Strong operating cash flow
Operating cash flow after sustaining capital of AUD 42.9 million for the quarter, driven by strong production, sales and commodity prices.
Robust balance sheet and liquidity
Cash balance of AUD 85.6 million at quarter end and overall liquidity of ~AUD 116 million when including an undrawn loan note (USD 20.4 million).
Ore mining growth at Federation
Ore mined at Federation increased 21% quarter-on-quarter; development meters meeting target (~1,500 m/quarter) with grades and recoveries increasing and reconciling well to models.
Great Cobar development momentum
Great Cobar development meters increased 13% quarter-on-quarter; ~3 km of development remaining to platform and ~4 km to production staging — project described as on track with material upside given copper pricing.
Mill throughput and stockpile build
Peak mill ramping to near nameplate capacity with ROM stockpile of ~36,000 tonnes at quarter end; average monthly throughput volumes are record highs since FY20, supporting near-term upside before expansions commission.
Improving recoveries
Gold recoveries at all-time highs for the quarter despite higher throughputs; lead and zinc recoveries also described as very good, enhancing value extraction from processed ore.
Expansion projects progressing on schedule
Three Peak plant upgrades tracking to plan: thickener/tailings & process water management (ready Q4 FY26), tertiary ball mill (commission Q1 FY27) and crushing/materials handling (Q2 FY27); major parts on site for early works.
Exploration upside and assays
Notable exploration results include Nymagee North extended ~100 m, Metropolitan lens +40 m up dip, Nymagee Main extension 250 m down dip; New Occidental tailings drilling assays returned and progressing to resource development and PFS work.
Tax and working capital actions completed
Paid FY25 tax liability of AUD 12.2 million in the quarter; working capital largely flat despite annual insurance payment and restricted cash movements.