Aurelia Metals : Presentation - Dargues Life-of-Mine Update

only DARGUES LIFE-OF-MINE

useUPDATE

24 March 2022

personalASX Code: AMI r

r personal use only

FORWARD LOOKING

STATEMENTS

This presentation has been prepared by Aurelia Metals Limited ("AMI" or the "Company"). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation contains forward-looking statements that are not based on historical fact, including those identified by the use of forward-looking terminology containing such words as "believes", "may", "will", "estimates", "continue", "anticipates", "intends", "expects", "should", "schedule", "program", "potential" or the negatives thereof and words of similar import.

AMI cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. The Company believes that the estimates are reasonable, but should not be relied upon.

AMI makes no representation, warranty (express or implied), or assurance as to the completeness or accuracy of these projections and, accordingly, expresses no opinion or any other form of assurance regarding them. The Company does not intend to publish updates or revisions of any forward-looking statements included in this document to reflect Aurelia's circumstances after the date hereof or to reflect subsequent market analysis, other than to the extent required by law.

By its very nature, production and exploration for gold and base metals is a high risk business and is not suitable for certain investors. Potential investors should consult their stockbroker or financial advisor. There are a number of risks, both specific to AMI and of a general nature which may affect the future operating and financial performance of AMI and the value of an investment in AMI including and not limited to economic conditions, stock market fluctuations, commodity price movements, regional infrastructure constraints, equipment availability, timing of approvals from relevant authorities, regulatory risks, operational risks, reliance on key personnel and foreign currency fluctuations.

You should not act or refrain from acting in reliance on this presentation material. This presentation does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

Non-IFRS Financial Information

The Company results are reported under International Financial Reporting Standards (IFRS). This presentation also includes non-IFRS information including EBITDA. The non-IRFS information has not been subject to audit or review by the Company's external auditor and should be used in addition to IFRS information.

This presentation has been authorised for release to the ASX by the Board of Aurelia Metals.

3

onlyDARGUES LOM
UPDATE
personal use	24 March 2022
r

DARGUES LIFE-OF-MINE (LOM) UPDATE

Technical drivers

Timing

Recover and unlock upside

4

only

DARGUES TECHNICAL useDRIVERS

personalr

5

personalr onlyuse

DARGUES ACQUISITION

Investment thesis

• On-strategyacquisition - addition of a third strategic asset, reweighted portfolio further towards gold, and aimed to improve group AISC profile
• Expected to produce an average of 45 - 55koz gold p.a. at AISC of A$1,150 - 1,350/oz over the next 5 years
• Significant upside offered by mine design and process improvements, and attractive drill targets and life extension potential
• Achieved production rates and unit cost outcomes that supported acquisition valuation
• Phase 2 underground drill program underway with initial focus on planned mining areas in the Main and Bonanza lodes
• Surface drilling targeting poorly drilled areas along strike to the east of Plum's lode and west of the Main and Bonanza lodes
• Studies underway for permitting approval to extend mine life