Aurelia Metals (AMI) Q4 2024 TU earnings summary

Executive summary

• Delivered FY24 production and cost guidance, with strong operational improvements, robust Q4 performance, and a strengthened balance sheet; recordable injuries reduced, but safety remains a focus.

• Federation project remains on track for first stope ore in late Q1 FY25, despite weather-related delays; exploration results at Federation and Peak support future growth.

• Cash on hand at quarter end was A$116.5M, with total liquidity over A$150M, supported by strong cash flow from Peak and Dargues.

Financial highlights

• FY24 gold production reached 65.3koz, at the upper end of guidance (60.0–65.0koz); copper output was 2.2kt, zinc at 16.8kt, all within guidance.

• Group AISC for FY24 was A$2,035/oz, at the lower end of guidance (A$2,000–2,150/oz); Q4 AISC was A$1,277/oz.

• Group Q4 sales revenue was A$99.4M, with 56% from precious metals and 44% from base metals.

• Peak and Dargues generated strong cash flow, nearly funding Federation and exploration investments.

• Growth capital at Federation for FY24 was A$64.8M, just below guidance.

Outlook and guidance

• FY25 production and cost guidance to be provided with FY24 financials in August.

• Federation project targeting first stope ore in late Q1 FY25, with ramp-up planned.

• Exploration drilling at Federation, Lancelot, and further copper exploration at Queen Bee planned for FY25.

• Dargues mine closure planning advanced, with final ore to be mined in July 2024 and processing to complete in August 2024.

• Focus remains on ramping up Federation, optimizing Cobar operations, and transitioning Peak to copper dominance.