Aeris Reports 10.2kt Copper Equivalent and A$4.93/lb AISC in December Quarter

Steady Production Amid Operational Challenges

Aeris Resources reported a consistent copper equivalent production of 10.2kt for the December 2024 quarter, maintaining momentum despite some operational disruptions. The company successfully managed costs, reducing its All-In Sustaining Cost (AISC) to A$4.93 per pound of copper equivalent, reflecting disciplined operational control.

While the Tritton operations faced temporary setbacks, including a major dewatering line failure and delays in paste fill system commissioning, these issues have been addressed. Tritton’s copper production dipped to 3.9kt this quarter but remains on track to meet full-year guidance, supported by a mining improvement project targeting enhanced production rates and equipment utilisation.

Strong Performance at Cracow and Mt Colin

The Cracow gold mine continued to outperform expectations, producing 12.2koz of gold at an AISC of A$2,488 per ounce. This strong output has generated free cash flow significantly above budget, underpinning Aeris’s financial position. Meanwhile, Mt Colin saw a marked improvement in copper production, delivering 1.9kt at a notably low AISC of A$2.84 per pound, thanks to enhanced metallurgical recoveries and higher mill feed grades.

Mining at Mt Colin was successfully completed in November 2024, with remaining stockpiles slated for processing by February 2025. The company is currently evaluating options for divesting its North Queensland assets, including Mt Colin and the Barbara Project, which was deemed non-core following a completed feasibility study.

Exploration and Development Progress

Aeris advanced its exploration programs with the completion of a 70-hole resource definition drilling campaign at the Constellation deposit. Assay results have been encouraging, with high-grade copper and gold intersections supporting an updated Mineral Resource Estimate targeted for release in the March quarter. This update will inform the maiden Ore Reserve Estimate and final investment decision for the project.

At Jaguar, currently on care and maintenance, the Board has approved progressing a restart feasibility study based on known resources and potential mill upgrades. The proposed restart scenario presents attractive economics, with a market update expected in the fourth quarter of FY25.

Financial Position and Outlook

Financially, Aeris ended the quarter with $33.0 million in cash and receivables, supported by an increase in cash flow from operations to $33.2 million. The company’s debt position remained stable with $40 million drawn on its WHSP facility. An extension of the ANZ bonding facility is in principle agreement, pending formal documentation.

Operationally, Aeris is focused on overcoming challenges at Tritton, progressing key projects like Constellation and Jaguar, and exploring strategic options for non-core assets. The company’s disciplined cost management and strong cash flow generation provide a solid foundation for these initiatives.