Aurelia Metals (AMI) H1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in H1 FY26, with revenue up 27% to $206.9M, driven by increased production, higher mined tonnes at Federation, and favorable commodity prices.

• Underlying EBITDA rose 41% to $69.8M, statutory net profit after tax increased 26% to $22.6M, and underlying net profit after tax grew 60% to $24.9M.

• Federation Mine ramped up ahead of plan, contributing higher grades and cash flow; Great Cobar and Peak plant expansion projects are progressing on schedule.

• Mineral Resources increased by 12% and Ore Reserves by 17% year-over-year, reflecting successful exploration and development.

• Strategic focus on balancing future copper and lead-zinc output, leveraging current gold prices to fund growth and exploration.

Financial highlights

• Revenue reached $207M, up 27% year-over-year, with gold accounting for 53% of revenue.

• Underlying EBITDA margin improved to 33.8% (from 30.6%), and gross profit rose 65% to $53.1M.

• Operating cash flow from the Cobar region was $51.2M, up 37% year-over-year; net cash from operating activities was $46.0M.

• Growth capital expenditure was $21.4M, with plant expansion capital at $4.3M and mine development at $36.9M.

• Final tax payment for FY25 was $12.2M.

Outlook and guidance

• FY26 production, cost, and capital guidance unchanged; gold production tracking to the upper end of the 35–45koz range.

• Zinc and lead production expected within 24–32kt and 14–22kt guidance, respectively; copper production targeted at 3.0–4.0kt.

• Plant expansion to 1.1–1.2Mtpa on track for completion in FY27, supporting future production growth.

• Great Cobar Project and other growth initiatives progressing on schedule, with first ore from Great Cobar expected in FY28.

• Building towards ~40ktpa copper equivalent production by FY28.