Aurelia Metals (AMI) Q1 2025 earnings summary

Executive summary

• Maintained a strong cash balance above AUD 100 million, with operations funding growth initiatives and project development, including significant investment in Federation and environmental bond backing.

• Federation Mine achieved first stope ore to surface and held its official opening, marking a key milestone in the growth strategy.

• Dargues mine completed operations, maximizing cash generation and transitioning to closure activities, with asset sales ongoing.

• Cobar Basin Optimization Study finalized, identifying capital-efficient expansion at Peak and value creation opportunities, supporting processing all Federation ore at Peak and deferring Hera plant restart.

• FY25 production and cost guidance remain unchanged, with AISC expected to trend down through FY25.

Financial highlights

• Group All-In Sustaining Costs (AISC) for Q1 FY25 at AUD 2,321/oz, in line with expectations.

• Cash on hand at quarter-end: AUD 103.2 million; total liquidity nearly AUD 140 million including undrawn loan note.

• Peak and Dargues generated AUD 24 million in cash, funding investments in Federation and exploration.

• Growth capital expenditure was AUD 17.9 million, mainly for Federation development.

• Group sales revenue was AUD 84.8 million, with 61% from precious metals and 39% from base metals.

Outlook and guidance

• FY25 production guidance: 40–50 koz gold, 2.5–3.5 kt copper, 14–20 kt zinc, 13–19 kt lead.

• Group operating cost guidance for FY25 is AUD 185–220 million; sustaining capital: AUD 25–35 million; Federation growth capital: AUD 70–80 million.

• Federation ramp-up to commercial production remains on schedule for end of FY25.

• Peak Expansion and Great Cobar studies targeted for FID within the financial year.

• AISC expected to trend down through FY25 as Federation ramps up.