Great Cobar Project Approval

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.

Managing Director and Chief Executive Officer, Bryan Quinn spoke about the outcomes of the Feasibility Study and the approval from the Aurelia Board of Directors.

“Great Cobar and copper are the future of our Peak mines. The transition to Great Cobar mine ores has been sequenced to optimise value from our Peak operation, with Great Cobar set to ramp up as the Peak (South) Mine ores are ramping down to keep our Peak processing facility at full capacity in line with our growth strategy,” Bryan explained.

“Great Cobar is scheduled to come into production in a period of forecast high copper prices, based on strong projected underlying demand for this critical metal.

The compelling copper and gold grades of Great Cobar will complement the very high-grade zinc and lead feed from our Federation Mine. Both mined ores will be processed through our existing Peak Processing Plant.

“By choosing to owner-operate the mine development, we continue to support our commitment to building a suitable fleet of fit for purpose equipment, and capable workforce with good operating practices that will deliver maximum shareholder value.

“I am very confident that the Great Cobar orebody will continue to grow beyond what we’ve modelled in this study. It has significant exploration potential that will only enhance the strong economics of the current project and is best tested from underground once we have accessed the orebody.

“I would like to take this time to thank everyone across the Group who came together as one team and contributed to the Great Cobar Feasibility Study. Your hard work and dedication to its delivery and approval is inspiring and I am immensely proud of your efforts, ” Bryan concluded.

The details of the Great Cobar Feasibility Study are available in the full ASX Announcement: Great Cobar Project Approval.

A video of Bryan Quinn discussing the release of the Feasibility Study is available on our Media Centre page.