2023 Appendix 4D and H1 FY23 Financial Statements

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# 2023 Appendix 4D and H1 FY23 Financial Statements

Source: https://aureliametals.com/wp-content/uploads/2023/02/Appendix-4D-and-the-financial-report-for-the-half-year-ended-31-December-2022.pdf
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# 2023 Appendix 4D and H1 FY23 Financial Statements
ASX ANNOUNCEMENT
APPENDIX 4D
23 February 2023 | ASX: AMI
For personal use only
AURELIA METALS LIMITED | ABN 37 108 476 384
FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER 2022
31 December 2022 31 December 2021 Increase/(Decrease)
Results $’000 $’000 %
Revenue 192,740 235,059 (18)%
EBITDA (i) 12,283 79,540 (85)%
Net profit/(loss) before income tax (42,667) 13,788 (409)%
Net profit/(loss) after income tax (29,487) 7,503 (493)%
Dividends
The Directors have not declared an interim dividend for the half-year ending 31 December 2022 (31 December 2021: Nil).
31 December 2022 31 December 2021
Net tangible assets per share Cents Cents
Net tangible assets per share 24.7 26.0
31 December 2022 31 December 2021
Earnings per share Cents Cents
Basic profit/(loss) per share (2.38) 0.61
Diluted profit/(loss) per share (2.38) 0.60
(i) EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) is a non-IFRS measure.
The above Statement should be read in conjunction with the accompanying interim financial statements and notes.
This financial report has been subject to review by the Company’s external auditors.
AURELIA METALS LIMITED
For personal use only
CONTENTS
Page
Company Information 1
Directors’ report and operations and financial review 2
Auditor independence declaration 17
Financial statements
Statement of profit or loss and other comprehensive income 18
Statement of financial position 19
Statement of changes in equity 20
Statement of cash flows 21
Notes to financial statements 22
Directors’ declaration 33
Independent Auditor’s Report to the Members of Aurelia Metals Limited 34
AURELIA METALS LIMITED
COMPANY INFORMATION
For personal use only
AURELIA METALS LIMITED ABN 37 108 476 384
Directors
The Company’s Directors in office during the half-year ended and until the date of this report are set out below. The
Directors were in office for the entire period unless otherwise stated and excluding the Managing Director & Chief
Executive Officer (CEO), all directors are deemed to be independent.
Name Position Date(s) of change during year
Peter Botten Non-Executive Chairman
Daniel Clifford Managing Director & CEO Resigned 18 November 2022
Lawrence Conway Non-Executive Director Resigned 31 August 2022
Susan Corlett Non-Executive Director
Helen Gillies Non-Executive Director
Paul Harris Non-Executive Director
Robert Vassie Non-Executive Director
Bruce Cox Non-Executive Director Appointed 1 September 2022
Company Secretaries
Rochelle Carey Appointed 28 December 2022
Ian Poole Resigned 31 December 2022
Registered office and principal place of business
Aurelia Metals Limited
Level 17, 144 Edward Street, Brisbane QLD 4000
GPO Box 7, Brisbane QLD 4001
Telephone: (07) 3180 5000
Email: office@aureliametals.com.au
Stock exchange listing
Aurelia Metals Limited shares are listed on the Australian Securities Exchange (ASX Code: AMI)
Share register
Automic Group
Level 5, 126 Phillip Street, Sydney NSW 2000
Investor services: 1300 288 664
General enquiries: (02) 8072 1400
Email: hello@automic.com.au
www.automicgroup.com.au
Auditors
Ernst & Young
111 Eagle Street
Brisbane QLD 4000
Website www.aureliametals.com.au
AURELIA METALS LIMITED 1|P a g e
DIRECTORS’ REPORT
For personal use only
The following report is submitted in respect of Aurelia Metals Limited (‘Aurelia’ or ‘the Company’) and its subsidiaries, together
the consolidated group (’Group’), for the half-year ended 31 December 2022, together with the state of affairs of the Group as
at that date.
The Board of Directors submit their report for the half-year ended 31 December 2022.
OPERATIONS AND FINANCIAL REVIEW
1. About Aurelia Metals Limited
Aurelia Metals Limited is an Australian base and precious metals mining and exploration company. Aurelia owns and operates
three underground mines and processing facilities in New South Wales (NSW):
 Peak Mine – gold, lead, zinc, copper and silver
 Hera Mine – gold, lead, zinc and silver
 Dargues Mine – gold
Aurelia’s highly prospective tenement holdings enable the Company to advance targeted exploration and evaluation activities
within proximity of Aurelia owned infrastructure. Our preeminent near-term development projects, include:
 Federation Project, located near the Hera Mine – zinc, lead, gold, copper and silver
 Great Cobar, located in the vicinity of the Peak Mine – copper and gold
2. Operating and financial performance
Aurelia Metals acknowledges the marked deterioration of its financial results for the half-year in comparison to the previous
half-year. The Company has developed and continues to implement an Organisational Renewal Program in direct response to
underperformance and a challenging business and operational environment. By the end of the half-year period, the benefits of
this program were beginning to be realised as the targeted workstreams progressed across each of Aurelia’s business units. The
Organisational Renewal Program includes, but not limited to, the following initiatives which are discussed in further detail
throughout the report:
 Leadership renewal in the December quarter with the appointment of a new Chief Financial Officer and Interim Chief
Executive Officer.
 The Hera life of mine plan has been optimised for the current mining conditions.
 The transition to owner mining at the Peak Mine progressed, providing greater control over the planning and execution
of mining activities and direct access to productivity improvements and cost efficiencies. Additionally, work is underway
at Peak to insource maintenance labour to reduce more costly labour hire roles.
 The Working Smarter Program was established to identify and deliver value uplift opportunities to counter cost escalation
and inflationary pressures.
AURELIA METALS LIMITED 2|P a g e
The outcomes and results from the half-year ended, across the key pillars of our business, include:
Sustainability  Progressed initiatives to improve workplace safety and manage fatal hazards. Group Total Recordable
For personal use only
Injury Frequency Rate (TRIFR) of 10.77 at 31 December 2022 (30 June 2022: 8.75).
 No significant reportable environmental incidents during the half-year.
 Mental Health Awareness program delivery through workshops designed to build mental health literacy,
resilience and awareness amongst all levels of the workforce.
 Targeted undertakings to support a culture of safety speak-up, including the elimination of sexual
harassment.
 Implemented a new Contractor Health, Safety and Environment Management Framework that establishes
common minimum requirements across all Aurelia sites.
Production  Group gold production of 44koz at an AISC of $2,639/oz (HY22: 54koz at $1,393/oz).
and Cost  By-product credits received from base metals and silver sales were 21% lower than the comparator half-
Performance year period due to reduced average head grades which resulted in lower volumes of payable metal
produced.
 Ore processed was 4% lower in the half-year at 629kt (HY22: 657 kt ore processed).
 Developed and implemented an Organisational Renewal Program to drive improved performance outcomes
across the business.
 New life of mine plan developed for Hera to optimise cash from the remaining ore inventory, which has
resulted in a $5.4 million impairment expense. The plan provides economic returns for an estimated
remaining mine life to March 2023.
Growth Hera-Federation Complex
 The Federation Mine Feasibility Study was released on 10 October 2022. The Study confirms Federation as
a high grade, capital efficient investment project that generates significant shareholder value. Further
refinement is taking place to optimise the use of capital and existing infrastructure.
 Aurelia’s operating footprint in the Cobar Basin provides the platform to leverage established infrastructure
and knowledge to optimise capital investment and project economics.
 NSW government development consent for full scale mining is expected in the March Quarter 2023.
 Growth capital spend of $12.8 million during the half-year on progressing the establishment of surface
infrastructure and 90 metres of decline development. The decline is now only 80 vertical metres from the
top production level. Development activities are currently suspended until completion of the funding
solution for the project.
Dargues Mine
 Regulatory approval of a modification to the development consent was received on 20 December 2022
which increases the processing throughput limit from 355kt to 415kt per calendar year.
 Underground infill and extensional diamond drilling completed in and around the current mining areas. The
findings will be used to delineate the economic mining limits of the deposit.
Great Cobar
 Material increase to the Mineral Resource reported during the half-year. Tonnage increased 37% to 8Mt
containing more than 178kt of copper and 179koz of gold metal.
Financial  Cash at bank of $23.7 million at 31 December 2022 (30 June 2022: $76.7 million).
outcomes  Term loan facility balance of $12.6 million at 31 December 2022 (30 June 2022: $20.7 million) after $8.1
million debt repayments during the half-year.
 An undrawn Working Capital Facility was extended to 31 March 2023 with a limit of $10 million (30 June
2022: $20 million).
 EBITDA result of $12.3 million (HY22: $79.5 million). Underlying EBITDA of $16.1 million (HY22: $84.1
million).
AURELIA METALS LIMITED 3|P ag e
2.1 Profit/(loss) and financial performance
The Group reports a statutory net loss after tax of $29.5 million for the half-year ended 31 December 2022 (HY22: statutory net
For personal use only
profit $7.5 million). Included in the statutory net loss are some significant items which were not incurred in the ordinary course
of business activities. Such items are disclosed in the underlying net profit/(loss). The underlying net profit or loss is presented
to improve the comparability of the financial results between periods.
The result for the half-year ended 31 December 2022 in comparison to the prior half-year is summarised below:
Net profit/(loss) 31-Dec-22 31-Dec-21 Change
$'000 $'000 %
Sales revenue 192,740 235,059 (18)%
Cost of sales (220,344) (205,571) (7)%
Gross (loss)/profit (27,604) 29,488 (194)%
Remeasurement of financial liabilities 801 (4,463) (118)%
Impairment expense – Hera Mine (5,433) - (100)%
Other income and expenses, net (8,870) (8,401) (6)%
Business Combinations - Dargues Gold Mine acquisition
transaction costs and stamp duty - (115) 100%
Net (loss)/profit before income tax and net finance expenses (41,106) 16,509 (349)%
Net finance expenses (1,561) (2,721) 43%
Net (loss)/profit before income tax (42,667) 13,788 (409)%
Income tax benefit/(expense) 13,180 (6,285) 310%
Net (loss)/profit after income tax (29,487) 7,503 (493)%
Underlying net profit/(loss): 31-Dec-22 31-Dec-21 Change
$'000 $'000 %
Net profit before income tax (42,667) 13,788 (409)%
Add back:
Business restructuring expense 4,584 - 100%
Remeasurement of financial liabilities (801) 4,463 (118)%
Impairment expense - Hera Mine 5,433 - 100%
Business Combinations - Dargues Gold Mine acquisition costs
and stamp duty - 115 (100)%
Underlying net (loss)/profit before income tax (i) (33,451) 18,366 (282)%
Income tax benefit/(expense) 13,180 (6,285) 310%
Underlying net (loss)/profit after tax (i) (20,271) 12,081 (268)%
(i) Underlying net profit/(loss) reflects the statutory net profit/(loss) adjusted to reflect the Directors’ assessment of the result
for the ongoing business activities of the Consolidated Entity. The presentation of non-IFRS financial information provides
stakeholders t

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