Aurelia Metals (AMI) Q4 2026 earnings summary

Executive summary

• Gold production for FY26 reached 50.4koz, exceeding revised guidance, driven by prioritization of high-value gold ore and strong recoveries at Peak, with Federation mine volumes increasing and all other metrics in line with expectations.

• Operating cash flow hit AUD 53.1 million in Q4, the highest since 2018, strengthening the balance sheet and supporting robust refinancing that released AUD 45.2 million in restricted cash.

• Record processing throughput at Peak, with 230,000 tonnes processed in Q4 and increased ore mined to 160,000 tonnes, while Federation mine ramped up ore mined to 112kt with higher grades.

• Major growth projects, including plant expansions, Great Cobar Copper Project, and New Occidental Tailings prefeasibility, progressed on schedule.

• Leadership transition announced, with the CEO stepping down and interim appointments in place.

Financial highlights

• Gross sales revenue for the quarter was $160.7M, with 55% from precious metals and 45% from base metals.

• Cash balance increased to $143.9M at quarter end, up from $94.7M in March, with total liquidity of $183.9M including undrawn RCF.

• FY26 group operating costs totaled $315.3M, sustaining capital $58.8M, and growth capital $49.9M, all within or below guidance.

• No new debt was drawn for growth; refinancing released $45.2M in restricted cash and improved facility terms.

• Realised gold price was $5,335/oz, with zinc, lead, and copper prices also higher quarter-on-quarter.

Outlook and guidance

• FY27 guidance will be finalized and released with FY26 financial results in August.

• High gold production is expected to continue in FY27, with prioritization of gold stopes at Peak South and continued ramp-up at Federation.

• Expansion projects at Peak and Great Cobar are on track, with the new ball mill commissioning expected in Q1 FY27.

• Plant expansions and mine ramp-ups are set to increase throughput and lower unit costs.

• Zinc and lead production were within guidance ranges; copper production was 2.5kt, at the lower end of revised guidance.