Slide 1: Established Gold Producer
ASX AGD | TSX-V AGLD Established Gold Producer Focused on organic growth through production expansion and ongoing exploration in Argentina and Chile DECEMBER 2025 Austral Gold Investor Presentation 2025
Slide 2: Disclaimer, Forward-Looking Statements, Risks and Competent Person Statements
Disclaimer, Forward-Looking Statements, Risks and Competent Person Statements Disclaimer This presentation contains information about Austral Gold Limited ("Austral Gold") and its properties that have been extracted from more comprehensive documents. The information contained is provided in summary
Slide 3: Investment Case and Flagship Assets
Investment Case Flagship Assets Focused on organic growth through production expansion and ongoing Quality land position with exploration in Argentina and Chile established processing facilities Production and Exploration and Guanaco/Amancaya Cash Flow Long-Term Mine Complex Generation Growth 100% O
Slide 4: Corporate Overview
Corporate Overview Share Price Market Capitalisation Shares On Issue Share Ownership Leadership Leadership $A0.105 A$65.2m 621.1m Elsztain Group 74.3% Strong In-country Experience 10 December 2025 10 December 2025 No outstanding warrants/options With Extensive Mining Track 52-week range $0.021- $0.1
Slide 5: Major Shareholder
Major Shareholder Long-Term and Supportive Investor Real Estate MKT CAP: US$1.2B* Mr. Eduardo Elsztain (NYSE: IRS) • Chair of Austral Gold Limited Agribusiness • Chair of IRSA Inversiones y Representaciones S.A. (NYSE: IRS), one of Argentina’s largest and most MKT CAP: US$726M* diversified real esta
Slide 6: A Proven Record of Strategic M&A
A Proven Record of Strategic M&A Disciplined capital allocation with a focus on long-term value creation (over US$60M in cash and equity transactions since 2013) Asset acquisitions Corporate Transactions (M&A, Takeovers, JVs, private placements) 2013 2014 2016 2017 2019 2020 2021 2022 2023 2024-25 1
Slide 7: Journey To An Established Gold Producer
Journey To An Established Gold Producer + 14 Years | + 600,000 gold equivalent ounces produced Delivering consistent gold production since 2012 across multiple gold cycles 600,000 Started UG Built Agitation Leaching Plant in Mining Chile and started production at Reopening Casposo, 500,000 Casposo E
Slide 8: Significant Re-Rating Potential
Significant Re-Rating Potential Organic growth pipeline driven by initiatives to increase production and targeted exploration nearby current mine operations 1 Guanaco 2 Casposo 3 Exploration Production Production Upside Growth Growth Mineral Resource Assessing options to Organic Growth through Estim
Slide 9: Gold Production
Gold Production Austral Gold Investor Presentation 2025
Slide 10: Guanaco & Amancaya Complex
Guanaco & Amancaya Complex Chile Strategic location ~220 km from Antofagasta, 1 Chile, with +40,000 ha of mining tenements within the Paleocene–Eocene Belt. High- and low-sulphidation epithermal systems 2 with ongoing exploration with potential to expand mineral resources or reserves and long-term d
Slide 11: Guanaco - Building on a Strong Foundation
Guanaco - Building on a Strong Foundation Driving growth through 2026 and beyond. 2012 - 2024 2025-2026 +2027 Established Optimising Operations and Future Planning and Growth Operational Base Updating MRE Opportunities Total Average Cash • Proposed capex to strengthen the heap-reprocessing • Continu
Slide 12: Casposo Mine Complex
Casposo Mine Complex Argentina 1 Strategic location ~200 km from San Juan, Argentina, with +50,000 ha of mining tenements within the Triassic Choiyoi Belt. Established operations with a 1,200 tpd crushing 2 circuit, agitation leach, and Merrill–Crowe processing plant; over 500 koz AuEq produced sinc
Slide 13: Casposo Restart — Unlocking Potential
Casposo Restart — Unlocking Potential Restart supported by low-cost output profile, explore for potential resource additions, and position for the prevailing gold market. Technical Report issued in October 2025* Low-cost production profile Base case includes developing Strategically timed over 6 yea
Slide 14: Toll Treatment Agreement — Enhancing Casposo
Toll Treatment Agreement — Enhancing Casposo 3-year agreement with Challenger Gold (ASX: CEL) to process Hualilán ore at Casposo. Toll Agreement executed in December 2024 Starting 2026, expected to Uses existing infrastructure to Supports medium-term extend mine life through optimise crushing, leach
Slide 15: Casposo - Building on a Strong Foundation
Casposo - Building on a Strong Foundation Driving growth through 2026 and beyond. 2009 - 2019 2019 - 2024 2025-2026 +2027 Established Care and Restart Operations and Long-Term Operational Base Maintenance Expand Processing Capacity Opportunities Gold Silver • Placed the mine • Operations restarted f
Slide 16: Gold Exploration
Gold Exploration Austral Gold Investor Presentation 2025
Slide 17: Guanaco District
Guanaco District Chile Land Coverage Over 40k ha of mining concessions surrounding the 100%-owned Guanaco processing plant Location Northern Chile in the Antofagasta Region, ~220 km southeast of Antofagasta city. Paleocene Belt Hosts major gold and silver deposits and porphyry copper mines. Austral
Slide 18: Guanaco District (Cont')
Guanaco District (Cont’) Near-Guanaco mine exploration targets Dumbo Advance drilling to extend the Dumbo– Defensa mineralized corridor and test for potential mineralization beneath the unfavorable host rock epiclastic unit. Cerro Guanaquito Explore for potential low-grade gold bulk opportunity. Cac
Slide 19: Cerro Buenos Aires Project
Cerro Buenos Aires Project Exploration target located 77km from Guanaco Overview Prospective exploration property currently optioned to a local private investor under a 5-year, US$3M option agreement, expiring 30 June 2027 Geological Highlights High-sulfidation epithermal system with a well-preserve
Slide 20: Casposo District
Casposo District Argentina Land Coverage Over 50k ha of mining concessions adjacent to the 100% owned Casposo processing plant Location Eastern edge of the Cordillera Frontal, (Calingasta Department), ~ 200 km northwest of San Juan. Triassic Choiyoi Belt Hosts several mineral deposits, including cop
Slide 21: Cerro Amarillo Target
Cerro Amarillo Target Near-mine exploration targets Austral Gold Investor Presentation 2025 2121
Slide 22: Near-Term Strategic Objectives
Near-Term Strategic Objectives Planned Technical and Operational Priorities Q1 2026 Q2 2026 Q3 2026 Production And Cash Flow Generation Guanaco Mine, Chile • Achieve higher near-term production from optimised heap- leach reprocessing Casposo Mine, Argentina • Process Hualilan Material under Toll Min
Slide 23: Appendices
Appendices Austral Gold Investor Presentation 2025
Slide 24: Guanaco-Amancaya Summary of Mineral Reserves
Guanaco-Amancaya Summary of Mineral Reserves* (December 31, 2024) Notes to Mineral Reserves: Guanaco-Amancaya Mines 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 Category Tonnes
Slide 25: Guanaco-Amancaya Summary of Mineral Resources
Guanaco-Amancaya Summary of Mineral Resources (December 31, 2024) Guanaco-Amancaya Mines Notes to Mineral Resources: 1. Mineral Resources followed CIM (2014) definitions and are compliant with Category Tonnes Grade Contained Metal the JORC Code. (000 t) (g/t Au) (g/t Ag) (000 oz Au) (000 oz Ag) 2. M
Slide 26: Casposo Mineral Reserves Statement
Casposo Mineral Reserves Statement* (June 30, 2025) Casposo Mine Notes: 1. Mineral Reserves were estimated using a gold price of Category Tonnes** Grade Metallurgical Recovery Contained Metal** US$2,200/oz and a silver price of US$25/oz. (000 t) (g/t Au) (g/t Ag) (% Au) (% Ag) (000’s oz Au) (000’s o
Slide 27: Casposo Mineral Resource Statement
Casposo Mineral Resource Statement (June 30, 2025) Casposo Deposits Notes: Category Tonnes** Grade Contained Metal** 1. The Indicated Mineral Resources are inclusive of those Mineral (000’s t) g/t Au g/t Ag (000’s oz Au) (000’s oz Ag) Resources modified to produce the Mineral Reserves. Manantiales 2