While over 1m of rain was dumped on the Anthill mine over the three months, contractor Thiess continued to exceed daily mining targets and production was up 14% over the December quarter at 30.7 tonnes per day, while all-in sustaining costs were down 24% at US$2.79 per pound sold.

 

Sales for the quarter were 2818t, generating revenue of A$36 million and boosting operating cashflow 158% to $13.6 million. 

 

Earnings reached a record $8.7 million.

 

Austral is targeting around 3000t per month of sales, assuming daily production of 33.5tpd.

 

The Mt Kelley plant continues to operate at above 90% efficiency, and Austral managing director Dan Jauncey expects with the extreme weather in the rear view mirror the outlook should improve.

 

ROM stocks were below target due to the weather stopping haulage, stacking and crushing for 11 days, but Austral believes its mitigation strategies will temper that in future wet seasons, and the volume of stacked ore under irrigation progressively increases.

 

With a scoping study for the Lady Colleen development delivered in February outlining a path to further expanding production and mine life the company continues to pursue optimising the development with the aim of boosting production to more than 25,000tpa. 

 

Cutback studies are also now underway into previously mined high-grade pits, including Lady Annie and Flying Horse, which could add 7000t of additional production in 2024 and 2025.

 

Austral has also kicked off its $7 million 2023 exploration campaign. 

 

The miner ended the quarter with $6 million cash and senior debts were reduced to $21 million.

 

Shares in the miner, which have traded in a range of 13.5-65c over the past year, were up 14% today at 36.5c, valuing it at $192 million.