Aurelia Metals: First Dividend in Six Years as Copper-Gold Cornerstone Strengthens
FY26 results show 69% NPAT growth, reserves up 49%, and a new capital management framework with a maiden dividend.
AMI.AX · Earnings Call · 2026-08-26
Strong FY26: Operational Performance Translates to Cash
Aurelia Metals delivered a standout FY26, with revenue up 40% to $480M and EBITDA up 55% to $189M, culminating in a 69% jump in net profit to $82.7M. As Interim CFO Leigh Collins noted, the results reflect "the operational progress that has been made across the business" and the leverage from a growing production profile. The company processed over 800,000 tonnes and generated $140.5M in operating cash flow after sustaining capital from Cobar operations — a testament to improving operational performance. This cash flow entirely funded the growth pipeline and exploration, highlighting strong cash generation.
The results highlight the leverage that our growing production profile is having on earnings and further increases are expected as we continue to ramp up the mine at Federation and bring expanded Peak Plant capacity online.
First Dividend Since 2020: A New Capital Management Era
With the balance sheet refinanced and a stronger liquidity position, the Board declared a fully franked final dividend of $0.01 per share — the first since 2020. CEO Martin Cummings explained the decision: “Given the strength of the operating result, our cash generation and our balance sheet position, the Board has declared the $0.01 per share dividend.” — Martin Cummings, CEO · 2026-08-26 The payment totals approximately $17M, but it does not come at the expense of growth. The company continues to invest in investment in growth projects, including the Great Cobar copper development and the Peak Plant expansion. As Cummings put it, “We think now is the right time to strike a balance between operating performance, investment in growth and returns to shareholders.” — Martin Cummings, CEO · 2026-08-26 The capital management framework remains flexible, with potential for higher returns as production ramps.
Copper-Gold Cornerstone: Reserves Up 49%
The mineral resource update released alongside the results was a standout. Total reserves increased 49% to 8.2M tonnes, underpinned by the expansion of the Peak underground copper resource, which now stands at 19.6M tonnes at 1.8% copper and 0.8 g/t gold. Chief Development Officer Andrew Graham emphasized its importance: “In anyone's language, that's an enviable copper resource from a producing mine at a time when the world is desperate for copper and desperate for gold.” — Andrew Graham, Chief Development and Technical Officer · 2026-08-26 This positions Aurelia as a copper-gold story leveraging rising commodity prices. The company also began an exploration drive at Federation to unlock further potential, with early results coming in. Sustaining capital of $65-75M includes investments to extend the Peak South Mine life, preserving infrastructure for the longer term.
FY27 Guidance: Scale-Up and Cost Reduction
Aurelia guided to processing 1.05-1.15M tonnes in FY27, up from 806,000 tonnes, with unit costs expected to drop 11-19% to $300-$330 per tonne. This is driven by the completion of the Peak Plant expansion, including the tertiary ball mill, and higher gold production of 50,000-60,000 ounces. The company is funding this growth via operating cash flow, maintaining a strong balance sheet. With gold price and copper tailwinds, the outlook is positive.