December 2025 Quarterly Activities Report

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# December 2025 Quarterly Activities Report

Source: https://aureliametals.com/wp-content/uploads/2026/01/ASX-Announcement_December-Quarter-2025-Activities-Report.pdf
Published: 2026-01-21T00:00:00+00:00
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# December 2025 Quarterly Activities Report
ASX ANNOUNCEMENT
21 January 2026 | ASX: AMI
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 DECEMBER 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 31 December 2025. All amounts are expressed in
Australian dollars unless stated otherwise.
Highlights
Significant cash flow generated from strong production
• Group quarter metal production of 11.7koz gold, 0.6kt copper, 7.2kt zinc, and 4.3kt lead.
• Cobar Region operating cash flow of $42.9M (SepQ: $8 .3M) after all sustaining capital.
• Cash balance of $85.6M (SepQ: $88.1M) after investment of $10.5M in growth projects, tax
payment of $12.2M related to the FY25 tax year, and a further $7.9M to restricted cash for
performance bonding.
• FY26 production, cost and capital guidance reaffirmed. Gold production tracking to upper end of
guidance range during a period of strong prices.
Federation ramp up continues ahead of plan for FY26
• Mine development of 1,417 metres (m) completed (SepQ: 1,481m).
• Ore mined increased to 76kt (SepQ: 63kt).
• Grades increasing as mining advances. Zinc grade increased to 8.18% (SepQ: 6.53%), lead to
4.61% (SepQ: 3.17%) and gold to 1.23g/t (SepQ: 0.67g/t).
Peak processing plant performing extremely well at increased throughput
• Total tonnes processed 187kt (SepQ: 191kt) which is towards limit of current capacity.
• Recoveries continue to be excellent to maximise metal production . Gold was 94.0%, zinc was
84.0%, lead was 89.6% and copper was 88.2%.
Growth projects executing in line with plan
• Great Cobar mine development increased to 506m (SepQ: 448m), with total of 954m developed to
date.
• Process plant expansion projects on track to increase throughput capacity from 800ktpa to 1.1-
1.2Mtpa in H1 FY27.
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:
“Aurelia delivered a strong metal production in the second quarter of FY26 and remains on track to
deliver full year guidance, highlighted by production of 11.7k ounces of gold. The performance
generated robust cashflows, supporting our growth journey towards 40kt of copper equivalent
production in FY28. The strength of the operational result this quarter enabled us to once again fund all
growth capital, tax and rehabilitation bond cash backing requirements.
“We are making significant progress on our growth projects in this quarter, with our Great Cobar
Copper Project executing on schedule. The processing plant thickener and ball mill expansions also
remain on track against the project plan. These plant projects are key components of our strategy to
increase throughput capacity at Peak from 800ktpa capacity to 1.1-1.2Mtpa capacity during H1 FY27.
“The teams at Peak Mine remain focused on delivering the productivity projects and Federation Mine
remains focused on the ramp-up of the operations, which are on track to deliver a strong result for the
year. I remain confident in our ability to deliver excellent cash flow in FY26 and set up our business to
deliver value to shareholders into FY27 and beyond.
“Disappointingly, there were four recordable injuries across our sites over the quarter. Management
has implemented clear and targeted actions, working closely with our teams to address the key causes
identified – namely hand injuries, slips, trips and falls – with the objective of preventing recurrence.”
GROUP QUARTERLY PERFORMANCE
SepQ DecQ YTD FY26
FY26 FY26 FY26 Guidance
Gold produced koz 10.4 11.7 22.1 35 – 45
Copper produced kt 0.5 0.6 1.0 3.0 – 4.0
Zinc produced kt 6.5 7.2 13.8 24 – 32
Lead produced kt 3.8 4.3 8.2 14 – 22
Group Operating Costs # $M 70.0 73.8 143.8 275 – 315
Sustaining Capital $M 15.5 15.6 31.1 50 – 60
Growth Capital $M 10.9 10.5 21.4 60 – 75
Exploration $M 4.8 3.7 8.5 13 – 18
#
Group Operating Cost includes mining, processing, site admin, transport and logistics, TCRCs, royalties, corporate costs and care and
maintenance.
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 9.62 (SepQ: 6.58) with four recordable injuries in the quarter. Injuries during
this period were mainly hand injuries, and a rolled ankle all involving short term contractors. The
actions for management include rolling out a behavioural based safety program in February, and
ongoing focus on field leadership with short term contractors to ensure our workforce is taking the time
to assess work using Take 5 and Job Hazard assessments.
Pleasingly, the Group Recordable Environmental Incident Frequency Rate (REIFR) has remained at
zero for the quarter with no recordable environmental incidents during the past 18 months.
Figure 1: Group TRIFR – 12 month moving average 9.62 Figure 2: Group REIFR – 12 month moving average 0.00
(SepQ: 6.58) (SepQ: 0.00)
12.0 1.2
9.0 0.9
6.0 0.6
3.0 0.3
- -
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-25 Jun-25 Jul-25
Feb-25 Mar-25 Apr-25 May-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-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 Sep 25 Q Dec 25 Q YTD FY26
Development metres m 1,379 1,547 2,926
Ore mined kt 132 107 239
Mine development during the quarter was 1,547m (SepQ: 1,379m), with increased metres achieved
both in the current production areas in Peak South and New Cobar, and at Great Cobar.
Ore mined was 107kt (SepQ: 132kt). Volumes mined in October were lower than planned, driven by
low production drilling rates due to ground conditions in the Peak South Mine, issues with explosive
product performance that delayed the blasting sequence, and several days lost for compassionate
leave for some of our workforce following a fatal mining incident nearby in the Cobar region. Mining
rates improved in November and December, and the development metres achieved year to date means
there is sufficient contingency to ramp up mining rates in H2 FY26. The operation continues to focus on
recruitment to fill vacant roles to improve equipment utilisation.
The mining sequence at Peak is currently prioritising areas that maximise gold production and cash
flow. This ore is reported as part of copper ore, which was the dominant ore type mined at Peak this
quarter at 66kt (SepQ: 52kt). The copper ore had a higher average gold grade of 2.61g/t (SepQ:
2.15g/t) but a lower average copper grade of 0.95% (SepQ: 1.13%). Lead-zinc ore mined totalled 41kt
(SepQ: 80kt). Zinc grade was 3.06% (SepQ: 4.91%) and lead grade was 1.55% (SepQ: 3.14%). Gold
grade increased materially to 3.34g/t (SepQ: 2.41g/t). As a result of this mining sequence, our
forecasts indicate that FY26 gold production is likely to be towards the top end of the guidance range,
and FY26 copper production is forecast to be at the lower end of the guidance range.
Federation Mine
Federation Sep 25 Q Dec 25 Q YTD FY26
Development metres M 1,481 1,417 2,898
Ore mined Kt 63 76 139
Mine development rates were maintained this quarter with 1,417m completed (SepQ: 1,481m).
Underground infill diamond drilling totalled 9,607m (SepQ: 13,206m), which continues to increase ore-
body knowledge.
Ore mined increased to 76kt (SepQ: 63kt). The operation remains ahead of budget for FY26 but mining
rates were impacted in December from labour shortages in our mining contractor loading and hauling
crews. Given that sufficient broken stocks are available, plans are underway to catch up that lost
volume in H2 FY26.
Mined grades increased across the board this quarter as mining ramped up and ore was accessed
further into the ore body. The mined zinc grade increased to 8.18% (SepQ: 6.53%), lead increased to
4.61% (SepQ: 3.17%) and gold increased to 1.23g/t (SepQ: 0.67g/t). At 31 December 2025 the
Federation run of mine (ROM) stockpile had 19kt of ore ready for hauling to the Peak processing plant
(SepQ: 23kt).
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.
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 Sep 25 Q Dec 25 Q YTD FY26
Ore processed kt 191 187 378
Gold produced oz 10,396 11,671 22,067
Copper produced t 451 584 1,035
Zinc produced t 6,537 7,231 13,768
Lead produced t 3,848 4,303 8,151
The ore processing strategy in FY26 has been focussed on maximising throughput up to the current
plant capacity of 800ktpa, with ore processed this quarter in line with the prior quarter at 187kt (SepQ:
191kt). Lead-zinc ore remained the dominant ore feed in the quarter with 107kt processed (SepQ:
140kt). Overall grades benefited from the higher proportion of Federation ore processed, with zinc
grade higher at 8.03% (SepQ: 5.45%), lead grade higher at 4.48% (SepQ: 3.10%), and a gold grade
higher at 1.75g/t (SepQ: 1.66g/t). Copper ore processed increased to 80kt (SepQ: 51kt). Reported
within the copper ore was ore high in gold grade, resulting in a gold grade of 2.48g/t (SepQ: 2.20g/t)
and an average copper grade of 0.83% (SepQ: 1.01%).
Metal recoveries achieved continue to maximise metal production which is a priority focus. Gold
recovery remained high at 94.0% (SepQ: 93.9%). Zinc recovery was 84.0% (SepQ: 85.5%), and lead
recovery also remained strong at 89.6% (SepQ: 88.4%). Copper recovery was maintained at 88.2%
(SepQ: 88.4%) despite the lower coper grade.
As mining rates ramp up, particularly at Federation, our plan is to continue to build a stockpile in front
of the Peak plant. This will provide feed once the plant expansion projects are fully commissioned in H1
FY27. As at the end of December there was a combined ROM stockpile of 36kt, with 19kt on the ROM
at Federation and 17kt on the ROM at Peak.
Peak Plant Projects
Peak plant projects Sep 25 Q Dec 25 Q YTD FY26
Growth capital $M 1.1 3.2 4.3
The plant upgrade projects at Peak are on track in accordance with their project schedules to increase
the Mill throughput from 800kt to 1.1-1.2Mtpa, and approvals for the throughput increase are
progressing with the Cobar Shire Council.
For the water management project, the concrete pad for the new thickener has now been poured. All of
the main steel fabrication for the thickener has arrived and is ready to assemble post the concrete
works being completed. The project is expected to be commissioned in Q4 FY26.
The tertiary ball mill project is progressing with the ball mill to be removed from the plant at Dargues in
Q3 FY26 and transported to Peak along with the substation. The ball mill will be commissioned in Q1
FY27. Both projects contribute to improved metal recoveries with the water management project also
reducing cyanide consumption.
The final of the three plant projects is the crushing and materials handling project, which enables the
higher processing rate. It remains on track for commissioning in Q2 FY27.
For more

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