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2026-11-06
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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
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$688.2M
EV
A$534.8M
Cash
A$160.7M
Debt
A$5.6M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$160.7M2025-06-30: 110,086,000 A$2026-06-30: 143,899,000 A$2026-09-30: 160,700,000 A$ Self Funding
Debt A$5.6MFY25A: 7,695,000FY26A: 5,560,000 Net cash A$155.1M
Basic shares 1.7B 2026-10-08
Runway Self Funding Cobar Region operating cash flow funds sustaining capital, growth capital and the September 2026 quarter generated A$17.4M net operating and investing cash; no runway is computed because quarterly net burn is negative.

Liquidity

Financial position

Cash A$160.7M at 30 September 2026 plus an undrawn A$40M revolving facility (total A$200.7M). No drawn debt beyond equipment loans of A$5.6M and A$110M of rehabilitation bonding facilities. FY27 guidance implies growth and sustaining capital of A$115-145M against operating cash generation.

Inventory composition1

Inventories rose from A$25.7M to A$50.8M in FY26; the September 2026 quarter ROM stockpiles at Peak and Federation increased to 123kt. Inventory is treated as operating working capital in valuation and is not added to the equity bridge.

Ore, concentrate and doré inventory at 30 June 2026 (carrying value; not split by category in the documents read)
A$50.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.7B
Fully diluted
1.9B

Ordinary shares 1,693,401,832 at 30 June 2026 (annual report) plus 27,082,344 shares issued 26 August 2026 under an employee scheme (Appendix 2A) equal 1,720,484,176, the count on issue at the 8 October 2026 cessation notice. Performance rights fell from 57,206,972 (11 August) to 27,428,780 after 27,082,344 vested and 2,211,110 and 484,738 lapsed. Fully diluted count includes all performance rights and all Trafigura options.

Security classes3
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share1.7B——
Performance rights (LTI and employee plan, nil exercise price)Performance Right27.4MA$0—
Unlisted options (Trafigura warrants) exercisable at A$0.25, expiring 21 August 2027Option120MA$0.252027-08-21

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Ore milled (Peak plant, Cobar operations ex Great Cobar)MtFY25A: 0.68 MtFY26A: 0.81 Mt0.680.81
Gold produced (Cobar operations)kozFY25A: 45.40 kozFY26A: 50.40 koz45.450.4
Unit costs
Cobar Region operating cost per tonne milledAUD/t—369.0
Profit and loss
RevenueAUDmFY25A: 343,469,000 AUDFY26A: 480,241,000 AUD343.5480.2
Operating costs (incl. corporate, exploration, care and maintenance)AUDmFY25A: 221,569,000 AUDFY26A: 291,041,000 AUD221.6291.0
EBITDAAUDmFY25A: 121,900,000 AUDFY26A: 189,200,000 AUD121.9189.2
Net profit after taxAUDmFY25A: 48,852,000 AUDFY26A: 82,678,000 AUD48.982.7
Cash flow
Operating cash flowAUDmFY25A: 129,668,000 AUDFY26A: 142,793,000 AUD129.7142.8
Capital expenditure (sustaining and growth)AUDmFY25A: 115,991,000 AUDFY26A: 121,035,000 AUD116.0121.0
Free cash flowAUDmFY25A: 13,677,000 AUDFY26A: 21,758,000 AUD13.721.8
Balance sheet
Cash and cash equivalentsAUDmFY25A: 110,086,000 AUDFY26A: 143,899,000 AUD110.1143.9
Interest-bearing borrowings (equipment loans)AUDmFY25A: 7,695,000 AUDFY26A: 5,560,000 AUD7.75.6
Net debt (cash)AUDmFY25A: -102,391,000 AUDFY26A: -138,339,000 AUD(102.4)(138.3)
Per share
Ordinary shares (year end)MFY25A: 1,693 MFY26A: 1,693 M1,6931,693
Basic earnings per shareAUD/shareFY25A: 0.03 AUD/shareFY26A: 0.05 AUD/share0.030.05
Dividend per share declaredAUD/shareFY25A: 0.00 AUD/shareFY26A: 0.01 AUD/share0.000.01
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: 4.32 xFY26A: 2.78 x4.32.8
P / E (x, current market cap)xFY25A: 13.91 xFY26A: 8.22 x13.98.2
FCF yield (current market cap)%FY25A: 0.02 fractionFY26A: 0.03 fraction2.0%3.2%
EBITDA margin%FY25A: 0.35 fractionFY26A: 0.39 fraction35.5%39.4%
Net debt / EBITDA (x)xFY25A: -0.84 xFY26A: -0.73 x(0.8)(0.7)

KPI history

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

Gold production (group, 100%) shown
04,5539,10713,66018,213Mar Q FY26: 12,950 oz AuMar Q FY26Jun Q FY26: 15,352 oz AuJun Q FY26Sep Q FY27: 16,262 oz AuSep Q FY27
MetricUnitTrendMar Q FY26Jun Q FY26Sep Q FY27
Gold production (group, 100%)oz AuMar Q FY26: 12,950 oz AuJun Q FY26: 15,352 oz AuSep Q FY27: 16,262 oz Au12,95015,35216,262
Operating metric source table17
MetricProjectPeriodPeriod typeValueStatus
Gold production (group, 100%)Cobar OperationsFY26Year50,400 oz AuReported
Gold production (group, 100%)Cobar OperationsFY25Year45,400 oz AuReported
Gold production (group, 100%)Cobar OperationsMar Q FY26Quarter12,950 oz AuReported
Gold production (group, 100%)Cobar OperationsJun Q FY26Quarter15,352 oz AuReported
Gold production (group, 100%)Cobar OperationsSep Q FY27Quarter16,262 oz AuReported
Copper production (group)Cobar OperationsFY26Year2,500 t CuReported
Zinc production (group)Cobar OperationsFY26Year28,300 t ZnReported
Lead production (group)Cobar OperationsFY26Year17,800 t PbReported
Ore processed (Peak plant)Cobar OperationsFY26Year806,000 tReported
Cobar Region unit operating costCobar OperationsFY26Year369 AUD/t processedReported
Revenue (statutory)CompanyFY26Year480,200,000 AUDReported
Revenue (statutory)CompanyFY25Year343,469,000 AUDReported
EBITDA (statutory)CompanyFY26Year189,200,000 AUDReported
EBITDA (statutory)CompanyFY25Year121,900,000 AUDReported
Cash and cash equivalentsCompany30 Jun 2025Point In Time110,086,000 AUDReported
Cash and cash equivalentsCompany30 Jun 2026Point In Time143,899,000 AUDReported
Cash balanceCompany30 Sep 2026Point In Time160,700,000 AUDReported
Company guidance11
MetricProjectPeriodLowHighStatus
Gold Productioncobar-operationsFY275060 kozCurrent
Copper Productioncobar-operationsFY272.53.5 ktCurrent
Zinc Productioncobar-operationsFY272634 ktCurrent
Lead Productioncobar-operationsFY271725 ktCurrent
Group Operating Costs (Incl. Corporate, Royalties, Tcrcs, Rehabilitation)CompanyFY27340375 AUD millionCurrent
Cobar Region Unit Operating Costcobar-operationsFY27300330 AUD/t processedCurrent
Sustaining Capitalcobar-operationsFY276575 AUD millionCurrent
Growth Capital (Great Cobar 40 50, Peak 2 5, Federation 5 10, New Occidental 3 5)CompanyFY275070 AUD millionCurrent
ExplorationCompanyFY271418 AUD millionCurrent
Dargues Rehabilitation Cash Outlay (Outside Group Operating Costs)CompanyFY271012.5 AUD millionCurrent
Fy27 Ore Processedcobar-operationsFY271,0501,150 ktCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-08Ann. 2026-08-27DividendA$17.2M——Completed—
2026-06-24DebtA$150M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-02

Live arrangements from the FY26 annual report, FY26 presentation, 2026 Production Target Statement, June 2026 farm-in and 2026 cessation notices. No open commodity hedges at 30 June 2026 (annual report note 16); EL6162 royalty terms not disclosed.

Peak concentrate is sold under a fixed-volume offtake with Trafigura; treatment and refining charges and payabilities sit in operating costs and realised price.

Offtake · Active
Counterparties
Trafigura Pte Ltd
Applies to
Cobar operations: Peak mine and processing plant, Federation mine (ex Great Cobar) · Copper · Zinc · Lead · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Concentrate sales: fixed volume offtake with standard payabilities and benchmark-linked treatment and refining charges
How it affects our valuation

No valuation treatment is available for this arrangement.

Trafigura financing facilities (loan note advance and environmental bond) terminated on 23 June 2026 on refinancing; A$45.2M of bond cash released. Warrants survive (see arr-trafigura-warrants).

Other · Terminated
Counterparties
Trafigura Pte Ltd
Applies to
Company-wide
Economic direction
Burden
Period
2023-08-01 to 2026-06-23
Key terms
Termination date: 2026-06-23 date
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

120 million warrants at A$0.25 expiring 21 August 2027 remain on issue after the facility terminated; treated as dilution in the share count.

Other · Active
Counterparties
Trafigura Pte Ltd
Applies to
Company-wide
Economic direction
Burden
Period
2023-08-21 to 2027-08-21
Key terms
Warrants on issue: 120,000,000 warrants
Exercise price: 0.25 AUD/share
How it affects our valuation

No valuation treatment is available for this arrangement.

Royalty over EL6162 purchased for A$8.0M in FY26; royalty rate, operator and receipts are not disclosed.

Royalty · Active
Counterparties
undisclosed vendor
Applies to
Royalty over EL6162 (purchased FY26)
Economic direction
Benefit
Period
Dates not stated
Key terms
Purchase consideration: 8,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Defiance interest in the Kadungle joint venture (EL8999) converted in FY26 to a 2.5% NSR royalty over future production; no production is expected in the forecast period.

Royalty · Active
Counterparties
Defiance Resources Pty Ltd
Applies to
Company-wide
Economic direction
Benefit
Period
Dates not stated
Key terms
Net smelter return royalty: 2.5 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Peak Gold Mines (AMI subsidiary) earns up to 90% of EL9511 and EL9858 for A$2.0M of exploration; LGM keeps a 10% JV interest or an NSR royalty.

Earn In · Conditional
Counterparties
Legacy Minerals Holdings Limited · Legacy Minerals Pty Ltd
Applies to
Company-wide · Gold · Copper · Zinc · Lead
Economic direction
Mixed
Period
From 2026-06-02; no end date stated
Key terms
Stage 1: 51 pct interest for A$0.5M exploration within 2 years
Stage 2: 90 pct aggregate for a further A$1.5M within 5 years
How it affects our valuation

No valuation treatment is available for this arrangement.