13 February 2026 – Brisbane, Australia | Austral Resources Australia Ltd (ASX:AR1) has launched the next phase of its Rocklands growth strategy, announcing the imminent commencement of a 2026 drilling campaign alongside the execution of a non-binding Memorandum of Understanding (MoU) with Metal Bank Limited (ASX:MBK) to evaluate potential toll treatment at the Rocklands processing facility.
Together, the initiatives strengthen Austral’s strategy to position Rocklands as a regional processing hub in Queensland’s Mt Isa–Cloncurry district, while advancing resource confidence and optimisation studies aimed at supporting long-term copper production growth.
Drilling to enhance confidence in Rocklands Cu–Au Resource
Austral has confirmed that an 18-hole RC/DD drilling programme totalling approximately 2,567 metres will commence imminently at Rocklands, targeting the Las Minerale and Double Oxide Cu–Au lodes.
The programme is designed to:
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Improve confidence in the existing Rocklands Cu–Au Mineral Resource Estimate (MRE);
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Validate key geological and mineralisation controls; and
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Better define mineralogical characteristics relevant to processing performance
Drilling will be complemented by targeted metallurgical and comminution testwork, including multi-element assays, acid solubility testing, comminution characterisation and grind-sweep flotation recovery tests.
The Rocklands Processing Plant is a conventional Cu–Au sulphide flotation facility with an estimated nameplate capacity of approximately 3.0Mtpa.
Austral is advancing plant optimisation work focused on debottlenecking opportunities across the crushing–milling–flotation circuit, including assessment of potential SAG mill integration pathways.
Austral’s Chief Operating Officer, Shane O’Connell said:
“The 2026 drilling programme represents another important step in delivering on our stated production and processing objectives. Rigorous technical evaluation and disciplined resource development underpin our strategy to build toward our stated target of 50,000 tonnes of copper per annum from the Mt Isa–Cloncurry region.
We have successfully executed our initial 3 pillar strategy and are now focused on converting these strategies into sustained operational performance. Our commitment is not only to articulate a clear plan, but to demonstrate disciplined delivery - creating long-term value for our shareholders and supporting economic activity across the region.
In parallel, we continue to advance initiatives that position Austral as a regional processing hub, ensuring copper-gold peers in the district have access to reliable, scalable treatment capacity.”
The programme is expected to take approximately three months to complete, with technical results anticipated in Q3 2026.
Importantly, Austral notes that the Rocklands acquisition case did not rely on Mineral Resource value, with any future confirmation of Mineral Resources and processing performance considered potential upside.
MoU with Metal Bank to evaluate toll treatment at Rocklands
In a parallel strategic initiative, Austral has signed a non-binding, non-exclusive MoU with Metal Bank Limited to assess the potential toll treatment of ore from Metal Bank’s Millennium Co–Cu–Au Project at Rocklands.
Millennium is located within 20km of the Rocklands facility and has the potential to commence mining within two years, aligning with the proposed restart timing for Rocklands.
Austral’s Chairman, David Newling, commented:
“We believe that the Millenium Project is an attractive near term feedstock for our Rocklands processing facility. Tim and his team share a common view that NW Queensland is highly prospective, particularly for copper.
Once again, this MoU reinforces that our infrastructure is strategically attractive and capable of unlocking value beyond our own deposits. Whilst technical work still needs to be completed, discussions to date have been constructive and supportive of a pathway that benefits shareholders and the broader Cloncurry region.
As we start to near nameplate capacity at our Rocklands facility, we can only encourage others to come and discuss with us how they may be able to work with us in the future, before the ‘full’ sign goes up on the gate!”
Metal Bank’s Chief Executive Officer, Tim Gilbert, commented:
“We have long been aware of the upside value at Millennium. The opportunity to significantly increase the copper/cobalt resource with our recent mining lease application, our imminent move to 80% ownership of the project, and now the opportunity to work with Austral towards a processing solution, highlights that the Millennium Project is a near term, valuable copper/cobalt project in the heart of NW Queensland.
We look forward to working with Austral to take Millennium to the next stage.”
Under the MoU, both parties will collaborate to assess:
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Metallurgical testwork and processing compatibility;
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Haulage methodology and logistics;
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Commercial tolling structures, including pricing thresholds; and
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Alignment of development timelines
The MoU is non-binding and subject to technical, commercial and regulatory due diligence
Austral said access to potential third-party ore sources could accelerate throughput ramp-up, improve plant utilisation, reduce unit costs and strengthen returns on existing infrastructure, reinforcing its ambition to establish Rocklands as the logical regional consolidator in Northwest Queensland.
About us:
Austral Resources Australia Ltd is an ASX listed copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction electrowinning (SX-EW) plant has a nameplate capacity of 30,000tpa of copper cathode. The recent acquisition of the Rocklands Facility enables the dual processing capabilities for copper sulphides and copper oxides, as well as an increased exposure to gold.
Austral has recently embarked on an aggressive growth and consolidation strategy across the World Class Mount Isa Region, which includes the Rocklands Deposit. Austral now owns a significant copper inventory with a JORC compliant Mineral Resource Estimate standing at 64 Mt @ 0.73% Cu (468 414t of contained copper) (comprising of 52.8Mt @ 0.74% Cu at the Lady Annie Project Global MRE – 8.8Mt at 0.75% Cu Measured MRE, 33.0Mt at 0.76% Cu Indicated MRE and 11.0Mt at 0.69% Cu Inferred MRE and 11.26Mt at 0.69% Cu at the Rocklands Project – 9.12Mt at 0.72% Cu Indicated MRE and 2.14Mt at 0.55% Cu Inferred MRE), two processing facilities, as well as 2,101km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company intends to implement an intensive exploration and development programme designed to extend the life of mine, increase its resource base and continually review options to commercialise its copper resources. The Lady Annie MRE of 12.16Mt at 0.76% Cu is comprised of 3.0Mt at 0.7% Cu Measured MRE, 8.52Mt at 0.8% Cu Indicated MRE and 0.64Mt at 0.57% Cu Inferred MRE.Austral Resources Australia Ltd (ASX: AR1) is a pure-play Australian copper producer and consolidator operating across the Mount Isa–Cloncurry copper belt in North-West Queensland. The Company owns the Mt Kelly oxide SX-EW plant and the Rocklands sulphide concentrator, the region’s only dual-processing platform capable of treating both oxide and sulphide ores. Austral controls 64Mt at 0.73% Cu (JORC) and 2,101km² of exploration tenure, with significant near-mine and regional growth potential. Through infrastructure-led consolidation, third-party tolling, exploration and M&A, Austral is targeting sustainable production of ~50,000tpa of copper.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
