Ann: Quarterly Update and Outlook - March 2024, page-15

Aurelia Metals gets a new bull in Jefferies, which forecasts a catalyst-rich three months for the base metals miner. In a note, analyst Daniel Roden highlights that Aurelia's large inventory of concentrate at its Peak mine will likely unwind in the June quarter. Jefferies also expects maiden ore from the Federation project in 1Q of FY 2025, the closure of the Dargues mine in the same period, and the release of the Cobar Basin Optimisation project. "While commodities are tapering off their near-term rallies, most remain meaningfully above realized March-Q pricing," says Jefferies, upgrading Aurelia to buy, from hold. ([email protected]; @dwinningWSJ)