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, marking a return to profitability.

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

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

• Safety performance improved with a 34% reduction in total recordable injuries, TRIFR at 5.68.

• Revenue increased 10% to $162.4M for H1 FY25, driven by higher sales prices and Federation concentrate sales.

Financial highlights

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

• Statutory NPAT was $18.0M, up from a $2.0M loss; underlying NPAT was $15.6M, up from a $1.8M loss year-over-year.

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

• Gross profit increased 199% to $32.1M, with cost of sales down 5% to $130.3M.

• No interim dividend was declared or paid during the half-year.

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.

• Higher production expected in H2, driven by Federation ramp-up and Peak plant optimisation.

• Great Cobar and Peak plant optimisation projects progressing toward final investment decisions in H2 FY25.

• Increased exploration and drilling activity planned for H2 FY25, focusing on Cobar Basin and regional targets.

• Commercial production at Federation expected by the end of H2 FY2025.