Aurelia Metals (AMI) Q1 2026 earnings summary

Executive summary

• Strong start to FY 2026 with production and costs on track, supporting growth initiatives and operational ramp-ups, and robust liquidity of AUD 124 million.

• Federation mine ramp-up is ahead of plan, and Great Cobar project development is progressing as scheduled.

• Mineral Resource and Reserve report shows a 12% increase in resources and 17% increase in reserves, supporting an extended mine life and future growth.

• Group metal production for the quarter: 10.4koz gold, 0.5kt copper, 6.5kt zinc, 3.8kt lead.

• Group TRIFR increased to 6.58 with three recordable injuries; safety remains a focus.

Financial highlights

• Gross revenue sales for the quarter reached AUD 84.8 million, with net sales revenue at AUD 82.8 million after charges.

• Operating cash flow from the Cobar region was AUD 24 million, with group liquidity at AUD 124 million and cash balance at quarter-end of AUD 88.1 million.

• Group operating cost was AUD 367 per tonne, above the annual guidance midpoint, but expected to trend down as volumes ramp up.

• Sustaining capital increased to $15.5M, mainly for mine development; growth capital expenditure was $10.9M.

• Net outflow of AUD 5.5 million in working capital, mainly due to annual incentive payments.

Outlook and guidance

• FY 2026 and FY 2027–2028 production guidance remains unchanged, with upside potential as further drilling progresses.

• FY26 production guidance: 35-45koz gold, 3.0-4.0kt copper, 24-32kt zinc, 14-22kt lead.

• Strategic target of 40,000 copper equivalent tonnes in FY 2028, supported by ongoing project ramp-ups and exploration.

• Mining schedule projects higher copper ore volumes in the December quarter, expected to boost copper and gold production.

• All-in sustaining costs no longer reported; focus is on dollar per tonne metrics.