- High-grade gold and base metals producer Aurelia Metals (AMI) has updated the market on its financial and activities for Q1 FY21
- Gold production for the quarter was nearly 30,000 ounces, which is nine per cent lower than the prior quarter
- The company said the decrease is due to the lower gold grades at Hera, which was offset by higher average gold grade at Peak
- Peak’s ore throughput remained steady at 174,000 tonnes, while Hera’s ore throughput increased 3 per cent to nearly 107,000 tonnes
- Base metal output at Peak was reduced slightly across all streams due to the lower grade ore sources
- Aurelia finished the first quarter with $104.6 million in cash and had no debt
- On the market close, Aurelia is up 2.86 per cent and is trading for 54 cents per share
High-grade gold and base metals producer Aurelia Metals (AMI) has updated the market on its financial results for the first quarter of the 2021 financial year.
Aurelia has two gold and base metal projects, Hera and Peak Mines — which are both located in New South Wales.
Gold production for the quarter was nearly 30,000 ounces, which is 9 per cent lower than prior quarters. The company said this is due to the lower gold grades at Hera, which was offset by higher average gold grade at Peak.
Group All-In-Sustaining-Cost (ASIC) was reduced to $1000 per ounce, with the decrease being blamed on lower mine operating and sustaining capital costs at Peak.
But, the good news is that the company’s full year group guidance of 80,000 to 90,000 ounces of gold at an AISC of $1500 to $1750 per ounce was maintained throughout Q1.
Aurelia finished the first quarter with $104.6 million in cash, which is up from the June quarter of $79.1 million and had no debt.
Peak Mine
In the quarter, Mined Ore tonnes was reduced by 7 per cent to 157,000 tonnes, as the underground mining activity was focused on capital development towards the high-grade Kairos ore zone.
Milled ore tonnes remained steady in the first quarter though, at 174,000 tonnes, with a drawdown of surface ore stocks during the period.
Gold produced at Peak was 21 per cent higher this quarter, due to the higher gold grade milled — but gold recovery dipped 1 per cent.
The company reported a total of 1,171 metres of lateral development, which is a decrease from the June Quarter’s 1,209 metres.
Additionally, Aurelia has commenced drilling programs at both Kairos and Great Cober prospects.
Hera Mine
Hera reported a 42 per cent drop in gold grade this quarter, but the result was roughly in line with expectations.
“This was due to a greater proportion of ore being sourced from relatively lower grade stoping areas in the North Pod and Far West zones,” the company explained.
“Base metal grades increased over the prior quarter, delivering higher lead and zinc production,” it added.
Going forward, drilling results from Hera will be incorporated into an updated Mineral Resource Estimate for the Federation deposit.
On the market close, Aurelia is up 2.86 per cent and is trading for 54 cents per share.