Aurelia Metals Secures Legacy Minerals West Cobar Earn-In Agreement

Aurelia Metals Expands Its Cobar Basin Footprint With New Earn-In Agreement and Freshly Granted Licences

Aurelia Metals Limited (ASX: AMI) has announced a significant expansion of its exploration land position in the Cobar Basin, central west New South Wales. Central to this expansion is the Legacy Minerals West Cobar earn-in agreement with Aurelia Metals, alongside the successful open-ground application for two newly granted licences in the Nymagee District. Together, these moves extend Aurelia's reach along some of the Cobar Basin's most structurally compelling corridors — the same geological setting that gave rise to the Company's Federation Mine discovery.

According to the announcement, key highlights include:

• Earn-in agreement secured over EL9511 and EL9858 (West Cobar), covering 78km along the western boundary of Aurelia's existing tenements
• Initial earn-in threshold: spend $0.5 million within 2 years to acquire a 51% interest
• Further earn-in pathway: spend an additional $1.5 million within 5 years to reach a 90% interest
• Two new exploration licences granted — EL9898 (Glenwood) and EL9899 (Barton) — within the Nymagee District, secured via open ground application at no earn-in cost
• All four new tenements are reported to sit within the structural corridor between the Myrt Fault and the CSA Fault, a zone the Company identifies as highly prospective for Cobar-type base metal deposits

A Strategic Land Grab Along a Proven Geological Corridor

What makes this announcement noteworthy is the deliberate geological logic behind it. Aurelia isn't simply accumulating ground — it is systematically assembling a position along the specific structural architecture that has historically hosted significant Cobar-type mineralisation.

The Cobar Basin is defined by long-lived, regional-scale fault systems that create the geological conditions necessary for base metal deposit formation. The structural corridor between the Myrt Fault and the CSA Fault is particularly notable because it sits at the intersection of three geological units — the CSA Siltstone, Biddabirra Formation, and Alley Sandstone of the Lower to Upper Amphitheatre Group.

These rheological boundaries — contrasting rock types that respond differently to deformation — generate the traps and fluid pathways that concentrate mineralisation.

Management Commentary

"The exploration earn-in agreement with Legacy Minerals expands our strategic footprint in the highly prospective Cobar Basin. Coupled with our newly granted licences, these new tenements enhance our position along key structural corridors and strengthen our target pipeline for Cobar-style mineralisation."

— Andrew Graham, Chief Development & Technical Officer

Breaking Down the Earn-In Agreement

The West Cobar earn-in tenements (EL9511 and EL9858) are directly adjacent to Aurelia's Peak Operation and connect southward to its existing Lyell tenements, creating what the Company describes as a contiguous belt of exploration ground. The commercial structure of the earn-in is tiered, giving Aurelia flexibility in how aggressively it pursues the ground.

The relatively modest initial commitment of $0.5 million to secure a majority interest makes this a capital-efficient way to test prospectivity before committing to larger expenditure. Furthermore, should early-stage work validate the ground, Aurelia retains the option to deepen its stake to 90% for a total outlay of $2.0 million — modest capital by the standards of Cobar Basin project development.

Early-stage work planned for the Earn-In Tenements includes:

1. Regional airborne geophysical surveys
2. Ground-based geological mapping
3. Regional soil sampling

These activities are designed to rapidly generate drill targets and assess the ground's prospectivity before any commitment to drilling programmes.

The Nymagee District: Two Licences With Distinct Target Logic

The two newly granted licences — EL9898 and EL9899 — were secured through open ground applications rather than a commercial agreement, meaning Aurelia acquires 100% interest from the outset.

EL9899 (Barton)

• Located directly west of Aurelia's Stone's Tank project
• Recent geological mapping at Stone's Tank has identified what the Company describes as a large volcanogenic geological package
• Volcanogenic packages signal significant historic hydrothermal activity and rheological contrast — both are hallmark features of Cobar-type deposit formation environments
• The extension of this package into EL9899 is reported to open fresh ground adjacent to an already-active target

EL9898 (Glenwood)

• Positioned 3km northwest of the Federation Mine, Aurelia's recently delivered development success
• Extends westward across the Lower Amphitheatre Group and the Shume Formation
• Exploration rationale: assess the potential for offsets to the Federation mineralised system, or identify repeat favourable host rock positions further to the west
• This represents the type of "step-out from a known discovery" targeting that exploration programmes frequently prioritise

What Is a Cobar-Type Deposit? Understanding the Geology

For investors less familiar with the geology, understanding Cobar-type deposits is essential to appreciating the significance of Aurelia's expansion strategy.

Cobar-Type Deposits represent a style of base metal mineralisation — typically copper, zinc, lead, gold, and silver — found in the Cobar Basin of central west NSW. These deposits form when metal-rich hydrothermal fluids move through fault zones and become trapped at geological boundaries, precipitating ore minerals.

Key Characteristics of Cobar-Type Deposits

• High-grade, structurally controlled mineralisation: Metals are concentrated along fault zones and geological contacts
• Association with long-lived regional fault systems: Large-scale faults provide the plumbing for mineralising fluids
• Occurrence at rheological contrasts: Boundaries between different rock types create traps for mineral-bearing fluids

Why Do Cobar-Type Deposits Matter to Investors?

Cobar-type deposits, when discovered, tend to be high-grade and amenable to underground mining — the same operating model Aurelia already runs at Peak and Federation. A new discovery of this style in Aurelia's backyard would fit directly into its existing infrastructure and processing capacity.

This proximity could result in potentially lower capital intensity to bring into production than a greenfield project in a new location.

Near-Term Exploration Agenda

With the agreements now in place and licences granted, Aurelia has outlined a clear early-stage work programme. The focus is on rapid target generation — using relatively low-cost survey and mapping techniques to identify the most compelling drill targets before committing to drill programmes.

Planned Activities Across New Tenements

The sequencing of these activities — surveys first, mapping second, drilling to follow where warranted — reflects what appears to be a disciplined approach to early-stage exploration expenditure.

Why This Matters for the Investment Case

Aurelia is not a pure explorer. It operates three underground base metal mines across two operations (Peak and Federation) and is advancing the Great Cobar Project, a consented high-grade copper development. This operating base gives exploration success a clear and immediate commercial pathway — consequently, any discovery made on these new tenements could potentially be developed using existing processing infrastructure.

Several factors make this land expansion noteworthy for investors tracking Aurelia:

Proximity to Infrastructure

The Legacy Minerals West Cobar earn-in agreement with Aurelia Metals covers 78km along the boundary adjacent to the Peak Operation — any discovery here sits within trucking distance of existing processing capacity.

Proven Discovery Model

The Federation Mine, now in production, was itself an organic discovery through Aurelia's own exploration pipeline. Andrew Graham explicitly referenced Federation as the template, stating: "This initiative aligns with our strategy of building a deep and exciting pipeline of exploration opportunities to fuel our growth pipeline, as we did with the successful discovery and delivery of Federation."

Capital-Efficient Entry

A combined potential outlay of $2.0 million to earn 90% of the West Cobar ground, plus open-ground grants at no commercial cost, represents a low-cost way to add significant prospective acreage.

Geological Conviction

The targeting rationale is specific and structurally grounded rather than speculative. In addition, the new tenements fill gaps in Aurelia's existing land position along fault corridors already identified as prospective.

Building for the Next Discovery

Aurelia Metals has used this announcement to demonstrate that its growth ambitions extend beyond its current producing assets. With a total of four new tenements now added to its Cobar Basin landholding — two via earn-in, two via open-ground grant — the Company is systematically building out the exploration pipeline it will need to sustain operations and replace reserves beyond the lives of existing mines.

Strategic Outlook

"Conceptual targeting and project generation activities have continued to identify and advance projects through the exploration pipeline. The new tenements will complement existing organic opportunities and provide an opportunity to identify additional targets."

— Andrew Graham, Chief Development & Technical Officer

The structural corridor between the Myrt Fault and CSA Fault now sits more firmly within Aurelia's control. Combined with the Federation Mine step-out logic embedded in EL9898, and the volcanogenic package potential adjacent to Stone's Tank in EL9899, the new ground covers multiple conceptual target types — diversifying the chances of a meaningful discovery.

Graham noted the particular attractiveness of the proximity factor: "The proximity of the Earn-In Tenements to our Peak operations is particularly attractive." This comment underscores the infrastructure advantage that distinguishes Aurelia from pure exploration companies operating in remote locations.

Investment Implications and Outlook

For investors evaluating Aurelia's strategy, the Legacy Minerals West Cobar earn-in agreement with Aurelia Metals represents several key considerations:

Near-term catalysts: Geophysical surveys and geological mapping should provide early indications of target quality within the next 12–18 months.

Capital efficiency: The staged earn-in structure allows Aurelia to test ground prospectivity before committing significant capital, with total potential exposure of $2.0 million representing modest risk relative to potential reward.

Infrastructure leverage: Any discoveries on these tenements would benefit from proximity to existing processing facilities, potentially reducing development timelines and capital requirements compared to greenfield discoveries.

Portfolio diversification: The addition of four new tenements across different geological settings diversifies exploration risk while maintaining focus within the proven Cobar Basin.

Aurelia Metals has positioned itself as a systematic explorer and operator in one of Australia's most productive base metal regions. The earn-in agreement provides a capital-efficient pathway to earning majority control of 78km of prospective structural corridor, alongside two strategically placed new licences near existing discoveries. With early-stage target generation activities set to commence, investors should watch for geophysical survey results and any progression of these new tenements toward drill-ready targets.

For further information, contact Scott Ramsay, Investor Relations, Aurelia Metals: +61 467 670 671, or visit aureliametals.com

Want to Learn More About Legacy Minerals' Role in the Cobar Basin Expansion?

Legacy Minerals' earn-in agreement with Aurelia Metals represents a compelling strategic move along one of central west New South Wales' most structurally significant geological corridors. With 78km of prospective ground now subject to a capital-efficient earn-in structure, and two additional licences secured at no commercial cost, the Cobar Basin land position is taking meaningful shape. Investors looking to understand Legacy Minerals' position in this unfolding exploration story — and what it could mean for the project pipeline — can find out more by visiting www.legacyminerals.com.au.