used to classify Indicated resources. Formal studies to determine the optimal grid spacing are recommended, and the Qualified Person suggests initiating such studies. Resources can only be classified as Measured when the vein is exposed; however no Measured resources were defined in this estimation process.
- All the resources located outside the established grid pattern have been classified as Inferred.
- Based on the available data, benchmarking results, and the expert judgment of the Qualified Person (QP), a 25-meter x 25-meter drill grid pattern was adopted to define Indicated Resources for the Manantiales, Julieta, Mercado, and B-Vein deposits.
- Metal prices used for the estimation are US$2,500 per ounce of gold and US$27.50 per ounce of silver.
Mineral Resource Statement by deposit – Inclusive Reserves – as of June 30, 2025
Austral Gold Limited – Casposo Mine
| Category | Mass | Grade | Ounces Contained | Ounces Recovered | ||||||
| (000′ t) | (g/t Au) | (g/t Ag) | (g/t AuEq) | (000’s oz Au) |
(000’s oz Ag) |
(000’s oz Aueq) |
(000’s oz Au) |
(000’s oz Ag) |
(000’s oz Aueq) |
|
| Manantiales | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 22 | 4.31 | 24.28 | 4.58 | 3.0 | 17 | 3.2 | 3 | 15 | 2.9 |
| M + I | 22 | 4.31 | 24.28 | 4.58 | 3.0 | 17 | 3.2 | 3 | 15 | 2.9 |
| Inferred | 9 | 9.04 | 34.51 | 9.42 | 2.5 | 10 | 2.7 | 2 | 8 | 2.4 |
| Julieta | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 166 | 5.46 | 25,99 | 5.75 | 29,2 | 139 | 30.7 | 27 | 118 | 27.9 |
| M + I | 166 | 5.46 | 25,99 | 5.75 | 29,2 | 139 | 30.7 | 27 | 118 | 27.9 |
| Inferred | 98 | 10.48 | 18.59 | 10.68 | 32.9 | 58 | 33.6 | 30 | 50 | 30.6 |
| Mercado | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 103 | 2.50 | 134.91 | 3.98 | 8.3 | 447 | 13.2 | 8 | 379 | 11.7 |
| M + I | 103 | 2.50 | 134.91 | 3.98 | 8.3 | 447 | 13.2 | 8 | 379 | 11.7 |
| Inferred | 36 | 2.89 | 30.53 | 3.23 | 3.3 | 35 | 3.7 | 3 | 30 | 3.4 |
| B-Vein | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 56 | 3.63 | 137.05 | 5.14 | 6.6 | 249 | 9.3 | 6 | 211 | 8.3 |
| M + I | 56 | 3.63 | 137.05 | 5.14 | 6.6 | 249 | 9.3 | 6 | 211 | 8.3 |
| Inferred | 30 | 3.05 | 283.33 | 6.17 | 3.0 | 277 | 6.0 | 3 | 235 | 5.3 |
| Total Open Pit | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 348 | 4.21 | 76.21 | 5.05 | 47 | 852 | 56 | 43 | 723 | 51 |
| M + I | 348 | 4.21 | 76.21 | 5.05 | 47 | 852 | 56 | 43 | 723 | 51 |
| Inferred | 173 | 7.52 | 68.54 | 8.28 | 42 | 381 | 46 | 38 | 323 | 42 |
| Stockpile | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 389 | 1.36 | 72.54 | 2.16 | 17.0 | 907 | 27.0 | 16 | 769 | 24.0 |
| M + I | 389 | 1.36 | 72.54 | 2.16 | 17.0 | 907 | 27.0 | 16 | 769 | 24.0 |
| Inferred | – | – | – | – | – | – | – | – | – | – |
| DCS | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 1,521 | 0.88 | 52.95 | 1.50 | 43.0 | 2,589 | 71.4 | 39 | 2,196 | 63.3 |
| M + I | 1,521 | 0.88 | 52.95 | 1.50 | 43.0 | 2,589 | 71.4 | 39 | 2,196 | 63.3 |
| Inferred | – | – | – | – | – | – | – | – | – | – |
| ALL | ||||||||||
| Measured | – | – | – | – | – | – | – | – | – | – |
| Indicated | 2,258 | 1.48 | 59.91 | 2.13 | 107 | 4,349 | 155 | 98 | 3,688 | 138 |
| M + I | 2,258 | 1.48 | 59.91 | 2.13 | 107 | 4,349 | 155 | 98 | 3,688 | 138 |
| Inferred | 173 | 7.52 | 68.54 | 8.28 | 42 | 381 | 46 | 38 | 323 | 42 |
Notes:
- The Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves.
- Stationary domains were modelled according to the lithological and structural continuity.
- Mineral Resources were classified and reported in accordance with CIM Definition Standards and JORC (2012) requirements.
- Indicated Resources were defined using a 25 m x 25 m drill grid in both strike and dip directions for ore mineralization. Stockpile and DCS resources were defined based on operational history and sampling data.
- Variable cut-off grades were applied by sector, based on spatial location and physical characteristics of the mineralized material:
Manantiales & Julieta: 1.24 g/t AuEq.
Mercado & B-Vein: 1.15 g/t AuEq.
Stockpile: 1.01 g/t AuEq.
DCS: 0.85 g/t AuEq. - The following bulk densities were applied for tonnage calculations:
2.5 t/m3 for open pit and underground domains
1.8 t/m3 for stockpiles
1.4 t/m3 for DCS material. - Mineral Resources were constrained by open -pit optimization, using metal prices of US$2,500 /oz for gold and US$27.5 /oz for silver.
- AuEq = (g/t) Au + (g/t) Ag / 90.91 [factor 90.91 = US$2,500 /oz for gold / US$27.5 /oz for silver]
- Ounces Contained weren’t utilized to metallurgical recoveries.
- Ounces Recovered had been utilized to metallurgical recoveries by deposits.
- Metallurgical restoration charges had been utilized by deposit, based mostly on historic and check dat.
Ore Mineral: 91.1% gold and 84.8% silver
Stockpiles: 89.0% gold and 85.8% silver
DCS: 86.9% gold and 78.5% silver - Totals could not sum precisely resulting from rounding.
Metallurgical Working Recoveries used within the Useful resource and Reserve Mineral Estimate – June 30, 2025
Austral Gold Restricted – Casposo Mine
| Deposit | Metallurgical Restoration | |
| Au (%) | Ag (%) | |
| Manantiales | 91.1 | 84.8 |
| Julieta | 91.1 | 84.8 |
| Mercado | 91.1 | 84.8 |
| B-Vien | 91.1 | 84.8 |
| Stockpile | 89.0 | 85.8 |
| DCS | 86.9 | 78.5 |
About Austral Gold
Austral Gold is a gold and silver mining producer constructing a portfolio of high quality property within the Americas based mostly on three strategic pillars: manufacturing, exploration and fairness investments. Austral continues to put the inspiration for its progress technique by advancing its engaging portfolio of manufacturing and exploration property.
For extra info, please go to the Firm’s web site at www.australgold.com.
Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
Launch authorized by the Firm’s Chief Govt Officer of Austral Gold, Stabro Kasaneva.
Ahead-Trying Statements
Statements on this information launch that aren’t historic details are forward-looking statements. Ahead-looking statements are statements that aren’t historic, and consist primarily of projections and statements relating to future plans, expectations and developments. Phrases akin to “expects”, “intends”, “plans”, “could”, “might”, “potential”, “ought to”, “anticipates”, “possible”, “believes” and phrases of comparable expressions are supposed to establish forward-looking statements. The forward-looking assertion on this information launch embrace, however aren’t restricted to, all projections with respect to the Casposo Operation together with Mineral Reserve and Mineral Useful resource estimates, all projected and future financial statements with respect to the Casposo Operation, all projections associated to future mission development, together with to manufacturing, and anticipated manufacturing ranges, operational efficiency, monetary outcomes and strategic progress.
All of those forward-looking statements are topic to quite a lot of identified and unknown dangers, uncertainties and different elements that might trigger precise occasions or outcomes to vary from these expressed or implied, together with, with out limitation, uncertainty of exploration packages, growth plans and value estimates, commodity value fluctuations; political or financial instability and regulatory modifications; foreign money fluctuations, the state of the capital markets, uncertainty within the measurement of mineral sources and reserves; and different dangers and hazards associated to the exploitation and growth of mineral properties, in addition to the provision of capital. You might be cautioned that the foregoing record isn’t exhaustive of all elements and assumptions which can have been used. Austral can not guarantee you that precise occasions, efficiency or outcomes shall be according to these forward-looking statements, and administration’s assumptions could show to be incorrect. Austral’s forward-looking statements mirror present expectations relating to future occasions and working efficiency and communicate solely as of the date hereof and Austral doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change apart from as required by relevant regulation. For the explanations set forth above, you shouldn’t place undue reliance on forward-looking statements.
To view the supply model of this press launch, please go to https://www.newsfilecorp.com/launch/270307
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