Austral Gold Limited (AGD) 2024年年度報告「ASX」.pdf

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1、Austral Gold Limited ABN 30 075 860 472 ASX:AGD TSXV:AGLD OTQB:AGLDF Level 5,137-139 Bathurst Street,Sydney NSW 2000| MEDIA RELEASE 28 March 2025 Austral Gold Files 2024 Annual Report Established gold producer Austral Gold Limiteds(Austral or the Company)(ASX:AGD;TSX-V:AGLD;OTCQB:AGLDF)is pleased to

2、 announce that it has filed its Annual Report for the year ended 31 December 2024(“FY24”).The complete Report is available under the Companys profile at .au,www.sedarplus.ca and on the Companys website at .Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in t

3、he policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.Release approved by the Chief Executive Officer of Austral Gold,Stabro Kasaneva.For additional information please contact:David Hwang Jose Bordogna Joint Company Secretary Chief Financial Offi

4、cer and Joint Company Secretary Austral Gold Limited Austral Gold Limited +61 433 292 290 +61 466 892 307 ASX:AGD|TSXV:AGLD OTCQB:AGLDF https:/ Austral Gold Limited ABN 30 075 860 472 Level 5,137-139 Bathurst Street Sydney NSW 2000 Unique Value Proposition for Gold Production,Exploration and Investm

5、ents in the AAnnual Report for the year ended 31 December 2024TABLE OF CONTENTSCorporate Directory 4Value Proposition 6Chairs Letter 10Key Principles 12Mineral Reserves and Resources 18Review of Activities 26Directors Report 34Financial Statements 62Directors Declaration 106Auditors Independence Dec

6、laration 107Independent Auditors Report 108Additional Information 116Austral Gold Limited2Annual Report 2024Austral Gold Limited3Annual Report 2024KEY MANAGEMENTStabro Kasaneva Chief Executive Officer and Executive DirectorRodrigo Ramirez*Former Vice President of OperationsJose Bordogna Chief Financ

7、ial Officer and Joint Company SecretaryDIRECTORSEduardo Elsztain Chair&Non-Executive DirectorSaul Zang Non-Executive DirectorPablo Vergara del Carril Non-Executive DirectorStabro Kasaneva Chief Executive Officer and Executive DirectorRobert Trzebski Independent Non-Executive DirectorBen Jarvis Indep

8、endent Non-Executive DirectorCOMPANY SECRETARYDavid HwangJoint Company SecretaryConfidant PartnersREGISTERED OFFICE Level 5 137-139 Bathurst Street Sydney NSW 2000 Tel:+61 2 9380 7233 Email: Web:OTHER OFFICESSantiago,Chile Lo Fontecilla 201 of.334Santiago,ChileTel:+56(2)2374 8560Buenos Aires,Argenti

9、na Bolivar 108 Ciudad de Buenos Aires(1066)Argentina Tel:+54(11)4323 7500 Fax:+54(11)4323 7591Vancouver,Canada170-422 Richards Street Vancouver,BC V6B 2Z4 Tel:+1 604 868 9639 SHARE REGISTRIES Computershare Investor Services Australia GPO Box 2975 Melbourne VIC 3001 Tel:1300 850 505(within Australia)

10、Tel:+61 3 9415 5000(outside Australia)Computershare Investor Services Canada 510 Burrard Street,2nd Floor Vancouver,BC V6C 3B9 Tel:+1 604 661 9400 Fax:+1 604 661 9549AUDITORSKPMG .auLISTED Australian Securities Exchange ASX:AGDTSX Venture Exchange TSXV:AGLD OTC Bulletin Board OTCQB:AGLDFPLACE OF INC

11、ORPORATION:Western AustraliaCORPORATE DIRECTORY*no longer a KMP effective 1 July 2024Austral Gold Limited4Annual Report 2024Austral Gold Limited5Annual Report 2024VALUE PROPOSITIONGOLD PRODUCTIONProfitable operations delivering positive cash flow since 2012.Installed production capacity with two agi

12、tation and heap leaching plants in Argentina and ChileGOLD EXPLORATIONTargeting high and low sulfidation epithermal gold and silver deposits in a high-quality land portfolio.Strategically located in well-known gold mineral endowments in the Americas.MINING INVESTMENTSExpanding exposure through equit

13、y investments in public and private mining companies.Seeking strategic alliances with other mining companies to leverage and accelerate growth.Austral Gold Limited6Annual Report 2024UNIQUE EXPOSURE TO GOLD PRODUCTION EXPLORATION AND INVESTMENTS IN THE AMERICASAustral Gold Limited7Annual Report 2024M

14、INING PORTFOLIOLOCATED IN RICH MINERAL ENDOWMENTSOperationsEquity investmentSOUTH AMERICATRIASSIC CHOIYOI BELT,ARGENTINACasposo-Manantiales Mine Complex 100%Ownership Target to restart the Casposo Plant during 2nd half of 2025PALEOCENE BELT,CHILEGuanaco-Amancaya Mine Complex 100%Ownership Production

15、|ExplorationDESEADO MASSIF,ARGENTINAUnico Silver 5.2%Ownership Cerro Leon and Joaquin Exploration Projects Austral Gold Limited8Annual Report 2024Austral Gold Limited9Annual Report 2024LETTER FROMNON-EXECUTIVE CHAIREDUARDO ELSZTAINNon-Executive ChairAustral Gold Limited10Annual Report 2024This repor

16、t outlines our efforts to generate value for stakeholders and provides an update on our three strategic pillars:Produc-tion,Exploration,and Equity Investments.Our commitment to the well-being of our employees and communities,coupled with the promotion of the highest health,safety,and environmental s

17、tandards underpins all our activities.In FY24,we remained committed to advancing our two 100%owned operational clusters in Argentina and Chile.At our flagship Guanaco/Amancaya project in Chile,we navigated challenges while continuing the transition from the Amancaya underground mine operations to th

18、e new Heap Reprocessing Project(the Heaps Project).Meanwhile,at the Casposo/Manantiales cluster in Argen-tina,we issued an updated Mineral Resource Estimate(1)and,near the end of the year,we commenced plans to refurbish the Casposo Plant as we entered into a toll treatment agreement with ASX-listed

19、Challenger Gold Limited to commence operations during the second half of 2025.Another key highlight of FY24 was the continued support from the Companys financial lenders and related parties,who renewed all existing facilities and provided additional funding with extended terms.This strengthened the

20、Companys financial debt maturity profile and,together with the monetisation of certain equities from our investment portfolio provided liquidity,reducing net current liabilities from US$23.7 million as of 31 December 2023 to US$5.8 million as of 31 December 2024.A summary of our performance by strat

21、egic pillars is as follows:Production:Looking at the numbers,in FY24,Guanaco/Aman-caya delivered total production of 15,573 gold-equivalent ounces(GEOs),generating an adjusted gross profit of US$6.8 million with an 18.5%margin(excluding depreciation and amortization).While production was lower than

22、our initial FY24 guidance,profitability slightly exceeded FY23 figures of US$6.6 million(13.7%margin)when production reached 24,879 GEOs.The variance in produc-tion for FY24 compared to initial guidance was primarily due to a prolonged delay by a supplier in repairing the HRC 800 equip-ment,a critic

23、al component of the heap leaching processing line.This impacted the expected contribution from the Heaps Project in FY24,resulting in actual production of 4,694 GEOs.Despite this challenge,the Company successfully integrated the agitation and leaching production lines,slightly mitigating the impact

24、of the HRC 800 delay.Regarding our second operational cluster,Casposo/Manantiales in Argentina,we continued to evaluate various scenarios for a poten-tial restart of operations.In parallel,we initiated plans to refurbish the processing plant,with the goal of commencing operations in the second half

25、of 2025,to enable Austral to process mineralised material from Challengers 100%-owned Hualiln Project over a three-year term under the toll treatment agreement executed by the end of 2024.Exploration:On the exploration front,our focus was on Argen-tina,where we successfully completed and issued an u

26、pdated Mineral Resource Estimate for the Casposo/Manantiales mine site.This estimate was prepared by an independent Qualified Person in accordance with NI 43-101 and JORC(2012)standards.The consolidation of Casposos mineral resource inventory marks a significant step towards our plans for restarting

27、 mining operations.Equity Investments:In FY24,our primary focus regarding equity investments was on maintaining our position in ASX-listed Unico Silver Limited,a silver development company with assets in Argen-tina,including Australs former Pinguino project.This investment,initially made in FY23,con

28、tinued to be a key part of our portfolio.Throughout FY24,our broader equity investments played a crucial role in securing necessary funding for the Company through the sale of equity holdings in CSE,TSXV,and ASX-listed companies.Outlook:Looking ahead to FY25,we project total production of 18,000 to

29、20,000 GEOs from the Guanaco/Amancaya mine site,with approximately 80%to be sourced from the Heaps Proj-ect.Additionally,we expect to complete the refurbishment of the Casposo plant and restart operations in the second half of the year.We expect 2025 to be a transformational year for Austral,with ou

30、r strategic goals for the operational clusters in Argentina and Chile focused on delivering sustainable production and positive cash flows for the Company.Additionally,we are optimistic about the business environment,driven not only by strong fundamentals in metals prices but also by renewed interes

31、t in Argentina and the opportunities for growth and development in its mining sector.We are proud to celebrate 2025 as our 15th consecutive year of production at the Guanaco/Amancaya mine site,which began in late 2010.We would like to sincerely express our gratitude to our shareholders for their unw

32、avering support,to our employees,led by CEO Stabro Kasaneva,as well as to our suppliers,contractors,communities,and Board members for their invaluable contribu-tions throughout the year.Yours sincerely,EDUARDO ELSZTAINNon-Executive ChairON BEHALF OF THE BOARD OF DIRECTORS OF AUSTRAL GOLD LIMITED(“AU

33、STRAL”OR THE“COMPANY”),I AM PLEASED TO PRESENT OUR ANNUAL REPORT FOR THE FI-NANCIAL YEAR ENDING 31 DECEMBER 2024(“FY24”).(1)NI 43-101 Technical Report on Mineral Resources Estimate on the Casposo Mine Department of Calingasta,San Juan Province,Argentina issued 19 July 2024,prepared by Qualified Pers

34、on Marcos Valencia FAusIMM,Registered Member ChMCAustral Gold Limited11Annual Report 2024KEY PRINCIPLESAustral Gold Limited12Annual Report 2024BE SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE AND STRIVE TO REDUCE SAFETY RISKS AND OPERATING COSTSBE THE PREFERRED PARTNER FOR COMMUNITIES,GOVERNMENTS AND COM

35、PANIES TO OPERATE AND EXPLORE PRECIOUS METAL PROJECTS IN THE AMERICASMAXIMISE VALUE CREATION FOR STAKEHOLDERSAustral Gold Limited13Annual Report 2024PATHWAY TO AN ESTABLISHED GOLD PRODUCER600,000500,000400,000300,000200,000100,000200820092010201120122013201420152016Acquired Guanaco ProjectStarted UG

36、 Mining at GuanacoAcquired Casposo Mine and re-started operationsDevelopment of Guanaco ProjectAcquired Amancaya ProjectStarted Open Pit and Heap Leaching Operations at GuanacoCONSISTENT JOURNEY DELIVERING PRODUCTION+10 YEARS|+500,000 GOLD OUNCES PRODUCEDAustral Gold Limited14Annual Report 202420172

37、018201920202021202220232024Acquired Exploration Rights of Manantiales Property adjacent to CasposoStarted Mining at AmancayaCompleted Construction of the Heap Reprocessing project at Guanaco-AmancayaUpdated Mineral Resource Estimate of Casposo/ManantialesExtended Guanaco-Amancaya LOM to 2033(10 Year

38、s)*Placed Casposo on Care&MaintenanceConstructed Agitation Leaching Plant at the Guanaco-Amancaya ClusterLaunched Drilling Program at Casposo-Manantiales with the strategic objective to restart operations*See notes to the mineral resources&ore reservesa statement on page 21Austral Gold Limited15Annu

39、al Report 2024STRONG M&A TRACK-RECORD2013201420162017201915%Private Placement in Goldrock Mines20%Private Placement in Argentex Mining51%Acquisition of Casposo Mine from Troy ResourcesFriendly takeover of Argentex MiningSecondary listing of Aus-tral on the TSXVSold interest in Goldrock Mines Acquisi

40、tion of remaining interest in Casposo Mine 22%Private Placement in Rawhide mine (Nevada,US)Acquisition of Amancaya Project from Yamana GoldAcquisition of U/G mining contractor Purchase of Kinross NPI Royalty on GuanacoAcquisition of two Projects from Revelo Resources(stock transaction)Additional 19%

41、Acquisition of Casposo MinePATHWAY TO AN ESTABLISHED GOLD PRODUCER+10 YEARS|+500,000 GOLD OUNCES PRODUCEDAustral Gold Limited16Annual Report 202420202021202220232024Earn-in Agreement to acquire up to 100%of the Sierra Blanca project adjacent to Pinguino Agreement to enter into a JV with Mexplort to

42、ex-plore projects in the Indio Belt(San Juan province,Argentina)plus an earn-in agreement to acquire 50%of the Jaguelito ProjectRealised gains from the sale of equity investments in CSE listed(Pampa Met-als),TSXV-listed Revival Gold,and privately held Sierra Blanca,as well as partial sales of ASX-li

43、sted Unico Silver(Unico)shares,retaining a 5.2%holding at the end of FY24.Executed Toll Agreement with ASX-listed Chal-lenger Gold to process mineralised material from their Hualilan Project at Casposos plantFriendly takeover of Revelo Resources (stock and cash transaction)20%Private Placement in En

44、sign Minerals (Utah,US)Completed the sale of SCRN Properties(owner of Pinguino)to ASX listed Unico Silver Limited for approx.US$10M comprising cash,shares and optionsAustral Gold Limited17Annual Report 2024MINERAL RESERVES AND RESOURCESGUANACO-AMANCAYA(CHILE)TABLE 1:SUMMARY OF MINERAL RESERVES31 Dec

45、ember 2024TonnesGradeContained MetalClassification(000 t)(g/t Au)(g/t Ag)(000 oz Au)(000 oz Ag)Guanaco and AmancayaUndergroundProven-Probable-P+P-InesperadaOpen PitProven-Probable 1,607 1.05 14.39 54 744 P+P 1,607 1.05 14.39 54 744 Heap Reprocessing ProjectHeapProven 9,305 0.66 3.16 198 946 Probable

46、-P+P 9,305 0.66 3.16 198 946 TotalTotal Proven 9,305 0.66 3.16 198 946 Total Probable 1,607 1.05 14.39 54 744 Total P+P 10,912 0.72 4.82 252 1,690See notes to Mineral Reserves on page 21.Austral Gold Limited18Annual Report 2024TABLE 2:SUMMARY OF MINERAL RESOURCES31 December 2024TonnesGradeContained

47、MetalClassification(000 t)(g/t Au)(g/t Ag)(000 oz Au)(000 oz Ag)Guanaco and AmancayaUndergroundMeasured 562 2.65 12.91 48 233 Indicated 943 2.57 17.01 78 516 M+I 1,505 2.60 15.48 126 749 Inferred 350 4.15 8.25 47 93 InsperadaOpen PitMeasured-Indicated 1,682 1.05 14.38 57 778 M+I 1,682 1.05 14.38 57

48、778 Inferred 74 0.91 12.40 2 30 Heap Reprocessing ProjectHeapMeasured 10,482 0.66 3.09 223 1,042 Indicated-M+I 10,482 0.66 3.09 223 1,042 Inferred 1,907 0.55 2.64 34 162 TotalTotal Measured 11,044 0.76 3.59 271 1,275 Total Indicated 2,625 1.60 15.33 135 1,294 Total M+I 13,669 0.92 5.84 406 2,569 Tot

49、al Inferred 2,331 1.10 3.79 83 285See notes to Mineral Resources on page 21.Austral Gold Limited19Annual Report 2024TABLE 3:SUMMARY OF MINERAL RESERVES31 December 2023TonnesGradeContained MetalClassification(000 t)(g/t Au)(g/t Ag)(000 oz Au)(000 oz Ag)Guanaco and AmancayaUndergroundProven22.815.3200

50、Probable34.268.3401P+P53.747.2701InesperadaOpen PitProven-Probable1,6071.0514.3954744P+P1,6071.0514.3954744Heap Reprocessing ProjectHeapProven10,0820.673.152171,022Probable-P+P10,0820.673.152171,022TotalTotal Proven10,0840.673.152171,022Total Probable1,6111.0614.3855745Total P+P11,6940.724.702721,76

51、7See notes to Mineral Reserves on page 21.Austral Gold Limited20Annual Report 2024TABLE 4:SUMMARY OF MINERAL RESOURCES31 December 2023TonnesGradeContained MetalClassification(000 t)(g/t Au)(g/t Ag)(000 oz Au)(000 oz Ag)Guanaco and AmancayaUndergroundMeasured5862.6612.6950239Indicated9472.6017.067952

52、0M+I1,5332.6215.39129759Inferred3504.158.254793InsperadaOpen PitMeasured-Indicated1,6821.0514.3857778M+I1,6821.0514.3857778Inferred740.9112.40230Heap Reprocessing ProjectHeapMeasured11,2590.673.092421,118Indicated-M+I11,2590.673.092421,118Inferred1,9070.552.6434162TotalTotal Measured11,8450.773.5629

53、21,357Total Indicated2,6301.6115.351361,298Total M+I14,4740.925.704282,655Total Inferred2,3311.103.7982284Notes to Mineral Reserves:1.Mineral Reserves follow CIM(2014)definitions and are compliant with the JORC Code.2.Mineral Reserves are reported on a 100%ownership basis and estimated at the follow

54、ing cut-off grades:Amancaya:break-even cut-off grade of 3.04 g/t AuEq,and marginal cut-off grades of 2.37 g/t AuEq and 1.37 g/t AuEq for SLS stopes and drifts respectively.Inesperada-pit discard cut-off grade of 0.40 g/t Au.Heap Leach Pads-Marginal cut-off grades for Heap Reprocessing have been esti

55、mated as 0.20 g/t Au and 0.15 g/t Au for Heaps I and Heap II respectively,and at zero cut-off for Heaps III.3.Mineral Reserves are estimated using an average long term gold price of US$1,700/oz and silver price of US$22/oz.4.Amancaya AuEq was calculated as AuEq=Au+0.0110 x Ag,based on prices of US$1

56、,700/oz Au and US$22/oz Ag and recoveries of Au and Ag of 93%and 79%,respectively.5.The following parameters were used for the Amancaya Mineral Reserve estimate:A minimum mining width of 1.5 m was used for SLS stopes and 3.5 m for drifts.Stope dilution:0.5 m in the hanging wall and 0.5 m in the foot

57、wall(1.0 m total).Drift dilution:0.25 m in each of the side walls(0.5 m total).6.Metallurgical recovery is 93%for gold and 79%for silver.7.Bulk density is 2.5 t/m3.8.The following parameters were used for the Inesperada Mineral Reserve estimate:Dilution and mining recovery factors of 0%and 100%respe

58、ctively were applied.Metallurgical recovery is 80%for gold.Bulk density is 2.44 t/m3.9.The following parameters were used for the Mineral Reserve estimate for the Guanaco Heaps:Heap Leach Pad I:maximum of 5%dilution.The average dilution over the LOM is 3.5%.Dilution grades are 0.18 g/t Au and 1.50 g

59、/t Ag.Heap Leach Pad II:maximum of 5%dilution.The average dilution over the LOM is 2.5%.Dilution grades are 0.13 g/t Au and 1.40 g/t Ag.Heap Leach Pad III:All internal dilution within the heap limits was included.10.Metallurgical recoveries for Heaps I,II,and II are 54%,70%,and 46%for gold respectiv

60、ely.11.Bulk density is 1.77 t/m3 for Heap I,1.50 t/m3 for Heap II,and 1.70 t/m3 for Heap III.12.Numbers may not add due to rounding.Notes to Mineral Resources:1.Mineral Resources followed CIM(2014)definitions and are compliant with the JORC Code.2.Mineral Resources are reported on a 100%ownership ba

61、sis.3.Mineral Resources are inclusive of Mineral Reserves.4.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.5.Mineral Resources are estimated at the following cut-off grades:Amancaya and Guanaco underground Mineral Resources:2.90 g/t AuEq and 1.50 g/t AuEq

62、,respectively.Inesperada open pit Mineral Resources:0.38 g/t Au.Heap Leach Pads Mineral Resources:zero cut-off grade the entire volume is included.6.Mineral Resources at Guanaco and Amancaya are estimated using a long-term gold price of US$1,750/oz and a silver price of US$22/oz.Mineral Resources at

63、 Inesperada and Heap Leach Pads are estimated using a long-term gold price of US$1,750/oz.7.Gold equivalency(AuEq)was calculated as follows:Guanaco:AuEq=Au+0.0106 x Ag based on a gold and silver price of$1,750/oz and$22/oz respectively and recoveries of gold and silver of 95%and 80%,respectively.Ama

64、ncaya:AuEq=Au+0.0107 x Ag based on a gold and silver price of$1,750/oz and$22/oz respectively and recoveries of gold and silver of 93%and 79%,respectively.8.Metallurgical recoveries are 93%for gold and 79%for silver for Amancaya,95%for gold and 80%for silver for Guanaco,80%for gold for Inesperada,an

65、d 54%,70%,and 46%for gold for Heaps I,II,and II,respectively.9.A minimum mining width of 1.5 m is used for resource underground shapes for the Amancaya and Guanaco mines.10.Bulk densities are 2.5 t/m3 for Amancaya and Guanaco,2.44 t/m3 for Inesperada,and 1.77 t/m3 for Heap I,1.50 t/m3 for Heap II,an

66、d 1.70 t/m3 for Heap III,respectively.11.Numbers may not add due to rounding.Austral Gold Limited21Annual Report 2024NOTES TO THE MINERAL RESOURCES&ORE RESERVES STATEMENTGuanaco and Amancaya MinesThe SLR Qualified Persons(QPs)for the Amancaya and Guanaco Reserve and Resource Estimates include:Stepha

67、n R.Blaho,MBA,P.Eng.,SLR Principal Mining Engineer,Orlando Rojas,MAIG,SLR Associate Principal Geologist,Rodrigo Barra,MAIG,SLR Associ-ate Principal Geologist,Varun Bhundhoo,ing.,SLR Project Mining Engineer,Andrew P.Hampton,M.Sc.,P.Eng.,SLR Principal Metal-lurgist,and Luis Vasquez,M.Sc.,P.Eng,SLR Sen

68、ior Environmental Consultant and Hydrotechnical Engineer.The Mineral Resources and Reserves are classified and reported in accordance with CIM(2014)definitions as incorporated in NI 43-101,as well as JORC 2012,within the Guanaco and Amancaya Gold Project,Region II,Chile,dated 25 March,2022,with an e

69、ffective date of 31 Decem-ber 2021.The Company confirms that the form and context in which the CPs findings are presented have not been materially modified from the original market announcement,except for the depletion of mineral resources in 2022,2023 and 2024.The Company ensures that the Ore Reser

70、ves and Mineral Resource Estimates are subject to appro-priate levels of governance and internal controls.Governance of the Companys Ore Reserves and Mineral Resources development and the estimation process is a key responsibility of the Executive Management of the Company.The Chief Executive Office

71、r of the Company oversees the review and technical evaluations of the Ore Reserves and Mineral Resource estimates.Competent Persons StatementThe information in the report to which this statement is attached that relates to the depletion of Mineral Resources is based upon information compiled by Guil

72、lermo Valds,a Competent Person(CP 0475)who is a registered member of the Comision Calificadora de Competencias en Recursos y Reservas Mineras.Guillermo Valds has sufficient experience that is relevant to the type of deposit and the mining methods of exploitation under consider-ation and to the activ

73、ity being undertaken to qualify as a Compe-tent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Explora tion Results,Mineral Resources and Ore Reserves.Guillermo Valds consents to the inclusion in the report of matters based on his information in the form and context

74、in which it appears.The information in the report to which this statement is attached that relates to Ore Reserves is based upon information is based on work supervised,or compiled on behalf of Robert Trzebski,a Non-Executive Director of the Company.Dr.Trzebski,holds a degree in Geology,PhD in Geoph

75、ysics and is a member of the Australasian Institute of Mining and Metallurgy(AusIMM)who qualifies as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves.Dr Robert Trzebski consents to the inclusion in the

76、report of matters based on his information in the form and context in which it appears.Austral Gold Limited22Annual Report 2024CASPOSO-MANANTIALES(ARGENTINA)TABLE 5:SUMMARY OF MINERAL RESOURCES31 December 2024TonnesGradeContained MetalClassification(000 t)(g/t Au)(g/t Ag)(g/t)AuEq(oz Au)(oz Ag)(oz A

77、uEq)Casposo(including Manantiales)Open PitMeasured15,6003.8992.395.041,94946,3382,528Indicated332,1744.0065.534.8242,677699,81051,425M+I347,7743.9966.734.8344,626746,14853,953Inferred119,23310.8023.9011.1041,41991,61042.654UndergroundMeasured-Indicated346,6922.98181.25.2533,2402,019,75858,486M+I346,

78、6922.98181.25.2533,2402,019,75858,486Inferred543,0593.7574.944.6965,5421,308,23881,895StockpileHeapMeasured-Indicated374,0031.2674.182.1915,151891,97526,301M+I374,0031.2674.18.2.1915,151891,97526,301Inferred-TotalTotal Measured15,6003.8992.395.041,94946,3382,528Total Indicated1,052,8692.69102.694.02

79、91,0673,611,554136,212Total M+I1,068,4692.71106.484.0493,0163,657,882138,740Total Inferred662,2915.0265.745.85106,9611,399,848124,459Notes to Mineral Resources:Effective date April 30,2024 Stationary domains were modelled according the lithological and structural continuities.Mineral Resources were

80、classified and reported in accordance with the NI 43-101.Indicated Resources was declared under a grid pattern of 25 m in the strike direction and 25 m in the dip direction.Mineral Resources are defined via optimization for open pit and stockpile.A cut-off grade of 1.0 g/t AuEq was defined to mine S

81、tockpiles.A cut-off grade of 1.5 g/t AuEq was defined to Open Pit Mining Method.A cut-off grade of 2.0 g/t AuEq was defined to Underground Mining Method beneath the open pit shells and optimized using the Vulcan Stope Optimizer.Metallurgical recoveries were applied by deposit.Selective Mining Unit w

82、ere defined and built according to the underground optimization.Dilution has been incorporated into the SMU.A bulk density of 2.5 ton/m3 has been applied to all domains in open pit and underground and 1.8 ton/m3 for stockpile.Numbers may not add due to rounding.Austral Gold Limited23Annual Report 20

83、24NOTES TO THE MINERAL RESOURCES STATEMENTCasposo MineThe Technical Report for the Casposo Mine was prepared by Marcos Valencia FAusIMM,Registered Member ChMC,an Inde-pendent“Qualified Person”as defined by NI 43 101(the“QP”).The scientific and technical information contained in this report release i

84、s extracted from the Technical Report.On 23 July 2024,the Technical Report to support the updated Mineral Resource estimates for the Casposo Mine,prepared in accordance with NI 43-101,was filed on the ASX at .au.And SEDAR+(www.sedarplus.ca).Competent Persons StatementThe information in the report to

85、 which this statement is attached that relates to Ore Reserves is based upon information is based on work supervised,or compiled on behalf of Robert Trzebski,a Non-Executive Director of the Company.Dr.Trzebski,holds a degree in Geology,PhD in Geophysics and is a member of the Australasian Institute

86、of Mining and Metallurgy(AusIMM)who qualifies as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves.Dr Robert Trzebski consents to the inclusion in the report of matters based on his information in the fo

87、rm and context in which it appears.Austral Gold Limited24Annual Report 2024Austral Gold Limited25Annual Report 2024REVIEW OF ACTIVITIES REVIEW OF RESULTS For the Year Ended 31 December 2024The following report on the review of results for the year ended 31 December 2024(“FY24”)and 2023(“FY23”)togeth

88、er with the consolidated financial report of Austral Gold Limited(the Company)and its subsidiaries(referred to hereafter as the Group)PRINCIPAL ACTIVITIESProduced 15,573 gold equivalent ounces at the Groups Guanaco/Amancaya mine complex,integrating agitation and heap leaching processes,with gradual

89、contributions from the new Heap Reprocessing Project,partially offsetting the depletion in production at the Amancaya underground mineHRC equipment,used in the Heap Reprocessing Project launched in 2023,was returned to Guanaco in Q4 2024 after prolonged repair delays from the supplier since Q1 2024I

90、ssued an updated Mineral Resource Estimate for the Companys 100%owned Casposo-Manantiales mine complex,prepared by an independent Qualified Person in accordance with NI 43-101 and JORC(2012)Executed a Toll Treatment Agreement with ASX-listed Challenger Gold Limited(“Challenger”)to process mineralise

91、d material from Challengers Hualilan project at Casposos Plant,in San Juan,ArgentinaRenewed all existing loan facilities and secured additional financing from banks and related parties,enhancing the Companys financial debt maturity profile.This included a 2-year loan of up to US$7,000 thousand loan

92、to refurbish the Casposos PlantSignificant improvement of liquidity indicators,decreasing net current liabilities from US$23,685 thousand on 31 December 2023 to US$5,823 thousand at 31 December 31,2024Realised gains from the sale of equity investments in ASX and TSXV publicly listed mining companies

93、,while maintaining a 5.2%interest in ASX-listed company Unico Silver Limited(“Unico”)There were no other significant changes in our principal activities during the year.All resolutions were passed at the Companys 28 May 2024 Annual General Meeting.Austral Gold Limited26Annual Report 2024SAFETY AND E

94、NVIRONMENTAL PROTECTIONSafety and environmental protection are core values of the Company.The implementation of best practice safety standards along with a sound risk management program are key priorities for Austral Gold.SAFETYFor the year ended 31 December 2024,2 lost-time accidents(LTAs)and 11 ni

95、l-lost-time accidents(NLTAs)were recorded among employees of Guanaco/Amancaya and third party contractors,while no LTAs or NLTAs occurred at Casposo/Manan-tiales during the same period.COMMUNITY ACTIVITIESAustral Gold has an extensive history of being a committed neighbor to the communities in which

96、 it operates.Our support to the communities surrounding our projects in Chile and Argentina focuses mainly on education programs as we believe that through education it is possible to improve citizens socio-economic conditions and contribute to the youth population and the overall community.ENVIRONM

97、ENTALGuanaco/AmancayaThe environmental monitoring program implemented includes meteorology,air quality,water quality,flora and fauna,and archaeology.There is also a meteorological station in Guanaco,independent from the air quality monitoring system.Monitoring of flora and fauna is conducted in Punt

98、a del Viento,Las Mulas and Pastos Largos approximately 30 km east of Guanaco.The results of the environmental monitoring campaigns are regularly submitted electronically to the Environmental Super-intendency(“SMA”)through the system set up in the SMAs website to upload the information.In addition,th

99、e monitoring results are submitted to other government agencies such as the General Water Directorate.The Guanaco Amancaya mine complex is in an arid area with infrequent surface runoff resulting from precipitation.There is no discharge of water to the environment from the Guanaco/Amancaya mine comp

100、lex.The process plant,the heap leach pads,and the tailing storage facility(“TSF”)are operated as zero discharge facilities.The heap leach pads are operated as closed circuits.The freshwater supply to be used for industrial processes is required to offset evaporation losses.Currently the water supply

101、 is mostly groundwater pumped from two main wells.There are two additional small wells(for a total of four)that provide small volumes of water.The water collected from the wells is a small fraction of the total freshwater supply.Flow monitoring is conducted at three locations in the area where fresh

102、water is taken from the natural ponds/creeks resulting from spring water,which encompasses three sectors:Punta del Viento,Las Mulas and Pastos Largos.Flow monitoring is also conducted at the groundwater supply wells.Water quality monitoring is conducted at five groundwater monitoring wells located d

103、own-stream of the heap leach pads and the tailing storage facility.There is no discharge of water to the environment from the Amancaya site.Freshwa-ter is required only for road irrigation(dust suppression)and domestic consumption.Currently the freshwater supply is obtained by pumping water from one

104、 groundwater well and conveying it by gravity through HDPE pipes.Flow monitoring is conducted at the water supply well.Water quality monitoring is conducted at four groundwater moni-toring wells located down-stream of the Amancaya site.Water for domestic use is treated in potable treatment plants in

105、stalled at both Guanaco and Amancaya.Sanitary wastewa-ter is sent to sewage treatment plants,and the treated effluent is used for road irrigation and operation of drilling equipment for exploration activities.Casposo/ManantialesThe environmental monitoring program at the Casposo/Manantial complex al

106、so includes meteorology,air quality,water quality,flora and fauna,and archaeology.A dedicated meteorological station operates at Casposo,independent of the air quality monitoring system.Flora,fauna,and fish populations are monitored within the project area,while flow monitoring is conducted at four

107、loca-tions:Ro Castao,Ro Los Patos,Ro San Juan,and Verti-ente 6.This work is undertaken by the Water Institute of the Universidad Nacional de San Juan.The tailings deposit is subject to ongoing monitoring by the Seismology Institute of the National University of San Juan,with additional semi-annual a

108、ssessments by a surveyor engi-neer to detect any positional changes.Casposo also conducts monthly water well monitoring,with qualitative analysis performed by an external laboratory.In January 2025,updates V and VI of the Environmental Impact Assessment(EIA)were approved.Casposo received the ISO 140

109、01 certification for its Environmental Management Plan in 2012.Austral Gold Limited27Annual Report 2024REVIEW OF RESULTS OF OPERATIONSA summary of key operating results for FY24 and FY23 are set out in the following tables for comparative purposes.KEY OPERATIONAL INDICATORSGuanaco/Amancaya Operation

110、sYear ended 31 December20242023Safety IndicatorsLost-Time Accidents(LTA)27Non-Lost-Time Accidents(NLTA)1111MiningMined Ore(t)28,567239,356Agitation Leaching ProcessProcessed(t)325,251343,835Plant Grade Mine(g/t Au)2.452.79Plant Grade Heap(g/t Au)1.031.47Plant Grade Mine(g/t Ag)7.018.83Plant Grade He

111、ap(g/t Ag)3.403.74Gold recovery rate(%)84.6792.76Silver recovery rate(%)59.8676.32Gold produced(Oz)10,59422,676Silver produced(Oz)24,37369,388Gold-Equivalent produced(Oz)(1)10,87923,504Heap Leaching ProcessGold produced(Oz)4,5441,336Silver produced(Oz)12,7813,232Gold-Equivalent produced(Oz)4,6941,37

112、5Total ProductionGold produced(Oz)15,13824,012Silver produced(Oz)37,15472,620Gold-Equivalent produced(Oz)15,57324,879C1 Cash Cost of Production(US$/AuEq Oz)(2)1,9431,645All-in Sustaining Cost(US$/Au Oz)(3)2,1642,004Realised gold price(US$/Au Oz)2,3581,942Realised silver price(US$/Ag Oz)2823Gold Equi

113、valent sales volume15,60524,5781.(AuEq)ratio is calculated at:85.4:1 for FY24 and 83.8:1 Ag:Au for FY232.The cash cost(C1)includes:Mine,Plant,On-Site G&A,Smelting,Refining,and Royalties(excludes Corporate G&A).It is the cost of production per gold equivalent ounce.3.The All-in Sustaining Cost(AISC)i

114、ncludes:C1,Sustaining Capex,Brownfield Exploration,and Mine Closure Amortisation4.Composition of the cash cost(C1)and All-in Sustaining Cost(AISC)are provided on page 29Austral Gold Limited28Annual Report 2024Cash Costs of Production(C1)refer to the direct expenses incurred during the production of

115、gold and silver.These costs are typically reported on a per-ounce basis while All in Sustaining costs(AISC)provides a comprehensive view of the total costs included with gold and silver production and includes C1 plus sustaining costs to maintain ongoing mining operations.KEY OPERATIONAL INDICATORSC

116、ash Cost of Production(C1)and All-in Sustaining Cost(AISC)Breakdown Expressed in USD per GEO(1)Year ended 31 December20242023Mining235700Plant1,265557Geology,engineering,and laboratory93123Onsite general and administration230240Smelting and refining5227Royalties and taxes6248Inventory movement3(52)O

117、ther32Cash Cost(C1)1,9431,645Reclamation&Remediation amortisation161Sustaining capital expenditure30218Other administration costs8556Financial leases9084All in Sustaining costs(AISC)2,1642,0041.Gold Equivalent OunceKEY FINANCIAL RESULTSThousands of US$Year ended 31 December20242023Revenue36,79047,72

118、9Gross profit3,557546Gross profit%9.7%1.1%Adjusted gross profit(excluding depreciation and amortisation)6,7976,557Adjusted gross profit%(excluding depreciation and amortisation)18.5%13.7%Adjusted earnings3,8624,174Adjusted earnings per share(basic and fully diluted)0.63c0.68cLoss before income tax(3

119、2,209)(7,951)Loss attributed to owners of the Company(27,068)(7,229)Loss attributed to non-controlling interests(6)(14)Loss per share(basic and fully diluted)(4.42)c(1.18)cComprehensive loss(27,022)(7,242)Note:Adjusted earnings and basic adjusted earnings per share are non-IFRS measures that the Com

120、pany considers to better reflect normalised earnings as it eliminates items that in managements judgment are subject to volatility as a result of factors which are unrelated to operations in the period,and readers are cautioned that Adjusted earnings may not be comparable to similar measures present

121、ed by other companies.Further,readers are cautioned that Adjusted Earnings should not replace profit or loss or cash flows from operating,investing and financing activities(as determined in accordance with IFRS),as an indicator of the Companys performance.Austral Gold Limited29Annual Report 2024ADJU

122、STED EARNINGSThousands of US$Year ended 31 December20242023Loss before income tax(32,209)(7,951)Depreciation and amortisation(1)3,2726,048Impairment loss on mine properties2,550-Impairment loss on property plant and equipment16,705-Impairment loss on exploration and evaluation expenditure8,8363,981O

123、ther(income)(2)Gain on sale of subsidiary(91)(1,964)Gain on sale and revaluation of financial assets(1,724)(1,033)Gain on sale of equipment(654)(46)Equipment rental(8)(222)Other(3)(381)(466)Other expenses(4)Care and maintenance(7)2,0962,125Loss on fair value of financial assets-992Rawhide option and

124、 due diligence expenses-617Other1,880669Finance income(5)Interest income(101)(140)Present value adjustment to mine closure provision-(36)Finance costs(6)Interest expense3,3921,395Present value adjustment to mine closure provision299-Present value adjustment to GST/VAT receivable-145Share of loss of

125、associates-60Adjusted Earnings3,8624,1741.Includes US$18 thousand and US$14 thousand(2023:US$18 thousand and US$19 thousand)of depreciation and amortisation included in Care and maintenance in Other Expenses(note 8)and Administration(note 9)respectively2.Note 7 to the financial statements3.Reconcile

126、s with note 7 to the financial statements4.Note 8 to the financial statements5.Excluding depreciation and amortisation6.Note 10 to the financial statements7.Note 11 to the financial statementsAustral Gold Limited30Annual Report 2024Thousands of US$Year ended 31 December20242023Cash and cash equivale

127、nts3,5901,261Current assets20,17717,357(2)Non-current assets52,91387,149Bank overdraft199222Current liabilities26,00041,042Non-current liabilities32,72521,891Net assets14,36541,573Net current liabilities(5,823)(23,685)Current loans and borrowings5,43313,540Non-current loans and borrowings19,9012,568

128、Current lease liabilities6771,169Non-current lease liabilities3851,143Combined debt(bank overdraft,loans,borrowings and lease liabilities)26,59518,642(2)Combined net debt(net of cash and cash equivalents)23,00517,381(2)Current ratio(1)0.80.4Total liabilities to net assets4.11.51.Current Assets divid

129、ed by Current Liabilities2.Changes from disclosure in the FY23 annual report.For details of changes,see note 39 of the financial statements OPERATING AND FINANCIAL RESULTS OF THE GROUP(1)During FY24,the Group realised a loss before and after income tax of US$32,209 thousand(FY23:$7,951 thousand)and

130、US$27,074 thousand(FY23:US$7,243 thousand),respectively.Sales revenues from operations totaled US$36,790 thousand compared to US$47,729 thousand in FY23.The gross profit(including depreciation and amortisation)increased to US$3,557 thousand(9.7%margin)in FY24 compared to US$546 thousand(1.1%margin)i

131、n FY23,while the gross profit margin(excluding depreciation and amortisation)increased to 18.5%in FY24 compared to 13.7%in FY23.The increase in gross profit and margin was mainly due to higher sales prices,partially offset by higher costs of production.The Groups results during FY24 were also impact

132、ed by the following:i.A non-cash impairment of US$16,705 thousand on property plant and equipment(FY23:US$nil),as the Company impaired the remaining book value attributed to the Amancaya underground mine due to the decision to temporarily cease operations in that area.ii.A non-cash impairment of US$

133、8,836 thousand on exploration and evaluation expenditure(FY23:US$3,981 thousand),primarily due to the impairment on the Jaguelito project and three properties that were part of the acquisition of Revelo Resources Corp.in 2021.The FY 23 expense was mainly due to the impairment of the Morros Blancos p

134、roject as a result of the expiry of the option agreement with CSE-listed Pampa Metals Corporation and the implementation of a rationalisation plan to reduce non-core explo-ration areas in Chile.iii.A non-cash impairment of mine properties of US$2,550 thousand(FY 2023-US$nil)due to the temporary stop

135、page of production at the Amancaya underground mine.The amount related to exploration and evaluation expenditure that were transferred to mine properties when the mine started production.iv.Increase in FY24 administration costs by US$184 thousand to US$6,329 thousand(FY23:US$6,145 thousand)mainly du

136、e to higher staff costs due to severance,partially offset by a decrease in office and utility costs.v.Decrease in other income by US$873 thousand to US$2,858 thousand(FY23:US$3,731 thousand).FY24 other income was primarily due to a realised and unrealised gain of US$1,724 thousand(FY23:US$1,033 thou

137、sand)from the sale and increase in the value of equity securities of publicly listed mining companies and US$654 thousand(FY23:US$46 thousand)realised from a gain on sale of equipment.FY23 other income was primarily due to a US$1,964 thousand gain resulting from the sale of SCRN Properties Ltd.to Un

138、ico and a US$1,012 revaluation of equity securities(note 19 to the financial statements).vi.Decrease in other expenses by US$520 thousand to US$4,266 thousand(FY23:US$4,786 thousand)mainly due to the following:a.FY23 Rawhide option agreement and due diligence expenses of US$617 thousand.The takeover

139、 option was not exercised.b.Increase in other costs by US$1,184 thousand to US$1,581 thousand in FY24(FY23:US$397 thousand)primarily due to the Groups decision to terminate the agreement with the Amancaya underground contractor and to terminate an agreement with another contractor responsible for th

140、e maintenance of mining equipment.Austral Gold Limited31Annual Report 2024vii.Decrease in finance income by US$531 thousand to US$3,753 thousand(FY23:US$4,284 thousand)primarily due to a US$456 thousand decrease in foreign exchange gains to US$3,652 thousand(FY23:US$4,108 thousand).Foreign exchange

141、gains in both fiscal years resulted from the apprecia-tion of the US dollar versus the Argentine and Chilean curren-cies.viii.Increase in finance costs by US$2,151 thousand to US$3,691 thousand(FY23:US$1,540 thousand)was primarily due to interest expense of US$3,392 thousand(FY23:US$1,395 thousand).

142、The interest expense was higher mainly due to an increase in the amount of loans and borrowings of the Group during FY24.The cost of production(“C1”)per GEO increased to US$1,943 for FY24,compared to US$1,645 for FY23,while the all-in sustain-ing cost(“AISC”)per GEO increased to US$2,164 for FY24 fr

143、om US$2,004 for FY23.Production in FY24 was lower than FY23,with higher production costs per GEO in FY24,mainly due to delays by the Companys supplier in repairing the HRC 800 equipment used in the heap leaching production line.FINANCIAL POSITION(1)The Group held cash and cash equivalents of US$3,59

144、0 thousand at 31 December 2024(2023:US$1,261 thousand)or US$4,886 thousand(2023:US$2,803 thousand)when combined with the fair value of 490 unsold and unrefined gold equivalent ounces in inven-tory of US$1,296 thousand(2023:742 unrefined gold equivalent ounces with a fair value of US$1,542 thousand).

145、Trade and other receivables(current and non-current)increased by US$1,291 thousand to US$4,774 thousand at 31 December 2024(31 December 2023:US$3,483 thousand).The increase was mainly due to the recognition of US$2,000 thousand of the initial fee due under the Toll Processing Agreement with ASX-list

146、ed Challenger Gold Limited,received in January 2025 as described in further detail in note 33.Additionally,during FY24,the Group received the third cash instalment of US$750 thousand from Unico following the sale of SCRN Properties Ltd.in 2022,a former subsidiary of the Group whose major asset was t

147、he Pingino exploration project.Other financial assets(current and non-current)decreased by US$2,702 thousand to US$3,383 thousand at 31 at December 2024(31 December 2023:US$6,085 thousand)mainly due to the sale of Unico and Revival Gold Inc.(formerly Ensign Minerals Inc.)shares.At 31 December 2024,t

148、he Groups financial assets primar-ily consisted of shares and options of Unico.Inventories decreased by US$995 thousand to US$8,704 thou-sand at 31 December 2024(31 December 2023:US$9,699 thou-sand)mainly due to a decrease in ore stockpiles,mainly at the Guanaco mine.In addition,gold and bullion in

149、process decreased as explained in the disclosure above on cash and cash equivalents.Mine properties decreased by US$4,864 thousand to US$1,395 thousand at 31 December 2024(31 December 2023:US$6,259 thousand)primarily due to the impairment of US$2,550 as disclosed above,and a decrease in the provisio

150、n for reclamation and rehabilitation at the Guanaco mine.Property,plant and equipment decreased by US$19,561 thousand to US$30,055 thousand at 31 December 2024(31 December 2023:US$49,616 thousand)primarily due to the impairment at the Amancaya Underground as discussed in Operating and Financial resu

151、lts of the Group.Exploration and evaluation expenditure decreased by US$8,435 thousand to US$19,459 thousand at 31 December 2024(31 December 2023:US$27,894 thousand)mainly due to the impair-ment of exploration projects described above.Current trade and other payables decreased by US$7,503 thou-sand

152、to US$14,783 thousand at 31 December 2024(31 December 2023:US$22,286 thousand.The reduction in payables was mainly due to an increase in related party borrowings to repay outstand-ing payables,a decrease in the value of the Chilean peso versus the US dollar,minimal operations at the Amancaya undergr

153、ound mine and fewer exploration activities in 2024.Payables were also impacted by lower than expected cash flow generated due to lower than forecasted production,primarily due to a delay in ramping up production at the Heap Reprocessing Project.This delay was caused by the Companys supplier taking l

154、onger to repair the HRC 800 equipment used in the heap leaching production line.Deferred revenue was US$2,000 thousand at 31 December 2024(US$nil at 31 December 2023).As disclosed in note 33 to the financial statements,this amount(received in January 2025)shall be returned to Challenger if the Caspo

155、so plant is not ready for commercial operations on or before July 31,2025,other than for delays or any other matters beyond the Companys control;and/or the Technical Committee determines,after conducting all relevant studies and testing,that less than 70%of the Material from the Hualilan Project pro

156、cessed at the Plant will be recovered;Net current liabilities decreased by US$17,862 thousand to US$5,823(31 December 2023:US$23,685 thousand).The decrease from 31 December 2023 was mainly due to an increase in non-current borrowings which enabled the Group to reduce its trade and other payables.In

157、addition,the Group expects its current net liability position to continue to improve in FY25 mainly due to an increase in production at higher margins.Combined net financial debt(loans,borrowings,lease liabilities and bank overdraft net of cash and cash equivalents)increased by US$5,624 thousand to

158、US$23,005 thousand at 31 Decem-ber 2024(31 December 2023:US$17,381 thousand).Financial debt totaled US$26,595 thousand at 31 December 2024,of which US$6,309 thousand(representing 25%of total financial debt)was categorised as short-term.The short-term financial debt includes US$1,606 thousand of US$1

159、2,396 thousand of related party loans,lease liabilities,bank overdraft and the short-term portion of a 2-year and 4-year bank loan.Net assets decreased by US$27,208 thousand from 31 December 2023 to US$14,365 thousand at 31 December 2024(31 December 2023:US$41,573 thousand)following the net loss of

160、the year.Austral Gold Limited32Annual Report 2024CASH FLOW(1)Operating activities before and after changes in working capi-tal generated a net cash inflow of US$1,420 thousand(FY23:US$3,910)and a net cash outflow of US$6,492 thousand(FY23:inflows of US$8,132),respectively,during FY24.The variation w

161、as primarily due to lower cash generated from operations following a reduction in production and the repayment of overdue accounts payable using longer-term debt financing secured during the year.Net cash provided by investing activities totaled US$5,030 thou-sand during FY24(FY23:US$12,425 thousand

162、 used in)mainly due to the following:Proceeds of US$4,742 thousand(FY23:US$22 thousand)primarily from the sale of equity securities described above,including the sale of 5,458,833 Unico shares to Mr Elsztain,a director of Austral Gold,the sale of 963,323 Unico shares to Mr Zang,also a director of Au

163、stral Gold,and the sale of 8,139,023 Unico shares to its largest shareholder,Inversiones Financieras del Sur SA(IFISA),of which Mr.Elsztain and Mr Zang are also directors and shareholders,for US$2,950 thousand,and the sale of 6,941,865 Revival Gold Inc.shares for proceeds of US$1,396 thousand.Invest

164、ments of US$434 thousand in FY24 were primarily used for additions to plant,property and equipment(FY23:US$11,283 thousand including US$5,633 thousand on the Heap Repro-cessing Project);Exploration and evaluation activities of US$928 thousand of which US$641 were incurred on the Casposo and Manantia

165、-les district and US$286 thousand on projects in the Guanaco district(FY23:US$4,614 thousand of which US$2,943 thousand was incurred on the Jaguelito project and US$917 thousand was incurred at the Casposo-Manantiales district).Net cash generated from financing activities totaled US$3,814 thousand d

166、uring FY24,(FY23:US$4,406).During FY24,the Group received net proceeds from loans and borrowings of US$7,554 thousand,compared to US$7,178 thousand in FY23.1.Certain 2023 amounts in the consolidated profit or loss and other comprehensive income,the consolidated statement of financial position and co

167、nsolidated statement of cash flows have been restated as disclosed in note 39 to the financial statements.LIQUIDITY AND CAPITAL RESOURCESAccess to capital The Group maintains strong banking relationships,as demon-strated by continued financial support.During the year,the company successfully renewed

168、 and extended the maturity profile of its financial debt,including securing a two-year,US$7,000 thou-sand loan from a local Argentine bank to refurbish the Casposo Plant.Additionally,the Group has benefited from a supportive share-holder base,which provided debt funding of US$8,516 thousand as discl

169、osed in more detail in note 27 to the financial statements,during FY24 as well as purchased a portion of the Groups equity investments for US$1,670 thousand.The Group expects both its banking partners and shareholders to continue their financial support.Going Concern The financial report has been pr

170、epared on a going concern basis,which contemplates the continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business in accordance with the business plan for the 2025-2026 period approved by the Board(the Business Plan).The D

171、irectors have assumed that the Group will have suffi-cient cash to pay its debts as and when they become payable,for a period of at least 12 months from the date the financial report was authorised for issue.Notwithstanding this view,there remains a material uncertainty as to whether the Group can c

172、ontinue to operate as a going concern due to the combined effect of the following uncertainties:the Groups ability to generate cash inflows from operations as forecast based on the aforementioned gold prices,production volumes,and cash costs over the forecast period;the Groups ability to repay contr

173、actually overdue amounts to its suppliers whilst also remaining compliant with new contractual commitments arising from new trade payables associated with ongoing operations;and the timing and amount of proceeds that can be sourced from the sale of equity investments,if needed.Further disclosure is

174、provided in Note 3 to the financial statements.Austral Gold Limited33Annual Report 2024DIRECTORSREPORTThe Companys Board believes that a highly credentialed Board,with diverse backgrounds,skills and perspectives,will be effective in supporting and enabling delivery of strong governance for the Compa

175、ny and creating value for the Companys shareholders.The Board brings a broad mix of experience and skills to the Company including in the areas of corporate governance,legal,geological expertise and financial management.Austral Gold Limited34Annual Report 2024Austral Gold Limited35Annual Report 2024

176、Mr.Eduardo Elsztain is Chair of IRSA Inversiones y Repre-sentaciones S.A.(NYSE:IRS),one of Argentinas largest and most diversified real estate companies,comprising shop-ping centers,premium office buildings,five-star hotels and residential developments.He also serves as Chair of Cresud(NASDAQ:CRESY)

177、and BrasilAgro(NYSE:LND),leading Latin American agricultural companies;and of financial institutions Banco Hipotecario S.A.(BASE:BHIP)and BACS.He is member of the World Economic Forum,the Council of the Americas,the World Jewish Congress and Argentinas Busi-ness Association(AEA).He is President of F

178、undacion IRSA,which promotes education among children and young people,and Co-Founder of Endeavor.Mr.Elsztain was recently appointed as Non-Executive Chair of ASX-listed Challenger Gold Limited,effective 4 March 2025.Mr.Elsztain has not held any other Directorships with Austra-lian or Canadian liste

179、d companies in the last three years.Director since 29 June 2007Appointed Chair 2011 until August 2020 when he became Vice Chair after Mr.Wayne Hubert was appointed Chair.Re-appointed Chair on 30 May 2023 and on 28 May 2024THEDIRECTORSEDUARDO ELSZTAINChairAustral Gold Limited36Annual Report 2024Mr.Ka

180、saneva is a Geologist with a degree from the Universidad Catlica del Norte,Chile and has over 30 years of experience in production geology,exploration and management of precious metal mining operations.Since Mr.Kasaneva joined Austral Gold in 2009,he has been instrumental in transforming the Company

181、 by consolidating the operations of the Guanaco Mine in Chile,restarting opera-tions at the Casposo Mine in Argentina as well as identifying a number of opportunities that represent the growth potential for Austral Gold.Throughout his career as a geologist,he worked on exploration and production gai

182、ning vast experience in grade control,QA/QC,modeling and geological resources estimation.Mr.Kasaneva led Business Development Departments for several years evaluating a number of mining business oppor-tunities in South America,Central America and North America.He has held the roles of General Manage

183、r of Mining Operations,Vice-President of Operations and COO.Mr.Kasaneva has not held any Directorships with Australian or Canadian listed companies in the last three years.Director since 7 Oct 2009Appointed COO until appointment as Chief Executive Officer August 2016Mr.Zang obtained a law degree fro

184、m Universidad de Buenos Aires.He was a founding member of the law firm Zang,Bergel&Vies.Mr.Zang is an adviser and Member of the Board of Directors of the Buenos Aires Stock Exchange and provides legal advice to national and international companies.Mr.Zang currently holds:i.Vice-Chairships on the Boa

185、rds of IRSA(NYSE:IRS,BASE:IRSA),and Cresud(NASDAQ:CRESY,BASE:CRES)ii.Directorships with Banco Hipotecario(BASE:BHIP),Brasil Agro(NYSE:LND,BVMF:AGRO3),among others.Mr.Zang has not held any other Directorships with Australian or Canadian listed companies in the last three years.Director since 7 Jun 20

186、07STABRO KASANEVAExecutive Director,Chief Executive OfficerSAUL ZANGNon-Executive DirectorAustral Gold Limited37Annual Report 2024THEDIRECTORSMr.Jarvis is the Managing Director of Six Degrees Investor Rela-tions,an Australian advisory firm that provides investor relations services to a broad range o

187、f companies listed on the Australian Securities Exchange.Mr.Jarvis was educated at the University of Adelaide where he majored in Politics.Mr.Jarvis is a non-executive director of Aguia Resources Limited(ASX:AGR)and Freehill Mining Limited(ASX:FHS)and he was a non-executive director of QX Resources

188、Limited(ASX:QXR)until his resignation effective 27 October 2023.Mr.Jarvis has not held any other Directorships with Australian or Canadian listed companies in the last three years.Director since 2 Jun 2011Mr.Vergara del Carril is a lawyer and is professor of Post-graduate Degrees for Capital Markets

189、,Corporate Law and Business Law at the Argentine Catholic University.He is a member of the International Bar Association,the American Bar Association and the AMCHAM,among other legal and business organisations.He is a founding Board member of the Australian-Argentinean Chamber of Commerce.He is a Bo

190、ard member of the Argentine Chamber of Corporations and also an officer of its Legal Committee.He is recognised as a leading lawyer in Corporate,Real Estate,M&A,Banking&Finance and Real Estate Law by international publications such as Chamber&Partners,Legal 500,Interna-tional Financial Law Review,La

191、tin Lawyer and Best Lawyer.He is a Director of Banco Hipotecario SA.(BASE:BHIP),Nuevas Fronteras(owner of the Intercontinental Hotel in Buenos Aires),and Emprendimiento Recoleta SA(owner of the Buenos Aires Design Shopping Centre),among other companies.Mr.Vergara del Carril is also a Director of Gua

192、naco Mining Company Limited and Guanaco Capital Holding Corp.Mr.Vergara del Carril has not held any other Directorships with Australian or Canadian listed companies in the last three years.Director since 18 May 2006BEN JARVISNon-Executive Director,Member of the Audit CommitteePABLO VERGARA DEL CARRI

193、LNon-Executive Director,Member of the Audit CommitteeAustral Gold Limited38Annual Report 2024Dr.Trzebski holds a degree in Geology,PhD in Geophys-ics,Masters in Project Management and has over 30 years of professional experience in mineral exploration,project management and mining services.He is cur

194、rently the Director International Business of Aust-mine Ltd.As a fellow of the Australian Institute of Mining and Metallurgy,Dr.Trzebski also acts as the Competent Person(CP)for the Companys announcements.Dr.Trzebski is a non-executive director of Lake Resources NL(ASX:LKE;OTC:LLKKF).Dr.Trzebski has

195、 not held any other Directorships with Austra-lian or Canadian listed companies in the last three years.Director since 10 Apr 2007ROBERT TRZEBSKINon-Executive Director,Chair of the Audit CommitteeAustral Gold Limited39Annual Report 2024SENIOR MANAGEMENTDAVID HWANG Confidant Partners,Joint Company Se

196、cretaryMr.David Hwang is a Joint Company Secretary of Austral Gold.Mr Hwang is a corporate lawyer,company secretary and advisor to Boards and management of ASX listed entities.Mr Hwang is the Managing Direc-tor of Confidant Partners,which provides ASX compliance,corporate legal,company secretarial a

197、nd Board advisory services.Previously,Mr.Hwang was a senior executive at a leading integrated technology solu-tions and professional services provider,where he led Australias largest outsourced company secretarial and legal team.Joint Company Secretary since 3 July 2024JOS BORDOGNA Chief Financial O

198、fficer and Joint Company SecretaryMr.Bordogna joined Austral Gold in 2013 as Controller and was promoted to CFO in 2016.Since then,he has overseen all corporate finance and account-ing activities,including equity and direct investments in mining related assets,listing the company on the TSX-V,amongs

199、t others.Mr.Bordogna is a Certified Public Accountant and holds a Global Executive MBA(IE Business School)and a Master of International Business(The Univer-sity of Sydney).He is also CFA charter holder.Prior to joining Austral Gold,he worked for the International Finance Corpora-tion(IFC)and Deloitt

200、e in Latin America.He has over 15 years experience in corporate finance,M&A,investment banking and accounting roles.Mr.Bordogna is a non-executive director of Unico Silver Limited(ASX:USL).Chief Financial Officer from August 2016 until his resignation on 28 February 2022 and his reappointment effect

201、ive 1 May 2022Austral Gold Limited40Annual Report 2024DIRECTORS MEETINGSThe number of Directors meetings(including meetings of Commit-tees of Directors)and number of meetings attended by each of the Directors of the Company during the financial year were:Directors meetingsAudit Committee meetingsDir

202、ectorABABPablo Vergara del Carril4434Robert Trzebski4444Eduardo Elsztain44N/AN/ASaul Zang44N/AN/AStabro Kasaneva44N/AN/ABen Jarvis4444A:Number of meetings attendedB:Number of meetings held during the time the Director held office during the financial yearSHARES AND OPTIONSAt the date of this report

203、there are no options over the Companys ordinary shares.During or since the end of the financial year,the Company has not granted options over its ordinary shares.INDEMNITY AND INSURANCE OF OFFICERSUnder a deed of access,indemnity and insurance,the Company indemnifies each person who is a Director,se

204、cretary or officer of Austral Gold Limited against:any liability(other than for legal costs)incurred by a Director,secretary or officer in his or her capacity as an officer of the Company or of a subsidiary of the Company;and reasonable legal costs incurred in defending an action for a liability inc

205、urred or allegedly incurred by a secretary in his or her capacity as an officer of the Company or of a subsidiary of the Company.The above indemnities:apply only to the extent the Company is permitted by law to indemnify a Director,officer or secretary;are subject to the Companys constitution and th

206、e prohibitions in section 199A of the Corporations Act;and apply only to the extent and for the amount that a Director,secretary or officer is not otherwise entitled to be indemnified and is not actually indemnified by another person(including a related body corporate or an insurer).INDEMNITY AND IN

207、SURANCE OF AUDITOR The Company has not,during or since the end of the financial year,indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.During the financial year,the Company has not paid a premium in respect of a contract t

208、o insure the auditor of the Company or any related entity.REMUNERATION REPORT(AUDITED)Remuneration PolicyThe full Board of Austral Gold is responsible for determining remu-neration policies in respect of executives and Key Management Personnel(KMP).The Company has a Remuneration Policy that aims to

209、ensure the remuneration packages of Directors and senior executives properly reflect the persons duties,responsibilities and level of performance,as well as ensuring that remuneration is competitive in attracting,retaining and motivating people of the highest quality.The level of remuneration is bas

210、ed on market rates and is not directly linked to the market value of the shares of Austral Gold.At the most recent Annual General Meeting of the Company held on 28 May 2024,82.58%of votes cast at the meeting were in favour of the adoption of the Remuneration Report.Remuneration information for KMP i

211、s reported in US Dollars(US$).All contractual arrangements for non-executive Directors and the Chair are denominated in US Dollars.The contractual arrange-ments for the Senior Executive KMP,are denominated in the local currency of the jurisdiction in which the Senior Executive KMP are employed.The l

212、evel of remuneration for non-executive Directors is consid-ered with regard to the practices of other public companies and the aggregate amount of fees paid to non-executive Directors approved by shareholders.The executive directors do not receive fees for being a director.Total compensation for all

213、 non-executive directors,last voted on by shareholders at the 2020 AGM,is not to exceed US$400,000 per annum.The director fee for the Chair is US$100,000 per annum.Director fees for other non-executive directors are US$50,000 per annum.Non-executive directors do not receive performance-related compe

214、nsation and are not provided with retirement benefits except for statutory superannuation for Australian KMP,including direc-tors.Total KMP remuneration was US$1,257,389 in FY24(US$1,616,011 in FY23).Senior Executives KMP have not received any cash bonus performance payments which they are entitled

215、to for FY24,FY23 and FY22.Additionally,the director fees for of non-executive directors Mr.Elsztain for the years FY21-FY24,and Mr.Zang for part of FY21 and for the years FY22-FY24,and Mr.Vergara del Carril for part of FY23 and FY24 also remain unpaid.Austral Gold Limited41Annual Report 2024The Key

216、Management Personnel(KMP)during or since the end of the financial year were:The Directors of the Group:Eduardo Elsztain Non-Executive Chair Saul Zang Non-Executive Director Pablo Vergara de Carril Non-Executive Director Robert Trzebski Non-Executive Director Ben Jarvis Non-Executive Director Stabro

217、Kasaneva Chief Executive Officer and DirectorOther Executive KMP of the Group:Rodrigo Ramirez Vice President of Operations(no longer a KMP effective 1 July 2024)1 Jos Bordogna Chief Financial OfficerRemuneration of KMPThe Group has employment agreements with all KMP executives in accordance with the

218、 laws in the jurisdiction in which the KMP is employed.Remuneration of executive KMP is made up of a fixed component and a variable(at risk)component.Performance is assessed by the Board of Directors and CEO accordingly against financial and non-financial indicators including production,safety,cost

219、of production,sustaining capital investments,new business and value accretive investments amongst others.The award of the variable component is fully discretionary as detailed in the Contractual Arrangement with Senior Executive KMP in the“31 December 2024”table.Link Between Remuneration and Perform

220、anceThe Group aims to align its executive remuneration to its strategic and business objectives and the creation of shareholder value.The table below shows the measures of the Groups financial performance over the last 5 financial years as required by the Corporations Act 2001.12 months ended 31 Dec

221、ember 202012 months ended 30 June 202112 months ended 31 December 202212 months ended 31 December 202312 months ended 31 December 2024Sales Revenue(US$000)88,22364,39049,71047,72936,790Profit/(loss)before tax(US$000)14,335(4,686)(9,581)(7,951)(32,209)Basic EPS (US cents per share)1.36(1.20)(1.35)(1.

222、18)(4.42)Diluted EPS (US cents per share)1.34(1.20)(1.35)(1.18)(4.42)Share price(cents AUD/CDN)21.0/22.08.5/8.03.9/3.52.9/3.02.2/2.5Dividend(AUD per share)0.0090.008-1.Change in Key Management Personnel(KMP)Classification:During the first half of 2024,Mr.Ramirez was classified as a KMP,primarily man

223、aging the Amancaya underground operations.With the gradual reduction and outsourcing of these activities and the completion of the Heap Reprocessing Projects construction phase,the responsibility for ongoing production oversight transitioned to the CEO,resulting in Mr.Ramirez no longer being classif

224、ied as a KMP effective 1 July 2024.Austral Gold Limited42Annual Report 2024Details of RemunerationDetails of the nature and amount of each major element of the remuneration of each Director of the Group and each of the Senior Executive KMP of the Group during the financial year were:Twelve month per

225、iod ended 31 December 2024PrimaryPost-employmentShare-basedTotalCash and accrued Salary and Fees US$Accrued Cash Bonus US$2Non-monetary benefits US$4Super-annuation US$Retirement/Termination benefits US$Other long-term benefitsEquity settled Shares US$Options US$US$DirectorsNon-executive directorsE

226、Elsztain6100,000-100,000S Zang650,000-50,000R Trzebski44,942-3,6955,058-53,695B Jarvis44,942-5,058-50,000P Vergara del Carril650,000-50,000Total non-executive director remuneration289,884-3,69510,116-303,695Executive DirectorS Kasaneva2356,89387,0627,905-451,860Total Director remuneration646,77787,0

227、6211,60010,116-755,555Other Key ExecutivesR.Ramirez2,3143,16734,46914,556-192,192J.Bordogna2,5228,16252,5214,23118,960-5,463-309,337Total other executive remuneration371,32986,99018,78718,960-5,463-501,529Total director and executive officer remuneration 1,018,106174,05230,78729,076-5,463-1,257,3891

228、.All salaries are paid in local currency and converted to USD using the historical spot foreign exchange(FX)rate.Accrued bonuses and Termination/Retirement benefits are converted to USD using the FX rate in effect on 31 December 2024.2.No accrued cash bonus was paid to the other Senior Executive KMP

229、 as of the date of this report.3.The table includes remuneration paid and benefits accrued to Mr Ramirez while a KMP from 1 January 2024 -30 June 2024.During the first half of 2024,Mr.Ramirez was classified as a KMP,primarily managing the Amancaya underground operations.With the gradual reduction an

230、d outsourcing of these activities and the completion of the Heap Reprocessing Projects construction phase,the responsibility for ongoing production oversight transitioned to the CEO,resulting in Mr.Ramirez no longer being classified as a KMP effective 1 July 2024.4.Non-monetary benefits include annu

231、al leave,health and benefit premiums,professional membership dues and parking.5.Mr.Bordogna is entitled to long service leave(LSL)in accordance with statutory regulations and its employment agreement,having been employed by the Group since March 2013.During FY24,US$5,463 was charged to LSL.As of 31

232、December 2024,the LSL amounts to A$69,095(US$45,610).6.The 2024 director fees were not paid to Mr.Elsztain,Mr.Zang and Mr.Vergara del Carril,and the accrued cash bonuses had not been paid as of the date of this report.Austral Gold Limited43Annual Report 2024Twelve month period ended 31 December 2023

233、PrimaryPost-employmentShare-basedTotalCash and accrued Salary and Fees US$Accrued Cash Bonus US$Non-monetary benefits US$4Superannuation US$Retirement/Termination benefits US$Equity settled Shares US$Options US$US$DirectorsNon-executive directorsE Elsztain100,000-100,000S Zang50,000-50,000R Trzebski

234、45,147-4,2984,853-54,298B Jarvis45,147-4,853-50,000P Vergara del Carril50,000-50,000Total non-executive director remuneration290,294-4,2989,706-304,298Executive DirectorW Hubert-S Kasaneva387,50093,0017,656-488,157Total Director remuneration677,79493,00111,9549,706-792,455Other Key ExecutivesR.Ramir

235、ez311,28175,1973,889-390,367R Guerra334,00211,859623-71,762-118,246J Bordogna220,97157,78418,51217,676-314,943Total other executive remuneration566,254144,84023,02417,67671,762-823,556Total director and executive officer remuneration 1,244,048237,84134,97827,38271,762-1,616,0111.The 2022 accrued cas

236、h bonus was only paid to the VP of Exploration as part of his resignation agreement in 2023.No accrued cash bonus was paid to the rest of the Senior Executive KMP as of the date of this report.All salaries are paid in local currency and converted to USD using the historical spot foreign exchange(FX)

237、rate.Accrued bonuses and Termination/Retirement benefits are converted to USD using the FX rate in effect on 31 December 2023.3.Mr.Guerra resigned effective 31 January 2023.Per his settlement agreement,Mr.Guerra is to receive his 2022 bonus,a 2023 bonus of US$11,859,an exit bonus of US$71,762 and US

238、$10,081 of vacation owed.The amount is to be paid in six equal monthly installments in Chilean pesos commencing February 2023 and ending July 2023 net of assets purchased of US3,108.4.Non-monetary benefits include annual leave,health and benefit premiums,professional membership dues and parkingAustr

239、al Gold Limited44Annual Report 2024Contractual Arrangement with Executive KMP during 2024The table below represents the target remuneration mix for group executives in the current year.The variable remuneration is provided at target levels.NameTerm of Agreement and notice periodNotice Period by Eith

240、er PartyBase salaryBonus performance Bonus performance conditionsTermination paymentsStabro Kasaneva Chief Executive OfficerOpen1 monthBase salary is paid in Chilean pesos with no FX adjustment clause0%to 100%of salaryAt the discretion of the Board based on Group results and individual performanceOn

241、e month salary per year of employmentRodrigo Ramirez VP of OperationsOpen1 monthBase salary is paid in Chilean pesos with no FX adjustment clause0%to 100%of salaryAt the discretion of the Chief Executive Officer based on Group results and individual performanceOne month salary per year of employment

242、Jose Bordogna Chief Financial OfficerOpen1 monthBase salary is paid in Australian dollars with no FX adjustment clause0%to 100%of salaryAt the discretion of the Chief Executive Officer based on Group results and individual performanceOne month salary per year of employmentRelative Proportion of Fixe

243、d vs Variable Remuneration ExpenseThe following table shows the relative proportions of executive remuneration that are linked to performance and those that are fixed,based on the amounts disclosed as statutory remuneration expense in the tables above.NameFixed remunerationAt risk short-term incenti

244、veAt risk long-term incentiveDecember 2024December 2023December 2024December 2023December 2024December 2023Executive DirectorsStabro Kasaneva80%81%20%19%0%0%Executive OfficersRodrigo Ramirez82%81%18%19%0%0%Raul GuerraN/A29%N/A71%N/A0%Jose Bordogna83%82%17%18%0%0%Non-executive KMPs are not considered

245、 in this table as they would have 100%fixed remuneration.Equity HoldingsThe movement during the financial year in the number of ordinary shares in the Company held,directly,indirectly or beneficially by each key management person,including their related parties,is as follows:Balance at 1 January 202

246、4Granted as remunerationMarket purchasesNumber of ordinary shares at time of retirement/resignation Balance at 31 December 2024 Eduardo Elsztain461,294,560-21,574-461,316,134Saul Zang1,640,763-1,640,763Pablo Vergara68,119-68,119Robert Trzebski-Ben Jarvis600,000-600,000Stabro Kasaneva7,881,230-7,881,

247、230Rodrigo Ramirez279,514-N/A1Jose Bordogna126,495-126,495Total471,890,681-471,632,7411.No longer a KMPAustral Gold Limited45Annual Report 2024Other transactions with KMPOn 25 June 2024,the Company sold 5,458,833 previously issued common shares of Unico(“Unico Shares”)to Mr.Elsztain and 963,323 Unic

248、o Shares to Mr.Zang,at a price per Unico Share of A$0.16 per share.Total proceeds from the transaction was US$682,393.On 25 July 2024,the Company entered into an agreement to sell an additional 8,139,023 Unico Silver shares to its largest shareholder,Inversiones Financieras del Sur SA(IFISA).Two boa

249、rd members,Eduardo Elsztain and Saul Zang are also shareholders and direc-tors of IFISA.The sale was completed on 2 August 2024 for proceeds of US$987,869.Zang,Bergel&Vies Abogados is a related party since one non-executive Director,Pablo Vergara del Carril has significant influence over this law fi

250、rm based in Buenos Aires,Argen-tina.Fees charged and expenses to reimbursement to the Group for the year ended 31 December 2024 amounted to US$75,224(2023:US$80,922).As at 31 December 2024,the Group owed ZBV US$41,508(31 December 2023-US$5,990).During the year ended 31 December 2024,the Group receiv

251、ed unsecured related party loans totaling US$8,516,397(31 December 2023-US$4,555,000).Including accrued interest,the total amount owed at 31 December 2024 is US$12,396,018.(31 December 2023-US$4,716,790).This concludes the remuneration report,which has been audited.Austral Gold Limited46Annual Repor

252、t 2024Principal activitiesThe principal activities of the Group during FY24 were:Produced 15,573 gold equivalent ounces at the Groups Guanaco/Amancaya mine complex,integrating agitation and heap leaching processes,with gradual contributions from the new Heap Reprocessing Project that was launched in

253、 2023,partially offsetting the depletion in production at the Amancaya underground mine HRC equipment,used in the Heap Reprocessing Project launched in 2023,was returned to Guanaco in Q4 2024 after prolonged repair delays from the supplier since Q1 2024 Issued an updated Mineral Resource Estimate fo

254、r the Compa-nys 100%owned Casposo-Manantiales mine complex,prepared by an independent Qualified Person in accordance with NI 43-101 and JORC(2012)Executed a Toll Treatment Agreement with ASX-listed Chal-lenger Gold Limited(“Challenger”)to process mineralised mate-rial from Challengers Hualilan proje

255、ct at Casposos Plant,in San Juan,Argentina Renewed all existing loan facilities and secured additional financing from banks and related parties,enhancing the Compa-nys financial debt maturity profile.This included a 2-year loan of up to US$7,000 thousand loan to refurbish the Casposos Plant Signific

256、ant improvement of liquidity indicators,decreasing net current liabilities from US$23,685 thousand on 31 December 2023 to US$5,823 thousand on 31 December 31,2024 Realised gains from the sale of equity investments in ASX and TSXV publicly listed mining companies,while maintaining a 5.2%interest in A

257、SX-listed company Unico Silver Limited(“Unico”)ObjectivesThe groups key objectives for 2025 are to:Achieve or exceed the production forecast of 18,000-20,000 gold equivalent ounces from the Guanaco operations,Enhance profitability margins to strengthen cash flow generation and further reduce debt,an

258、d Complete the refurbishment of the Casposo Plant in line with the Toll Agreement executed with ASX-listed Challenger Gold LimitedEvents subsequent to reporting dateOn 3 January 2025,the Group received US$2,000 thousand in accordance with the Toll Treatment Agreement entered into between the Groups

259、subsidiary Casposo Argentina Mining Ltd.and Challenger Gold Limited.(note 33)On 28 February 2025,the Group amended a loan agreement with IFISA to transfer the liability to two KMPs.On 14 March 2025,the Group received the second installment of US$2,500 thousand under the loan agreement from Bank San

260、Juan to refurbish the Casposo plant.Likely developmentsThe Group will continue to pursue its objectives for 2025.EnvironmentalThe Groups operations are subject to environmental regulation in the areas where it operates,Chile and Argentina.The Group is committed to achieving a high standard of enviro

261、n-mental performance.The environmental monitoring program implemented for the Guanaco Amancaya Operation includes meteorology,air quality,water quality,flora and fauna archaeology.Monitoring of flora and fauna is conducted in Punta del Viento,Las Mulas and Pastos Largos approximately 30 km east of G

262、uanaco.AuditorsKPMG continues in office as auditors in accordance with the requirements of the Corporations Act 2001.Non-audit servicesDetails of the amounts paid or payable to the auditor for non-audit services provided during the period by the auditor are outlined in note 12 to the financial state

263、ments.There were no non-audit services provided by KPMG in 2024(2023:Nil).DividendsNo dividends were paid to shareholders during the year.Proceedings on Behalf of the CompanyNo person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to whic

264、h the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.Auditors Independence DeclarationThe lead auditors independence declaration for the period ended 31 December 2024 has been received and is included in this report.Signed in

265、 accordance with a resolution of Directors at Sydney.Rounding of AmountsThe Company is a company of the kind referred to in ASIC Instru-ment 2016/191,dated 1 April 2016,and in accordance with that Instrument amounts in the Directors Report and the financial report are rounded off to the nearest thou

266、sand dollars,unless otherwise indicated.Signed in accordance with a resolution of Directors made pursuant to s.298(2)of the Corporations Act 2001.Review of prospects for future yearsThe Groups prospects for future years are based on the achieve-ment of its 2025 objectives.Material risks related to t

267、he achievement of 2025 objectivesThe achievement of the Groups 2025 objectives is subject to the following material risks,including:Operational risks:Uncertainty in achieving the production forecast due to potential equipment failures and lower than expected recovery rates.Financial risks:Commodity

268、prices set by the market and currency fluctuations in the countries where the Group operates.Project execution risks:Delays or cost overruns in the refur-bishment of the Casposo Plant,which could affect commit-ments under the Toll Agreement with Challenger Gold and result in financial consequences.F

269、or and on behalf of the boardRobert Trzebski Director28 March 2025Austral Gold Limited47Annual Report 2024MINE COMPLEXESBACKGROUNDOVERVIEWThe Guanaco and Amancaya mine complex remains the Companys flagship asset.Guanaco is located approximately 220km south-east of Antofagasta in Northern Chile at an

270、 elevation of 2,700m and 45km from the Pan American Highway.Guanaco is embedded in the Paleocene/Eocene belt,a geological feature which runs north/south through the centre of the Antofagasta region,Chile.Gold mineralisation at Guanaco is controlled by perva-sively silicified,sub-vertical east/northe

271、ast-west/southwest trending zones with related hydro-thermal breccias.Silicification grades outward into advanced argillic alteration and further into zones with argillic and propy-litic alteration.In the Cachinalito vein system,most of the gold mineralisation is concentrated between depths of 75m a

272、nd 200m and is contained in hori-zontally elongated mineralised shoots.The altera-tion pattern and the mineralogical composition of the Guanaco mineralisation have led to the classification as a high-sulfidation epithermal deposit.In July 2014,the Company acquired the Amancaya Project(Amancaya)from

273、Yamana Gold Inc(TSX:YRI|NYSE:AUY)which is located approximately 60km south-west of the Guanaco mine.Amancaya is a low sulfidation epithermal gold-silver deposit consisting of eight mining exploration concessions covering 1,755 hectares(and a further 1,390 hectares of second layer mining claims).On 6

274、 June 2017,Austral Gold completed the construc-tion of a new agitation leaching plant at Guanaco.At Amancaya,open-pit mining operations began during the first half of 2017 while under-ground operations at Guanaco started in 2018.The Amancaya ore is deliv-ered to the Guanaco plant for processing.On 2

275、5 March 2022,the technical report(1)was updated,revealing an extended mine life at Guanaco/Amancaya that could sustain production levels of 30,000-35,000 gold equivalent ounces over the next three to four years plus a further 10,000 gold equivalent ounces of production over the subsequent seven to e

276、ight years through heap processing.GUANACO AND AMANCAYA Austral Gold Limited48Annual Report 2024In 2023,the Company completed the construction of the Heap Reprocessing Project at the Guanaco mine site,which is expected to be the main source of mineral production at Guanaco/Amancaya in the following

277、years.In Q4 2024,the Company decided to temporarily cease operations at Amancaya.PALEOCENE BELTAustral Gold controls an extensive portfolio of+50,000 hectares of mining properties.Chiles Paleocene Belt hosts major gold and silver deposits and porphyry copper mines.Austral Gold Limited49Annual Report

278、 2024GUANACO&AMANCAYA MINE COMPLEX1Strategic location(220km from Antofagasta,Chile)with+50K hectares of mining property2Guanaco,high-sulphidation epithermal deposit,and Amancaya a low sulphidation epithermal deposit,both hosted in the Paleocene/Eocene Belt31,500 tpd milling circuit to agitation leac

279、hing and Merrill-Crowe processing plant+3,000 tpd crushing,heap leaching,and CC circuit processing plant4Austral Gold historical production of +500K gold-equivalent ounces since 20105Completed construction of Heap Reprocessing Project in 2023Austral Gold Limited50Annual Report 2024Austral Gold Limit

280、ed51Annual Report 2024MINE COMPLEXESBACKGROUNDOVERVIEWThe Casposo mine is in the department of Calin-gasta,San Juan Province,Argentina,approximately 150km from the city of San Juan,and covers an area of 100.21km2.Casposo is a low sulfidation epithermal deposit of gold and silver located in the easte

281、rn border of the Cordillera Frontal geological province.The Cordillera Frontal represents the eastern portion of the Cordillera Principal that runs along the Chile-Argen-tine border for approximately 1,500km.The Casposo gold silver mineralisation is Permian in age,and occurs in the extensive Permo-T

282、riassic volcanic rocks of the Choiyoi Group,at both rhyolite,and underlying andesitic rocks,where it is associated with NW-SE,E-W and N-S striking banded quartz,chalcedony and calcite veins,typical of low sulfidation epithermal environments.Post-mineralisation dykes of rhyolitic,mafic,and trachytic

283、composition often cut the vein systems.These dykes,sometimes reaching up to 30m thickness,are usually steeply dipping and northsouth oriented.Mineralisation at Casposo occurs along a 10km long north-west to southeast trending regional structural corridor,with the main Kamila Vein system forming a 50

284、0m long sigmoidal set near the centre.The Mercado Vein system is the northwest continuation of Kamila and is separated by an eastwest fault from the Kamila deposit.In March 2016,Austral Gold acquired a controlling stake and management of the Casposo gold and silver project.Since then,Austral Gold un

285、dertook a complete revision of historical work(geology,geochemistry,geophys-ics and drillings),and completed a regional mapping at a 1:10,000 scale to identify potential opportunities for discovering additional mineralisation and ranking a series of mine and brownfield exploration targets.In March 2

286、017,Austral Gold acquired an additional 19%of the Casposo silver and gold project and in December 2019,it effectively acquired the remaining 30%.The Manantiales project is located immediately to the west and adjacent to Casposo.Exploration rights and an option for exploitation were granted by the In

287、stituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan(IPEEM)in 2019.The Casposo Mine was placed on care and mainte-nance during the June 2019 quarter and exploration activities that commenced during the December 2019 quarter have been ongoing with the goal of recom-

288、mencing processing operations.CASPOSO MANANTIALESAustral Gold Limited52Annual Report 2024In 2004,Austral engaged an indepen-dent Qualified Person in accordance with NI 43-101 and JORC(2012)to prepare a Mineral Resource Estimate(MRE)for the Companys 100%owned Casposo-Manantiales mine complex Casposo

289、and Manantiales.The report was completed and announced on 17 July 2024.Additionally,the Group executed a Toll Treatment Agreement with ASX-listed Challenger Gold Limited(“Challenger”)to process mineralised material from Chal-lengers Hualilan project at Casposos Plant,in San Juan,Argentina,and obtain

290、ed a 2-year loan of up to US$7,000 thousand loan to refurbish the Casposos Plant.The first tranche of US$1,500 thousand was received in December 2024.Austral Gold Limited53Annual Report 2024CASPOSO MANANTIALES MINE COMPLEX1On Care&Maintenance since 2019 with the strategic objective to restart activi

291、ties during the second half of 202521,300 tpd crushing circuit to agitation leach and Merril-Crowe processing plant3Historical 2010-2019 production of 530K gold-equivalent ounces4Camp facilities 21km from mine site5+70K hectares of land plus mining property6Executed a Toll Treatment Agreement with A

292、SX listed Challenger Gold Limited(“Challenger”)to process mineralised material from Challengers Hualilan project at Casposos Plant,in San Juan,ArgentinaAustral Gold Limited54Annual Report 2024Austral Gold Limited55Annual Report 2024THREE YEARS AGO,WE ESTABLISHED A NEW EXPLORATION STRATEGY WHICH INCL

293、UDES THE FOLLOWING:Find high-sulfidation gold and silver deposits in a high quality land portfolio;Discover brownfields ounces at Amancaya,Casposo and Manantiales;Guanaco District:complete delineation at Sierra Inesperada to drill the best ranked targets;New Opportunities:Identify and consolidate th

294、ird-party projects with potential near existing Austral Gold infrastructure;Explore other oxide and deeper gold-rich sulfide mineralisation opportunities in the Chilean Paleocene-Eocene BeltEXPLORATION Austral Gold Limited56Annual Report 2024EXPLORATION IN ARGENTINACASPOSO-MANANTIALES PROJECT,ARGENT

295、INADuring FY24,the Groups exploration activities focused on key priorities.Specifically,efforts were directed towards reviewing and interpreting target areas within the Casposo-Manantiales Mine Complex.These activities included mapping and collecting rock chip samples from the Cerro Amarillo target,

296、as well as geologi-cal mapping and geochemical analysis of the Cerro Amarillo and Casposo properties.The review of previous geophysics studies at Cerro Amarillo validated the concept of a significant fault system and shallow mineralisation models.Geological mapping continued in the district,consolid

297、ating two main mineralisation systems and advancing towards an integrated exploration map.In the Manrique Area,geochemical results revealed limited anomalies,with no significant gold findings.However,our analysis indicates that veins and textures provide encouraging evidence of a blind or deeper low

298、 sulphidation epithermal system in the area.Additionally,geological mapping at 1:5,000 scale was completed in key sectors,including Vetas Blancas and SE Casposo.Preliminary interpretations of the Casposo-Cerro Amarillo map identified a potential exit zone for the Casposo Dacite unit,marking a barrie

299、r to mineralisation.Mapping of the East Block continued with no signifi-cant hydrothermalism observed.Updated mapping at Manantiales clarified mineralisation controls.In the Manantiales District(Cerro Amarillo),remapping of the Cerro Amarillo-Vetas Blancas target and the SE Casposo block was complet

300、ed.Vetas Blancas is possibly controlled by the boundary of two rhyolitic domes,with the eastern one being more preserved and surrounded by a ring of tuffs.Like those previously identified in Cerro Amarillo,outcrops of rhyolitic domes have been discov-ered.These rhyolites show minimal alteration and

301、have scarce centimetric N-S veinlets composed of light and dark grey saccha-roidal Silica-Carbonate.The rhyolitic domes exhibit a northeast alignment,suggesting they may be injected when intersecting with N S structures.Another key aspect of this sector is the small outcrops of Dacita Casposo,which

302、are unconformably situated in the andesitic tuffaceous sequence.At the Casposo SE Sector,a thrust puts the basement of the La Puerta Formation(characterised by metapelites,sandstones,and conglomerates)in contact with the Dacita Casposo.The Casposo Dacite presents facies variations that include autob

303、reccias,porphyritic,and mostly laminated.The rhyolitic component is predominant in the mapped areas southern sector.The alterations in the dacite are widespread,illite in the matrix,smectite/illite in plagioclase,and the presence of epidote(propylitic alteration)is common at the highest levels.There

304、 appears to be SE continuity of Inca as the two float samples aligned in the Inca corridor exhibited low gold anomalies.Although this sector experiences a strong glacial drag,the alignment of these samples indicates that beneath the cover,and at a relatively shallow depth due to the uplifted block,m

305、ineralised veins may be present.SIERRA BLANCA,ARGENTINAIn FY24,no major activities were conducted in Sierra Blanca as the Group sold its interest in Sierra Blanca SA that owns the Sierra Blanca exploration project in Santa Cruz Argentina.CASPOSO-MANANTIALES PROJECTOur presence in the Triassic Choiyo

306、i Belt is in the Casposo District,located on the eastern edge of the Cordillera Frontal(Calingasta Department),about 170 km NW of the city of San JuanFigure:Casposo-Manantiales District,ArgentinaEXPLORATION IN ARGENTINAAustral Gold Limited57Annual Report 2024EXPLORATION IN CHILEGUANACO-AMANCAYA MINE

307、 COMPLEX,CHILEIn FY24,the main exploration activities were as follows:PALEOCENE BELT,CHILE:GUANACO-AMANCAYA MINE COMPLEXDumbo Area:During FY24,the Group,continued historical drillhole re-logging and interpretation of sections to explore additional opportuni-ties for exploitation.This involved reinte

308、rpreting gold and copper mineralisation and understanding the lithological and structural controls beneath the recognised open pit and underground(UG)limits at the Dumbo,Defensa,and Perseverancia sectors.The reinterpretation of geological sections showed increased hydro-thermal alteration towards th

309、e west,with potential exploration targets identified south of the Dumbo fault.Favourable lithological units and fault structures indicate potential high mineralisation in certain sectors.Austral Gold Limited58Annual Report 2024Figure:Guanaco District,ChileGUANACO MINEExploring within the mine footpr

310、int to increase production and LOMThe structural and lithology models for the Dumbo Cluster were updated,generating a new geological model.This is essential for understanding the different behaviours of ledges and mineralisa-tion across various lithological units,providing a foundation for more prec

311、ise geological domains.A ledge model has also been developed to identify the main structures and the control of the higher gold and copper grades,combining section-by-section mapping with historical data.The alteration model(silica+alunite illite)has been updated based on recent interpretations of k

312、ey sections.These updates are intended to better align the alteration envelope with ledge geometry for greater coherence.Geologists,in collaboration with a third-party consultant,contin-ued to refine the Dumbo cluster model by integrating historical data and updating interpretations.The objective is

313、 to understand the gold and copper distribution and controls and define geological domains for a resource model.Cerro Guanaquito:A new exploration strategy for Cerro Guana-quito is focused on disseminated mineralisation,with the goal of obtaining low-grade and high-tonnage bulk ore suitable for open

314、-pit mining with minimal copper content to avoid impacting the metallurgical processes.Historical drill results,various which show various types of mineralisation,including ledges and dissemina-tion,has influenced current exploration plans.Austral Gold Limited59Annual Report 2024MINING INVESTMENTSBU

315、ILDING AN EQUITY PORTFOLIO OF MINING COMPANIESAustral Gold Limited60Annual Report 2024EQUITY INVESTMENTSUNICO SILVERDESEADO MASSIFF,SANTA CRUZ,ARGENTINA 5.2%INTERESTUnico Silver is a pure-play silver development company listed on the ASX that has increased resources through exploration and acquisiti

316、ons Australs interest in Unico Silver was acquired through the 2023 sale of SCRN Properties,owner of the Pinguino project Its flagship asset is the new Cerro Leon project comprising two adjacent silver and gold districts,with land holdings in the mining-friendly province of Santa Cruz,ArgentinaNameH

317、oldingTypeProjects LocationFlagship ProjectUnico Silver LtdASX Listed5.2%ExplorationArgentinaCerro Leon ProjectRawhide Acquisition Holdings LLC1Private24.7%Restructuring1USARawhide Mine1.Owns Rawhide Mining LLC.On 20 December 2023(the“Petition Date”)Rawhide Mining LLC,which owns the Rawhide mine,fil

318、ed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.The petition was dismissed in 2024 and Rawhide Mining LLC is not currently operating the mine.Austral Gold Limited61Annual Report 2024FINANCIAL STATEMENTSAustral Gold Limited62Annual Report 2024AUSTRAL GOLD LIMI

319、TED FINANCIAL REPORT 2024CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEAll figures are reported in thousands of US$For the year ended 31 DecemberNote20242023 Sales revenue1636,79047,729Cost of sales(including depreciation and amortisation)6(33,233)(47,183)Gross profit3,55754

320、6Other income72,8583,731Other expenses8(4,266)(4,786)Impairment loss on mine properties21(2,550)-Impairment loss on property plant and equipment22(16,705)-Impairment loss on exploration and evaluation expenditure23(8,836)(3,981)Administration expenses9(6,329)(6,145)Finance income103,7534,284Finance

321、costs11(3,691)(1,540)Share of loss of associates-(60)(Loss)before income tax(32,209)(7,951)Income tax benefit145,135708(Loss)for the year after income tax expense(27,074)(7,243)(Loss)attributable to:Owners of the Company(27,068)(7,229)Non-controlling interests(6)(14)(27,074)(7,243)Other comprehensiv

322、e incomeItems that may not be classified subsequently to profit or lossForeign currency translation521Total comprehensive(loss)for the year(27,022)(7,242)Comprehensive(loss)attributable to:Owners of the Company(27,016)(7,228)Non-controlling interests(6)(14)(27,022)(7,242)(Loss)per share(cents per sh

323、are):Basic(loss)per share15(4.42)(1.18)Diluted(loss)per share15(4.42)(1.18)The notes on pages(67)to(103)are an integral part of these consolidated financial statements.Austral Gold Limited63Annual Report 2024AUSTRAL GOLD LIMITED FINANCIAL REPORT 2024CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAll fi

324、gures are reported in thousands of US$As at 31 DecemberNote20242023AssetsCurrent assetsCash and cash equivalents 173,5901,261Trade and other receivables184,4272,356Prepaid income tax7383Other financial assets193,3833,958Inventories208,7049,699Total current assets20,17717,357Non-current assetsOther r

325、eceivables183471,127Prepaid income tax140126Other financial assets19-2,127Mine properties211,3956,259Property,plant and equipment2230,05549,616Exploration and evaluation expenditure2319,45927,894Deferred tax asset141,517-Total non-current assets52,91387,149Total assets73,090104,506LiabilitiesCurrent

326、 liabilitiesBank overdraft 17199222Trade and other payables14,78322,286Supply chain financing arrangement24-835Employee entitlements2,9082,990Loans and borrowings275,43313,540Deferred revenue332,000-Lease liabilities226771,169Total current liabilities26,00041,042Non-current liabilitiesTrade and othe

327、r payables-3Provisions for reclamation and rehabilitation2611,56613,695Loans and borrowings2719,9012,568Lease liabilities223851,143Employee entitlements2718Deferred tax liability148464,464Total non-current liabilities32,72521,891Total liabilities58,72562,933Net assets14,36541,573EquityIssued capital

328、28109,114109,114Accumulated losses29(93,658)(66,549)Reserves30(1,091)(1,157)Non-controlling interest31-165Total equity14,36541,573The notes on pages(67)to(103)are an integral part of these consolidated financial statements.Austral Gold Limited64Annual Report 2024AUSTRAL GOLD LIMITED FINANCIAL REPORT

329、 2024CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the years ended 31 December 2024 and 2023All figures are reported in thousands of US$NoteIssued capitalAccumulatedlossesReservesNon-controlling interestTotalBalance at 31 December 2022109,114(59,320)(1,158)17948,815Loss for the year-(7,229)-(14)(7,

330、243)Foreign exchange movements from translation of financial statements to US$-1-1Total comprehensive income/(loss)-(7,229)1(14)(7,242)Balance at 31 December 2023109,114(66,549)(1,157)16541,573Loss for the year-(27,068)-(6)(27,074)Foreign exchange movements from translation of financial statements t

331、o US$-(14)66-52Total comprehensive income/(loss)(27,082)66(6)(27,022)Decrease in Sierra Blanca investment-(27)-27-Sale of Sierra Blanca investment31-(186)(186)Balance at 31 December 2024109,114(93,658)(1,091)-14,365The notes on pages(67)to(103)are an integral part of these consolidated financial sta

332、tements.Austral Gold Limited65Annual Report 2024AUSTRAL GOLD LIMITED FINANCIAL REPORT 2024CONSOLIDATED STATEMENT OF CASH FLOWSAll figures are reported in thousands of US$For the year ended 31 DecemberNote20242023Changes in cash and cash equivalentsCash and cash equivalents at the beginning of the ye

333、ar1,039926Cash and cash equivalents at the end of the year173,3911,039Net increase in cash and cash equivalents 2,352113Cash Flows from operating activitiesLoss after income tax(27,074)(7,243)Adjustments forIncome tax benefit recognized in loss(5,135)(708)Impairment of mine properties212,550-Impairment of exploration and evaluation expenditure238,8363,981Impairment of property,plant and equipment