Aurelia Metals Limited

Thanks Darcy. Thanks for joining the Aurelia Management Team June quarter results. I have with me today Martin Cummings, CFO and soon to be Interim CEO, Angus Wyllie, the Regional GM for Cobar Region, Andrew Graham, the Chief Technical and Business Development Officer and Lee Collins, our future Interim CFO. Today is a proud moment for me personally since it will be the last quarterly update I provide for Aurelia as CEO and Managing Director. but I'm also proud due to the extremely positive results we are releasing today to the market. Bottom line is that it's an exciting time to be investing in Aurelia Metals with gold metal produced above our revised high guidance, strong metals production overall, costs in line with guidance and significantly improved operating cash flow. Over the last few years Aurelia has been on a deliberate strategy to grow our business in metal production and transform the portfolio. Deliver operating excellence across our operations Strengthen the balance sheet through refinance supported by a credible life of mine plan Generate strong operating cash flow from the operations quarter on quarter Fill our mills with high quality oil resource from the Covi region to maximise value for shareholders Which I continue to say we have filled our mill in FY26 which has been a core strategy for Aurelia and allows us to operate at full potential We've also been creating a growth pipeline from our resource base and existing infrastructure that's been self-funded, which is what we've demonstrated over the last three years. We can actually self-fund these growth options we've actually put forward. And importantly, we remain diligent, looking over our shoulder for inorganic options that might add shareholder value, but recognising sometimes the best shareholder values and lower risk value is actually what we have in our portfolio, but also looking for the right opportunity to pop up externally. The focus has been to build our future into copper ore from FY28 while using the amazing gold resource to fund our way and take advantage of the gold price tailwinds. It's fair to say Aurelia is well on its way to achieving this. I might just get you to review the disclaimer slide and then we'll turn to slide three. So looking back now at the fourth quarter, I'm proud to say We've been successfully delivering on our full year commitment, succeeding guidance for gold at over 50,000 ounces and meeting guidance on metals, as I said earlier. We strengthened the balance sheet firstly through achieving the highest operating cash flow from the operation since 2018 at $53.1 million in quarter four after all sustained capital. This helped strengthen the balance sheet, but also we were successful in delivering a robust refinance of the balance sheet. And importantly, this has released $45.2 million of restricted cash back to the balance sheet with the majority of that being paid for at FY26. The result was a cash balance of $143.9 million and Martin will talk more of this in his section. Notably, this year we've also not drawn any debt to fund our growth which is an exceptional result from the team. We've continued to ramp up Federation mine tonnages and outperformed on volume and grade with the result of the mine exceeding targets. Federation mine operations and geology are very exceptional and great addition to the portfolio and has been blending nicely with the ore from Peak to optimise the processing plant throughput. The combination of South Mine, New Kovar and Federation Mine has meant that we've been able to deliver over 100,000 tonnes of ROM stock ready for the mill and also finish the year with over 40,000 of broken stock underground. This exceptional finish to the quarter and sets financial year 2027 up for success and supports the underlying strategy of filling the mill to maximise value. The PEAT plant delivered monthly records and quarterly records on an annualised basis which is exceptional in itself through operations excellence. But in addition they've done this while achieving excellent recoveries. From last quarter to this quarter the PEAT processing plant improved from 197 to 230,000 tonnes which is an annualised rate over 900,000 before the expansions are completed. More notable it has been achieved while we've been doing brownfield expansion around the processing plant. We've continued to successfully deliver our cobalt optimisation projects and great cobalt projects in line with schedule. We announced on the 9th of June the commissioning of the water thickness, which will assist reagent recoveries, copper recoveries and improve tailings management. And the bore mill project is progressing well also in line for commissioning in Q1 of 2027. The great cobalt project has continued to develop the declines towards the raised bore shaft chamber and remains within schedule targets and complete a complex ventilation changes to set up the decline work until the fresh air raise is completed. We released a positive and exciting results from exploration with the main resource of New Occidental report to the market on the 16th of June 2026, which is an amazing project which will deliver 32,000 ounces of gold with a capital cost of 3.3 million subject to the feasibility study being completed and approved. and this will not displace the raw more feed but will provide incrementally on top of the 1.1 to 1.2 million tonnes planned. And lastly this quarter we released some positive news on the earning agreement with Legacy Minerals which are leases directly adjacent to Aurelia and in particular our processing plant. Andrew will talk more of this soon. So despite the challenge in geopolitical environment and inflationary pressures externally, We've been able to manage the cost to remain in line with guidance across OPEX and CAPEX and Martin will talk more to this. Safely is a core value that underpins what we do. We've actually had too many hand cuts and slips and trips this year and although we had some improvement in this last quarter, the overall results for the year have been disappointing. But I'm confident the teams and management will continue to use the tools and processes to stop this from happening. We successfully rolled out behaviour-based safety in financial year 2026 and refreshed our failure risk controls. So I'm sure the team will get back on track and take more care before starting to work to prevent more injuries from occurring. We want people to go home to their families every day without injury. It's fundamental. So with the tools and with the processes we have in place, I'm sure that we'll be back on track and these injuries will be prevented. I'm going to hand it over to Martin now, who then runs through the pack.

Thanks Brian and good morning everyone. So turning to slide four, and as Brian has introduced, this has been a very strong finish to FY26 for us. Gold production was a standout. Our original guidance range of 35,000 to 45,000 was a revised higher to 45,000 to 50,000 ounces in the March quarter, and we ultimately finished just above the top end at 50.4,000 ounces. And this was driven by a prioritization of high value gold that were at peak supported by strong recoveries through the plant and our increasing mine volumes from Federation. Our copper production at 2,500 tonnes was inside the bottom end of the revised guidance and was accompanied by strong results for zinc and lead production which remained within the original guidance ranges. Our group operating costs did finish in line with the top end of guidance but was consistent with the ramp up in activity underway across the business. Firstly, we have deliberately invested in labour, equipment and contractor support to de-bottleneck our mining, particularly at peak, which supported a strong lift in mined tonnes and the building ore stockpiles. Federation costs were also higher, but that is in part driven by the outstanding performance achieved this year with mined tonnes approximately 30,000 above what we planned. Secondly, labour availability continues to be a factor across our sector, and we have engaged some roles with higher cost contractors where we've been unable to source employees directly. These contractors often require associated travel, accommodation and mobilisation costs. Thirdly, our higher production, sales and stronger commodity prices this quarter have naturally resulted in higher royalties, concentrate transport and refining costs and our third party smelting and refining charges. and finally our diesel and freight costs have also been higher particularly at Federation which isn't connected to the electricity grid. The June quarter also included higher freight transport and charter flight costs. While price has been an impact, pleasingly there's been no interruptions to our supply chain for diesel which is operating as normal. So in summary while costs did experience some headwinds from higher input costs, a significant part of the increase was driven by higher production Our focus on mining smaller but higher grade gold states at peak, our desire to maximise our ROM stocks ahead of the planned expansion and our above planned performance at Federation. Our sustaining capital of $58.8 was towards the upper end of our guidance range, reflecting ongoing investments in our fleet and our processing infrastructure to de-risk operating performance. And gross capital of $50 million was within the revised range of $45 to $60. The Great Cobar project is tracking in line with the original spend plan, but there was some capital spend for the process plant upgrades that shifted to early FY27, particularly for the ball mill. And finally, our exploration programs continue to deliver exciting outcomes, as Brian mentioned, which Andrew will talk to in more detail. For FY27, we will continue to focus on prioritizing these high-value gold stoats in the Peak South mine that will support strong gold production. We are in the process of finalising our FY27 guidance and expect to release it with our FY26 financial results in late August So turning now to peak on slide 6 and as I said it was a very strong finish to FY26 with mine development higher at 1528m and ore mine increased to 160,000t The key driver was that productivity work focused on resourcing production drills which resulted in sharply improved drilling rates and mining rates and this was supported by improved equipment availability and better access to developed areas, resulting from investments in additional service crews. The plant performed really well with a record 230,000 tonnes processed in the quarter, up from 197 in the March quarter. But just as importantly, our recoveries remained strong with gold, zinc, lead and copper recoveries all holding at throughput increases. But the real story of this quarter was the ability for us to materially increase our ore stockpiles. the combined peak and federation ROM stocks increased to 104,000 tonnes at quarter end. In addition to these surface stockpiles, peak had more than 40,000 tonnes of broken stocks underground. And this is really important as we now have over one month processing capacity sitting in front of the plant, ready to be processed as the throughput expansion projects come online, which really de-risks our ramp up profile for the processing plant. Moving on to slide seven, federation. and it was a fantastic year for Federation with mined ore in this quarter increasing to 112,000 tonnes. You can see quarterly that the mine has been ramping up in a sustained and controlled manner but ultimately the most pleasing outcome was that above planned performance. Grades were significantly higher this quarter which is driven by the mining sequence. We'll continue to see great performance like this at times from certain areas of the mine as we mine deeper into the ore body, informed by our focus on infill drilling which gives us the confidence in our resource models. But the broader trend through FY26 is clear. Federation is now a key ore contributor to the processing plant with grades performing well as we mine further into the ore body. Our focus for FY27 is to keep lifting those mining rates, advance the decline further, establish those additional drilling platforms deeper in the mine and lower our operating unit costs. Turning to slide nine and there has been considerable progress this quarter on the plant upgrade projects that are key to our strategy of increasing peak throughput capacity from 800,000 per annum to 1.1 to 1.2 million tons per annum. The new thickness was commissioned in June and is now operational and work continues on some of the other scope items of the process water management project that ultimately will support improved water management, enhanced metal recoveries, reduced cyanide consumption and more effective tailings deposition. The tertiary ball mill project is progressing well with the concrete foundation poured and the steel structure currently being installed. And as Brian said, commissioning of this ball mill is expected in Q1 FY27. The significance of these projects is that we're building processing capacity at a time when the mines are building ore availability. The building our ROM stockpile and the broken stocks underground at peak are crucial to that uplifting volume once these projects are commissioned. Turning to slide 10 and the Great Cobar project continues to progress in line with our schedule. Mine development of 438 metres was completed slightly higher than the prior quarter and takes total development to date to 1,823 metres. Key milestones achieved this quarter include the installation of vent doors which now provides sufficient ventilation at the face as we progress towards the location of the fresh air rays. The raise board tender for the fresh air raise was awarded. The shaft collar design progressed and the recruitment of our owner's team manager to oversee the shaft works was also completed. This is the manager that oversaw the construction of the surface shafts at Federation that was successfully completed in 2024. So we're very much looking forward to having them back with us. So with that, I'll just hand over to Andrew now to take you through the next couple of slides.

Thanks, Martin. For those following along, Just turning to page 11 of the slide pack. Two things I'll touch on today which Brian's briefly introduced. They were both exciting releases we put out through June. The first of those on the 16th of June we released the New Occidental tailings pre-feasibility study as well as declaring the maiden for all resource and all reserve for that project. So what is it? So effectively there's two stockpiles about three kilometres north of the peak processing plant. They're historical dry stacked tailing stockpiles and we've declared a resource on those of 2.6 million tonnes at 0.65 grams per tonne gold. So good gold, good quantity, just three kilometres from the plant sitting on surface. So the intention in the pre-feasibility study looked into bringing that down to the plant down an internal haul road that already exists We look to put a trommel in place ahead of the plant to take the feed to screen out organics and other things and then the intention is to feed that straight into the DAGS ball mill, so the tertiary ball mill that's being installed currently. That isn't used when we're running lead zinc because we don't need that grinding capacity so it's sitting available and the intention will be that we put the tailings material through that ball mill and straight into the CIL circuit on the back of the peak processing plant. So it's largely using the plant and the road that already exists which is why the capital is so low at $3.3 million. As Brian touched on, 32,000 ounces over 10 years, $3.3 million spend, MPV we're saying $42 million at $5,000 of gold. So quite a reasonable gold price, quite conservative against spot. IRR of 258%. So this hugely makes sense the other benefit we get from this is those stockpiles would otherwise need to be capped on closure so this cleans up those stockpiles the intention is to mine them entirely put them through the processing plant put them through the CIL plant extract gold make revenue at the same time with cleaning up that site so two things needed in order to move to production so first is a feasibility study which we're intending on doing through this half, FY27 half one. Assuming we get board approval for the project, then we'd move to construction in half to FY27. At this stage, the intention is to be operational through FY28. Turning then to page 12 of the pack, the second important release that went out through the quarter on the 2nd of June was an expansion of our exploration tenement package in the Cobar region. That was largely through an earning agreement we had with Legacy Minerals. Importantly, their tenement package is contiguous with our own, directly to the west and runs about 78 kilometres down our own tenement package. So we've picked up some great ground which is right there amongst our own and importantly right next to the peak processing plant. There's also some interesting structure on those tenements, so the MIRD fault as well as the CSA fault, and it's ground directly south of CSA. So it's a two-stage earning. The first stage over two years is to spend half a million for 51%, and the second stage over five years from signing, spending a further $1.5 million to go to 90%. The other thing in that release that we announced, and you can see it on slide 12, in the orange shading is we picked up two vacant tenements applied for those were granted those which fit very well with the work that we're doing in the region so going forward on the new tenements as well as some of our own the intention is to fly falcon airborne gravity in the coming months so we're in the process of finalizing that engagement at the moment and that'll cover quite a piece of the legacy ground as well as some of our own ground that we didn't fly in that previous slide. Pass back over to Martin then who's going to talk through the balance sheet.