Three ASX mining shares are lifting higher along with the materials sector on Thursday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is currently the second-best performing sector index with a 1.5% gain in afternoon trade. It's second only to the S&P/ASX 200 Energy Index (ASX: XEJ), which is up 2.18%.

Meanwhile, the broader market is also seeing a rise, with the S&P/ASX 200 Index (ASX: XJO) up 0.54%.

So let's cover which ASX mining shares are climbing along with the rest of the market.

Koba Resources Ltd (ASX: KOB)

The Koba Resources share price rocketed 136% earlier today before the shares were placed in a trading halt at the request of the company. The shares were trading hands for 26 cents apiece at the time of the freeze.

Shares lept amid the ASX mining share announcing claims at its Whitlock Lithium project covering an area of 145km2.

Earlier this morning, my Fool colleague Monica gave details about the potential of the stake, stating:

The project is located immediately on strike from the Tanco mine, which has lithium reserves of 7.3 Mt at 2.76% lithium oxide. Also nearby, are lithium resources including 10.2 Mt at 1.4% Li2O2, 3.6Mt at 1.28% Li2O3 and 1.1Mt at 1.51% Li2O4.

Trading of Koba Resources' shares is currently under a voluntary trading halt pending an announcement from the company. Shares will go back on the market when the announcement is made, or on 31 October.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is also having a cracker of a Thursday, up 21.43% to 85 cents. Earlier today, the ASX mining share, which listed on the ASX in February this year, hit a new all-time high of 99 cents before partially retreating.

Like Koba Resources, WA1 also posted a company update to the market this morning, which included its first drill results in Western Australia.

The company discovered mineralised carbonate with significant yields of niobium. It also announced that it had drilled seven holes as part of its maiden drill program.

Further assay results are due for its P1 and Luni targets in the coming weeks.

Aurelia Metals Ltd (ASX: AMI)

Aurelia Metals is another strong performer. The Aurelia share price is currently up 17% to 12 cents.

Investors could be feeling bullish on the release of the ASX mining share's quarterly update and activities reports that both hit the market this morning.

Indeed, in its outlook, the company expects its output to reach full maximisation during the December quarter this year. At the same time, its expenses are expected to fall during the next financial year.

As for its activities, it produced 22,500 ounces of gold at an all-in-sustaining cost (AISC) of $2,643/oz. It also saw positive results from its metal production, which is falling in line with FY23 planning.

The post 3 ASX mining shares going gangbusters on Thursday appeared first on The Motley Fool Australia.

It's a good day to be invested in All Ordinaries Index (ASX: XAO) shares. The index is gaining 0.66% on Thursday, helped along by these companies and their quarterly updates.

Three ASX All Ordinaries shares are lifting by as much as 20% on news of their performance over the three months ended September.

Let's take a closer look at what's got the market excited over the shares.

3 ASX All Ordinaries shares rocketing on quarterlies

The Aurelia Metals Ltd (ASX: AMI) share price is rocketing higher on Thursday. Indeed, it's one of the best-performing shares on the All Ordinaries Index.

It's currently up a whopping 20% to trade at 12 cents.

The miner's gold production increased quarter-on-quarter to 22,500 ounces over the September quarter while its all-in sustaining cost (AISC) dropped to $2,643 an ounce.

It expects to produce 87,000 ounces of gold at an average AISC of $1,900 per ounce this financial year.

The Humm Group Ltd (ASX: HUM) share price is also rocketing higher on Thursday. It's up 10.4%, trading at 53 cents.

The provider of buy now, pay later (BNPL) plans' volumes lifted 29% on those of the prior comparable period to $988.2 million over the quarter just been.

That was driven by an 88% rise in its flexicommercial business' volumes, offsetting a 1% in those of its BNPL business.

Finally, the share price of All Ordinaries gold producer Red 5 Limited (ASX: RED) is trading at 17.25 cents right now, 11.3% higher than its previous close.

The company released its activities report for the September quarter today, revealing its King of the Hills project is on track to reach commercial production in the current quarter.

It produced 26,710 ounces of gold over the three months just been, selling 30,005 ounces at the same time. The company will begin to report its AISC when it reaches commercial production.

The post 3 ASX All Ordinaries shares leaping more than 10% on quarterly updates appeared first on The Motley Fool Australia.

The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 1.65% today, but three ASX mining shares are outperforming the index.

The Belararox Ltd (ASX: BRX), Aurelia Metals Ltd (ASX: AMI) and Sarytogan Graphite Ltd (ASX: SGA) are all rising today.

Let's take a look at what these explorers reported today.

Aurelia Metals

The Aurelia share price is surging 19% today. Aurelia reported it has intersected the highest grades to date at the company's Federation project in NSW. One standout result was 20m at 26.8% lead and zinc, 12.5 g/t gold and 0.8% copper at drill hole FDD184W5. Commenting on the results, CEO and managing director Dan Clifford said:

The Federation drilling has been nothing short of exceptional from the discovery hole to the final hole of the current surface drilling program.

Belararox

Belararox shares are lifting 6% today. The company announced drilling intersected "massive sulphide mineralisation" at Native Bee in Lachlan Fold Belt, NSW. New intersections NBRC001 and NBRC002 contain more zinc, copper, lead, silver and gold mineralisation than forecast in historic resource modelling. Managing director Arvind Misra said: "Initial floatation concentrates increase confidence in successful commercial recovery of zinc, copper, lead and silver".

Sarytogan Graphite

Sarytogan shares are rising 20% today. This ASX mining share reported results from its first round of drilling at the Sarytogan Graphite Deposit. This is located in Central Kazakstan. Drilling intercepted with thick high-grade graphite at seven drill holes. Next, the company will continue to drill, undertake metallurgical test work and update the mineral resource. Commenting on the results, managing director Sean Gregory said:

Sarytogan is thrilled with this first round of drilling results that have exceeded expectations with broad intercepts of high-grade mineralisation in the Central Graphite Zone.

The post 3 ASX mining shares soaring between 6% and 20% on new finds appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down 8% to 48.3 cents. Investors have been selling this gold miner's shares after it revealed that it has identified lower grades of mineralisation in part of the Dargues Gold Mine compared to its existing life of mine plan. As a result, it expects to report a non-cash impairment charge in the range of A$60 million to A$80 million (post tax) against the Dargues assets.

Janus Henderson Group (ASX: JHG)

The Janus Henderson share price is down almost 4% to $45.82. This follows news that the fund manager has appointed its new Chief Executive Officer. According to the release, Janus Henderson has appointed Ali Dibadj to the role, effective no later than 27 June. He will take over from Dick Weil, who is stepping down on 31 March. Chief Financial Officer, Roger Thompson, will cover as interim CEO until Mr Dibadj joins.

ResMed Inc. (ASX: RMD)

The ResMed share price is down 4% to $32.09. This follows a sharp pullback in the company's NYSE listed shares overnight. The sleep treatment specialist's US listed shares tumbled 8.5% during overnight trade before rebounding 4% in after hours trade. This was driven by concerns over supply issues.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down almost 6% to $1.55. Investors have been selling Zip and other tech shares on Thursday following a poor night of trade on the tech-focused Nasdaq index. This has led to the S&P ASX All Technology index losing 1% of its value on Thursday afternoon.

The post Why Aurelia Metals, Janus Henderson, ResMed, and Zip shares are dropping appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow its lead today are listed below. Here's why they are falling:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down over 3% to 45.5 cents. Investors have been selling this gold miner's shares after it revealed that it has suspended production at its Dargues Gold Mine in southern New South Wales. This was done as a precaution following the significant rain event that is currently impacting the east coast of Australia.

Brambles Limited (ASX: BXB)

The Brambles share price is down 2% to $9.69. This decline is almost entirely attributable to the logistics solutions company's shares trading ex-dividend for its interim dividend this morning. Eligible shareholders can now look forward to receiving Brambles' 15.1 cents per share partially franked dividend next month on 14 April.

GQG Partners Inc (ASX: GQG)

The GQG share price has continued its slide and is down a further 3.5% to $1.15. This means the fund manager's shares have now lost 43% of their value since the completion of its IPO at $2.00 per share in October. GQG's shares have come under pressure this week following the release of its latest funds under management update.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price is down 11% to $1.30. Investors have been selling down this nickel producer's shares today after one of its largest customers and shareholders, Tsingshan, getting caught up in a massive short squeeze. However, this afternoon Nickel Mines responded to the decline by stating that it has spoken with Tsingshan. The stainless steel producer has told the company that it does not plan to sell shares. It also advised that Tsingshan continues to support its operations and will be buying its nickel as planned.

The post Why Aurelia Metals, Brambles, GQG, and Nickel Mines shares are falling appeared first on The Motley Fool Australia.

ASX gold shares could be poised to rebound in the new year after a top broker upgraded its forecasts for the sector.

The news could not come at a better time for gold bulls. ASX gold miners are exiting 2021 nursing losses even as the S&P/ASX 200 Index (ASX: XJO) is on track to deliver a respectable 12% gain.

Their woeful performance stands in stark contrast to this time last year. Back then, things were looking promising for the precious metal.

How ASX gold shares performed in 2021

But a sudden jump in US government bond yields and the US dollar took the shine off gold and triggered a sell-off. The Evolution Mining Ltd (ASX: EVN) share price and Northern Star Resources Ltd (ASX: NST) share price slumped into a bear market with losses of 20% or more for 2021.

The Newcrest Mining Ltd (ASX: NCM) share price is faring a bit better with a loss of around 10%, although that's still well behind the rest of the market.

But 2022 could be a more promising year for gold and ASX gold shares, according to Macquarie Group Ltd (ASX: MQG).

Gold on the upgrade path for next year

This isn't to say that there are boom times ahead for gold. If anything, the broker still holds a somewhat negative outlook for the safe haven asset.

"We have upgraded our long-term gold prices by 7% and our long-term silver prices by 5%," said Macquarie.

"Cyclically, our commodities team remains negative on gold, especially as a firm USD is likely to present an additional headwind."

"However, it anticipates gold to bottom at historically elevated levels of around [US]$1,600/oz before embarking on its next upcycle."

Large cap ASX gold shares to buy

Gold is currently trading around US$1,780 an ounce. It's down sharply from its August 2020 price of US$2,075 an ounce, but it appears to have found good support around current levels.

Northern Star is the biggest beneficiary of Macquarie's gold price forecast upgrade among the ASX gold shares it covers. Northern Star's earnings per share (EPS) estimates got boosted by an average of 34% from FY22 to FY26.

This compares to the average upgrades of 15% for Newcrest and 14% for Evolution.

"We continue to prefer NST from the large-cap names, driven by relatively lower-risk production growth vs NCM and EVN," added Macquarie.

Other opportunities among ASX small caps for 2022

Among the smaller cap ASX gold shares, the broker's top picks for their low-cost production growth are the Silver Lake Resources Limited. (ASX: SLR) share price and the Perseus Mining Limited (ASX: PRU) share price.

Gold explorers that are also in Macquarie's good books for their discovery potential include the Bellevue Gold Ltd (ASX: BGL) share price, De Grey Mining Limited (ASX: DEG) share price and Aurelia Metals Ltd (ASX: AMI) share price.

The post Macquarie (ASX:MQG) upgraded these ASX gold shares to 'buy' for 2022 appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are storming higher:

Alumina Limited (ASX: AWC)

The Alumina share price is up almost 4% to $2.23. This solid gain appears to have been driven by rising alumina prices. Demand has been increasing at a time when supply has been tightening. Much to the delight of Alumina and its shareholders, the company's shares hit a 52-week high this morning.

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is up 4% to 31.7 cents. This follows the release of drilling results from its Great Cobar deposit. According to the release, exceptional copper-gold mineralisation was intercepted in follow-up drilling targeting down-plunge extensions. The Great Cobar deposit is located to the north of the company's Peak Mine near Cobar, New South Wales.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is up 3.5% to $14.13. Today's gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted its price target to $17.00. Credit Suisse believes that Netwealth could win a 15% share of the platform market by the end of the decade.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price has jumped 5.5% to 77 cents. Investors have been buying this lithium developer's shares recently after the price of the battery making ingredient increased further. Prices for battery-grade lithium carbonate rose 26.5% in China to 160,000 yuan (US$24,800) a tonne during the final two weeks of September.

The post Why Alumina, Aurelia Metals, Netwealth, & Piedmont Lithium are storming higher appeared first on The Motley Fool Australia.

The Aurelia Metals Ltd (ASX: AMI) share price has spent today's entire session in the red from the market open.

Today's loss comes as the company released its quarterly results to the market this morning.

Here we comb over Aurelia's results in a bit finer detail.

Quick recap on Aurelia Metals

Aurelia is in the minerals exploration business. It has expertise in the mining of gold, silver, lead, tin and zinc.

Its two flagship projects are the Hera Mine and Peak Mine interests, although it derives the majority of revenue from the Peak site.

Aurelia has a market capitalisation of $487 million at the time of writing.

Aurelia's quarterly report

Aurelia outlined several inflection points throughout its report.

Gold production came in at 22.9 thousand ounces (koz) at an all-in-sustaining cost (AISC) of $1,848 an ounce.

This was 34% below the previous quarter's production of 34.9 koz at an AISC of $1,429 an ounce. The company attributes this to "lower gold grade(s) at all sites".

Aurelia also reported a 63% increase in mineral resources, including "substantial growth" at its Great Cobar and Federation deposits.

Ore production at the Peak site also increased 21% this quarter, up from 128kt back in March, whereas ore production fell ~13% to 74kt at its Dargues site.

Copper metal output also reduced at Peak, although was "partially offset" by higher copper ore volumes.

Aurelia also provided an update on FY22 production guidance, calling for 112-123 koz at an AISC of $1,500-$1,700 per ounce. This is a step up from the previous guidance of 104 koz at $1,337 an ounce.

Finally, Aurelia reported a ~4.5% quarter-on-quarter decrease in its cash position to $75 million.

Investors seem dissatisfied with the result and have punished Aurelia shares since the release, driving the Aurelia share price down ~17% on the day.

Aurelia Metals share price snapshot

It has been a less than favourable year for the Aurelia Metals share price, posting a loss of 8% since January 1. This extends the previous 12 months' loss of 33%.

Both of these returns have lagged well behind the S&P/ASX 200 Index (ASX: XJO)'s return of ~23% over the past year.

The post Aurelia Metals (ASX:AMI) share price tanks 17% after quarterly results appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price has fallen 5% to $6.08. Investors have been selling this embattled infant formula company's shares this week amid concerns over potential regulatory changes in China. This follows sweeping changes to a range of other sectors recently. There are fears that the government may look to favour domestic producers over brands like a2 Milk.

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price has crashed 16% to 40.5 cents. This is despite the gold miner delivering on its production guidance and beating its cost guidance in FY 2021. Investors may be disappointed with its outlook, which is guiding to a large increase in costs in FY 2022. Its all-in sustaining cost (ASIC) is expected to be $1,500 to $1,700 per ounce of gold, compared to $1,337 per ounce in FY 2021.

Dubber Corp Ltd (ASX: DUB)

The Dubber share price has fallen 5.5% to $3.02 after returning from its trading halt. This morning the call recording technology company announced the successful completion of its $110 million capital raising. Dubber raised the funds through an institutional placement at $2.95 per share. This represents a discount of 7.8% to its last close price. The proceeds will be used to accelerate its growth objectives and advance M&A opportunities.

Freelancer Ltd (ASX: FLN)

The Freelancer share price has sunk 16% to 95 cents following the release of its first half results. The freelance and outsourcing marketplace provider reported a 5.7% decline in half year revenue to $27.8 million. This ultimately led to a $1.6 million operating loss after tax and weaker cash flows.

The post Why a2 Milk, Aurelia Metals, Dubber, & Freelancer shares are sinking appeared first on The Motley Fool Australia.

Arguably, markets around the world are beginning to price in a higher-interest-rate environment. Unfortunately for ASX-listed growth shares, that makes high price-to-earnings (P/E) ratios a whole lot less attractive.

But many investors are still seeking alternative investments when cash is producing such dismal returns. In such times, value stocks tend to regain favourability. These are companies able to produce earnings that are also trading on reasonable multiples.

Below are 3 ASX shares that are profitable and are currently trading at below-industry-average P/E ratios.

How do these ASX shares compare to their peers?

Tribune Resources Ltd (ASX: TBR)

Tribune Resources is a small gold mining company with projects in East and West Kundana in Western Australia. It's been a bumpy ride for shareholders over the years, and the last 12 months have been rather fruitless. Disappointingly, this ASX gold mining share has fallen by around 27% in the past year.

However, the company is profitable and generated $47.35 million in net profits after tax for the full year ending 31 December 2020. Based on Tribune's current market capitalisation of $275 million, that puts it on a 6.1 P/E ratio.

It's worth noting that earnings are highly dependent on the price of gold. Though, comparing Tribune's earnings multiple to the industry average of 13.6, it appears to be trading at a discount.

Aurelia Metals Ltd (ASX: AMI)

Upping the size of the company, Aurelia Metals is a $493 million gold and base metals miner. Holding three operational gold mines across New South Wales, Aurelia has had a good run. The past year has seen the company's share price surge by around 32%.

Despite the rally, Aurelia is still trading at a discount compared to the industry average. Delivering earnings per share (EPS) of 3.7 cents ending 31 December 2021, Aurelia is trading on an earnings multiple of 10.7.

Brickworks Limited (ASX: BKW)

Now we're talking large caps. Brickworks is a $3.11 billion company specialising in property, investments, and building products. This company has certainly stood the test of time, dating back to 1930.

Holding a 39.4% interest in Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), Brickworks extends beyond a simplistic ASX-listed brickmaker share. The diversified business pulled in $71 million in statutory profits for 1HFY21.

Based on company filings, Brickworks delivered earnings per share of $2.15 for the period ending 31 January 2021. That puts the company on an earnings multiple of 9.4 times. This represents a significant discount to the materials industry average of 22.5 times.

The post 3 ASX shares with below-average P/E ratios appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down 2.5% to 40 cents. This is despite the release of a positive announcement out of the gold-focused mining and exploration company this morning. That announcement advises that following scoping studies, the company has decided to proceed with the definitive feasibility study at its Federation project. Management notes that Federation represents one of the most significant discoveries in the Cobar Basin in recent decades.

Brickworks Limited (ASX: BKW)

The Brickworks share price has fallen 2.5% to $20.49 despite there being no news out of the building products company. This decline may have been driven by profit taking after some strong gains in recent weeks. In fact, on Wednesday the Brickworks share price hit a record high.

Greenland Minerals Ltd (ASX: GGG)

The Greenland Minerals share price crashed 45% lower to 8.8 cents before being placed into a trading halt. Investors were selling the Greenland-based mineral exploration company's shares following an unfavourable result in the country's election. Overnight, Greenland's left-wing environmentalist party won the election and vowed to block the development of the company's Kvanefjeld rare earth project.

Resolute Mining Limited (ASX: RSG)

The Resolute share price has dropped almost 4% to 46.2 cents. Investors continue to sell this embattled gold miner's shares following a terrible few months. A disappointing full year result, weak guidance, and the termination of its mine licence by the Ghanaian government are all weighing heavily on the company's shares.

The post Why Aurelia Metals, Brickworks, Greenland Minerals, & Resolute are tumbling lower appeared first on The Motley Fool Australia.

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) remains suspended following a system upgrade failure at the Australian stock exchange. Prior to the pause, the benchmark index was up a solid 1.2% to 6,484.3 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down almost 12% to 44.5 cents. Investors have been selling the gold mining and exploration company's shares after it completed its institutional placement and the institutional component of pro rata accelerated non-renounceable entitlement offer. Aurelia notes that it had strong institutional support, raising approximately $93 million at a discount of 43 cents per share. The proceeds will be used to fund the acquisition of the Dargues Gold Mine.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is down 2.5% to $2.96 despite there being no news out of the medical device company. This may be due to profit taking after a strong gain on Friday following the release of a positive announcement. That announcement revealed that the US FDA has approved its pivotal trial investigation device exemption.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SKYCITY share price has fallen 4% to $2.84. This morning the casino and resorts operator revealed that its chief executive officer, Graeme Stephens, will retire from the role at the end of the month. He will be replaced by its chief operating officer, Michael Ahearne. No explanation was given for the sudden departure of the chief executive officer.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is down 0.5% to $3.98. This is despite the release of a strong weekly trading update by the payments company. According to the release, as of 13 November, Tyro had recorded transaction value of $0.889 billion month to date. This was up 15% on the prior corresponding period.

The post Why Aurelia Metals, PolyNovo, SKYCITY, & Tyro shares are dropping lower appeared first on The Motley Fool Australia.

The Aurelia Metals Ltd (ASX: AMI) share price has surged 14.95% higher today on the back of its Q4 FY20 update.

The group is an Australian gold and base metals mining exploration company. Aurelia has a landholding in New South Wales's polymetallic Cobar Basin and operates the Peak and Hera Mine projects.

The 2 major processing plants possess a combined capacity of approximately 1.3 million tonnes per annum (Mtpa).

Q4 FY20 production update

The company has reported preliminary production increases in gold, copper, lead and zinc. However, the standout performer was in its gold production figures with gold increasing from 14.3 thousand ounces (koz) in Q3 FY20 to 32.8 koz in Q4 FY20. For FY20, preliminary gold production totalled 91.7 koz.

In addition, Aurelia's cash balance at 30 June 2020 is $78.6 million which is an increase from $51.4 million at 31 March 2020. The group had no debt other than usual creditors. 

Maiden Federation Resource Estimate announcement

On 9 June, Aurelia Metals released a Maiden Resource Estimate (MRE). The Federation deposit contains 197,000 tonnes of lead, 348,000 tonnes of zinc, 67,000 ounces of gold and 755,000 ounces of silver.

Drilling is ongoing to test the prospects of the mine with mineralisation ranges from 80–550 metres in depth and remains open in multiple directions.

A scoping study has commenced to evaluate project development options and the company is anticipating processing at the existing Hera Mine plant.

About Aurelia Metals

As stated in the introduction, the group operates the Hera Mine and Peak Mine. 

Aurelia purchased Hera Mine as an undeveloped gold, lead, zinc and silver deposit in September 2009. The NSW government approved the development in July 2012 after extensive exploration and a feasibility study in September 2011. In FY19, the mine produced 58,025 ounces of gold at an all-in sustaining cost (AISC) of $809 per ounce. 

In April 2019, the company purchased the Peak Mine for $59 million. The group was able to achieve investment payback on this purchase price within 4 months. In FY19, the mine produced 59,496 ounces at an all-in sustaining cost (AISC) of $1,143 per ounce. 

After Aurelia Metals share price gain today, the company's market capitalisation is worth $515 million. 

The post Why the Aurelia Metals share price is up 15% today appeared first on The Motley Fool Australia.

The Aurelia Metals Ltd (ASX: AMI) share price has taken off today after the small-cap ASX miner released a production update. 

Aurelia Metals is a mining and exploration company with a strategic landholding in the polymetallic Cobar Basin in New South Wales. The company operates 2 wholly-owned gold and base metal operations, Peak Mine and Hera Mine, along with 2 processing plants.

Aurelia is a gold-dominant business and in FY19, produced 117,521 ounces of gold at a group all-in sustaining cost of $1,045 per ounce. 

Why the Aurelia Metals share price is charging higher

This morning, Aurelia provided an update on group production for the June 2020 quarter to date. 

The company decided to provide these interim figures in light of the current absence of guidance due to COVID-19. Aurelia withdrew its guidance back in March given the uncertainty surrounding the spread, duration and impact of the pandemic.

Preliminary group production figures for the June quarter to 31 May 2020 are:

• Gold: 16,300 ounces
• Copper: 1,250 tonnes
• Lead: 3,300 tonnes
• Zinc: 2,300 tonnes

This represents a significant boost to the production figures announced for the March 2020 quarter.

Gold production in the entire March quarter came in at 14,304 ounces, while copper production was 871 tonnes. So in the first 2 months of the current quarter, Aurelia is already beating these production figures by 14% and 44%, respectively.

Lead is tracking along relatively in line with March figures of 4,657 ounces. However, zinc production in the current quarter is notably down from the 5,921 tonnes posted last quarter.

Nonetheless, on the whole, Aurelia is on track for a significantly improved quarter-on-quarter production result.

At the time of writing, the Aurelia share price has jumped 21.69% today to 43.2 cents. This takes the company's market capitalisation to around $378 million.

The post Aurelia Metals share price charges 22% higher on production update appeared first on The Motley Fool Australia.