OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor AMI ASX

Aurelia Metals Limited

Ramping Producer · Gold · Copper · Zinc · Lead · AU Rating locked: sign in to view v8.1 · ami-20261102t225757-full
Last 2026-11-06
A$0.4
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$688.2M
EV
A$534.8M
Cash
A$160.7M
Debt
A$5.6M

Portfolio detail

Assets

6 assets

Core asset

Cobar operations: Peak mine and processing plant, Federation mine (ex Great Cobar)

AU

Ramping Producer100% ownedGoldCopperZincLeadSilver

Operating. Peak and Federation mine ore processed through the Peak plant; Peak Plant Expansion (Tertiary Ball Mill) to lift capacity from 800ktpa to 1.1-1.2Mtpa.

Producer · Ramping producer
Production annualised (attributable)
65.0k ozd
Production (last FY, 100%)
50.4k oz
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
106.1%d
Reserve life
—
Head grade
2.41 g/t Aud

Project location

Site imagery

Sentinel-2 · 10 m
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves6
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured+Indicated+Inferred, Peak copper (includes Great Cobar)19.6K ktCu 1.8%, Au 0.8 g/t, Ag 6 g/tCopper · Gold · Silver2026-06-30
Mineral ResourceMeasured+Indicated+Inferred, Peak zinc-lead1.8K ktZn 4.7%, Pb 2.5%, Au 1.1 g/t, Ag 20 g/tZinc · Lead · Gold · Silver2026-06-30
Mineral ResourceMeasured+Indicated+Inferred, Federation3.2K ktZn 9.3%, Pb 5.4%, Au 1.0 g/t, Ag 7 g/tZinc · Lead · Gold · Silver2026-06-30
Ore ReserveProved+Probable, Peak copper excluding Great Cobar 1.6Mt (3.6Mt total)2K ktCu 1.5% (total 3.6Mt), Au 1.7 g/tCopper · Gold2026-06-30
Ore ReserveProved+Probable, Peak zinc-lead500 ktZn 3.1%, Pb 1.7%, Au 2.2 g/tZinc · Lead · Gold2026-06-30
Ore ReserveProved+Probable, Federation1.8K ktZn 8.3%, Pb 4.9%, Au 1.4 g/t, Ag 7 g/tZinc · Lead · Gold · Silver2026-06-30
Milestones2
  1. Tertiary Ball Mill commissioning (Peak Plant Expansion; FY26 guidance was Q1 FY27)

    Delayed · High materiality

  2. Federation ore mining at 1.05-1.15Mt total milled in FY27

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Regulatory approval for Peak plant expansion to higher throughputNSWGranted—No
Economic studies1
StudyStageStatusDateSummary
Peak and Federation life-of-mine plan (2026 Production Target Statement)Operating PlanCurrent2026-08-27Operating plan supporting the 2026 Production Target. No NPV is disclosed for the operating plan.

Core asset

Great Cobar copper-gold development (Peak Operation, New Cobar)

AU

Funded Developer100% ownedCopperGoldSilver

Under development since 1 July 2025 after April 2025 Board approval; first ore targeted FY28; steady state 500ktpa from FY30; funded from operating cash flow.

Developer · Funded developer
Study
Feasibility Study (approved April 2025)
Post-tax NPV (study prices, attributable)
A$51.0md
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
A$91.8m
Capital intensity
A$8,743/(oz Au/yr)d
LoM AISC
—
Mine life
8.0 yrs

Project location

Site imagery

Sentinel-2 · 10 m
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$51M8% discount
Initial capexA$91.8MPublished capital estimate

NPV(8%) at conservative long-term prices, as reported in the April 2025 feasibility summary; tax and price basis not restated in the FY25 annual report.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated, Great Cobar5.8K ktCu 2.1%, Au 0.6 g/t, Ag 6 g/tCopper · Gold · Silver2026-06-30
Mineral ResourceInferred, Great Cobar4.6K ktCu 1.9%, Au 0.4 g/t, Ag 6 g/tCopper · Gold · Silver2026-06-30
Ore ReserveProbable, Great Cobar1.6K ktCu 2.1%, Au 1.1 g/t, Ag 5 g/tCopper · Gold · Silver2026-06-30
Milestones2
  1. First ore (FY28 target)

    Pending · High materiality

  2. Steady-state 500ktpa from FY30

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Great Cobar project approval (Board approval April 2025; consented)NSWGranted—No
Economic studies1
StudyStageStatusDateSummary
Great Cobar Feasibility Study (April 2025)DFSCurrent2025-04-16Initial 3.6Mt inventory (3.2% Cu, 0.9 g/t Au, 5 g/t Ag) for 77kt Cu, 84koz Au and 505koz Ag over 8 years; NPV8 A$51M at conservative long-term prices and A$164M at spot at the time; capital A$91.8M.

Material

New Occidental Tailings retreatment (Cobar Shire)

AU

PFS Developer100% ownedGold

Pre-feasibility complete June 2026; gated into feasibility; board approval and execution targeted FY27; production FY28.

Developer · PFS developer
Study
Pre-feasibility study (June 2026)
Post-tax NPV (study prices, attributable)
A$42.0md
NPV restated at our deck (attributable)
Locked
IRR
25,800.0%
Initial capex (100%)
A$3.3m
Capital intensity
A$1,031/(oz Au/yr)d
LoM AISC
—
Mine life
10.0 yrs

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$42M8% discount
IRR258%Published return
Initial capexA$3.3MPublished capital estimate
Operating cost20AUD/t processed

Post-tax, real, NPV8 at 1 January 2027 using A$5,017/oz average consensus gold; IRR nominal.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred, New Occidental tailings2.6K ktAu 0.65 g/tGold2026-06-16
Ore ReserveProbable, New Occidental tailings2.3K ktAu 0.64 g/tGold2026-06-16
Milestones2
  1. Feasibility, permitting and final investment decision (FY27)

    Pending · Medium materiality

  2. Operational (FY28 target)

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Cobar Shire Council development consent (capital under A$20M)NSW local governmentPending—Yes
Economic studies1
StudyStageStatusDateSummary
New Occidental Tailings Pre-Feasibility Study (June 2026)PFSCurrent2026-06-16Forecast capital A$3.3M, 32koz saleable gold over ten years, NPV8 real post-tax A$42M at A$5,017/oz; A$32M at stress recovery 53%; A$18M at A$3,429/oz.

Other

Nymagee and Queen Bee resource projects

AU

Resource Stage95% ownedCopperZincLeadSilver

Resource projects in the New Cobar region; no development study.

Resource / scoping · Resource stage
Contained metal (attributable)
—
Resource grade
2.1 %Cud
% Measured + Indicated
5,590.0%d
Resource tonnes
3.40 Mtd
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated and Inferred, Nymagee2.8K ktCu 2.0%, Zn 1.7%, Pb 0.7%, Ag 15 g/tCopper · Zinc · Lead · Silver2026-06-30
Mineral ResourceInferred, Queen Bee600 ktCu 2.5%, Ag 13 g/tCopper · Silver2026-06-30

Other

Royalty over EL6162 (purchased FY26)

AU

Early Explorer100% ownedGold

Royalty interest purchased for A$8.0M in FY26; underlying terms and operator production not disclosed.

Royalty / stream · Pre production
Royalty type
—
Rate
—
Underlying asset and operator
EL6162 Cobar exploration licence (royalty over EL6162; operator and terms not disclosed)
Operator's stage
—
Attrib. royalty units per year
—
Royalty receipts (12M)
—
Our attributable value
Locked
Tenements1
ten-el6162Granted— None · No expiry supplied

Other

Dargues gold mine (care and maintenance, rehabilitation)

AU

Care And Maintenance100% ownedGold

Final ore processed in FY25; plant partly sold in the September 2026 quarter; rehabilitation under way with A$10-12.5M FY27 cash outlay.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)