Aurelia Metals Limited

FY26 revenue increased 40% to $480 million. EBITDA increased 55% to $189 million and EBITDA margins improved to almost 40%. Net profit after tax increased 69% to $82.7 million, and EPS increased 69% to $0.0488 per share. Cobar operations generated $140.5 million of operating cash flow after sustaining capital, and year-end cash was $143 million versus $110.1 million a year earlier. The company also completed a refinance that lifted liquidity to around $184 million and lowered financing costs. FY27 guidance calls for processing 1.05 million to 1.15 million tonnes, gold production of 50,000 to 60,000 ounces, copper of 2,500 to 3,500 tonnes, zinc of 26,000 to 34,000 tonnes, and lead of 17,000 to 25,000 tonnes. Unit costs at Cobar were $369 per tonne processed in FY26 and are expected to fall 11% to 19% to $300 to $330 per tonne in FY27. Sustaining capital is expected at $65 million to $75 million, and growth capital and exploration at $64 million to $88 million. Dargues rehab spend is expected to be $10 million to $12.5 million. The board declared a fully franked $0.01 per share final dividend, totaling approximately $17 million.

Martin Cummings described FY26 as a very strong year and emphasized that operational gains translated into higher earnings, cash flow, and a stronger balance sheet. He highlighted production growth, the ramp-up at Federation, progress on Great Cobar and Peak Plant Expansion, and said the company is now balancing reinvestment in growth with shareholder returns. His tone was upbeat but measured: the dividend is a starting point, and the broader capital management framework will continue to mature with the incoming CEO.

Leigh Collins focused on the financial leverage from improved operations and metal prices. He cited revenue of $480 million, EBITDA of $189 million, NPAT of $82.7 million, and EPS of $0.0488, along with nearly 40% EBITDA margins. He also noted $140.5 million of operating cash flow after sustaining capital, year-end cash of $143 million, and refinancing benefits that increased liquidity to around $184 million while improving flexibility and lowering financing costs.

Analysts pressed on the stronger Federation reserve grades and whether that changes mining methods or FY28 expectations. Management said there is no change to mining method or the broader plan; infill drilling has defined tighter domains with better grade, meaning less tonnes but similar metal output, and gold conversion remains an area they want to model better this year. Questions also focused on Great Cobar progress and dividend policy: management said Great Cobar is on track for the base of the raisebore chamber in November and surface works have started, while dividend policy is not yet formalized and remains Board discretionary. In response to whether the company should return more cash, Martin said $0.01 was chosen because there is still capital to spend on plant projects and Great Cobar.