Aurelia Metals Limited reported updated Production Targets for its Peak, Federation and Dargues Mines. Group Production Target NSR increases to AUD 270/t (from AUD 260/t at 30 June 2022). An underlying increase of 5% in the Group Production Target after adjustment for removal of the Hera Mine bringing the Group Production Target tonnage to 9.1Mt.

Hera Mine was removed from the Production Target (represented 640kt as at 30 June 2022) as the mining operation has ceased and the surface facilities were placed into planned care and maintenance during H1 CY23. Peak Mine: Production Target tonnage increased by 15% to 4.7Mt; successful near-mine exploration drilling at Chesney and improved price assumptions more than offset mining depletion through the year. Peak transitioning to a copper-dominant mining operation with copper ore now 83% of Production Target tonnage; strong potential for further growth with planned future underground drilling at Great Cobar.

Federation Mine: Production Target tonnage unchanged at 4.0Mt; first mine stope production expected Third Quarter CY24. Excellent potential for further growth in Production Target with planned future underground drilling. Dargues Mine: Production Target depletion in-line with mine plan.

Remaining 370kt (comprised of 98% M&I MRE classification) delivers residual expected mine life of 12-15 months. A Production Target is a projected estimate of potentially mineable mineralised material based on the application of mining modifying factors. The process and assumptions used to establish the Production Targets for Aurelia's mining operations and development projects are those used to prepare the Group's Ore Reserve Estimate reported as at 30 June 2023.

Production Targets are derived from Measured, Indicated and Inferred Mineral Resource classifications whereas the Group's Ore Reserve Estimate excludes material from the Inferred Mineral Resource classification. The Company has been guided by ASX Listing Rules Chapter 5 (5.16 to 5.19) for the preparation of Production Targets. The Production Target tonnage reported for the Peak Mine has increased to 4.7Mt which is a 15% increase relative to the 30 June 2022 estimate.

The increase is attributable to a successful near mine exploration drilling program at Chesney, and improved price assumptions. The increase is partially offset by mining depletion. The Production Target tonnage of 370kt for the Dargues Mine has decreased by 42% relative to the 30 June 2022 estimate.

This decrease is due to mining depletion and revised geological interpretation using the results from infill drilling, partially offset by additional mineable tonnage arising from updated economic parameters. The Production Target tonnage of 4.0Mt for the proposed Federation Mine is supported by findings from the Feasibility Study and associated updates, progress with regulatory approvals for mining, and commencement of the exploration decline.