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Aurelia Metals Limited (ASX:AMI) is into metals and mining, and the company is into base metal and gold mining and exploration in NSW, Australia. Hera-Nymagee project among other exploration projects is under key focus. It was incorporated in 2004 and is based in McNamara St, Orange, Australia.
The company today on 19 February 2019, reported strong half year results driven by the addition of Peak production and a small increase in Hera production. Half-year gold production was 71,333 oz up by 140% on the prior period. The operating costs remain low with AISC of $794/oz over AIC of $864/oz prior period.
The company reported an EBITDA margin of 44% with strong cash flow from operations of $57 million. Net cash flow in the period stood at $41 million with $108 million cash at bank on 31 Dec 18. The pre-tax profit increases by 137% to $43.4 million. The tax expense was reported to be at $17 million (with all tax losses utilised, now tax payable position). The company reported a net profit of $26.4 million (after gold derivate loss and 39% tax expense due to under provision in FY18).
The company increased profit on the back of higher gold sales (at a similar price) and the addition of copper revenue. The company had increased operating costs at Hera (reflecting the 27% increase in throughput) and the addition of peak costs in the period. The company recognised a tax expense of $17 million which was nil in the prior period. This is related to current tax for the period of $14 million plus an under the provision of FY18 tax of $2.6 million, with a minor deferred tax expense. The group is planning to start PAYG tax instalments on Feb 19, with expected payments to the ATO of approximately $18 million to 30 June 2019.
The company reported a $41 million increase in cash in the six-month period from June 18. $57M in site cash flow (after capital) which is offset by an increase in working capital, including $10 million reductions in creditors in the half ($5 million relating to payment of peak stamp duty)
The increased receivables and the increased inventory totalled $8 million. There was a $4 million inflow from the release of security deposit (move from cash backing of future environmental obligations to bank guarantees).
The companyâs balance sheet continues to improve with build in cash and no debt. The current balance sheet and cash flow planned to fund internal projects under consideration (Peak Pb/Zn plant upgrade, Great Cobar exploration decline, Nymagee mine development and Hera Cu circuit modifications).
On the price-performance front, the stock of Aurelia Metals last traded at $0.870 with a decrease of ~2.247% during the dayâs trade and with a market capitalisation of circa $772.41 million. The stock has generated a YTD return of 31.85% and posted returns of 52.14%, 16.34% and 12.66% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.910 and a 52-week low price of $0.340 with an average trading volume of ~2.51 million. The stock traded at a PE multiple of 5.740x with an EPS of AUD 0.155.
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