My name is Peter Botten, and I'm Chair of Aurelia Metals Limited. Welcome to our 2025 Annual General Meeting and what will be my last stage here as Chair. I wish to thank everyone for attending today, whether in person or online. I'd like to begin by acknowledging the Jagera and Turrbal peoples, the traditional custodians and the land on which we meet today. I'd also like to acknowledge the traditional custodians of the lands upon which Aurelia operates and pay my respects to their elders past and present.
Whilst every effort has been made to ensure today's meeting runs smoothly for those attending online, if technology issues do arise, a short recess or an adjournment may be required depending on the number of shareholders affected. If this occurs, I shall advise you accordingly. At this point, I kindly ask everyone in the room to please ensure your mobile phone is switched off or placed on silent mode. In the event of an emergency, an alarm will sound. Please follow the directions of Aurelia's staff.
All of our board members are present today. On my far left-hand side is Lyn Brazil. Next door to Lyn is Rachel Brown. Next door to her and me is our Managing Director, Bryan. On my right-hand side, we have Bruce Cox, Susie Corlett, and Bob Vassie. We also have with us today Rochelle Carey, our Company Secretary, and members of our Executive Leadership Team. At the end of this meeting, please engage with them, ask them any questions, and get to know them.
Representing the Company's Auditor, Ernst & Young, is Miss Kelly McKenzie, who is available to answer any questions in relation to the audit of the company. Kelly's up the front here. Under our Constitution, a quorum for a shareholder meeting is three members, and we do have a quorum present here today, so I now declare the meeting open. I propose the notice of meeting dated 30th of October 2025, which was made available to shareholders, be taken as read. Moving to the agenda for today's meeting, I will firstly deliver a brief address. Our Managing Director and Chief Executive, Bryan Quinn, will then present on our FY '25 performance and FY '26 outlook.
This will be followed by the formal business, which is to receive and consider Aurelia's FY '25 financial statements and reports and put four resolutions to shareholders. The resolutions will cover: one, adoption of the FY '25 remuneration report; two, the re-election of Bruce Cox and the election of Rachel Brown as Directors in accordance with the Company's Constitution; and three, to issue performance rights to the Managing Director, Bryan Quinn. Participation in the business of the meeting, including the asking of any questions, is confined to shareholders and people entitled to vote on behalf of shareholders.
If you are in the room with us today and wish to ask a question, please stand and show your yellow or blue attendance card. Please state your name and then ask your question. If you are attending online, you will be able to ask questions either verbally or in writing. Please select the Ask a Question drop-down menu on your screen, click on the green Ask Question button, and then choose either Text Question or Verbal Question. A panel will open where you can type your question or register to ask it verbally.
Please select the related resolution or general question and indicate the shareholding or capacity on behalf of which the question is being submitted, and then click Submit Question. Seems pretty complicated to me, but I'm sure it's not when you've got a computer right in front of you. Written questions will be read by our Company Secretary at the appropriate time. We will address any general questions after the Managing Director and Chief Executive Officer's presentation. Written questions may be amalgamated when we answer them.
If you are online and have chosen to ask your question verbally, I will invite you to ask your question at the appropriate time during the AGM. Please listen carefully for the invitation to speak and ensure your microphone is unmuted when called upon. Please note that there may be a delay between the submission of your question and us receiving the question. I therefore encourage you to submit your questions early. Before we turn to the formal business of the meeting, I'd like to make some opening remarks. In October 2025, I advised the board of my decision to step down as Chair of Aurelia following the 2025 Annual General Meeting, this meeting.
It's been a real privilege to serve on the Aurelia board over the last four years, during which time we have successfully navigated some particularly challenging times and made meaningful progress in delivering performance improvements across our operations and delivery of our growth projects. I'm proud of the improvements achieved in safety performance, operational reliability, and strategy delivery. The Company is now in a strong position to continue delivering value for shareholders from its attractive assets in the Cobar region.
We do, however, recognize that this is a journey, and there's still a lot of work to do to deliver the core value of the business to our shareholders. I'd like to extend a warm welcome to Rachel Brown, who joined us as a non-executive director in October. Rachel brings governance and legal expertise along with broad experience across multiple sectors to the Aurelia board. This has been a year of disciplined execution and decisive progress at Aurelia. We continue to transform our business into a copper and base metals-focused company that will play a meaningful role in the global transition to a low-carbon economy.
In FY '25, we returned to profitability. Strong cash flow generation enabled us to self-fund our growth activities and maintain a debt-free balance sheet and more than AUD 146 million in available liquidity. Productivity improvements across our mining and processing operations contributed meaningfully to these outcomes. Our Cobar Basin optimization projects align with our growth strategy and journey we have started, which is based on building a more resilient cash-generative business with higher margins and longer operating life.
The projects are expected to unlock significant latent value in the Peak processing plant as throughput ramps up to between 1.1 and 1.2 million tons per annum. The Great Cobar Project, also approved during the year, represents a transformational step in our journey towards becoming a substantial copper producer, with first ore scheduled in FY '28. At Federation, first stope ore was fired in September, and in December, first ore from the mine was processed through our Peak processing plant. From that point, production ramp-up gained momentum. The ramp-up of Federation and further resource confirmation will remain core priorities for the business in FY '26.
Safety remains the foundation of everything we do, and I'm pleased that in FY '25 total recordable injury frequency rates reduced by over 50% to 5.91. This reflects visible safety leadership, a stronger risk management framework, and a safety-first culture. Safety at Aurelia also extends to safeguarding the psychological well-being of our people and our commitment to an inclusive workplace. Although there is still a lot to do to ensure Aurelia has an injury-free workplace, this is a core focus for the business right across the organization. During FY '25, the board oversaw strengthening of our risk management culture, conducting site visits to verify risk control effectiveness against the approved framework.
Guided by our value of care, mine closure activities of Dargues progressed, and we are transforming the site in ways that demonstrate safe, responsible, and sustainable closure practices. During FY '25, the board undertook a comprehensive review and refinement of the Company's strategic direction. This process reaffirmed our commitment to sustainability, productivity optimization, discipline growth, and a strong focus on our people and culture. We continue to align our organizational values and behaviors with our business objectives, ensuring that we build a workplace that empowers our employees while strengthening the foundation for long-term performance.
A key priority for the board has been to maintain the robustness of our balance sheet while applying a disciplined capital allocation framework. Through careful investment and ongoing focus on operational efficiency, we have outlined a pathway towards our strategic target of achieving 40 kt copper equivalent tonnage per annum in 2028, supported by an improved unit cost position. This target represents a significant step forward in enhancing shareholder returns and ensuring the sustainability of our business over the long term.
The Company is making solid progress in executing its strategic priorities on time and within budget and guidance, as demonstrated by the 2025 results. The advancements achieved reflect the dedication of our management team and employees and demonstrate the strength of the strategic framework we have put in place. On behalf of the board, I'd like to thank the Aurelia leadership team, employees, contractors, and business partners for their hard work and dedication during FY '25. I also thank our shareholders and community stakeholders for your ongoing support and confidence.
I'd like to thank my board colleagues for their continued support and sage advice during my tenure as Chair of your Company. This has been pivotal in successfully addressing the challenges we have faced together. Thanks again for your experience and input. To all of you, thank you. As I set down as Chair at the end of this meeting, I'll be replaced by my colleague, Bruce Cox, who will take up the role of Interim Chair whilst a broad search for a replacement continues. The process is well advanced. I wish Bruce the absolute best of luck in his new role.
As I conclude my time as Chair, I take great pride in the progress Aurelia has made over the past four years. The Company is in a strong position guided by a capable leadership team, a clear strategy, and a commitment to safe and sustainable growth. I have every confidence that Aurelia will continue to build on this foundation and deliver long-term value for all stakeholders. There remains, though, a lot more work to do, and I wish you well for the future. Thank you for your continued support of Aurelia. That's my message. I'll now pass over to Bryan to provide his view as Managing Director and walk you through an operational summary.
Thanks, Peter. We are going to move through some slides for those online. Slide pack was released this morning, so we'll obviously talk through the slides as we go through, but it's an honor to address you today. I'm pleased to speak at a time marked by significant progress of enhancing shareholder value and also progressing our business strategy from where we were last year and the previous year. Our accomplishments in 2025 are a direct result of the well-defined purpose and strategies that Peter referred to and are consistently being delivered to the market.
I'd like to express my sincere gratitude to the shareholders for the continued support and the confidence in Aurelia and what we're trying to achieve. Additionally, I'd like to extend my appreciation to the board of directors who are here with me today on the front bench, the executive leadership team, and the operational exploration and support teams that actually work hard every day to make these results. Their commitment and professionalism is number one to me in terms of making these business results. Martin, Andrew, Angus, Rochelle, and Jesse are here today as the executive leadership team, so please get a chance to have a chat to them. Ask them the hard questions after the session, please.
I'll just refer to the forward-looking statement for your review and acknowledgement. In terms of an executive summary, Aurelia Metals is delivering strong returns today and is positioned for transformational growth in the critical minerals sector. This year represented a period of transition, execution, and strategic preparation for future growth. We safely met all guidance targets, delivered robust financial results, completed Federation within budget, and initiated the next phase of our growth projects, all achieved through self-funding while also closing the Dargues mine in the Southern Highlands.
On to business highlights. The business has demonstrated continual financial improvement since FY '24, which is self-marked progress against the prior years. This performance reflects our commitment to executing strategy in a systemic and transparent manner. As of the 30th of June 2025, our cash position was AUD 110 million in hand. EBITDA improved by 69% to AUD 121.9 million, driving a significant turnaround to net profit after tax of AUD 48.9 million, which is a very strong result for this company from where we've been. Notably, unit margins, costs remain robust and stable from FY '24 to FY '25.
Considering all the inflationary pressures that do exist in the market, we have maintained a flat unit cost structure over that period of time. The balance sheet concluded the period in a very strong position to grow further. Notably, and very importantly, as Peter highlighted, we did this with an achievement of reducing our total recordable injury frequency rate to just over 50%, which is a great credit to the team involved. In terms of executing our strategy, it's really straightforward what we're trying to achieve. I'll also just talk through step by step each one of these strategic drivers.
We are focused very much on sustainable delivering value, operating with discipline, focused growth, and having the right people, right mindset, which is really about the culture, coming to work every day and wanting to make a difference and improve our business and walk home with a sense of purpose as well. In terms of sustainability delivering value, in FY '25, we did obviously prioritize and we continue to prioritize ensuring everyone goes home safe each day after work. While the year concluded without any serious injuries, we still had injuries, which is unacceptable.
They were minor in terms of hand injuries and trips, falls-type injuries. They are still things that we need to focus on to get better as a company to ensure our people go home every day the same way they come to work. We did maintain robust environmental compliance and focused very much on positive relationships with our community. We put investment in this community into local procurement. We've prioritized that. We've also looked at very much how do we continue our charitable contributions to better the community for the people living in the community as well.
They are very important for us to ensure that we bring the community with us in our journey to be a better regional location. In terms of operating with discipline strategy, we're supported by strong financial results and ESG performance. We've actually been able to navigate the complexities associated with our recent growth phases through our discipline delivery. Our focus has been on efficiencies, productivity at both Peak and also the Federation project as it's come online.
We've also been focused on increasing recoveries that you will see quarter on quarter as we report those to really get better recoveries out of the ore as we ramp up Federation into the plant as well. We actually are implementing strategies to surpass production budgets for Federation in a cost-effective manner. We're doing that through really looking hard at how we can improve our volumes out of Federation to ramp up faster than we've sort of indicated to the market before. Lastly, we obviously did close Dargues at the start of FY '25, and that complexity can't be undermined.
It was a lot of work, but the team did it very successfully, and now it's in a remediation state where we're selling equipment and remediating the site. In terms of production results, as noted on this slide, we have achieved full production guidance for all of the metals. As was reported in quarter one FY '26, this remains on track in FY '26. That shows quarter on quarter, quarter for many, many quarters that we've actually been able to deliver that guidance, and we believe this year still in the same vein we'll achieve those results.
Our cash and liquidity. The company maintains a solid financial standing supported by substantial liquidity and a very much a focus on prudent management of our balance sheet. At the end of FY '25, we reported cash holdings of AUD 110 million with no outstanding debt, and we had not used the AUD 23.6 million loan note that was actually put in place. This position was achieved following an investment of around AUD 84 million in growth, which includes our Federation growth and our exploration work.
This strategic allocation of resources is expected to yield significant returns in the coming years as we ramp up Federation and continue to unpack the exploration results that we've been announcing to the market through Nymagee and other locations. In terms of focused growth, during the year, we announced our medium-term objective of reaching 40,000 copper-equivalent tonnes, which is a big step in the right direction to us really putting a target out there that we're after coming into FY '28.
The ramp-up of Federation is the first step towards achieving that and also obviously ramping up the Peak mill to its full capacity, which it is now, and then with expansion projects working on in the Peak plant, that's the additional move from 800,000 tonnes to 1.1-1.2 million tonnes. We've also kicked off the Great Cobar decline, which is heading towards the Copper Ridge Great Cobar deposit. That kicked off on the 1st of July, and that's well on track with both on a cost basis and a schedule basis at the moment, which is great news for us.
Additionally, we launched the project to optimize the plant, as I mentioned, and that's also on track in terms of schedule and cost at this point in time, which is a great outcome for the team. As I mentioned, all projects that we finished in FY '25, Federation within budget, it's now gone to commercial production. We've now moved into Great Cobar and expanding the Peak plant. They are also at the end of quarter one, both on schedule and on cost as well. Hopefully that gives people and investors confidence that we can deliver these projects in a very disciplined way.
Exploration remains pivotal to our future strategy and for our organic growth options that Peter mentioned. We are continually actively drilling the region inside of our footprint we have. In FY '25, Federation West extension was declared, and also more work was done on the Nymagee deposit, which also gave good results that we put to the market. Obviously, more work is being done around the region to look for the next opportunity we have from a greenfield point of view.
Obviously, the MROR release came out recently showing that from the work in FY '25, we upgraded our resource by 12% and our reserves by 17%, which is a significant accomplishment for this company to be able to put those results out on top of the growth work, on top of the closing Dargues, on top of the very strong focus on getting our guidance delivered inside the ranges we put out to the market. Again, this really demonstrates the focus of the management team to give value to the shareholders. We are a value-driven mining organization. We are driven to really make sure we can do the best in the Cobar region.
Our mission is to deliver robust returns to shareholders through being efficient and doing it in a sustainable way across our operations. We have the right exposure to the right metals. We've demonstrated we can manage a balance sheet to self-fund our growth over the last couple of years. We have productivity initiatives that are underway that will increase our margins, improve productivity, and lower our unit costs while we're growing. We are in the region with high exploration prospectivity, as we've demonstrated through the MROR results out recently. We are well on track to having our major processing plant full this year, and with the expansion, we'll fill it again.
Lastly, our management team remains committed to executing these strategic objectives and delivering sustainable value. Every day they come to work, every time we report the results. Our FY '26 focus is really outlined in the priorities on the slide, but all aligned to a central objective of safely achieving our overarching business strategy. We're increasing production at Federation, advancing development initiatives at Great Cobar, and sustaining robust exploration activities. Looking forward to FY '26 and beyond, our immediate emphasis is achieving guidance targets safely and obviously generating solid operating cash flows as we have done.
Our medium-term goal, as Peter mentioned, is to deliver the 40,000 copper-equivalent tonnes during FY '28, supported by these mill expansions I talked about, supported by the Great Cobar project I talked about, and also supported by the ongoing ramp-up of the Federation project. These volumes are projected to generate significant annual cash flow ranging from AUD 100 million-AUD 200 million in cash flow from operations. Ultimately, we are committed to building a resilient business characterized by financial strength and the strategic flexibility we can actually use from our resources.
Importantly, we have the necessary infrastructure for people who have been up to Cobar and seen our infrastructure. We have the resource, and our MROR supports that. Our focus is really about building a really strong culture in the organization and in the region. That work is well underway to really ensure that our people come to work every day with a clear focus, a clear sense of delivery, what they need to do, go home safely, and feel they've actually accomplished something for the day.
Always thinking about how we can make the organization better is a key cultural attribute we're really seeking. We've made good progress in FY '25. There is much more to do, though, and the team's very focused on that. In closing, I want to thank all of the Aurelia personnel for their efforts in FY '25 and their work so far in FY '26. Their hard work and commitment underpins these results. I can talk about these results because of the work they've put in day in, day out.
I also want to thank you, our shareholders, for your ongoing support and challenge. I would especially like to thank Peter as your outgoing Chair for his support and leadership over the last four years. As the ultimate test of success, Peter leads this business in better shape than when he arrived, both from a strategic point of view and a financial point of view. We have built a business that is leaner, more resilient, and ready for the next chapter. With major growth projects advancing, a strong balance sheet, and a team that firmly believes we can do it, Aurelia is actually positioned very well for this exciting journey going forward. I'd now like to invite questions.
Thanks, Bryan. Just a reminder, if you'd like to ask questions from the floor initially, please show your blue or yellow card and give us your name or who you might be representing as a shareholder. I'll throw it open to questions from the floor.
Roy Gillespie. It's just a question about the Federation. Mine in the quarterly report, you said that it's ahead of mining plan. What does that mean? Is it development meters or is it mine production or what?
Yeah, thanks for the question. At the moment, we've put a more aggressive plan forward to try and achieve this year than was in the original budget. What that's based on is you've got to get development ahead first, and that is going very, very well. Secondly, once development's ahead, obviously you can bring in the machinery to start the stoping process, which is also ahead as we did report at the quarter one position. Our aim is to come in for a full year ahead of what the numbers were.
We haven't told them what the number is yet, obviously. It's an internal thing, but rest assured, our focus is to make sure we come in, I guess, ahead of what we put in the budget and what we put out of our sort of numbers to the market. The mine is performing very, very well. The ore is performing very, very well in terms of how it goes through the processing plant. It's definitely an exciting time for Federation to ramp up.
Any more questions from the floor? No? Rochelle, are there any questions online?
We do have a few questions online, Peter. The first question is from Stephen Mayne in terms of general questions. He's asked, when disclosing the outcome of voting on all resolutions today, please advise the ASX how many shareholders voted for and against each item, similar to with the scheme of arrangements. This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate. The likes of Qantas, ASX, Suncorp, Tabcorp, Myer, Flight Center, Stockland, and Computershare all voluntarily do this.
Thanks, Mr. Mayne, for your question. We certainly will look at disclosing numbers of shareholders. I can't give you a—that's not something we're prepared for to do today, but we will have a look at that and in the future look to see whether that's an appropriate move for us.
There's also another question from Mr. Peter Close. He's asked, can the company give guidance as to the amount of gold forwards sold for 2026 at the percentage of forecast production and also beyond 2026 and the price, and also the same guidance for copper if relevant?
In our quarterly reports, we provide that information. Every quarter, we do provide what is the price and how much gold we're actually producing. I would refer that question to our quarterly reports. I do not have that in front of me right now, but that is in our quarterly reports. All the details in the back, actually, for even the price and the receiving for that gold. Obviously, we do hedge, and that is obviously part of that information disclosure in the back as well.
No further questions.
Thank you. There will be opportunities to ask questions later on against the various specific resolutions being put to the meeting. We will now move on to the consideration of the formal terms of business, items of business for today's meeting. The notice of meeting sets out the resolutions proposed today. No notice of other business has been received in accordance with the Corporations Act, and so the only items of business to be presented today will be those specifically specified in the notice of meeting.
Firstly, I'd like to explain today's voting procedures. As stated in the notice of meeting, all resolutions will be put to a poll. I appoint Adrienne Atkinson of Automic Group, the company share registry, who have examined and prepared summaries of the proxy forms received to act as a returning officer and to conduct the poll. If you are attending in person, please fill out your voting card, and our Automic representative will collect your completed voting card at the appropriate time.
If you are attending online, once the poll has been declared open, you will be able to vote. To do this, please select the voting drop-down menu on your screen. Then choose either Full or Allocate for your electronic voting card to appear. Follow the prompts to record your voting direction for each resolution, and when you are ready, click Submit Votes. Please note that once submitted, your vote cannot be changed. Resolution one relating to the remuneration report is advisory only. All other resolutions are ordinary, which means that to be carried, they require 50% of the votes cast by members who are entitled to vote.
Resolutions one and four are subject to voting exclusions, and further details about this are set out in the notice of meeting. As each resolution is discussed, the wording of each resolution and the results of the proxies received prior to the meeting will be shown on the screen behind me. The proxies received prior to the meeting represent 493,611,330 shares, or 29% of the issued capital of the company. To the extent permitted by the Corporations Act and the ASX listing rules, and subject to the voting exclusions detailed in the notice of meeting, all valid undirected proxies or open votes that have nominated the chair of the meeting as their proxy will be cast in favor of each of the resolutions outlined in the notice of meeting.
Directors and executives identified as key management personnel will not be voting undirected proxy votes given to them for resolutions one and four. The poll, and therefore online voting portal, is now open and will remain open until I declare the poll closed. Your votes must be submitted prior to the poll being closed for them to count. If you are online and you do not see the green open icon, please refresh your page now. I will now move to the first item of business. The first item is to receive and consider Aurelia's FY '25 financial statements, the director's report, and the independent auditor's report.
As no resolution is required, there will be no voting on this item. Kelly McKenzie from Ernst & Young is available to answer any questions you may have regarding the audit of the company. Are there any comments or questions from shareholders in the room regarding the financial statements or the audit of the company? Kelly, no, your last gig as well. So yeah, but thank you for your efforts over many years. Rochelle, are there any questions online attendees? No. Thank you, Kelly.
Thank you for all your efforts and your contributions to Aurelia while she's been a key contact point for audit. There being no further questions or no questions, we will now move to resolution one. Resolution one relates to a non-binding resolution required by the Corporations Act in relation to the FY '25 remuneration report. The wording of the resolution and the proxies received in relation to this resolution are now shown on the screen. The presentation of the remuneration report is a requirement for ASX-listed companies. The company's remuneration report is included in the company's 2025 annual report.
The remuneration report sets out the remuneration of Aurelia's directors, key management personnel, and Aurelia's remuneration policies in respect of the key management personnel. In accordance with the Corporations Act, this vote is advisory only and does not bind the directors or the company. Are there any comments or questions from shareholders in the room regarding the remuneration report? No? Rochelle, are there any questions online?
There are two questions, Peter, both from Mr. Stephen Mayne. The first question is, best practice is now to disclose the proxy position to the ASX along with the formal addresses to offer more timely disclosure to the market and a more fully informed AGM debate. The likes of Origin, NAB, Car Group, Viva Energy, Webjet, Xero, Myer, Ramsay, and JB Hi-Fi all do this. Will you adopt this practice at future shareholders' meetings? Have there been any material proxy protest votes on any of today's resolutions, including this remuneration report item?
Thank you for your question, Mr. Mayne. I would say that normally proxy reports and proxy advisors generally tend to concentrate on the larger companies in the stock exchange rather than necessarily on the company and size and shape of Aurelia. I think sort of questions or the companies that you quote in that question are significantly larger. To my knowledge, there was only one proxy advisor that actually opined on Aurelia's results and reports, and there were no issues with that proxy advisor demonstrating full support for the various resolutions that have been put.
I do not believe there are any other proxy advisors that covered Aurelia this year. Happy to again look into whether that is an appropriate thing to do. Obviously, it depends a lot on the coverage, but there is nothing to hide now in the business, so we will look after that as well.
Next question also from Mr. Stephen Mayne. 29% of the total issued capital register is a low proxy turnout for a company of this size. Is this because we have a large retail base, or are there large individual shareholders who will vote on the day in the room? What explains why 71% of the total shares on issue were not voted by proxy ahead of today's meeting?
I've been in the business for close to 50 years, and I find it still quite hard to look into the minds of shareholders necessarily as to how they vote and what drives them and when. Clearly, there is a very significant shareholder that is obviously yet to vote, and it will be up to that individual to vote or not. I think that's the primary reason for the size and shape of the present voting numbers.
We do not know other questions.
Okay. Thank you. I put to the meeting resolution one. Therefore, please record your vote in relation to resolution one by choosing for, against, or abstain on your screen or voting card. Shareholders voting online are reminded that votes cannot be amended once submitted. We now vote on resolution one. Resolution two. The next item of business is resolution two, which is the re-election of Bruce Cox as a non-executive director. The wording of the resolution and the proxies received in relation to this resolution are shown on the screen. Bruce's credentials are outlined in the notice of meeting, but I'll now ask Bruce to address shareholders regarding his re-election. Over to you, Bruce.
Peter, thank you. I hope you don't mind me spending a couple of minutes on my CV, my resume. In four days' time, it will be my anniversary for working in the resources sector for 45 years. So I'm sort of looking forward to Monday when I've got 45 years in the industry. I've worked in, lived in across six countries: Zimbabwe, Chile, Canada, U.S., U.K., and most states of Australia. I've worked in mineral processing, which includes aluminum refining, aluminum smelting, and steelmaking. In the mining sector, I've worked in the copper mining sector, iron ore, diamonds, bauxite, and the platinum group metals.
I have had many years of exposure to both open pit and underground operations, including the interesting challenging of mining under a lake in the Northwest Territories of Canada. Of course, diamonds are worth it. And I'm familiar with and have had operations in block cave and surface mining techniques across various commodities. I'm currently on four boards. I'm on a resource conglomerate based out of Indonesia called United Tractors. I am on the board of the world's largest single-site aluminum smelter. I'm based out of Bahrain, called Aluminium Bahrain or ALBA. I'm on the advisory board for one of the largest conglomerates in Saudi Arabia called Ajlan Brothers.
Of course, I'm on Aurelia Metals. As our public announcement has stated, I'll be acting chairman for the duration of the timeframe to replace Peter, who's retiring from this board. I would like to also thank Peter for his leadership of this board over the past six years. Maybe as acting chairman, just confirm the focus on the key elements, five key elements of what the board has focused on in the past and will continue to focus on. First of all, safe, reliable, and efficient operations.
Secondly, very much focused on ensuring a motivating rate of return for shareholders on all capital investments, ensuring professionally the execution of all of our key projects, the two primary ones are Great Cobar and our plant expansions at Peak, a disciplined allocation of funding for our exploration program, which is the future of the company, and ensuring the robustness and resilience of our balance sheet during the current capital investment phase. Thank you very much for your attention. Thank you. Thank you, Peter.
Thank you, Bruce. Bruce's re-election is unanimously supported by the rest of the board. Are there any questions, comments from the floor? No? Any questions online?
There are no questions online.
No. Okay. Thanks very much. I now put to the meeting resolution two. Please record your vote in relation to resolution two by choosing for, against, or abstain on your screen or voting card. The next item of business is resolution three, which is the election of Rachel Brown as a non-executive director. The wording of the resolution and the proxies received in relation to this resolution are shown on the screen. Rachel's credentials are outlined in the notice of meeting. I now ask Rachel to address shareholders regarding her election.
Thank you, Chair and the shareholders. The opportunity to serve on the board of Aurelia Metals Limited. I would also like to acknowledge my fellow directors, Lyn, Bruce, Bob, Susie, Bryan for their warm welcome. I extend my best wishes to Peter, and I welcome Bruce as interim chair. Over the past decade, I've served on boards and board committees in education, tourism, infrastructure, and disability sectors, including chairing our risk and compliance committee.
My executive career is as a head of operations for our family agribusiness, property, and family office, with a focus on digital transformation, operational efficiency, asset management, and compliance. I recently completed my MBA at the University of Queensland, including a leadership program at Harvard, building on earlier qualifications in economics, law, and governance. Earlier in my career, I practiced as a commercial and infrastructure lawyer for more than a decade, including as a senior associate at King & Wood Mallesons and then in-house with Queensland Motorways during the consolidation of Brisbane's toll road network ahead of its sale to Transurban.
Across mining and agribusiness, I see shared challenges and opportunities, operating safely in regional communities, relying on skilled workforce and contractors, managing complex supply chains, and maintaining disciplined capital allocation and a long-term approach to value creation. I am pleased to bring my independence, governance, law, and operational experience to Aurelia, and I look forward to working with the board and management to support safe, reliable operations and sustainable long-term value to all shareholders. Thank you.
Thank you, Rachel.
Thank you.
Rachel's election is unanimously supported by the rest of the board. Are there any comments or questions from shareholders in the room regarding resolution three?
No one's got anything to add.
I'd just like to make a statement that I did not vote prior to the meeting. I believe voting at meetings. So my vote doesn't come up shown on that board. That looks close. We had another 380 million onto Rachel's numbers for me, so that makes it look proper rather than what it's up to.
Thanks, Lyn. Thanks for the detail.
We have one question online, Peter, from Mr. Stephen Mayne. Could new director, Ms. Rachel Brown, and the Chair please comment on the recruitment process that led to her appointment to the board? Was a headhunter involved? Did the board interview any other candidates? Did Rachel know any of our other directors before engaging with the recruitment process?
The recruitment process was one where we did and have an ongoing review of directors and skills on the Aurelia board. Rachel's appointment is part of that process, and that process is ongoing to also identify eight possible other directors that can fill the required skills that we think are necessary to carry Aurelia forward. The process right now is absolutely involving an appropriate, well-regarded headhunting firm, and that process is, I would say, ongoing. The refreshment of the board is part of that process.
As I say, whether we find another chair or Bruce goes from interim to full-time is we will see. No other questions. Okay. I now put to the meeting resolution three. Please record your vote in relation to resolution three by choosing for, against, or abstain on your voting cards. Resolution four. The next item of business is resolution four, which seeks shareholder approval to issue performance rights to the Managing Director and Chief Executive Officer. Performance rights to Managing Director, Chief Executive Officer Bryan Quinn under the company's long-term incentive plan. The wording of the resolution and the proxies received in relation to this resolution are shown on the screen.
As Mr. Quinn is a director of the company, shareholder approval of the proposed issue of performance rights to Mr. Quinn must be obtained under ASX listing rule 10.41 before the performance rights can be issued. The grant of performance rights will, in due course, involve the issue of ordinary shares in the company, one ordinary share for one performance right. If the rights vest upon the satisfaction of certain vesting conditions, which are measured over the three-year period from 1 July 2025 to 30 June 2028. Are there any comments or questions from shareholders in the room regarding resolution four? No? No. Rochelle, are there any questions online?
Another question has just come in online, Peter, from Mr. Stephen Mayne. If no proxy advisor recommended against any resolution today, can you please explain the protest vote against Rachel's election, which was not repeated on this resolution?
Can you say that? I'm.
If no proxy advisor recommended against any resolution today, can you explain the protest vote against Rachel's election, which was not repeated on this resolution?
Again, I do not think I could comment on why people vote yes or no, particularly. Everybody has their views of life. There were, to my knowledge, no negative proxy advice from the sole proxy advisor that opined on Aurelia's various resolutions. I think I am right there, Bryan?
That is right.
I am not going to understand why necessarily shareholders vote for or against unless they tell me directly. With that in mind, I have put the meeting resolution four. Please record your vote in relation to resolution four by choosing for, against, or abstain on your screen or voting card.
As that is the last item of business, the online voting platform will now be closed. For all those voting online, please ensure that you have submitted your votes. All shareholders in the room, please complete your voting card, and our Automic representative will collect them. I will allow another minute or so before I close the poll.
Okay. Whilst you wait on that, we've had one more general question come through. Peter?
Yes.
It's directed to Mr. Brazil. Mr. Brazil, last year, I asked you why you bought shares in Aurelia. I assume as you have significantly increased your stake again this year that your opinion hasn't changed. I am interested to know if you consider yourself a long-term shareholder. Why have you built a stake over 20%? Thank you. That is from Mr. Anthony Wallace.
Sorry about that. Yes. Firstly, I believe in supporting any team that I belong to. That's the first thing. That's what I've done, is support the team and the company. I am being judged as being shared every day. Some are right and some of them are wrong. I believe this company has a good resource, and we are now in a stable financial position. It should continue to succeed. At this stage, I am a continuing shareholder. At my age, I do not know after how long. I am not as old as everybody, but...
Yes, you are.
Thanks, Lyn, for that clarification. Okay. As that is the last item of business, the formal part of the meeting can now be concluded. I declare the poll closed. The results of the poll will be declared and released to the ASX after the conclusion of the meeting. Thank you all for attending today. As I've mentioned before, as this marks my final AGM as chair, I'd like to take the opportunity to personally acknowledge and thank our shareholders, my fellow directors, and the entire Aurelia team for your support over the years.
Together, we've navigated periods of significant challenge and change. I step down as chair confident that Aurelia is on the path to sustainable growth and long-term value creation for all stakeholders. Thank you once again. It's been an honor to serve you as chair. I now declare the 2025 annual general meeting.