- Aurelia Metals (AMI) is on track for a significant improvement in its quarter-on-quarter production results despite pandemic-related restrictions
- The results have been provided in the absence of firm guidance figures due to the ongoing uncertainties arising from the virus outbreak
- Gold and copper figures for April and May have already outstripped production totals for the entire March quarter
- The company can still offer no solid guidance going forward, but Aurelia is hoping increased production efficiency will counteract depressed base metal prices and lower gold sales
- Aurelia Metals is up 21.2 per cent today to 43 cents per share
Mining and exploration company Aurelia Metals (AMI) is on track for a significant improvement in its quarter-on-quarter production results despite pandemic-related restrictions.
The results have been provided in the absence of firm guidance figures due to the ongoing uncertainties arising from the virus outbreak.
The company has announced quarter-to-date production figures, with gold and copper production already topping the March quarter figures with a month left to run.
Gold production has jumped to 16,300 ounces over April and May, compared to 14,300 ounces for the entire March quarter.
Copper saw a significant boost as well, with Aurelia producing 1,250 tonnes to May 31, compared to 870 tonnes in the three months to March 31.
Production of lead is tracking to just eclipse the March figures, with current rates landing at 4,950 tonnes compared to 4,700 tonnes.
Zinc production is significantly down though, currently looking around 40 per cent lower for the quarter.
The company had previously reported heavy impacts in its March quarterly report, with higher all-in sustaining costs due to a 24 per cent fall in gold sales and lower sales figures and market prices for base metals.
Upgrades to the company’s Peak processing plant and lower underlying site operating costs have minimised the impacts of the lower market prices, however, leaving Aurelia on track to bounce back now that operating conditions are returning to normal.
While the company can still offer no solid guidance moving forward, production has ramped up significantly through May and the buoyant gold price should help protect the bottom line, even with reduced sales.
While the company will need a strong rebound in base metal prices to properly sustain its model, it seems the outlook, while unpredictable, is at least not on life support.
Aurelia Metals is up 21.2 per cent to 43 cents per share as at 11:40 am AEST.