Aurelia Metals (AMI) H2 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY 2024, with significant margin and profitability enhancement, strong cash generation, and progress on growth projects and exploration supporting future opportunities.

• Achieved above-budget tonnages and lower costs at Peak Mine and Dargues, supporting guidance delivery and a 45% uplift in underlying EBITDA to AUD 81 million.

• Ended FY 2024 with a robust balance sheet: AUD 116.5 million cash, over AUD 150 million total liquidity, and no debt.

• Share price increased 92% year-over-year, reflecting a turnaround and strong shareholder value creation, closing at $0.25 with a market cap of $270M.

• Federation project on track, with first stope ore expected in Q1 FY25 and commercial production targeted for July 2025.

Financial highlights

• Underlying EBITDA rose 45% to AUD 81 million; statutory EBITDA up 29% to AUD 72.1 million year-over-year.

• Operating cash flow improved 190% to over AUD 100 million; group cash flow at AUD 77.2 million vs negative AUD 38.3 million prior year.

• Returned to a positive underlying net profit after tax of AUD 0.6 million, with statutory net loss after tax improved 89% to negative AUD 5.7 million.

• All-in sustaining cost (AISC) margin increased 198% to AUD 1,136/oz; AISC at AUD 2,035/oz Au; Dargues achieved a 13% decrease to AUD 1,976/oz.

• Realized gold price up 18%, silver and copper up 12%, while lead was flat and zinc down 11%.

Outlook and guidance

• FY25 production guidance: 40–50k oz gold, 2,500–3,500 tonnes copper, 14–20kt zinc, 13–19kt lead.

• Group operating costs expected at AUD 185–220 million; sustaining capital AUD 25–35 million; Federation growth capital AUD 70–80 million.

• Exploration spend guided at AUD 10–15 million for FY25.

• Federation project to deliver first stope ore in Q1 FY25, with commercial production from July 2025.

• Lead and zinc production expected to be slightly lower, with increases anticipated as Federation ramps up.