Highlights

  • Austral Gold operates the Guanaco-Amancaya complex in Chile and the Casposo-Manantiales complex in Argentina.
  • September drilling at Guanaco intersected gold and silver mineralisation in the Los Nanos area.
  • Casposo continued processing company-owned material during the September quarter.
  • The company ended its third-party toll-processing agreement effective 1 October 2026.
  • Austral revised its 2026 production guidance after operating constraints at Guanaco.

Austral Gold Limited produces and explores for gold and silver across Assets in the Americas, with principal operating complexes at Guanaco-Amancaya in northern Chile and Casposo-Manantiales in Argentina. During 2026, Austral Gold Limited (ASX:AGD) reported exploration results from its Chilean operations, developed its own-ore production activities at Casposo and updated its annual production expectations following operational interruptions.

Guanaco Drilling Adds Geological Information

At Guanaco in Chile, the company reported results on 28 September 2026 from a reverse-circulation drilling programme at Los Nanos, approximately 2.5 kilometres from the processing plant. The programme comprised 23 holes covering 1,128 metres. One reported interval measured 95 metres at 1.10 grams per tonne gold equivalent, including a shorter interval of 3 metres at 8.11 grams per tonne gold equivalent.

Austral Gold Limited (ASX:AGD) indicated that the drilling intersected mineralisation within and beyond the existing Los Nanos resource model. The results contribute geological information for subsequent assessment, but they do not independently establish an economic mine plan or justify treating exploration material as reserves.

Casposo Processing Arrangements Change

The Casposo mine complex in Argentina has been processing material from its own Mining operations. In September 2026, the company reported that the Facility had also processed 39,342 tonnes of third-party mineralised material during May and June, with recoveries above 85%. This external processing activity operated under a commercial agreement separate from the company’s own production programme.

Austral Gold Limited (ASX:AGD) announced that the toll-processing agreement ended effective 1 October 2026. Under the termination terms, a deferred US$1.0 million payment is due to Casposo on the earlier of 2 April 2029 or the start of commercial production at the counterpart’s project. The parties also indicated that discussions could continue about a different arrangement involving the purchase of mineralised material.

The company stated that stopping third-party toll processing was not expected to have a material financial impact in the current period because Casposo was continuing with its own material. However, processing volumes, recovery performance and costs remain important factors in assessing the mine complex’s results.

Production Outlook and Operating Constraints

In its October 2026 quarterly activity update, Austral Gold Limited (ASX:AGD) revised calendar-year production guidance to 24,000–27,000 gold-equivalent ounces, compared with an earlier 27,000–33,000-ounce range. Guanaco guidance moved to 13,000–14,000 ounces, while Casposo guidance remained 11,000–13,000 ounces. The company identified winter weather, elevated moisture in reclaimed ore and unplanned maintenance as constraints on Guanaco crushing throughput during August and September.

These operational factors distinguish production guidance from achieved output. Austral Gold Limited (ASX:AGD) also reported that exploration work at Casposo progressed more slowly than planned because of drill-rig availability and winter conditions.

Key Insights

Austral Gold Limited (ASX:AGD) entered the final part of 2026 with two different operational priorities: managing processing and production at its Chilean and Argentine complexes, and evaluating exploration results that could inform future resource work. The revised production range and Casposo agreement change are material operational developments, while the Guanaco drilling findings remain subject to further geological assessment. Together, they illustrate the distinction between current mine output, commercial processing arrangements and longer-term exploration potential.