Aurelia Metals (AMI) Q2 2026 earnings summary

Executive summary

• Achieved strong operating cash flow of AUD 42.9 million, driven by robust gold and base metals production, with liquidity at AUD 85.6 million and total available liquidity of approximately AUD 116 million.

• Federation Mine ramp-up ahead of plan, with Peak Mine delivering a 21% production increase quarter-on-quarter and Great Cobar Project development meters up 13% from the previous quarter.

• Major expansion projects at Peak and Great Cobar are progressing on schedule, supporting future copper market positioning.

• Four recordable injuries reported in the quarter, mainly among short-term contractors; targeted safety actions and a site-wide behavioural safety program are being implemented.

• Exploration at Nymagee North and New Occidental tailings drilling extended mineralization, with resource development and pre-feasibility studies underway.

Financial highlights

• Operating cash flow for the quarter was AUD 42.9 million after sustaining capital, with a closing cash balance of AUD 85.6 million and total liquidity of approximately AUD 116 million.

• Gross sales revenue rose to $127.1 million, with net sales revenue at $124.1 million.

• Sustaining capital spend was AUD 15.6 million for the quarter, with growth capital at $10.5 million; spend weighted to the second half.

• Restricted cash increased to AUD 27.8 million, with refinancing underway to unlock it.

• Tax payments of $13.9 million, including $12.2 million for FY2025.

Outlook and guidance

• FY26 production guidance reaffirmed: 35–45 koz gold, 3.0–4.0 kt copper, 24–32 kt zinc, 14–22 kt lead; gold output is tracking to the upper end of guidance.

• Production and costs are tracking within full-year guidance, with higher copper and gold production expected as mine sequencing shifts.

• Expansion projects at Peak Mine and Great Cobar are on track for commissioning between Q4 FY2026 and Q2 FY2027, targeting 40,000 copper equivalent tons by FY2028.

• Great Cobar project milestones are being delivered ahead of plan, with infrastructure and surface projects underway.

• Growth projects and plant expansions will increase throughput to 1.1–1.2 Mtpa in H1 FY27.