Aurelia Metals (AMI) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional custodians and safety instructions for attendees.

• Introduction of board members, executive team, and auditor; confirmation of quorum and meeting opening.

• Managing Director and CEO presented at the AGM held on 26 November 2024, outlining the company's performance and future direction.

• Agenda included FY24 performance review, outlook for FY25, consideration of financial statements, and five resolutions covering remuneration, director re-elections, incentive plan, and performance rights.

Financial performance review

• Achieved a 45% increase in underlying EBITDA to $81M, 119% uplift in operational cash flow, and a 198% increase in all-in sustaining costs margin compared to FY23.

• FY24 share price increased by 92%, reflecting improved operating performance and profitability.

• Statutory net loss after tax reduced to $5.7M from $52.2M, with underlying net profit at $0.6M.

• Ended FY24 with AUD 116.5 million in cash and strong liquidity, despite a AUD 59.3 million decrease in sales revenue due to lower production and inflationary pressures.

• Cash flow from operations more than doubled to $100.6M, and group cash flow improved to $77.2M.

Strategic initiatives and plans

• Federation Project remains on track, with first stope ore delivered in Q1 FY25 and a three-year contract signed with Redpath for mine development.

• Great Cobar project targeting final investment decision in late Q3 FY25; Peak plant expansion decision expected in second half of FY25.

• FY25 guidance targets 40-50koz group gold production, 14-20kt zinc, and 13-19kt lead, with $80-100M in group growth capital.

• Focus on maximizing production and operational efficiency in the Cobar region, with strategic sequencing of projects.

• Key FY25 focus areas include ramping up Federation mine production, operational improvements, talent retention, Cobar optimisation, and further exploration.