Aurelia Metals (AMI) Q2 2025 earnings summary

Executive summary

• Strong underlying operating performance in Q2 FY 2025, with robust cash flow and delivery on key milestones, including first concentrate production from Federation and ramp-up to commercial production.

• Peak operation continues to generate significant cash, funding growth projects like Federation, and maintaining balance sheet strength.

• Growth pathways and expansion studies at Federation, Peak, and Great Cobar are progressing, with exploration activities ongoing and promising results.

• Group quarterly production: 11.0koz gold, 0.7kt copper, 3.8kt zinc, 4.2kt lead at AISC of $1,860/oz.

• Federation project ramping up as planned, with initial ore processed, revenue generated, and project remaining on budget.

Financial highlights

• Ended the quarter with AUD 96.7 million in cash; Peak generated AUD 20.6 million operating cash flow in Q2, totaling AUD 37 million for the half.

• Group sales revenue was $77.2M, with 53% from precious metals and 47% from base metals.

• Group operating costs for the quarter were $42.8M, with YTD at $102.5M; AISC improved to $1,860/oz from $2,321/oz in the prior quarter.

• Growth capital expenditure for the quarter was $19.2M, primarily for Federation and Peak expansion studies.

• Group liquidity stands at AUD 135 million, with an undrawn loan note.

Outlook and guidance

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

• Production momentum expected to strengthen in H2, with Federation ramping up and Peak running at full capacity.

• Two final investment decisions for Great Cobar and Peak plant expansion targeted for H2.

• Exploration programs to continue, focusing on copper growth and further resource extensions.

• AISC expected to trend down through FY25 as production ramps up and cost improvements are realised.