Aurelia Metals (AMI) H1 2025 earnings summary

Executive summary

• Underlying EBITDA rose 53% to $49.7M, with statutory net profit after tax up 984% to $18.0M compared to H1 FY24, driven by higher gold prices and operational improvements.

• Cash balance at period end was $96.7M, with no drawn debt, supporting ongoing project and exploration investments.

• Federation mine development is ahead of schedule, with first concentrate produced and mine development up 38% year-over-year.

• Safety performance improved, with TRIFR reduced by 34% to 5.68.

• Dargues Mine ceased operations in August 2024, contributing only in Q1.

Financial highlights

• Statutory EBITDA increased 67% to $51.9M; underlying EBITDA up 53% to $49.7M; EBITDA margin improved to 30.6%.

• Statutory NPAT was $18.0M, reversing a $2.0M loss; underlying NPAT was $15.6M.

• Revenue increased 10% year-over-year to $162.4M.

• Cash flows from operating activities increased 55% to $53.1M; free cash flow of $45M exceeded investments.

• Basic EPS rose to 1.06c from a loss of 0.12c per share.

Outlook and guidance

• FY25 production and cost guidance remains on track, with group gold production expected at 40-50koz and copper at 2.5-3.5kt.

• Commercial production at Federation targeted for Q4 FY25, with volumes expected to reach 100,000–140,000 tons.

• Great Cobar and Peak Plant optimisation final investment decisions due in H2 FY25.

• Peak plant throughput targeted to increase from 700kt in FY25 to 1.1-1.2Mtpa.

• Exploration and drilling activity to increase in H2 FY25, focusing on Cobar Basin and regional targets.