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ASX Announcement 28 January 2021 ASX : AMI aurelia METALS Ltd. Quarterly Activities Report FOR THE PERIOD ENDED 31 DECEMBER 2020 Aurelia Metals Limited ( ASX : AMI ) ( Aurelia or the Company ) advises of the release of its quarterly activities report for the period ended 31 December 2020 . Highlights ■ ■ • Acquisition of the Dargues Gold Mine and tenements for A $ 190.2M completed on 17 December 2020 ; transition and integration of the ramping up Dargues operation well advanced . Total new equity issued of A $ 154M completed via placement and rights to fund the Dargues acquisition . Group gold production of 15.9 koz at group AISC of A $ 1,037 / oz ( Sep quarter : 30.0 koz at A $ 1,000 / oz ) ; in - line with lower forecast gold grades in the Peak and Hera mine plans . FY21 group guidance ( excl . Dargues ) maintained at 80 - 90 koz gold with group AISC revised to A $ 1,250 - A $ 1,450 / oz ( previously A $ 1,500 - A $ 1,750 / oz ) . FY21 Dargues guidance ( from 17 December 2020 to 30 June 2021 ) of approx . 20 - 23 koz gold at an AISC of A $ 1,850 - $ 2,050 / oz . FY21 group guidance ( incl . Dargues ) of 100 – 113 koz gold at group ASIC of A $ 1,425 - A $ 1,575 / oz . Exceptional high - grade results from ongoing Federation extensional and infill drilling ; updated Federation resource estimate imminent . Federation Scoping Study progressing well and on track for completion in the March 2021 quarter . Cash at 31 December 2020 of A $ 106M ( Sep quarter : A $ 105M ) ; overall net cash¹ position of A $ 53M following debt drawdown of A $ 45M for Dargues acquisition and A $ 8M of acquired leases . OPERATING SNAPSHOT Q2 FY21 PEAK Dec - 20 Q Sep - 20 Q % chg QoQ Jun - 20 Q FY21 YTD Ore processed t Gold head grade g / t 166,241 1.84 174,299 3.92 -5 % -53 % Gold produced OZ 8,991 20,544 -56 % All - In - Sustaining Cost ( AISC ) A $ / oz 621 594 4 % 172,947 3.25 17,047 1,190 340,540 2.90 29,535 605 HERA Ore processed t 114,543 106,963 7 % Gold head grade g / t 1.78 3.03 -41 % 103,747 5.21 Gold produced OZ 5,796 9,450 -39 % 15,740 221,506 2.38 15,247 All - In - Sustaining Cost ( AISC ) A $ / oz 1,060 1,250 -15 % 907 1,187 GROUP ( Pre - Acquisition ) Gold production OZ 14,787 29,995 -51 % 32,787 44,782 Gold sold OZ 17,395 29,720 -41 % 30,003 47,115 Copper production t 1,352 1,729 -22 % 1,878 3,081 Lead production t 8,119 5,800 40 % 6,786 13,919 Zinc production Group AISC t 7,614 5,303 44 % 5,467 12,916 A $ / oz 939 1,000 -6 % 1,104 819 1 Excludes leases associated with right of use assets . ABN : 37 108 476 384 Level 17 , 144 Edward Street BRISBANE QLD 4000 GPO Box 7 T : +61 7 3180 5000 BRISBANE QLD 4001 E : office@aureliametals.com.au www.aureliametals.com.au