Aurelia Metals (AMI) H1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 FY26, with revenue up 27% to $207M, driven by higher metal production, favorable commodity prices, and the ramp-up at Federation Mine.

• Underlying NPAT rose 60% to $24.9M, statutory NPAT increased 26% to $22.6M, and underlying EBITDA surged 41% to $69.8M.

• Mills and Peak Processing Facility operated near nameplate capacity, with expansion projects and Great Cobar development progressing on schedule.

• Mineral resources increased by 12% and ore reserves by 17% year-over-year, reflecting successful exploration.

• Strategic focus on balancing copper and lead-zinc output, leveraging gold prices to fund growth and exploration.

Financial highlights

• Revenue increased by 27% to $207M, with gold accounting for 53% of revenue.

• Underlying EBITDA margin improved to 33.8%, and underlying NPAT grew 60% to $24.9M.

• Operating cash flow from the Cobar region reached $51.2M, up 37% year-over-year.

• Group operating costs were $143.8M, up from $102.5M in H1 FY25.

• Growth capital expenditure was $21.4M, with plant expansion capital at $4.3M.

Outlook and guidance

• Federation Mine expected to reach steady-state production, supporting further EBITDA margin improvement.

• Plant expansion to 1.1–1.2Mtpa on track for completion in FY27, with Great Cobar Project targeting first ore in FY28.

• Gold production tracking to the upper end of 35–45koz FY26 guidance; zinc and lead within 24–32kt and 14–22kt ranges.

• Building towards ~40ktpa copper equivalent production by FY28, with ongoing drilling at Nymagee and Federation West.