How Is Aurelia Metals Powering Growth with Federation and Great Cobar?

Strong FY25 Performance Confirms Operational Resilience

Aurelia Metals Limited (ASX – AMI) closed FY25 on a high note, delivering full-year production and cost targets across its portfolio of metals. The company produced 45,400 ounces of gold, 2,700 tonnes of copper, 16,800 tonnes of zinc, and 15,700 tonnes of lead, all within its guidance parameters. Operating costs remained in the lower half of the forecast range at $195.8 million, while capital expenditure for sustaining and growth projects was tightly managed at $105 million.

This disciplined execution has strengthened Aurelia’s balance sheet, with cash reserves rising to $110.1 million by the end of June, up from $106.7 million in the prior quarter. The company’s ability to maintain cost control while ramping up production bodes well for its financial flexibility heading into FY26.

Federation Mine – From Development to Production Ramp-Up

The Federation Mine, a key growth asset, demonstrated significant progress during the quarter. Mine development advanced by 1,134 metres, a notable increase from 877 metres in the previous quarter, supported by the commissioning of a second jumbo. Ore mined surged 57% to 53,000 tonnes, contributing to a total of 106,000 tonnes mined for FY25.

Federation ore processing at the Peak plant continued throughout the quarter, with 55,000 tonnes processed and excellent recovery rates achieved. The project capital spend of $10.8 million for the quarter brought total growth capital for Federation to $66.4 million for the year, reflecting a well-managed ramp-up phase. With the project team now demobilised, focus shifts to advancing decline development and increasing stoping tonnes in FY26.

Great Cobar Project Development Kicks Off

July marked a milestone with the official commencement of development at the Great Cobar Project, a high-grade copper deposit adjacent to Peak. This event coincided with the 21st anniversary of the New Cobar decline, underscoring Aurelia’s long-term commitment to the Cobar region. Initial capital expenditure of $4.3 million was recorded in the quarter, primarily for equipment and site establishment.

Community engagement remains a priority, with recent meetings in Cobar reinforcing transparency and local support. The project is positioned to contribute meaningfully to Aurelia’s production profile in the coming years, complementing existing operations.

Operational Efficiency and Exploration Drive Future Potential

At the Peak Mine, productivity improvements continued with mine development increasing 17% to 1,041 metres and record monthly advances achieved. Ore processing volumes rose 16% to 175,000 tonnes, driven by a strategic focus on lead-zinc ore to meet base metal production targets. Despite lower gold grades this quarter, metal recoveries remained robust, supporting overall output quality.

Exploration activity was vigorous across the Cobar and Nymagee districts, with drilling programs targeting resource extensions and new discoveries. Notably, surface and underground drilling at Federation West and Nymagee North progressed well, alongside geochemical surveys at Mt Nurri. These efforts underpin Aurelia’s strategy to sustain and grow its resource base.

Safety and Environmental Stewardship

Aurelia reported a significant environmental milestone with zero recordable environmental incidents over the past 12 months, reflecting strong operational discipline. While the total recordable injury frequency rate increased slightly due to two medical treatment injuries, ongoing safety programs aim to reduce workforce risks further.