Austral Gold Limited's announced that construction at the Heap Reprocessing Project ("Project") at its Guanaco-Amancaya Mine Complex in Antofagasta, Chile was completed, and commissioning has started. The Company expects production from the Project to start during the last week of July 2023. During the balance of 2023, the Company expects the Project to contribute 7,000-9,000 gold equivalent ounces ("GEOs") at a cash cost of production below $700 per GEO.

The Project total's proven mineral reserves are estimated at 223,000 gold ounces and 1,043,000 silver ounces. The material in the former Heaps I, II and III will be loaded onto trucks, hauled to the crushing facility, crushed, redeposited at a different heap leach pad (Heap IV), and re-leached to recover a portion of the remaining gold and silver. Austral Gold's 100% owned Guanaco-Amancaya Mine Complex is located 220km southeast of Antofagasta City in northern Chile's prolific Palaeocene Belt which hosts several large gold and copper mining operations.

In production since 2012, the Mine Complex consists of the Amancaya Mine, the Guanaco Mine, the nearby Inesperada deposit, and the Guanaco Heap Reprocessing Project. The Heap Reprocessing project has proven mineral reserves of 223,000 gold ounces and 1,043,000 silver ounces, with a projected cash operating cost below $700 per gold equivalent ounce and is expected to provide production until 2033.