Aurelia Metals Announces Leadership Transition

Aurelia Metals Limited (ASX: AMI), an exploration and mineral development company of New South Wales, Australia focusses particularly on Hera-Nymagee Project. The project is located at about 100kms south-east of Cobar in western New South Wales and consists of wholly-owned Hera gold-lead-zinc mining operation and Nymagee copper deposit.

After a significant funding transaction worth A$158m with Glencore International, the company started full-scale development of the Hera-Nymagee Project in March 2013. The company plans to produce gold, copper, silver, lead and zinc by conversion of Hera and Nymagee copper ore into a combined operation. The company has five wholly-owned subsidiaries including Defiance Resources Pty Ltd, Hera Resources Pty Ltd, Nymagee Resources Pty Ltd, Peak Gold Asia Pacific Pty Ltd and Peak Gold Mines Pty Ltd.

Aurelia Metals Limited has announced following changes to its senior leadership today:

  • Mr Jim Simpson would step down from the role of Managing Director and CE0.
  • Mr Cobb Johnstone, Non-Executive Chairman of Aurelia to take charge as interim Executive Chairman and Chief Executive Officer.
  • Mr Michael Menzies, current Non-Executive Director would take role of interim Chief Operating Officer (COO) and Executive Director.
  • Mr Paul Harris, Independent Non-Executive Director would be Lead Independent Director.

A Board Remuneration Committee has been reconstituted comprising of independent non-executive directors including Mr Paul Espie (Committee Chair), Ms Susie Corlett and Mr Paul Harris. The new CEO is targeted to be appointed in September 2019 quarter.

The company reiterated it current year’s production guidance at 115-130 kilo ounces.

Recently, the company released its quarterly report for the three months ending on 31 March 2019. As per the report, the company recorded the group’s quarterly gold production of 23,323 oz at an AISC of $1,302/oz in the March 2019 quarter. Also, it incorporated the gold production of 14,191 oz at a site AISC of $957/oz at Hera Mine NSW and gold production of 9,132 oz at AISC of $1,600/oz at Peak Mines NSW. The cash balance of the company increased slightly to $108.6 million as compared to the cash balance of $107.9 million on 31 December 2018.

Aurelia Metals provided an update on exploration drilling at Peak Gold Mines on 16th April 2019. Aurelia reported that in the Peak Deeps zone, it had concluded a 19-hole resource extension and infill program. The assays from the first 12 holes provided multiple mineral intercepts. The company also mentioned that it had received the assay results of the remaining seven holes drilled in the program. The second phase of drilling at Peak Deeps had already progressed on it after the completion of the first phase (as commented by Aurelia’s Managing Director & CEO, Jim Simpson).

In late February, the company announced that the underground drilling activity conducted by the company at Hera mines returned favourable results, with high-grade base metals and gold intercepts. The robust high grades ore were received primarily from drill holes: HRUD642 and HRUD651.

On 1 May 2019, Aurelia had requested ASX to place the securities of the company in an immediate trading halt in line with Listing Rule 17.1, pending an announcement concerning a change in senior management of the company. Post the announcement today, the securities resumed trading today.

The company’s stock closed the day’s trading at AUD 0.610, down 18.12% on 30th April 2019. The company’s stock has witnessed a YTD of 10.37%.


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