Aurelia Metals Limited · ASX:AMI
Aurelia Metals — Investor Day (June 2025)
61 slides from Aurelia Metals's investor day presentation, Jun 19, 2025
Slide 1: Aurelia Metals Investor Day
AURELIA METALS INVESTOR DAY 19 June 2025 ASX Code: AMI
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation has been prepared by Aurelia Metals Limited (‘AMI’ or the ‘Company’). It should By its very nature, production and exploration for gold and base metals is a high risk business and is not not be considered as an offer or invitation to subscribe for or purc
Slide 3: Welcome
WELCOME Martin Cummings, Chief Financial Officer
Slide 4: Our Team
OUR TEAM Board of Directors Peter Botten, AC, CBE Non-Executive Chair Bryan Quinn Martin Cummings Andrew Graham Managing Director and Chief Chief Financial Officer Chief Development and Executive Officer Technical Officer Managing Director and Bryan Quinn Chief Executive Officer Lyn Brazil Non-Execu
Slide 5: Agenda
AGENDA Welcome Martin Cummings Chief Financial Officer Managing Director and Chief Executive Officer Overview and Strategy Bryan Quinn Angus Wyllie General Manager – Cobar Region Operate With Discipline Ryan Cunningham Technical Services Manager – Cobar Region Right People, Right Mindset Jessie Homm
Slide 6: Overview and Strategy
OVERVIEW AND STRATEGY Bryan Quinn, Managing Director and Chief Executive Officer
Slide 7: Our Values
CARE CURIOSITY Our Values are our greatest opportunity to exemplify the respect we have for our work and the stakeholders NIMBLE we serve. ONE TEAM AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 7
Slide 8: Share Price Performance
SHARE PRICE PERFORMANCE Focus on generating value reflecting in share price, but full value still to be realised 400 350 +211% since the equity raise (1 June 2023) 1 AMI: 211% 300 PNR: 190% POL: 170% 250 MLX: 123% Index 200 DVP: 40% ALK: 1% 150 MAC: -3% A1M: -12% 100 HGO: -19% 50 PEX: -22% 29M: -62%
Slide 9: Our Competitive Advantage
OUR COMPETITIVE ADVANTAGE The ideal platform to succeed in the Cobar Region 2 3 Processing Operating Established facilities mines infrastructure 393 Highly prospective tenement employees1 Significant package 65% residential Mineral Resource 1 As at 16 June 2025. Excludes contractors AURELIA METALS I
Slide 10: Our Footprint
OUR FOOTPRINT AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 10
Slide 11: Our Investment Proposition
OUR INVESTMENT PROPOSITION Exposure to the right metals Strong balance sheet $106.7M cash at 31 March 2025 and no drawn debt1 Self funded production growth pipeline 3 growth developments Federation - Great Cobar - Peak Plant Optimisation Significant exploration prospectivity 105km of tenements along
Slide 12: Our Strategic Objectives
OUR STRATEGIC OBJECTIVES Over the next five years Base metals dominant revenue in Clear pathway to ~40kt copper three years equivalent production in FY28 Targeting Cobar Region mine Strict capital management to cash flow of $105-200M in FY28 maintain strong balance sheet Work underway to target abov
Slide 13: Pathway to ~40kt Cu Equiv Production in FY28
PATHWAY TO ~40KT1 CU EQUIV PRODUCTION IN FY28 With processing capacity available to increase beyond 50ktpa through growth options Growth options: Nymagee, Exploration, Hera restart, inorganic options in Cobar region Great Cobar production Federation ramp up (commences FY28) and Peak plant optimisati
Slide 14: Executing Our Strategy
EXECUTING OUR STRATEGY ✓ Operate with discipline Right people, right mindset Sustainability delivering value Focused growth AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 14
Slide 15: Sequenced to Deliver Growth Projects
SEQUENCED TO DELIVER GROWTH PROJECTS Simplified and largest base metals operation in the Cobar Basin FY25 FY26 FY27 FY28 Federation Project Federation operational ramp up Delivered Water management upgrade $9.6M Peak Plant Optimisation $15-20M Great Cobar Project $5M $20-25M $45-55M $20-25M Targetin
Slide 16: Operate With Discipline
OPERATE WITH DISCIPLINE Angus Wyllie, General Manager – Cobar Region Ryan Cunningham, Technical Services Manager – Cobar Region
Slide 17: Safety Performance
SAFETY PERFORMANCE Building a culture of Care • Fatal hazard standard review to focus on preventing serious incidents • Using our risk management tools to ensure each job can be done safely • Continued attention on contractor management and dust Total Recordable Injury Frequency Rate 14 12 Injury F
Slide 18: Developing a High-Performance Culture
DEVELOPING A HIGH-PERFORMANCE CULTURE Our success will be delivered by our people Annual Awards DEI Management Committee Operating System Employee Engagement Value Surveys Proposition Recognition Programs AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 18
Slide 19: Developing and Operating - Portfolio
DEVELOPING AND OPERATING - PORTFOLIO A video of our developing and operating portfolio, is available on our YouTube Channel: https://youtu.be/GYvy_mT2Xgk AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 19
Slide 20: Two Ore Sources from FY30
TWO ORE SOURCES FROM FY30 50% of ore mined from Federation (Pb/Zn) and 50% from New Cobar (Cu/Au) Cobar Region Planned Mined Tonnes • Federation to reach peak mining rate 1.1-1.2Mt during FY27 • Great Cobar production (within New 580-600kt 0.65Mt 320-340kt 450-480kt Cobar) commences in FY28 170-190k
Slide 21: Improving Mining Productivity at Peak
IMPROVING MINING PRODUCTIVITY AT PEAK Improving the margin from our operations to deliver cash to maximise returns Mining cost ($/t) improvements underway Targeting Enabled by: 18% 122 reduction Ongoing focus on safety (2) (8) Management operating system embedded (5) (2) (2) (3) 100 Standardisation
Slide 22: Case Study - Reducing Mining Dilution
CASE STUDY - REDUCING MINING DILUTION Chronos 9490L Production Panel in FY24 vs Chronos 9765L Production Panel in FY25 Prior to WebGen FY24 FY25 dilution optimisation Innovative use of WebGen and CRF to reduce dilution and maximise grade recovery: • Loose Rock fill dilution reduced 25m strike: 33m s
Slide 23: Case Study - Improving Our Mining Efficiency
CASE STUDY - IMPROVING OUR MINING EFFICIENCY Developing our management operating system to drive productivity Peak development metres per quarter increasing 1,000 916 887 778 743 724 729 724 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 Target FY26 AURELIA METALS INVESTOR DAY | 19 JUNE 202
Slide 24: Great Cobar Project Overview
GREAT COBAR PROJECT OVERVIEW1 Strong base case financial outcomes with potential to grow Copper resource Twin decline from Jubilee commencing July 2025 3.6Mt @ 77kt Cu Owner mining to maximise synergies 2.3% Cu, 84koz Au 0.9g/t Au Life of mine base case 600m ventilation shaft reamed in 2027 Producti
Slide 25: Great Cobar Planned Development
GREAT COBAR PLANNED DEVELOPMENT AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 25
Slide 26: Great Cobar Project Underway
GREAT COBAR PROJECT UNDERWAY Targeting first ore in FY28 Recruitment well Site services advanced being installed On track to commence development in Q1 FY26 Equipment orders placed for June 2025 delivery Planned Project Capital Development Planned Project Capital Spend Profile (km) ($M) 2.8 45 – 55
Slide 27: Federation Mining Ramp Up
FEDERATION MINING RAMP UP Majority of surface infrastructure complete, focus now on mining 2nd Jumbo now mobilised Development Metres (m) Planned mining ramp up 1,500 Development impacted by rain 873 877 675 618 480 580-600kt 405 338 450-480kt 320-340kt ~100kt Q1 FY24 Q2 FY24 Q3 FY24 Q5 FY24 Q1 FY25
Slide 28: Federation Geology
FEDERATION GEOLOGY Improved orebody knowledge (Plan View) • Increase in orebody domain definition compared to the April 2023 Feasibility Study model • Improved geological understanding and structural definition of the orebody through infill drilling and mapping • A series of N-NE orientated lenses w
Slide 29: Federation Geology
FEDERATION GEOLOGY Infill drilling to inform the mine plan Drilling completed in FY25 • Early FY25 infill drilling focused on the upper levels, bringing forward 1180 level production tonnes and cashflow • Later FY25 infill drilling focused on increasing understanding of FY26 and FY27 production • 11
Slide 30: Federation Model Comparison
FEDERATION MODEL COMPARISON Example of the 1180 level (plan view) Feasibility Study Geology Current Development to Model and Mining Shapes June 2025 and Planned April 2023 Mining Shapes E-NE Mining Orientation N-NE Mining Orientation • Feasibility Study design targeted extraction of broader economic
Slide 31: Infill Drilling
INFILL DRILLING • Standard infill drilling practices will follow the decline as it advances • Improved orebody definition expected over the next two financial years • Production fronts will track with decline development and infill drilling • Access to larger stoping areas as mining moves into lower
Slide 32: Right People Right Mindset
RIGHT PEOPLE RIGHT MINDSET Jessie Hommelhoff, General Manager – People and Culture
Slide 33: Workforce Focus Areas
WORKFORCE FOCUS AREAS Cultivating a first-class employee value proposition Wellbeing Leadership People First Focus: Prioritising employee growth, wellbeing and support Our Values Innovation Work Values-led Culture: and and living Embedding our Values at the technology environments heart of all actio
Slide 34: Retaining and Developing Critical Skills
RETAINING AND DEVELOPING CRITICAL SKILLS In a highly competitive market 1 Identify and Prioritise Mapping our critical operational skill dependencies 2 Retain Through Value Offering competitive attraction and retention 3 Build from Within Cross skilling and development 4 Monitor and Build Pipeline B
Slide 35: Sustainability Adding Value
SUSTAINABILITY ADDING VALUE Andrew Graham, Chief Development and Technical Officer Jonathon Thompson, Group Manager – Sustainability
Slide 36: Dargues
DARGUES Closure progressing according to plan Key Activities Key Focus Areas ✓ Exploration drill pads and drill • Permit modification submitted to holes largely rehabilitated direct water underground ✓ Buildings and mobile equipment • Final landform design and sold and cleared realising $750k earthw
Slide 37: Sustainability Strategy
SUSTAINABILITY STRATEGY Focusing on our people and the community Health and safety of Energy intensity Water consumption Community our people intensity Reduce energy intensity Reduce water intensity 70% of social investment No life altering injuries per tonne processed per tonne processed budget on
Slide 38: Sustainability Adding Value - Dargues Landcare Agreement
SUSTAINABILITY ADDING VALUE Case study 1: Dargues Landcare Agreement • Agreement with Upper Shoalhaven Landcare to use our facilities for propagation of tubestock for regeneration projects • Will also supply tubestock for the rehabilitation of Dargues AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAG
Slide 39: Sustainability Adding Value - Cobar Community Hub
SUSTAINABILITY ADDING VALUE Case study 2: The Cobar Community Hub • Officially opened in October 2024 • Located in the main street of Cobar • Provides a meeting place for the community and Aurelia • Fosters proactive engagement with the community AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 39
Slide 40: Sustainability Adding Value - Chelsea Biodiversity Offset
SUSTAINABILITY ADDING VALUE Case study 3: The Chelsea Biodiversity Offset Property • Biodiversity Stewardship Agreement established in 2022 • Credits generated for Aurelia projects including Hera Mine and the Federation Project • Excess biodiversity credits to be sold • $7.3M in recent excess credit
Slide 41: Focused Growth
FOCUSED GROWTH Andrew Graham, Chief Development and Technical Officer Todd McGilvray, Group Manager – Exploration
Slide 42: Cobar Basin Optimisation Project
COBAR BASIN OPTIMISATION PROJECT Realising significant value from latent capacity of installed infrastructure • Peak Plant Hub – Valuable 2-product float and CIL flowsheet – On grid – 10km from Cobar – Significant latent capacity • Capital efficient path defined to 1.1-1.2Mtpa throughput • Permit re
Slide 43: Project 1: Process Water and Tailings Optimisation
COBAR BASIN OPTIMISATION PROJECT Project 1: Process Water and Tailings Optimisation Rationale • Improve float recovery by recycling leach process water only to the leach circuit • Tailings thickener and pump capacity selection supports higher throughput Key Scope • New 22m tailings thickener pumps a
Slide 44: Project 2: Ball Mill Upgrade
COBAR BASIN OPTIMISATION PROJECT Project 2: Ball Mill Upgrade Rationale Cyclone cluster • Improve copper recovery through additional liberation • Grinding capacity to support higher throughput Key Scope Ball mill • Relocate Dargues ball mill to Peak in a tertiary grinding capacity Capital: $8-9M Sta
Slide 45: Project 3: Materials Handling Upgrade
COBAR BASIN OPTIMISATION PROJECT Project 3: Materials Handling Upgrade Rationale • ROM materials handling and ore feed capacity to enable expanded 1.2Mtpa throughput Crusher Key Scope • Feeder, crusher and conveyor integrating copper ore Conveyor feed into the existing Peak live pile Capital: $8M -
Slide 46: Organic Growth Studies
ORGANIC GROWTH STUDIES New Occidental Tailings Processing Peak Copper Optimisation Concentrate Dewatering Optimisation Federation Copper Float Product Hera Plant Restart Options AURELIA METALS INVESTOR DAY | 19 JUNE 2025 | PAGE 46
Slide 47: Exploration Potential
EXPLORATION POTENTIAL Significant discovery potential in a premier Australian mining region • Tenements covering 105km of the highly prospective Rookery Fault • Extensive data coverage including: – magnetics (100%) – gravity (80%) – surface geochemistry (80%) – targeted induced polarisation and elec
Slide 48: Exploration | Great Cobar
EXPLORATION | GREAT COBAR Significant prospectivity and expansion potential • Mineral Resource Estimate limited mainly by JORC-compliant drilling • Significant mineralisation in non-JORC compliant drilling • Currently open at depth and along strike • Predictive magnetic inversion software modelling
Slide 49: Exploration | Federation West
EXPLORATION | FEDERATION WEST Exciting discoveries adding to Federation ~140 metres from planned mining • Federation West discovered in April 2024 – FDD215 – 4.6m @ 33.9% Zn, 20.3% Pb, 1.6% Cu, 0.9g/t Au & 38g/t Ag1 • Additional lens in Federation West recently discovered – FDD222 – 3.0m @ 25.3% Zn,
Slide 50: Exploration | Nymagee
EXPLORATION | NYMAGEE Resource expansion towards a potential mine • Significant mineralisation identified outside of current Mineral Resource1, 2 including: – highest zinc assays to date (37.9% Zn) – some of the highest copper assays (13.4% Cu) – excellent silver assays (254g/t Ag) • Down Hole Elect
Slide 51: Balance Sheet, Guidance and Outlook
BALANCE SHEET, GUIDANCE AND OUTLOOK Martin Cummings, Chief Financial Officer
Slide 52: Growing EBITDA and Cash Flow
GROWING EBITDA AND CASH FLOW Balance sheet benefiting from materially improved operating performance Group Underlying EBITDA ($M) • $106.7M cash on hand at 31 March 2025 • Trafigura debt facility (US$23.6M) remains undrawn 49 50 33 • On track for EBITDA > $100M for FY25 FY24 H1 FY24 H2 FY25 H1 • Pea
Slide 53: Growth-Focused Capital Strategy
GROWTH-FOCUSED CAPITAL STRATEGY Capital investments to grow production remain the near-term priority Maintain Strong ✓ Cash balance of $107M and liquidity of over $140M with no drawn debt Balance Sheet ✓ Plans focused on generating cash at conservative price assumptions ✓ Hedging used to protect bal
Slide 54: Production Guidance & Outlook
PRODUCTION GUIDANCE & OUTLOOK Building our base metals production at Federation and Great Cobar Guidance1 Outlook (Aspirational)2 Production Unit FY25 FY26 FY27 FY28 Gold k ozs 40 – 50 35 – 45 43 – 53 30 – 40 Copper kt 2.5 – 3.5 3.0 – 4.0 3.0 – 4.5 6.0 – 8.0 Zinc kt 14 – 20 24 – 32 24 – 32 40 – 50 L
Slide 55: Revenue Transitions to Base Metals Dominant
REVENUE TRANSITIONS TO BASE METALS DOMINANT Growth projects expected to deliver higher copper, zinc and lead production FY25 Revenue Mix at Spot Price1 FY28 Revenue Mix at Spot Price1 ~39% base ~67% base metals revenue metals revenue Zinc, 15% Gold & Silver, 33% Zinc, 34% ~28kt Lead, 12% ~40kt Gold
Slide 56: Operating Cost Guidance and Outlook
OPERATING COST GUIDANCE AND OUTLOOK Targeting further reduction from delivery of cost reduction programs Guidance1 Outlook (Aspirational)2 A$M Unit FY25 FY26 FY27 FY28 • Peak costs in FY26 reflect higher operating development and process Cobar Region $M 160 – 180 255 – 285 plant throughput - Peak $M
Slide 57: Capital Guidance and Outlook
CAPITAL GUIDANCE AND OUTLOOK Executing growth projects in line with our strategy Guidance1 Outlook (Aspirational)2 • Sustaining capital now includes Federation A$M Unit FY25 FY26 FY27 FY28 mine development capital previously reported in growth capital Sustaining Capital $M 25 – 35 50 – 60 40 – 50 30
Slide 58: Cash Generating Capacity in FY28
CASH GENERATING CAPACITY IN FY28 Aspirational outlook using spot metal prices shows strong operating cash flow Total 1 $445M - $590M Gold $150M - $200M Group Operating Costs Copper $310M - $350M $85M - $115M Lead $70M - $100M Sustaining Capital Group Operating Zinc $30M - $40M Cash flow $140M - $175
Slide 59: Wrap Up
WRAP UP Bryan Quinn, Managing Director and Chief Executive Officer
Slide 60: Aurelia Metals
AURELIA METALS The developer and operator of choice for critical base metals that power the future Significant Mineral Resource in Cobar Basin Established processing infrastructure capacity 1.2 – 1.5Mt Building strong capable team Strong cash balance to fund growth plans Clear pathway to ~40Kt Cu eq
Slide 61: Thank You
auretia “-“