Aurelia Metals (AMI) H2 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY24, with significant margin and profitability enhancement, robust cash generation, and a 92% share price increase.

• Federation project advanced, on track for first stope ore in Q1 FY25 and commercial production in July 2025.

• Exploration results and mineral inventory support long-term growth, with a focus on the Cobar region and maiden resource at Queen Bee.

• FY24 production and cost guidance delivered, with gold output of 65.3koz above guidance and base metals in line; AISC 12% lower at $2,035/oz.

• Ended FY24 with a robust balance sheet: $116.5M cash, over $150M liquidity, and no debt.

Financial highlights

• Underlying EBITDA rose 45% to $81.0M; statutory EBITDA up 29% to $72.1M year-over-year.

• Operating cash flow improved 190% to $100.6M; group cash flow at $77.2M vs $(38.3)M prior year.

• Returned to a positive underlying net profit after tax of $0.6M; statutory net loss after tax improved 89% to $5.7M.

• All-in sustaining cost (AISC) margin increased 198% to $1,136/oz; AISC at $2,035/oz Au.

• Achieved gold price up 18% to $3,171/oz, silver and copper up 12%, lead flat, zinc down 11%.

Outlook and guidance

• FY25 production guidance: 40–50koz gold, 2.5–3.5kt copper, 14–20kt zinc, 13–19kt lead.

• Group operating costs expected at $185–220M; sustaining capital $25–35M; Federation growth capital $70–80M.

• Exploration spend guided at $10–15M for FY25.

• Federation project to deliver first stope ore in Q1 FY25, with commercial production from July 2025.

• FY25 is a transition year with Dargues closure and shift to base metals dominant revenues.