FY2021
Dargues acquired mid-year
The December acquisition expanded the operating portfolio. Only the post-acquisition contribution is included in group statutory results.
ASX: AMI · Five-year financial review
(ASX: AMI) Aurelia Metals Financial Review - FY2021~25
Aurelia returned to statutory profit in FY2025 even as group gold production declined. Higher realised prices, the changing mine mix and Federation’s first ore explain why production, revenue and cash did not move together. The review separates that operating recovery from development spending, bond collateral and non-IFRS cost measures.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 revenue
A$343.47m
Includes pre-commercial Federation sales.
FY2025 statutory profit
A$48.85m
Underlying profit A$47.66m is a separate issuer measure.
FY2025 operating cash
A$129.67m
Before investing cash outflow.
FY2025 closing cash
A$110.09m
Not including bond cash backing.
Five years in context
Dargues joined in December 2020, suffered a major FY2022 impairment and ultimately ceased mining in July 2024. Hera stopped mining in March 2023. This history explains why five-year production comparisons are not a constant-mine performance test.
Federation development restarted in August 2023; first ore was processed at Peak in December 2024. The changing portfolio is moving towards the Cobar Basin, but future capacity and FY2028 copper-equivalent ambitions are not counted as realised production here.
Events behind the numbers
FY2022
Dargues impairment
Lower grades and a reduced mining inventory led to a significant write-down, explaining why strong operating cash could coexist with a statutory loss.
FY2023
Hera closes; Federation funding arranged
Hera transitioned to care and maintenance. Trafigura facilities and the equity raise supported the next development phase; retail proceeds arrived after June.
FY2024
Federation development restarts
Development recommenced in August. Rain disrupted work, while operating cash helped fund growth capital and exploration.
FY2025
Federation ore replaces part of the old mine mix
Federation ore entered the Peak plant in December, while Dargues completed mining and processing in the first quarter. Higher prices supported revenue despite lower gold output.
FINANCIAL REVIEW / 01
Profit recovered while the production footprint changed
FY2025 revenue growth was primarily price-driven, according to the issuer. Statutory profit and underlying profit were close in the latest year; earlier losses contain major impairment effects and should not be read as equivalent cash losses.
Sales revenue
A$ million
Sales revenue
AI-generated presentation · values from Revenue and statutory earnings through the operating transition; no missing values plotted as zero.
Statutory profit and loss
A$ million
Statutory profit / (loss) after tax
AI-generated presentation · values from Revenue and statutory earnings through the operating transition; no missing values plotted as zero.
Revenue and statutory earnings through the operating transition
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Sales revenue | 416.48 | 438.81 | 369.20 | 309.89 | 343.47 |
| Cost of sales | (308.75) | (416.37) | (403.00) | (276.32) | (257.76) |
| Statutory profit / (loss) after tax | 42.92 | (81.69) | (52.22) | (5.73) | 48.85 |
Consolidated Australian-dollar results, years ended June. Dargues contributes only from its December 2020 acquisition in FY2021; Hera closes in FY2023 and Dargues in Q1 FY2025.
FY2025 includes A$31.3m Federation pre-commercial production revenue and corresponding costs; project commissioning revenue is not excluded from statutory sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Gold volumes fell; base-metal mix remains important
Dargues closure reduced gold output, partly offset by higher Peak production. Federation’s contribution is included in reported FY2025 activity, not multiplied to a full-year run rate.
Gold production
koz
Gold production (koz)
AI-generated presentation · values from Production fell as the mine portfolio changed; no missing values plotted as zero.
Lead, zinc and copper production
kt
Lead production (kt)Zinc production (kt)Copper production (kt)
AI-generated presentation · values from Production fell as the mine portfolio changed; no missing values plotted as zero.
Production fell as the mine portfolio changed
Units shown per metric
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gold production (koz)koz | 104.000 | 98.461 | 86.254 | 65.315 | 45.449 |
| Copper production (kt)kt | 4.700 | 3.726 | 2.188 | 2.159 | 2.698 |
| Lead production (kt)kt | 25.900 | 24.266 | 18.998 | 18.671 | 15.747 |
| Zinc production (kt)kt | 25.100 | 30.067 | 20.548 | 16.847 | 16.808 |
Production, not sales. FY2021 source volumes are rounded to koz/kt; later exact ounce/tonne figures are scaled, not independently estimated.
Gold output is affected by Dargues closure; base-metal production reflects the changing mix of Hera, Peak and Federation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
AISC needs by-product and mine-mix context
The realised gold price increased strongly while group AISC was broadly steady in the latest year. That supports the operating interpretation, but it is not a substitute for group cash flow or statutory margin.
Realised gold price and group AISC
A$ per gold ounce
Average realised gold priceGroup all-in sustaining cost
AI-generated presentation · values from Higher gold prices versus reported group AISC; no missing values plotted as zero.
Higher gold prices versus reported group AISC
A$ per gold ounce
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Average realised gold price | 2,500 | 2,697 | 3,171 | 4,061 |
| Group all-in sustaining cost | 1,707 | 2,315 | 2,035 | 2,037 |
AISC is issuer-reported non-IFRS and is influenced by base-metal by-product credits and the mine mix. It is not statutory cost of sales divided by gold production.
Price minus AISC is not group profit per ounce: product sales volumes, by-products, hedges, growth spending and other accounting items differ.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Operating cash and development cash belong in separate views
FY2025 operating cash was substantial, but total investing outflow was larger. Federation-related investment and additional performance-bond cash cover help explain why closing cash declined rather than tracking the profit improvement.
Operating cash and closing cash
A$ million
Operating cash flowClosing cash
AI-generated presentation · values from Operating cash funded much, but not all, of the investment programme; no missing values plotted as zero.
Operating cash funded much, but not all, of the investment programme
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | 136.64 | 154.09 | 45.86 | 100.63 | 129.67 |
| Investing cash flow | (285.39) | (131.46) | (77.37) | (32.53) | (136.35) |
| Financing cash flow | 144.87 | (20.17) | (6.77) | 9.15 | (0.64) |
| Closing cash | 74.53 | 76.69 | 38.95 | 116.50 | 110.09 |
FY2021 investing includes the Dargues acquisition; it is not a pure capital-spend series.
Cash excludes performance-bond cash backing. Bond collateral movements affect investing cash independently of mine operating performance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Cash investment: equipment, mine development and exploration
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Property, plant and equipment cash payments | (14.90) | (17.36) | (7.12) | (8.14) | (16.65) |
| Mine capital cash payments | (51.54) | (57.79) | (28.36) | (63.00) | (87.23) |
| Exploration and evaluation cash payments | (20.63) | (30.11) | (10.97) | (11.76) | (12.12) |
Cash-flow statement categories, already included in investing; do not add them to investing outflow again.
FY2024 equipment plus mine capital is A$71.141m. The narrative A$63.0m comparison is mine capital alone and is not used as the combined equipment-and-mine figure.
FY2025 investing additionally includes A$17.517m bond/cash-cover outflow and A$2.845m royalty payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Undrawn project debt is not the same as zero liabilities
The undrawn Trafigura loan note and the issuer’s debt-free headline refer to a narrower funding description. The statutory statement still contains interest-bearing other loans, so those balances remain visible here. No broad zero-debt conclusion is imposed on the accounts.
Cash, total liabilities and the narrower debt-free description
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 74.53 | 76.69 | 38.95 | 116.50 | 110.09 |
| Statement loans and borrowings - current plus non-current | 34.42 | 26.00 | 7.68 | 5.94 | 7.70 |
| Total liabilities | 235.17 | 225.32 | 134.57 | 155.67 | 184.83 |
The issuer says its principal debt facility is undrawn, but the statement still reports other loans. This review does not convert all interest-bearing liabilities to zero.
The FY2025 Trafigura loan-note facility is undrawn; environmental bond utilisation is not a bank cash balance. Separate lease and royalty liabilities are included in total liabilities, not all in the loans row.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 06
Production tonnes cannot be substituted for sold metal
Reported payable sales differ from contained-metal production. For the financial reader, sales are the relevant commercial measure, but neither set of figures should be manufactured from revenue divided by an assumed spot price.
FY2025 output and sales are not interchangeable
Units shown per metric
| Metric | Production | Sales |
|---|---|---|
| Gold (oz)oz | 45,449 | 43,345 |
| Copper (t)t | 2,698 | 2,589 |
| Lead (t)t | 15,747 | 14,959 |
| Zinc (t)t | 16,808 | 14,015 |
Gold sales combine doré and concentrate. Base-metal production is contained metal; sales are payable metal in concentrate.
Differences are not automatically unsold inventory: payable content, processing and shipment timing also affect the basis.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Frozen annual extraction data only; no raw annual reports, financial web research, new DB retrieval or MiniMax drafting. Published and primary-author reviewed, not independently approved.
- Gold and base-metal production scopes change with acquisition, closure and Federation commissioning. FY2021 headline volumes are rounded at source.
- AISC is issuer-defined non-IFRS and affected by by-product credits. Forecast capacities, exploration resources and copper-equivalent targets are not historical production.
- The debt-free narrative is not used to erase statutory other loans. A complete current market valuation or independent debt-definition reconciliation is outside this extraction-only review.
- FY2024 combined equipment-and-mine cash capex is taken from statement rows, not the narrower A$63m narrative comparison. No FY2025 dividend was declared; this does not imply a forecast dividend policy.
Annual-report source registry
- Aurelia Metals - FY21 Annual Report to shareholdersFrozen annual extraction; group financials, production and sales bases preserved.
- Aurelia Metals - 2022 Annual Report to shareholdersFrozen annual extraction; group financials, production and sales bases preserved.
- Aurelia Metals - 2023 Annual Report to shareholdersFrozen annual extraction; group financials, production and sales bases preserved.
- Aurelia Metals - 2024 Annual Report to shareholdersFrozen annual extraction; group financials, production and sales bases preserved.
- Aurelia Metals - 2025 Annual Report to shareholdersFrozen annual extraction; group financials, production and sales bases preserved.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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