Austral Resources will pay $36.36m to exit its Anthill Project Agreement, aiming to boost copper production at its Mt Kelly plant.
Austral Resources Australia has ended its Anthill Project Agreement with Glencore and Secover, settling for A$51.98m ($36.36m). The payment includes A$37.6m in cash and A$14.38m in shares at A$0.09 per share.
The termination allows Austral to use its own copper stock and increase production at its Mt Kelly processing plant. The company expects the move to improve earnings and cash flow, with potential upside if copper prices rise or production accelerates.
The settlement is set to finalize by July 2026 and aligns with Austral’s strategy to enhance operational flexibility. The company remains fully funded, including for a potential Hammer Metals transaction.