Aurelia Metals strengthens Cobar growth platform after standout FY26

Profit growth and first dividend since 2020

Aurelia Metals Limited (ASX:AMI) delivered one of its strongest financial years in recent memory, with statutory net profit after tax rising 69% to A$82.7 million and revenue climbing 40% to A$480.2 million. EBITDA increased 55% to A$189.2 million, while operating cash flow reached A$142.8 million.

The result allowed the board to declare a fully franked final dividend of 1.0 cent per share, the company’s first return of capital to shareholders since 2020. Net tangible assets per share increased 28% to 27.0 cents, and year-end cash stood at A$143.9 million.

Federation and Peak provide the operating lift

The operational engine behind the result was the Cobar Basin. Gold production reached 50,369 ounces, above the revised guidance range, while zinc production rose 68% to 28,300 tonnes. Federation entered commercial production during the year and produced 360kt of ore, approximately 30kt above plan.

Peak Processing treated 806kt of ore, up 28% from FY25, including a record 230kt in the June quarter. A combined 104kt run-of-mine stockpile was held at year end, giving Aurelia additional feed as its expansion works progress. The company had already secured the A$150 million financing facility, which replaced its previous Trafigura arrangements and released A$45.2 million of restricted cash at financial close.

Plant expansion and Great Cobar set the next milestones

Aurelia is upgrading the Peak Processing Plant from approximately 800ktpa toward 1.1-1.2Mtpa. The new tailings thickener was commissioned in June, while the tertiary ball mill is expected to be commissioned in the first quarter of FY27. The company also plans to complete the crushing and materials-handling upgrades needed to lift feed rates and process Peak and Federation ore together.

Great Cobar remains the larger strategic bet. Development reached 1,823 metres during FY26 and stayed on schedule and budget, with first ore targeted for FY28 and a planned ramp-up to 500ktpa from FY30. Its feasibility study outlined an initial eight-year mining inventory containing approximately 77kt of copper, 84koz of gold and 505koz of silver.

Resource growth adds another layer to the expansion case. Group Ore Reserves rose 49% to 8.2Mt, while Mineral Resources increased 6% to 30.6Mt. The New Occidental Tailings Retreatment Project also advanced, with a maiden 2.3Mt Ore Reserve at 0.64g/t gold and a reported post-tax NPV8 of A$42 million. That project had been outlined in the New Occidental tailings study, which proposed using existing Peak infrastructure to recover gold from historical tailings.

Safety, costs and leadership remain pressure points

The financial improvement was not matched across every operating measure. Operating costs rose 61% to A$315 million and Peak’s controllable costs missed the internal target used in the executive incentive scorecard. The total recordable injury frequency rate increased to 7.54 from 5.93, while the report also disclosed an environmental incident and minor development-consent non-compliances. Aurelia said no regulatory fines or action had been received.

The report also records the leadership handover from Bryan Quinn to Steve Badenhorst, who commenced as managing director and CEO on 6 October 2026. The change had been announced in the Steve Badenhorst CEO appointment before the annual report was released. One detail may require clarification: the Federation Ore Reserve table lists proved reserves of 0.5Mt and probable reserves of 3.1Mt, but shows a total of 1.8Mt.