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DECEMBER 2025 QUARTERLY UPDATE ASX Code : AMI 21 January 2026
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This presentation has been prepared by Aurelia Metals Limited (‘AMI’ or the ‘Company’). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation contains forward-looking statements that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as “believes”, “may”, “will”, “estimates”, “continue”, “anticipates”, “intends”, “expects”, “should”, “schedule”, “program”, “potential” or the negatives thereof and words of similar import. AMI cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. The Company believes that the estimates are reasonable but should not be relied upon. AMI makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. The Company does not intend to publish updates or revisions of any forward-looking statements included in this document to reflect Aurelia’s circumstances after the date hereof or to reflect subsequent market analysis, other than to the extent required by law. By its very nature, production and exploration for gold and base metals is a high risk business and is not suitable for certain investors. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to AMI and of a general nature which may affect the future operating and financial performance of AMI and the value of an investment in AMI including and not limited to economic conditions, stock market fluctuations, commodity price movements, regional infrastructure constraints, equipment availability, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel and foreign currency fluctuations. You should not act or refrain from acting in reliance on this presentation material. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. Non-IFRS Financial Information The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA. The non-IRFS information has not been subject to audit or review by the Company’s external auditor and should be used in addition to IFRS information. This presentation has been authorised for release to the ASX by the Board of Aurelia Metals. All amounts are expressed in Australian dollars unless stated otherwise. FORWARD LOOKING STATEMENTS JUNE 2025 QUARTERLY | 21 JULY 2025 | PAGE 2DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 2
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HIGHLIGHTS Federation Mine ramp up remains ahead of plan Great Cobar and Peak Plant projects on schedule Robust b alance s heet Significant cash flow from strong production DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 3
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PRODUCTION AND COSTS Strong gold production generating significant cash Measure Unit SepQ FY26 DecQ FY26 YTD FY26 FY26 Guidance Gold produced koz 10.4 11.7 22.1 35 – 45 Copper produced kt 0.5 0.6 1.0 3.0 – 4.0 Zinc produced kt 6.5 7.2 13.8 24 – 32 Lead produced kt 3.8 4.3 8.2 14 – 22 Group Operating Costs1 $M 70.0 73.8 143.8 275 – 315 Sustaining Capital $M 15.5 15.6 31.1 50 – 60 Growth Capital $M 10.9 10.5 21.4 60 – 75 Exploration $M 4.8 3.7 8.5 13 – 18 1. Group Operating Cost includes mining, processing, site admin, transport and logistics, TCRCs, royalties, corporate costs and care and maintenance DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 4
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OPERATING PERFORMANCE
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GROUP SUSTAINABILITY GROUP SUSTAINABILITY Group Total Recordable Injury Frequency Rate (TRIFR) 12 month moving average Group Recordable Environmental Incident Frequency Rate (REIFR) 12 month moving average DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 6 0 2 4 6 8 10 12 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 0 0.2 0.4 0.6 0.8 1 1.2 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 • Four recordable injuries. Actions - Short-term contractor onboarding and PPE discipline identified as key risks • Safety stop works, increased supervisory field engagement and targeted procedure reviews implemented • Strengthened contractor inductions and a site -wide behavioural safety program commencing in February
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PEAK DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 7 915 888 1,041 1,379 1,547 Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr 160 151 175 191 187 Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr 78.6% 76.7% 83.0% 85.5% 84.0% 89.4% 95.6% 93.9% 93.9% 94.0% Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr Zinc Recovery Gold Recovery Peak tonnes processed (kt) now at plant capacity Excellent gold and zinc recoveries at the higher throughput rates Mine development metres benefiting from efficiency program Maximising throughput and recovery to benefit production and cash flow
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FEDERATION Mining ramp up ahead of plan with costs in line 873 877 1,134 1,481 1,417 Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr 12 34 53 63 76 Dec 24 Qtr Mar 25 Qtr Jun 25 Qtr Sep 25 Qtr Dec 25 Qtr 37.5 YTD Dec 25 Guidance $70-$80M Development metres sustained around quarterly target of 1,500m/ qtr Ore mined (kt) 21% higher and ahead of YTD plan Opportunity to exceed planned FY26 volumes Operating costs ($M) in line with FY26 guidance 50% of FY26 midpoint DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 8
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FEDERATION MINE PLAN Progressing ramp up in FY26 – FY27 while drilling targets extension opportunities DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 9 Mine development rate now sustained at ~1,500m per quarter Infill drilling progresses with decline advance Orebody reconciling well and recoveries high through the Peak plant Completed Production & Development FY26 Q3-Q4 FY26 Production & Development FY27 onward Planned Production & Development FY26 Infill Diamond Drilling Completed to Date FY26 Planned Infill Diamond Drilling Image: Federation mine long section looking North
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GROWTH PROJECTS AND EXPLORATION
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GREAT COBAR COPPER PROJECT Project economics benefit materially from current high copper and gold spot prices DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 11 D ev elopment of ~3km to first infill drilling platform and ~4km to first ore Infrastructure and surface projects underway including the tender for the shaft Mine development of 954m completed Now at target rate of ~500m/ qtr 9500RL infill drilling design Image: Great Cobar long section looking West -South West showing planned development through to FY28
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Tailings and process water management • Improves copper recoveries • Repurpose ball mill from Dargues • Capital of $8.6M, commissioning in Q1 FY27 Tertiary ball mill • Enables higher throughput rate • Capital of $7.8M, commissioning in Q2 FY27 Crushing and materials handling Delivering 1.1–1.2Mtpa throughput capacity • Improves copper and zinc recovery, reduces cyanide consumption • Thickener construction complete and about to be shipped to Peak • Capital of $9.6M, commissioning in Q4 FY26 DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 12 PLANT UPGRADES
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• Drilling confirmed extensions at Nymagee North, the Metropolitan lens and Nymagee Main1 • Highlights of recent drilling: – Nymagee North 19.2m (6.3m ETW) @ 1.3% Cu, 0.1g/t Au, 1.2% Zn, 0.6% Pb and 27g/t Ag in NMD125 from 329.8m – Metropolitan Lens 3.0m (2.3m ETW) @ 1.9% Cu and 14g/t Ag in NMD123W1 from 280.0m – Nymagee Main 5.0m (2.8m ETW) @ 1.3% Cu and 7g/t Ag in NMD126W1 from 594.0m • Additional downhole electromagnetic survey has been completed at Nymagee North. Results will be available early 2026 and will guide future exploration work in the area. EXPLORATION UPDATE Nymagee continues to grow with further exploration success 1. Refer to ASX Announcement dated 18 December 2025, ‘Nymagee Exploration Update’. DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 13
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BALANCE SHEET
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BALANCE SHEET Operating cash flow maintaining strong liquidity 88.1 42.9 (10.5) (3.7) (6.8) (13.9) (8.7) (1.7) 85.6 30 116 Sep25 Cash Bal Cobar Region Ops cash flow Growth Capital Exploration Corp, Interest & Other Tax Paid Financing cash flows Working Capital Dec25 Cash bal Loan Note Total Liquidity Group Cash A$M1 1. Cobar Region Ops cash flow figures is after sustaining capital expenditure. Total growth capital expenditure of A$10.5M inclu des Great Cobar $5.2M , Federation $2.0M, and Peak expansion $3.2M, Exploration of A$3.7M is comprised A$0.8M at Nymagee and Federation, and $2.8M Peak. Corporate, interest and other of $6.8M is comprised of $3.8M of Corporate cost and $1.9M of net interest, and $1.0M of care and maintena nce costs. Net financing cash flow includes $7.9M of restricted cash for performance bonds. DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 15
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KEY FOCUS AREAS Safely executing our plan towards ~40ktpa1 of Copper equivalent production in FY28 Continue to fill the Peak plant to maximum capacity & Cash Ramping up Federation and extending mine life Delivery of Great Cobar project milestones ahead of plan Disciplined capital allocation Progress priority growth options - organic and inorganic Attracting and retaining the right people DECEMBER 2025 QUARTERLY | 21 JANUARY 2026 | PAGE 16 1. Spot prices used to convert metal production to Copper equivalent as at 16 January 2026: Gold: US$4,628/oz, Copper: US$12,681/t, Silver: US$92/oz, Zinc: US$3,265/t, Lead: US$2,075/t.
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CONTACT T: +61 7 3180 5000 E: office@aureliametals.com.au Level 10, 10 Felix Street BRISBANE QLD 4000 GPO Box 7 BRISBANE QLD 4001 aureliametals.com