Austral Resources Australia Ltd has secured $15 million in non-dilutive royalty financing from the QIC Queensland Critical Minerals Fund to advance development planning at the Rocklands processing facility. The funding is earmarked for a Stage 2 expansion scoping study, which will evaluate increasing the plant's throughput capacity from its current 3.0 million tonnes per annum (Mtpa) to between 4.5Mtpa and 6.0Mtpa.

The investment is structured as a royalty deed, with payments derived from future copper production at the facility. Under the agreement, Austral is required to establish commercial-scale production—defined as a run rate of 20,000 tonnes of contained copper—by 31 December 2028 to maintain the baseline royalty structure. The funding also covers studies on alternative power solutions aimed at improving operational efficiency at the site.

This financing marks a new phase of growth for the project, which was brought into the company’s portfolio following an acquisition in September 2025.

“The Fund's initial investment was based on the opportunity to bring strategically important processing infrastructure back into production. Since then, Austral has continued to execute against its strategy, giving us confidence to increase QCMF's support as the company progresses to its next phase of growth.”

— Joshua Risson, QCMF Fund Manager

Austral operates two processing hubs, Mt Kelly and Rocklands, providing dual capabilities for copper sulphides and oxides. The company is executing a broader growth strategy aimed at establishing Rocklands as a regional copper processing hub in North West Queensland. Its current portfolio includes a total in-situ JORC Mineral Resource of 64 Mt at 0.73% copper, representing 468 kilotonnes of contained copper.

Optimisation work has confirmed that the existing 3.0Mtpa capacity at Rocklands is expected to be fully utilised by the company’s own sulphide resources until at least 2034. By increasing capacity, Austral intends to support its own long-term production profile while also creating optionality for potential third-party toll treatment.

Restart activities at the facility remain on schedule, with first production on track for the third quarter of 2027. Future catalysts for the project include the completion of the expansion scoping study and the finalisation of alternative power studies.

Read the full announcement: QIC Invests $15 Million to Advance Rocklands Growth