Ord Minnett shrugs off a weak quarter for cash generation by...

Ord Minnett shrugs off a weak quarter for cash generation by Aurelia Metals. In a note, analyst Paul Kaner says lower concentrate sales in the three months through March more than offset the deferral of some capex to FY 2025. That led to Aurelia reporting a cash balance of A$107 million in 3Q, below Ord Minnett's A$118 million forecast. "However, there was a significant concentrate build through the quarter (A$14 million) which should unwind this June quarter," Ord Minnett says. As a result, Aurelia's balance sheet remains strong and continues to offer a point of difference to its peers, the bank says. It thinks Aurelia Metals has enough cash to bring its Federation base-metals project into production. ([email protected]; @dwinningWSJ)