Ann: Change in substantial holding from MUFG, page-10

Good afternoon folks,

I was sent this brief update from Macquarie today.

Macquarie rates AMI as Outperform
7/04/22
Macquarie visited Aurelia Metals Hera and Peak Mines.
The broker says the company's emerging Federation project is the upcoming star and says Aurelia is on track to deliver an updated resource for the project.

Meanwhile, Great Cobar has extended the life of Peak to beyond FY25.
Lower production assumptions at Dargues results in EPS cuts, which are balanced out by the increased inventory assumptions for Federation. Outperform rating and 60c target price retained.

Target price is $0.60.Current Price is $0.48. Difference: $0.12 - (brackets indicate current price is over target). If AMI meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Will be interesting to see what other commentary emerges.

All the best.

KKR
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