Aurelia Metals (AMI) H1 2025 earnings summary

Executive summary

• Underlying EBITDA rose 53% to AUD 49.7 million, with underlying NPAT at AUD 15.6 million, driven by stronger operational performance and higher gold prices.

• Statutory NPAT was AUD 18 million, a turnaround from a prior loss, and statutory EBITDA increased 67% to AUD 51.9 million.

• Cash balance at period end was AUD 96.7 million, with no drawn debt, supporting ongoing project and exploration investments.

• Safety performance improved, with a 34% reduction in total recordable injuries and TRIFR at 5.68.

• First concentrate produced at Federation Mine, with mine development ahead of budget and schedule.

Financial highlights

• Underlying EBITDA for H1 FY25 was AUD 49.7 million, up 53% year-over-year; statutory EBITDA was AUD 51.9 million, up 67%.

• Underlying NPAT reached AUD 15.6 million, an improvement of AUD 17.4 million from the prior period; statutory NPAT was AUD 18 million.

• Cash flow from operating activities increased to AUD 53.1 million, with free cash flow of AUD 45 million exceeding investments.

• All-in sustaining cost (AISC) margin increased 70% to AUD 1,557/oz, with AISC per ounce stable at AUD 2,136.

• Average realized gold price was AUD 3,693/oz, with copper at AUD 13,584/t and zinc at AUD 4,495/t.

Outlook and guidance

• Production and cost guidance for FY25 remains on track, with group gold production expected at 40–50koz and copper at 2.5–3.5kt.

• Commercial production at Federation is targeted for Q4 FY25, with volumes expected to reach 100,000–140,000 tons.

• Final investment decisions on Great Cobar and Peak Plant optimisation due in H2 FY25.

• Increased exploration and drilling activity planned for H2 FY25, focusing on Cobar Basin and regional targets.

• Opportunities identified for further cost reductions and productivity improvements, especially in mining and maintenance.