Austral Resources Achieves Major Debt Overhaul

Austral Resources Australia Limited (AU:AR1) has released an update.

Austral Resources Australia Ltd significantly strengthened its financial stance by restructuring a $78 million debt, achieving a major milestone in the June quarter of 2024, and is poised for future growth with its debt now fully discharged. The quarter also saw 1,571 tonnes of copper cathode produced and the appointment of David Newling as the new Non-Executive Chairman. While the company’s securities remain suspended, they are working towards an equity raise and recapitalisation, with ongoing pre-feasibility studies indicating potential mine life extension beyond 2030.

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