BWA | JUL 2026 123 Reweighting a Cobar Basin Business Toward Base Metals and Copper Aurelia Metals now reads like a company in the middle of a purposeful portfolio shift. Its investor materials describe the business as an Australian mining and exploration company with a strategic landholding in the Cobar Basin of western New South Wales, operating three underground basemetals mines across its Peak and Federation operations. The company’s homepage is even more direct, describing Aurelia as a business with “compelling nearterm base metals growth” as it reweights away from its older precious-metals mix. That shift is easiest to see at Federation. Aurelia says the Federation Mine, about 10 kilometres south of the Hera site, hosts high-grade zinc, lead, gold, copper and silver mineralisation and was officially opened in September 2024. Ore haulage from Federation to the Peak processing plant began in the second quarter of FY25, which means the asset is no longer a future promise; it is already part of the operating base. The second major leg of the story is Great Cobar. In April 2025, the Board approved development of the Great Cobar Project within the New Cobar Mine at Peak, with a capital estimate of A$91.8 million including contingency. Aurelia has described Great Cobar as a transformational copper growth project, and the project page says operations commenced on 1 July
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