Aurelia Metals (AMI) Q3 2025 earnings summary

Executive summary

• Strong production and cost performance in Q3/March 2025 quarter, with cash on hand increasing to $106.7M and robust cash flow from Peak operations.

• Federation Mining ramp-up is progressing ahead of plan, with commercial production targeted for Q4 FY25 and continued investment.

• Great Cobar project approved in April 2025, targeting first ore in FY28 and aiming to increase copper output.

• Group quarterly production: 16.6koz gold (+51% QoQ), 0.5kt copper, 3.2kt zinc, 3.5kt lead; AISC reduced to $1,593/oz.

• FY25 production and cost guidance unchanged, with focus on safety, operational improvements, and growth projects.

Financial highlights

• Group sales revenue rose to $98.1M, with 74% from precious metals; gold revenue just under AUD 33M.

• Cash balance at quarter-end was $106.7M, up from $96.7M in December 2024; total liquidity over $145M including undrawn US$24M loan.

• Peak mine generated $44.6M in mine cash flow for the quarter; group operating costs at $49.9M.

• All-in sustaining cost (AISC) for the group was $1,593/oz, with Peak achieving $1,353/oz and a 66% AISC margin.

• Gross capital spend at $56.4M YTD, tracking within FY25 guidance of $70-80M; growth capital expenditure in the quarter was $19.3M, mainly for Federation.

Outlook and guidance

• FY25 group production guidance: 40-50koz gold, 2.5-3.5kt copper, 14-20kt zinc, 13-19kt lead; cost guidance $185-220M.

• Federation ramp-up to commercial production in Q4 FY25 and transition to operations in Q1 FY26.

• Great Cobar project development to begin in Q1 FY26, with first ore targeted for FY28 and significant exploration upside.

• Exploration ramping up in Q4, with resource updates expected for the full year result in October.

• Focus on safely delivering FY25 targets, ramping up Federation, and progressing growth projects.