Aurelia Metals (ASX: $AMI) Quarterly Activities Report Highlights

Aurelia Metals Limited (ASX: $AMI) has released its quarterly activities report for the period ended 31 March 2024. The report highlights further operating improvement across Peak and Dargues, increased mine development at Peak, and revised FY24 guidance for zinc production and Group All-In-Sustaining Cost (AISC) per ounce. The company's cash balance stands at A$106.9M, supported by a tax refund received during the quarter of A$17.8M.

Executive Commentary on Quarterly Performance

This quarter continued our goal of sustainably increasing productivity quarter on quarter as we focus on filling our mills into the future. At Peak, ore tonnes mined were 10% higher and ore tonnes processed 13% higher. At Dargues, ore tonnes mined were also 2% higher and ore tonnes processed were on target. Recordable injuries reduced, but significant work remains to improve this performance. The Federation project team continued to focus on decline development and infill drilling, critical path items for first stope ore in Q1 FY25. We continued to progress our exploration programs with some recent exciting drilling results announced for both Nymagee and Federation, supporting our vision to be a developer and operator of choice in critical base metals.

Summary of Quarterly Report and Outlook

Aurelia Metals reported further operating improvement across Peak and Dargues, with increased mine development at Peak contributing to de-risking of production for FY24 and Q1 FY25. The company revised its FY24 guidance for zinc production to 16.0 - 18.0kt and Group AISC/oz to A$2,000 - A$2,150. The balance sheet strength is evident with a cash balance of A$106.9M and significant build in concentrate stocks at Peak. The Federation project remains on track for first stope ore in Q1 FY25, and exploration results reinforce the prospectivity of the Cobar region. The company's vision to be a developer and operator of choice in critical base metals is supported by the sustained focus on productivity and exploration programs. The outlook remains positive with the company's ambitions to sustainably increase productivity and achieve its production targets.