September 2025 Quarterly Activities Report

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# September 2025 Quarterly Activities Report

Source: https://aureliametals.com/wp-content/uploads/2025/10/ASX-Announcement_September-Quarter-2025-Activities-Report.pdf
Published: 2025-10-21T00:00:00+00:00
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# September 2025 Quarterly Activities Report
ASX ANNOUNCEMENT
21 October 2025 | ASX: AMI
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Aurelia Metals Limited (ASX: AMI) (Aurelia or the Company) is pleased to advise the release of its
quarterly activities report for the period ended 30 September 2025. All amounts are expressed in
Australian dollars unless stated otherwise.
Highlights
Strong start to year for production and costs
• Group quarter metal production of 10.4koz gold, 0.5kt copper, 6.5kt zinc, and 3.8kt lead.
• Group operating costs of $70.0M inclusive of operating costs relating to Federation.
• FY26 production, cost and capital guidance reaffirmed.
• Cash of $88.1M (JunQ: $110.1M) after investment of $10.9M in growth projects at Federation,
Great Cobar and the Peak Process Plant (JunQ: $15.2M).
• Realisable value of concentrate stocks grew by approximately $10M in the quarter, available for
sale in Q2 FY26.
Federation ramping up ahead of plan
• Mine development increased to 1,481 metres (m) (JunQ: 1,134m).
• Ore mined increased to 63kt (JunQ: 53kt).
• Federation Ore delivered to Peak was 64kt and the run of mine stockpile at Federation grew to
23kt (JunQ: 20kt) with ore haulage from New Cobar to Peak prioritised during the period.
• Ore mining for the year on track to exceed volumes presented at the June 2025 investor day. 1
Peak productivity improvements delivering results
• Mine development continues to improve and increased to 1,379m (JunQ: 1,041m).
• Excellent start to Great Cobar Project with 448m of development completed (included in Peak total
above).
• Mining costs of $121/t for the quarter (JunQ: $140/t).
• Peak plant processed 191kt in the quarter (JunQ: 175kt). Throughput continues to ramp up as
mining rates increase.
• Zinc recoveries increased to 85.3% (JunQ: 83.0%)
• Process water management project progressing to schedule and cost, with the new thickener
construction and QA testing completed, and ready to be shipped. On track for commissioning in
Q4 FY26.
1
Refer to ASX announcement titled “Aurelia Metals Investor Day 2025” released on 19 June 2025.
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT 2
Commenting on the quarterly performance, Managing Director and Chief Executive
Officer, Bryan Quinn, said:
“It has been a pleasing start to FY26 with production and costs tracking in line with our plan, building
on our consistent and improving delivery of operating performance from FY24 and FY25. Our
operational improvement project is in progress and is starting to realise benefits in development
advance, material movements and cost efficiencies. Our cashflows are poised to benefit from strong
commodity prices as our volumes continue to ramp up throughout the year.
“The Great Cobar project has commenced and is delivering in line with our commitments, with 448m of
development already completed. Our focus on rapid development towards the orebody will also enable
us to set up exploration platforms for further drilling into the area below the Mineral Resource.
“Mining at Federation continues to ramp up ahead of our budget year to date. It is particularly pleasing
how well the material is performing in the Peak processing plant. With the transition to commercial
production, I would like to take the opportunity to recognise efforts of both the Aurelia project team and
our contracting partners to deliver this project within budget.
“During the quarter, three team members sustained injuries, which is unsatisfactory. Our leaders will
remain focused on ensuring our teams are adequately supervised and assessing hazards before
commencing work.
“Exploration results for Nymagee have shown some strong results from the drilling, and we continue to
be optimistic about this orebody and its potential as a future development option.”
GROUP QUARTERLY PERFORMANCE
MarQ JunQ SepQ FY26
FY25 FY25 FY26 Guidance
Gold produced koz 16.6 7.3 10.4 35 – 45
Copper produced kt 0.5 0.3 0.5 3.0 – 4.0
Zinc produced kt 3.2 7.5 6.5 24 – 32
Lead produced kt 3.5 4.9 3.8 14 – 22
Group Operating Costs # $M 49.9 43.6 70.0 275 – 315
Sustaining Capital $M 6.6 8.5 15.5 50 – 60
Growth Capital $M 19.3 15.2 10.9 60 – 75
Exploration $M 4.2 3.8 4.8 13 – 18
# Federation is reported as a commercial operation from 1 July 2025. “Group Operating Costs” excludes operating costs relating to
Federation in the March and June 2025 comparison periods.
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT 3
Sustainability
Group TRIFR increased to 6.58 (JunQ: 5.93) with three recordable injuries in the quarter. Programs of
work are underway on hazard identification and focussed on protecting hands from pinch points.
Pleasingly, the Group Recordable Environmental Incident Frequency Rate (REIFR) has remained at
zero for the quarter with no recordable environmental incidents during the past 15 months.
Figure 1: Group TRIFR – 12 month moving average 6.58 Figure 2: Group REIFR – 12 month moving average 0.00
(JunQ: 5.93) (JunQ: 0.00)
12.0 2.0
9.0 1.5
6.0 1.0
3.0 0.5
- -
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Jan-25 Jun-25 Jul-25
Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 May-25 Aug-25 Sep-25
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT 4
Cobar Region, NSW (100%)
Peak Mines (South Mine and New Cobar)
Peak Mar 25 Q Jun 25 Q Sep 25 Q
Development metres m 888 1,041 1,379
Ore mined kt 140 121 132
For detail on mined ore grades, refer Appendix 1.
Mine development during the quarter was 1,379m (JunQ: 1,041m). The focus during the early part of
the quarter was on ensuring the Great Cobar project started with momentum, resulting in some
resources and equipment redirected to that area in July. Total development metres achieved for Great
Cobar of 448m was in line with the project plan (included in total Peak mine development of 1,379m).
Ore mined increased to 132kt (JunQ: 121kt) with the productivity improvement project focused on truck
payload volumes and equipment utilisation. There was a significant increase in copper ore mined
during the quarter, but the majority of mine production came from lead-zinc ore from the South Mine.
Lead-zinc ore mined was 80kt (JunQ: 92kt). Zinc grade was 4.91% (JunQ: 6.14%) and lead grade was
3.14% (JunQ: 4.64%). Gold grade increased materially to 2.41g/t (JunQ: 1.63g/t). Copper ore mined
increased to 52kt (JunQ: 28kt) with a grade of 1.13% (JunQ: 1.49%) and a higher gold grade of 2.15g/t
(JunQ: 1.23g/t). The mining schedule projects higher volumes of mined copper ore in the December
quarter, which will increase copper and gold production and benefit from strong prices.
Federation Mine
Federation Mar 25 Q Jun 25 Q Sep 25 Q
Development metres m 877 1,134 1,481
Ore mined kt 34 53 63
Growth capital $M 19.0 10.8 3.8
Mine development rates made a step change this quarter, increasing to 1,481m (JunQ: 1,134m), driven
by a full quarter of operation with the second jumbo in the mine. Development rates are now at the
targeted level of 1,500m/qtr. Underground infill diamond drilling also increased significantly again
during the quarter, with 13,206m achieved (JunQ: 9,051m), designed to further increase ore-body
knowledge.
Ore mined increased to 63kt (JunQ: 53kt) which has the operation ahead of budget year-to-date. Mined
grades included 6.53% for Zinc, 3.17% for Lead and 0.67g/t for Gold. At 30 September 2025 the
Federation run of mine (ROM) stockpile had 23kt of ore ready for hauling to the Peak processing plant
(JunQ: 20kt). A further 2kt of Federation ore was on the Peak ROM stockpile awaiting processing
(JunQ: 5kt).
The focus for FY26 remains on advancing the decline further to establish additional drilling platforms
deeper in the mine to further define the lower levels, while also ramping up mining tonnes. Mine
planning activities are targeting delivery of ore tonnes above the range indicated at the June 2025
investor day. 2
2
Refer to ASX announcement titled “Aurelia Metals Investor Day 2025” released on 19 June 2025.
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT 5
Peak Processing
Peak * Mar 25 Q Jun 25 Q Sep 25 Q
Ore processed kt 151 175 191
Gold produced oz 16,590 7,405 10,396
Copper produced t 462 263 451
Zinc produced t 3,175 7,483 6,537
Lead produced t 3,489 4,948 3,848
* Reported on a gross production basis (March and June 2025 quarters include pre-commercial ore processing and production
from Federation). For detail on processed ore grades and metal recoveries, refer Appendix 1.
Ore processed increased 9% to 191kt (JunQ: 175kt) driven by higher mining rates at both Peak and
Federation. Lead-zinc ore remained the majority of the mill feed during the quarter with 140kt
processed (JunQ: 148kt). Overall zinc grade was slightly lower at 5.45% (JunQ 6.08%) as was the lead
grade at 3.10% (JunQ: 3.82%), anda gold grade of 1.66g/t (JunQ: 1.75g/t). Copper ore processed
increased in line with higher ore mined to 51kt (JunQ: 27kt), with copper grade lower at 1.01% (JunQ:
1.49%) but a higher gold grade of 2.20g/t (JunQ: 1.23g/t).
Metal recoveries achieved continued to maximise metal production which is a priority focus. Gold
recovery remained high at 93.9% (JunQ: 93.9%). Zinc recovery increased again to 85.5% (JunQ:
83.0%), and lead recovery also remained strong at 88.4% (JunQ: 87.3%). Both outcomes continue to
demonstrate the excellent results from processing Federation ore at Peak. Copper recovery increased
to 88.4% (JunQ: 80.9%) despite the lower coper grade.
The water management project remains on track for commissioning in Q4 FY26 quarter, which will
improve metal recoveries through the installation of a new thickener (photos below).
Photos: Thickener components that had final inspections during the quarter and are ready to ship.
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT 6
Great Cobar Project
Great Cobar Jun 25 Q Sep 25 Q
Development metres m n/a 448
Growth capital $M 4.3 5.9
The Great Cobar project mobilised mining crews and equipment and commenced mining activity on 1
July 2025 as committed to the market. A total of 448 metres was completed in the quarter and mining
conditions continue to support the teams’ confidence in the potential upside to development
performance.
Other critical activities that progressed during the quarter included the initial expressions of interest for
the ventilation shaft work, which is a key component of the mine infrastructure. Construction of the
shaft is planned to commence in FY27. Infrastructure and services works including power, fuel stations,
water, workshops are also underway and progressing well.
The capital budget and schedule progress remain on track.
Figure: Plan view of Great Cobar development.
For more information, contact us at:
Level 10, 10 Felix Street GPO Box 7 07 3180 5000
Brisbane QLD 4000 Brisbane QLD 4001 aureliametals.com
office@aureliametals.com.au ABN: 37 108 476 384
ASX ANNOUNCEMENT

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