Aurelia Metals Posts $480M Revenue in FY26, Declares 1c Dividend as Margins Hit 39%
Key Takeaways
- Aurelia Metals reported FY26 revenue of $480.2M (up 40%), statutory EBITDA of $189.2M (up 55%), and statutory NPAT of $82.7M (up 69%), with all production, cost, and capital guidance met or exceeded.
- The Cobar Region generated $140.5M in operating cash flow, self-funding $62.8M in growth capital and a fully franked 1 cent per share dividend of $17.2M without any equity issuance.
- FY27 ore processing guidance of 1.05–1.15Mt represents a 36% volume increase from FY26's 806kt, with unit costs guided to fall 11–19% to $300–330 per tonne as the Peak Plant Expansion ramps up.
- Group Ore Reserves surged 49% to 8.2Mt at 30 June 2026, the third consecutive year of reserve growth, directly underpinning the multi-year development pipeline across Great Cobar, Federation, Peak, and New Occidental.
- At spot commodity prices, management's illustrative FY27 scenario points to operating cash flow of $120M–$215M before growth capital, supported by a strengthened balance sheet with $183.9M in total liquidity.
Aurelia Metals delivers 40% revenue lift and returns cash to shareholders in FY26
In its FY26 full-year results presentation, Aurelia Metals (ASX: AMI) reported record earnings growth and strong cash generation anchored by expanding Cobar Region production. Revenue climbed 40% to $480.2M, statutory NPAT jumped 69% to $82.7M, and statutory EBITDA rose 55% to $189.2M. Management declared a 1 cent per share fully franked dividend, distributing an estimated $17.2M to shareholders. The presentation, released 27 August 2026, outlined how rising ore throughput and falling unit costs are driving margin expansion whilst the company self-funds its organic growth pipeline.
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FY26 financial results: profitability and margins expand
Aurelia Metals delivered materially stronger profitability in FY26 as production scaled across the Cobar Region. Revenue lifted 40% to $480.2M from $343.5M in FY25. Statutory EBITDA increased 55% to $189.2M, pushing the EBITDA margin up to 39.4% from 35.5%. Statutory NPAT rose 69% to $82.7M, translating to earnings per share of 4.88 cents, up from 2.89 cents the prior year.
| Metric | FY26 | FY25 | Change (%) |
|---|---|---|---|
| Revenue | $480.2M | $343.5M | +40% |
| EBITDA (statutory) | $189.2M | $121.9M | +55% |
| EBITDA margin (statutory) | 39.4% | 35.5% | +11% |
| NPAT (statutory) | $82.7M | $48.9M | +69% |
| EPS | 4.88c | 2.89c | +69% |
Production, costs, and capital expenditure all came in line with guidance. Gold production exceeded the company’s revised higher guidance range.
Balance sheet strengthened by cash generation and new debt facility
The Cobar Region generated $140.5M in operating cash flow during FY26, self-funding the company’s growth pipeline without external equity. Cash at 30 June 2026 stood at $143.9M, up from $110.1M a year earlier. Total liquidity reached $183.9M, including a $40M undrawn revolving credit facility.
Management secured a $150M debt facility during the year, structured with improved terms:
- A$110M Performance Bond facility
- A$40M Revolving Credit Facility
- Combination of 3 and 5 year terms
- Provided by tier one institutions: Citi, Credeq (as agent for Swiss Re) and HSBC
- Competitive pricing, lower than previous facilities
What this means for you: the expanded liquidity position and lower cost of debt provide balance sheet flexibility to fund the Great Cobar, Federation, and Peak expansion projects without diluting existing shareholders.
Understanding the Cobar Region growth strategy
The Cobar Region is a polymetallic mining district in New South Wales producing gold, copper, zinc, and lead from underground operations. Aurelia Metals’ strategy centres on raising ore processing volumes through capital investments in plant capacity, which spreads fixed operating costs across more tonnes and drives unit costs down. This operating leverage is the core engine of the company’s earnings growth.
In FY26, Aurelia processed 806kt of ore. Management has guided FY27 ore processing to 1.05–1.15Mt, a volume increase of approximately 36%. As throughput rises, the Cobar Region’s unit operating costs are expected to fall from $369 per tonne in FY26 to a guided range of $300–330 per tonne in FY27, representing an 11–19% reduction.
Higher volume at lower unit cost translates directly to margin expansion. The cash flow generated from current operations funds the capital projects unlocking this additional capacity, eliminating the need for external equity raises during the growth phase.
FY27 guidance points to higher production and lower unit costs
Aurelia Metals has guided materially higher metal production for FY27 as the Peak Plant Expansion and associated projects commission and ramp up during the first half. Production volumes are expected to be weighted towards the second half of the financial year.
| Metal | FY26 Actual | FY27 Guidance |
|---|---|---|
| Gold (koz) | 50.4 | 50–60 |
| Copper (kt) | 2.5 | 2.5–3.5 |
| Zinc (kt) | 28.3 | 26–34 |
| Lead (kt) | 17.8 | 17–25 |
| Ore processed | 806kt | 1.05–1.15Mt |
Management has provided FY27 cost and capital guidance reflecting the transition to higher throughput operations:
- Group operating costs (excluding Dargues): $340–375M
- Growth capital and exploration: $64–88M
- Great Cobar spend: $40–50M, in line with the Feasibility Study
- New Occidental: $3–5M, subject to Board approval during FY27
Positioned for cash generation on a stronger production profile
Management presented an indicative cash generation scenario for FY27 based on production guidance ranges and spot commodity prices as at 26 August 2026. This is an illustrative example, not formal cash flow guidance.
Using spot prices of Gold US$4,660/oz, Silver US$69/oz, Copper US$14,350/t, Zinc US$3,890/t, Lead US$1,905/t, and an AUD exchange rate of 0.7160, the scenario outlined:
- Indicative gross revenue: $525M–$665M
- Costs and sustaining capital: $405M–$450M
- Operating cash flow (before growth capital): $120M–$215M
What this tells you: if commodity prices hold near current levels, the expanded production base positions Aurelia to generate materially higher operating cash flow than in FY26, even after funding sustaining capital requirements. This cash generation capacity underpins the company’s ability to continue funding growth projects and returning capital to shareholders.
Mineral Resources and Ore Reserves continue to grow
Aurelia Metals reported consistent growth in its resource base at 30 June 2026, underpinning mine life and the organic growth pipeline. Group Mineral Resources increased 6% to 30.6Mt, up from 29.0Mt the prior year. Group Ore Reserves rose 49% to 8.2Mt, compared with 5.5Mt at 30 June 2025.
The three-year trend demonstrates sustained resource base expansion:
- Mineral Resources: 26.0Mt (June 2024) → 29.0Mt (June 2025) → 30.6Mt (June 2026)
- Ore Reserves: 4.7Mt (June 2024) → 5.5Mt (June 2025) → 8.2Mt (June 2026)
The 49% increase in Ore Reserves during FY26 is the standout figure. Ore Reserves represent the economically mineable portion of the resource base and directly underpin the company’s multi-year development pipeline across Great Cobar, Federation, Peak, and New Occidental.
Disciplined capital management and shareholder returns
Aurelia Metals structured its capital allocation framework around three pillars during FY26: operate, grow, and return to shareholders. The Cobar Region generated $140.5M in operating cash flow. The company invested $62.8M in growth projects and exploration. Management then declared a 1 cent per share fully franked dividend, distributing an estimated $17.2M to shareholders.
The operating cash flow figure includes sustaining capital expenditure required to maintain asset quality and safe operations. The growth capital allocation funded the Great Cobar project ($20.4M), Federation decline development ($10.4M), and the Peak Plant Expansion ($19.1M). Exploration expenditure totalled $12.9M, split between $4.7M at Nymagee/Federation and $8.2M at Peak.
What this means for your portfolio: Aurelia demonstrated it can simultaneously fund organic growth, maintain the asset base, and return cash to shareholders without requiring external equity. The fully franked structure of the dividend provides additional value to Australian tax residents through the attached franking credits.
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What comes next for Aurelia Metals
Management outlined its forward strategy under the banner of “safely prioritising value and cash flow.” The operational focus centres on maximising throughput as plant capacity increases across the Cobar Region.
Key milestones ahead include:
- Complete the Peak Plant Expansion ramp-up and the Tertiary Ball Mill Project
- Deliver Great Cobar Project milestones as planned
- Maintain strong mining performance at Federation and continue decline development
- Advance New Occidental development, subject to Board approval during FY27
- Continue to evolve the performance culture and attract skilled personnel
The thesis remains straightforward: rising production volumes, falling unit costs, a self-funded growth pipeline, a strengthened balance sheet, and capital returning to shareholders. The FY26 results demonstrated this model in execution. The FY27 guidance indicates the next phase of operating leverage is on the way.
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