Aurelia Metals Passed All The Resolutions At The AGM

  • Dec 06, 2018 AEDT
  • Team Kalkine
Aurelia Metals Passed All The Resolutions At The AGM

Aurelia Metals Limited (ASX: AMI) is an Australian mining and exploration company which operates on its wholly-owned Hera and Peak gold and base metal mines, in central west New South Wales (NSW).

Aurelia Metals Ltd recently held its Annual General Meeting (AGM) on 29 November 2018. At the AGM, the company’s chairman Mr. Cobb Johnstone informed the shareholders that the financial year 2018 was a year of transformation for the company. The company’s focus at the beginning of FY 2018 was to reduce its debt position and grow its mine life.

He further informed about the acquisition of Peak Mine and its performance so far. The Peak mine performance was very strong in the first six months of 2018 mainly due to the very high-grade Chronos orebody. Due to the strong performance of the Peak Mine, the company was not only able to repay the Investec Debt Facility, put in place to help acquire the Peak, but finished the year strongly cash positive. At the end of FY 2018, the company was having the cash in the bank of $67m with two quality high margin operations and it was having no debt in its balance sheet.

During the year, the commodity price markets remained largely in the company’s favor, with a healthy gold price underpinning the business, and strong base metal prices reducing its All-in Sustaining Costs (AISC) to $509/oz ($US376/oz), which positioned the company as one of Australia’s lowest cost gold producers.

The company delivered outstanding result in FY 2018 with Net Profit of $99 million mainly due to the increased gold production at significantly lower cost along with the strong metal prices.

Currently, the company is having two key development projects in Nymagee and Great Cobar. Further, the company is focused on the feasibility and permitting work to progress these projects towards development and production.

The Hera mine performance was also strong in 2018 with increased mill throughput, reduced unit costs and higher grades resulting in record gold production at an extremely low AISC. Further, the Hera mine also delivered a 30% reduction in TFIFR (Total Recordable Injury Frequency rate) in the year, with a key focus of working with its contractors to improve performance. Mr. Cobb also informed that the company is well positioned to expand the exploration effort across the prospective landholding in the Cobar Basin.

At the AGM, the shareholders voted for five resolutions and all the resolutions were passed. The five resolutions were as follows-

Resolution 1: Adoption of the Remuneration Report

Resolution 2: Re-election of Michael Menzies

Resolution 3: Election of Susan Corlett

Resolution 4: Approval of Issue of Performance Rights to Jim Simpson

Resolution 5: Approval to increase Director Fee Pool.

Meanwhile, in the last six months, the share price of the company increased by 17.50 percent as on 5 December 2018 and traded at a PE ratio of 4.550x. AMI’s shares traded at $0.695 with a market capitalization of circa $611.85 million as on 6 December 2018.


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