Great Cobar

The Great Cobar Project involves the development of a satellite base metals and gold deposit, north of, and accessible from, the New Cobar mining complex at our Peak Mine.

Copper mineralisation was discovered at the Great Cobar deposit in 1870 and mined from 1870 to 1919. Modern exploration drilling intercepted significant copper-gold and zinc-lead-silver mineralisation outside the historic mine workings with copper mineralisation identified at depths of 1,000m below surface.

We initiated a Prefeasibility Study (PFS) to examine future mining scenarios at Great Cobar. The PFS findings justify an economically viable and relatively low risk brownfield mine development that will provide baseload feed to the Peak process plant for at least five years. It will also enable establishment of underground drill platforms to further unlock the upside potential of our copper-rich Great Cobar deposit. In April 2022, we received development consent for the New Cobar complex, which includes Great Cobar, from the NSW Department of Planning and Environment.

On 16 April 2025, the Aurelia Board of Directors approved the development of the Great Cobar Project within the New Cobar Mine at our Peak Operation. The Project, which will be funded internally, is outlined in the Great Cobar Project Feasibility Study which details a substantially improved Project than the earlier Prefeasibility Study.

The Feasibility Study considers a larger production target of 3.6Mt (3.2% copper, 0.9g/t gold and 5g/t silver) over an initial eight year mine, with first ore projected in FY28. A mining rate of 500ktpa from FY30 will be sequenced with existing New Cobar ore sources.

The Project will leverage existing infrastructure at the Peak Operations, with the development of a twin decline from Jubilee to Great Cobar set to commence in July 2025. A capital estimate of A$91.8M (nominal), includes a A$10.9M contingency which significantly lowers execution risk.

The base case has attractive financial metrics with exposure to copper price upside and a net profit value of A$51M at long-term prices and A$164M at current spot prices (22 March 2025).

The Great Cobar Project has excellent prospectivity to build on the copper resource through exploration drilling from underground once mine development is established to the orebody.

Further information about the Great Cobar Project is available in ‘ASX Announcements’ on the Company Reporting page.