AMI Analysis: Aurelia Metals Q1 FY26 Quarterly Activities Report

Event: Aurelia Metals Q1 FY26 Quarterly Activities Report | Date: 2025-10-21 | Source: Aurelia Metals Investor Reporting

Federation Ramp-Up Exceeds Expectations in Q1 FY26

Aurelia Metals released its Q1 FY26 quarterly activities report on 21 October 2025, highlighting strong operational performance across its Cobar Basin assets. Key production figures included 10.4koz of gold (down from 16.6koz in the prior quarter due to mine sequencing), 0.5kt of copper, 6.5kt of zinc, and 3.8kt of lead, aligning with full-year guidance of 35-45koz gold, 3-4kt copper, 24-32kt zinc, and 14-22kt lead. The Federation project advanced 23% ahead of the FY26 midpoint plan, with mineral resources growing 12% to 29Mt and ore reserves 17% to 5.5Mt, supported by infill drilling at Nymagee (e.g., 7.0m at 2.2% Cu). Operating costs totalled $70 million, within the $275-315 million annual guidance, while growth capex reached $10.9 million and exploration $4.8 million, against ranges of $60-75 million and $13-18 million respectively. Cash balance declined to $88.1 million from $110.1 million due to $36 million in growth and exploration outflows, maintaining $124 million in liquidity including facilities. The company reaffirmed its 40kt copper equivalent target by FY28, with no material guidance changes. Source: Aurelia Metals Investor Reporting.