Aurelia Metals (ASX:AMI) Posts $65.3M Cobar Cash Flow, Its Highest Since 2018, as Gold Reaches 16.2koz

Sonal Goyal

28 October 2026 01:08 PM AEDT

Aurelia Metals (ASX:AMI) Posts $65.3M Cobar Cash Flow, Its Highest Since 2018, as Gold Reaches 16.2koz

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Key Highlights

Group production for the September 2026 quarter was 16.2koz gold, 1.3kt copper, 8.3kt zinc and 5.2kt lead.
Cobar Region operating cash flow was $65.3M after sustaining capital, up from $53.1M and the highest quarterly figure since 2018.
Cash rose to $160.7M from $143.9M, and total liquidity reached $200.7M including an undrawn $40M facility.
Peak South drilling returned 10.0m at 1.3% Cu and 113.3g/t Au between the Peak and Kairos deposits.

Aurelia Metals Limited (ASX:AMI) increased gold, copper and zinc production in the September 2026 quarter, reporting group output of 16.2koz of gold, 1.3kt of copper, 8.3kt of zinc and 5.2kt of lead. Cobar Region operating cash flow reached $65.3 million after all sustaining capital, compared with $53.1 million in the June quarter and the highest quarterly result since 2018. Cash on hand rose to $160.7 million from $143.9 million, and together with an undrawn $40 million revolving credit facility, liquidity stood at $200.7 million at 30 September.

Metal Output Climbs Quarter on Quarter

Gold production moved from 13.0koz in the March quarter and 15.3koz in the June quarter to 16.2koz. Copper increased from 0.9kt to 1.3kt and zinc from 7.6kt to 8.3kt, while lead eased to 5.2kt from 5.4kt. FY27 guidance of 50 to 60koz of gold, 2.5 to 3.5kt of copper, 26 to 34kt of zinc and 17 to 25kt of lead was reaffirmed. The Peak plant processed 226kt of ore against 230kt in the prior quarter, with copper ore at 118kt grading 2.71g/t gold and 1.22% copper, and lead-zinc ore at 107kt grading 9.14% zinc.

At Peak, 148kt of ore was mined (June quarter: 160kt) with 1,506m of development. Federation produced 97kt (June quarter: 112kt) and completed 1,147m of development, with higher than planned water inflow restricting decline advance. Two additional evaporator fans were purchased and a second reverse osmosis plant was rented, with normal development rates expected from the third quarter of FY27 and no change to FY27 metal guidance. Combined run-of-mine stockpiles at the two mines increased to 123kt from 104kt.

Revenue, Costs and Realised Prices

Gross sales revenue increased to $165.5 million from $160.7 million, split 53% from precious metals and 47% from base metals, and net sales revenue was $162.6 million. Gold sales of 13.7koz generated $83.4 million at a realised $6,074/oz, against $5,335/oz in the June quarter. Copper sales of 1,472t brought in $30.7 million at $20,886/t, zinc sales of 5.9kt produced $35.3 million at $5,981/t, and lead sales of 4.0kt returned $12.0 million at $2,990/t.

Group operating costs were $89.4 million (June quarter: $94.5 million), and Cobar Region operating costs of $86.9 million equated to $385 per tonne processed. Sustaining capital was $13.2 million, growth capital $11.7 million and exploration $4.0 million. Working capital was a net outflow of $23.0 million, and tax paid was $6.5 million.

Plant Expansion, Great Cobar and Peak South Drilling

Final regulatory approval to run the Peak Processing Plant at the expanded rate was received in August 2026, lifting capacity from 800ktpa to 1.1 to 1.2Mtpa. The second leach feed thickener was completed in July, and the tertiary ball mill and cyclone cluster are installed, with tie-in planned for October and commissioning in the second quarter of FY27. At Great Cobar, 506m of development was completed, taking the total to 2,380m, and the raisebore rig collar foundation was poured.

Drilling at Peak South intersected 10.0m (8.5m estimated true width) at 1.3% copper and 113.3g/t gold from 58.0m in hole UD26PK0224, between the Peak and Kairos deposits. The Kairos Eastern Copper Lens returned 23.5m at 1.3% copper, 0.1g/t gold and 7g/t silver from 129.5m, and Perseverance Zone A returned 11.0m at 1.4% copper, 1.6% zinc, 2.0% lead and 13g/t silver from 39.3m. An airborne gravity gradiometry survey of 7,915 line kilometres is planned for the second quarter of FY27.

Leadership Change and the Position at Quarter End

Steve Badenhorst began as Managing Director and Chief Executive Officer on 6 October 2026, while Chief Development and Technical Officer Andrew Graham has resigned and leaves in November. A final FY26 dividend of $0.01 per share was paid on 8 October, and the annual general meeting is set for 17 November 2026. At Dargues, sales of plant equipment brought in $1.2 million. Taken together, the quarter combined higher metal output, the largest Cobar operating cash flow since 2018 and liquidity above $200 million.

FAQs

Q: How much gold did Aurelia Metals produce in the September 2026 quarter?

A: Group gold production was 16.2koz, up from 15.3koz in the June quarter. Copper was 1.3kt, zinc 8.3kt and lead 5.2kt.

Q: What was Cobar Region operating cash flow?

A: It was $65.3 million after all sustaining capital, compared with $53.1 million in the June quarter. It was the highest quarterly result since 2018.

Q: What is Aurelia's liquidity position?

A: Cash was $160.7 million at 30 September 2026, and an undrawn $40 million revolving credit facility lifted total liquidity to $200.7 million.

Q: What is the status of the Peak plant expansion?

A: Final regulatory approval for the expanded rate was received in August 2026. The tertiary ball mill tie-in was planned for October, with commissioning in the second quarter of FY27.

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