# March 2026 Quarterly Activities Report

Source Brief: https://evesgoldminers.com/research/source-briefs/aurelia-metals-ltd-2026-04-28-march-2026-quarterly-activities-report-b413e4ac
Original source: https://aureliametals.com/wp-content/uploads/2026/04/3056521.pdf
Original published: 2026-04-28
EGM generated: 2026-09-04
Company: Aurelia Metals Ltd (AMI)

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# March 2026 Quarterly Activities Report

Source: https://aureliametals.com/wp-content/uploads/2026/04/3056521.pdf
Published: 2026-04-28T00:00:00+00:00
Fetched: 2026-05-12T14:11:36.065+00:00
Source artifact: b413e4ac-c6d0-44b6-ae8c-0f2857322bf7
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## Content

# March 2026 Quarterly Activities Report
ASX ANNOUNCEMENT
28 April 2026 | ASX: AMI
QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2026
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 March 2026. This quarter delivered higher gold
production, free cash flow, strengthened liquidity and upgraded production guidance for gold.
All amounts are expressed in Australian dollars unless stated otherwise.
Highlights
Strong gold production delivering free cash flow
• Group quarter metal production of 13.0koz gold, 0.6kt copper, 6.9kt zinc, and 4.3kt lead.
• Cobar Region operating cash flow of $36.2M (DecQ: $42.9M) after all sustaining capital.
• Cash balance (excluding restricted cash) increased to $94.7M (DecQ: $85.6M).
• Group FY26 guidance has been updated to reflect prioritisation of higher value gold ore at Peak:
o Gold production: increased to 45-50koz (previously 35-45koz)
o Copper production: reduced to 2.5-3.0kt (previously 3.0-4.0kt)
o Growth capital: spend reduced to $45-60M (previously $60-70M) with some deferrals
o All other guidance ranges remain unchanged
Balance sheet further strengthened
• New $150 million senior secured financing commitment executed with Citi, Credeq (as agent for
Swiss Re) and HSBC.
• Enables the release of approximately $38 million of currently restricted cash , taking proforma cash
to over $130 million.
Federation annualised mining rate above 400kt and ahead of plan for FY26
• Mine development of 1,449 metres (m) completed (DecQ: 1,417m).
• Ore mined increased to 108kt (DecQ: 76kt).
• Gold grade increased again to 1.37g/t (DecQ: 1.23g/t) and base metal grades performed well.
Peak plant operating at record annualised throughput with high recoveries
• Total tonnes processed was 197kt (DecQ: 187kt).
• ROM stockpile increased to 61kt at quarter end (DecQ: 36kt), de-risking Q4 production volumes.
• Excellent recoveries continue to maximise metal production.
Growth projects executing in line with plan
• Great Cobar mine development completed was 431m (DecQ: 506m), with a total of 1,385m
developed to date.
• Process plant expansion projects on track to increase throughput capacity from 800ktpa to 1.1-
1.2Mtpa. Commissioning of the tailings thickener planned for Q4 FY26 and the ball mill in Q1
FY27, with ramp-up planned throughout 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:
“The March quarter delivered higher gold production of 13koz, free cash flow generation, and improved
FY26 gold guidance.
Costs were in line with guidance and free cash flow was generated after adding to restricted cash for
rehabilitation bonds, investments in growth capital and payment of taxes. This was achieved while also
building ROM stocks at Peak during the quarter, in preparation for production growth in future quarters.
The March quarter also saw us progress the refinancing process, culminating in execution of a
financing commitment letter as announced in early April. This materially strengthens the balance sheet
and enhances liquidity, positioning Aurelia to execute its strategy with greater flexibility and
confidence.
Our Peak Plant Thickener and Ball Mill Projects remain on track, as does the Great Cobar Project. We
expect this strong operational and project delivery momentum to continue through Q4 FY26, generating
strong cash flow supported by favourable commodity prices.”
GROUP QUARTERLY PERFORMANCE
FY26
SepQ DecQ MarQ YTD
Revised
FY26 FY26 FY26 FY26
Guidance
Gold produced koz 10.4 11.7 13.0 35.0 45 – 50
(prev 35 – 45)
Copper produced kt 0.5 0.6 0.6 1.6 2.5 – 3.0
(prev 3.0 – 4.0)
Zinc produced kt 6.5 7.2 6.9 20.7 24 – 32
Lead produced kt 3.8 4.3 4.3 12.4 14 – 22
Group Operating Costs # $M 70.0 73.8 76.7 220.5 275 – 315
Sustaining Capital $M 15.5 15.6 12.7 43.8 50 – 60
Growth Capital $M 10.9 10.5 13.8 35.3 45 – 60
(prev 60 – 75)
Exploration $M 4.8 3.7 2.3 10.8 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 reduced to 7.72 (DecQ: 9.62) in the quarter with one recordable injury, where an
operator received a laceration to their arm from a sharp rock while charging a development heading.
Management actions this quarter include the rollout of a behavioural based safety program and
continued focus on field leadership, particularly for short term contractors, to ensure our workforce
takes the time to assess the risks and hazards before commencing tasks.
The Group Recordable Environmental Incident Frequency Rate (REIFR) increased to 0.78 with one low
severity recordable environmental incident involving a contractor’s truck.
Figure 1: Group TRIFR – 12 month moving average 7.72 Figure 2: Group REIFR – 12 month moving average 0.78
(DecQ: 9.62) (DecQ: 0.00)
12.0 1.2
9.0 0.9
6.0 0.6
3.0 0.3
- -
Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Jun-25 Jul-25 Jan-26
Apr-25 May-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Feb-26 Mar-26
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 (Peak South and New Cobar)
Peak Sep 25 Q Dec 25 Q Mar 26 Q YTD FY26
Development metres m 1,379 1,547 1,359 4,285
Ore mined kt 132 107 113 353
Mine development during the quarter was 1,359m (DecQ: 1,547m), with the result impacted by jumbo
availability, and ventilation establishment works in Great Cobar that are required to extend the declines
to the fresh air shaft location.
Ore mined was 113kt (DecQ: 107kt) with some impacts experienced from challenging ground
conditions in the South Mine and labour availability, particularly for production drilling. Steps have been
taken to increase production drilling resourcing during the quarter which are now resulting in higher drill
metres. The performance of development during the year means ther e is sufficient developed stocks to
support higher mining rates through to the end of the financial year.
The ore mining sequence continues to prioritise higher value gold stopes to maximise cash flow under
current pricing conditions. This approach involves mining smaller, more complex stopes earlier in the
schedule. As a result, gold production guidance for FY26 has been increased, while copper production
guidance has been revised to reflect the updated mine sequence.
Copper ore, which includes the higher grade gold ore, increased to 72kt (DecQ: 66kt) with an average
gold grade of 2.65g/t (DecQ: 2.61g/t) and average copper grade of 1.03% (DecQ: 0.95%). Lead-zinc
ore mined totalled 41kt (DecQ: 41kt) with an average zinc grade of 3.58% (DecQ: 3.06%), average lead
grade of 2.75% (DecQ: 1.55%) and average gold grade of 2.32g/t (DecQ: 3.34g/t).
Federation Mine
Federation Sep 25 Q Dec 25 Q Mar 26 Q YTD FY26
Development metres m 1,481 1,417 1,449 4,347
Ore mined kt 63 76 108 247
Mine development rates were maintained this quarter with 1,449m completed (DecQ: 1,417m).
Underground infill diamond drilling totalled 10,419m (DecQ: 9,607m), which continues to increase
orebody knowledge.
Ore mined increased to 108kt (DecQ: 76kt), ahead of budget for FY26. The mined gold grade
increased to 1.37g/t (DecQ: 1.23g/t). Base metal grades also performed well with zinc at 7.75% (DecQ:
8.18%) and lead at 4.29% (DecQ: 4.61%).
The focus for FY26 remains on continuing to deliver above plan performance, advancing the decline
further to establish additional drilling platforms deeper in the mine, and lowering operating costs to
enhance cash flow generation.
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 Mar 26 Q YTD FY26
Ore processed kt 191 187 197 576
Gold produced oz 10,396 11,671 12,950 35,017
Copper produced t 451 584 604 1,639
Zinc produced t 6,537 7,231 6,909 20,676
Lead produced t 3,848 4,303 4,265 12,416
The ore processing strategy in FY26 remains to maximise throughput at the current 800kpta nameplate
throughput capacity. This quarter saw 197kt processed (DecQ: 187kt) in line with that target.
Lead-zinc ore processed in the quarter increased to 131kt (DecQ: 107kt) in line with the ramp up in
mined tonnes from Federation. Zinc grade was 6.12% (DecQ: 8.03%), lead grade was 3.63% (DecQ:
4.48%) and the gold grade was 1.72g/t (DecQ: 1.75g/t). Copper ore was lower at 66kt (DecQ: 80kt),
but the gold grade was materially higher at 3.00g/t (DecQ: 2.48g/t) which included higher grade gold
areas in Peak South. The average copper grade was also higher at 1.03% (DecQ: 0.83%).
Metal recoveries continue to maximise metal production which is a priority focus. Gold recovery
remained high at 94.8% (DecQ: 94.0%) and along with the higher gold grade of the copper ore,
contributed significantly to strong gold production. Zinc recovery increased to 86.2% (DecQ: 84.0%)
despite the lower grade, lead recovery remained strong at 89.8% (DecQ: 89.6%), as did copper
recovery at 88.9% (DecQ: 88.2%).
As at the end of March there was a combined ROM stockpile of 61kt (DecQ: 36kt) at Peak and
Federation. The planned ramp up in mining rates, particularly at Federation, is expected to continue to
build the ROM stockpiles available for processing. This provides greater confidence in delivering strong
production in Q4 and beyond, and ensures immediate ore feed availability as the expansion projects
are fully commissioned.
Peak Plant Projects
Peak plant projects Sep 25 Q Dec 25 Q Mar 26 Q YTD FY26
Growth capital $M 1.1 3.2 6.9 11.2
The plant upgrade projects at Peak are on track 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 new thickener has now been erected and piping and electrical
installed, and dry commissioning commenced in April. The project budget was increased by $2.1M to
$11.7M during the quarter to reflect additional concrete, electrical and pipework costs based on a
detailed forecast cost to complete. The project is on track to be commissioned in Q4 FY26.
The tertiary ball mill project is progressing with the ball mill and substation removed from the plant at
Dargues and transported to Peak. Foundation excavation works where the ball mill will be located are
now complete, and procurement activities relating to structural steel, electrical cabling, platework and
piping, and the cyclones are well underway. Commissioning of the ball mill project is expected in Q1
FY27.
Both projects contribute to improved metal recoveries with the water management project also reducing
cyanide consumption.
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
FY26 capital guidance for the Optimisation Projects (part of Group Growth Capital) has b

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