Aurelia Metals (AMI) Q1 2027 earnings summary

Executive summary

• Gold, copper and zinc production increased QoQ; Cobar Region operating cash flow was $65.3M, its highest quarterly result since 2018, and total liquidity reached $200.7M.

• FY27 production, cost and capital guidance was reaffirmed as Peak plant expansion neared completion and Great Cobar remained on budget and schedule.

Financial highlights

• Q1 production was 16,262 oz gold, 1,301 t copper, 8,272 t zinc and 5,217 t lead; zinc reached its highest quarterly result since FY22.

• Gross sales revenue was $165.5M and net sales revenue after treatment and refining charges was $162.6M; higher realised gold, zinc and copper prices supported revenue.

• Group operating costs were $89.4M; Cobar Region operating costs were $86.9M. Sustaining capital was $13.2M, growth capital $11.7M and exploration spend $4.0M.

• Net cash increased to $160.7M from $143.9M; working capital was a $23.0M net outflow, mainly from higher concentrate receivables, lower payables and staff incentive payments.

Outlook and guidance

• FY27 guidance remained 50–60 koz gold, 2.5–3.5 kt copper, 26–34 kt zinc and 17–25 kt lead; group operating costs $340–375M, sustaining capital $65–75M and growth capital $50–70M.

• Peak capacity is expected to expand from 800 ktpa to 1.1–1.2 Mtpa by the end of Q2 FY27, with expanded capacity available from Q3; Great Cobar first ore remains targeted for FY28.

• Gold production is expected to be lower next quarter after high-grade Q1 stopes, while full-year output remains on track toward the upper end of guidance.

• Normal Federation development rates are expected from Q3; water delays are not expected to affect FY27 metal production guidance.