Aurelia Metals Limited has reported a strong turnaround with a $48.9 million net profit for FY25, driven by operational progress at its Federation Mine and the approval of the Great Cobar Project. The company’s strategic focus on base metals growth and sustainability underpins its improved financial and safety performance.
- Revenue up 11% to $343.5 million
- Net profit after tax of $48.9 million versus prior year loss
- EBITDA increased 69% to $121.9 million
- Federation Mine commenced production; Great Cobar Project approved and development started
- No dividend declared; executive remuneration aligned with performance
Financial Turnaround and Operational Highlights
Aurelia Metals Limited (ASX – AMI) has delivered a marked financial turnaround for the year ended 30 June 2025, reporting a net profit after tax of $48.9 million compared to a loss of $5.7 million in the previous year. Revenue rose 11% to $343.5 million, supported by higher commodity prices and operational improvements. EBITDA surged 69% to $121.9 million, reflecting stronger cash flows and cost management.
The company’s balance sheet remains robust with $110.1 million in cash and no drawn debt, underpinning its capacity to fund growth projects and sustain operations.
Federation Mine and Great Cobar Project Drive Growth
Operationally, Aurelia advanced key growth initiatives. The Federation Mine, a high-grade zinc, lead, and gold underground operation, transitioned into production during FY25, achieving first stope ore mining in September 2024 and processing ore through the Peak plant from December 2024. The project delivered better-than-budget cost performance and is now considered commercially operational from 1 July 2025.
Meanwhile, the Great Cobar Project, a high-grade copper and gold development adjacent to the New Cobar Mine, received board approval in April 2025. Development commenced in July 2025, with first ore expected in FY28. The project boasts an attractive net present value and is strategically positioned to complement Aurelia’s shift towards copper-dominant production, funded from operating cash flows and the company’s strong financial position.
Production and Cost Performance
Group production was mixed due to the closure of the Dargues Mine in Q1 FY25. Gold production declined overall to 45,449 ounces, down from 65,315 ounces, reflecting the mine closure, although gold output from the Peak Mine increased. Copper production rose to 2,698 tonnes, while zinc and lead production remained steady. The group maintained stable all-in sustaining costs at approximately $2,037 per ounce of gold.
Safety, Sustainability, and Corporate Governance
Aurelia reported significant improvements in safety, halving its Total Recordable Injury Frequency Rate to 5.93 per million hours worked. Environmental incident frequency also improved, with no recordable environmental incidents during the year. The company’s sustainability strategy focuses on health and safety, energy and water efficiency, and community engagement.
Corporate governance remains strong, with an experienced board and executive team steering the company through its growth phase. Executive remuneration is closely aligned with performance, with short-term incentives reflecting operational and safety achievements, although some targets were not fully met. Long-term incentive vesting is pending finalisation of mineral resource estimates, with likely nil vesting due to share dilution from recent capital raisings.
Outlook and Market Position
Looking ahead, Aurelia is focused on ramping up production at Federation, progressing Great Cobar development, and optimising processing capacity through its Cobar Basin Optimisation projects. Exploration activities continue to target near-mine and regional opportunities within its highly prospective tenements in New South Wales.
The company’s strong cash flow generation, disciplined capital management, and strategic growth projects position it well to capitalise on rising demand for base metals critical to the energy transition.
Bottom Line?
Aurelia’s FY25 results mark a pivotal step in its transformation, but upcoming exploration results and project ramp-ups will be key to sustaining momentum.
Questions in the middle?
- How will the final Mineral Resources and Ore Reserves update affect long-term incentive vesting and executive remuneration?
- What is the timeline and risk profile for refinancing the Trafigura performance bond facility in FY26?
- How will the ramp-up of the Great Cobar Project influence Aurelia’s copper production and overall commodity mix?