Aurelia Metals' (ASX:AMI) fiscal first quarter production was better than expectations on an equivalent basis, with a solid first innings from Peak gold mine in New South Wales, said Jefferies in a Thursday note.
The company has said it produced 10,400 ounces of gold in the September quarter, compared with 7,300 ounces in the June quarter.
Peak operations have beaten Jefferies and Visible Alpha estimates by mining 132,000 tonnes and processing 191,000 tonnes of gold.
The investment firm noted that a refinancing in the second half of fiscal 2026 can potentially unlock a further AU$19 million in liquidity for the company.
Jefferies kept a buy rating on Aurelia Metals and lowered its price target to AU$0.30 from AU$0.32.
Aurelia Metals' shares fell 6% in recent Friday trade.