Aurelia Metals Ltd’s (ASX:AMI) share price has witnessed a strong recovery and growth of over 356% during the last 6 months on the back of record gold production at the Hera Project in central New South Wales, coupled with higher gold prices.
Aurelia’s Hera Project delivered 18,633 ounces of gold for the half -year ended 31 December 2015 producing sales revenue for the period of $34.4 million, with $28.6 million derived from gold sales and $5.6 million derived from the sale of lead zinc concentrates.
EBITDA was $8.995 million, for the half year.
The company is continuing the momentum with record quarterly production of 13,000 ounces of gold at the Hera Project for the March 2016 quarter.
A primary focus at Hera is on increasing gold recovery, particularly the gravity gold recovery.
Several process capital improvements over the next 12 months are designed to increase gravity recovery. Increased gravity gold recovery should enhance total gold recovery and reduce costs, particularly reagent costs, in the processing department.
Aurelia utilised a drawdown of $13.5 million from a new convertible note facility of $20 million with Glencore Australia (LON:GLEN). The $13.5 million was applied as repayment against an existing convertible note with Glencore.
The drawn balance of the new facility has increased from $5 million to $18.5 million, with a further $1.5 million available to be drawn by 30 June 2016.
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