How Aeris Resources’ $60M Refinancing Fuels Copper Growth Ambitions
Aeris Resources has executed a $60 million refinancing deal with Washington H. Soul Pattinson, extending debt facilities and unlocking working capital, while maintaining its FY25 copper and gold production guidance. The company’s strategic focus on expanding copper output, particularly through the Constellation deposit, signals a confident growth trajectory.
- Executed $60 million Guarantee Facility with WHSP replacing $50 million ANZ facility
- Extended $50 million Term Facility to August 2026 with no repayments for 12+ months
- Released $10 million restricted cash to boost working capital, proforma unrestricted cash $32 million
- Maintained FY25 copper (40–48kt Cu eq) and gold (50–62koz) production guidance
- Growth strategy centered on Tritton expansion and Constellation deposit development
Refinancing Strengthens Balance Sheet and Liquidity
Aeris Resources Limited has taken a decisive step to reset its financial footing by securing a $60 million Guarantee Facility from Washington H. Soul Pattinson (WHSP), replacing its existing $50 million facility with ANZ. This refinancing not only extends the term facility to August 2026 but also provides a welcome liquidity boost by releasing $10 million in previously restricted cash, increasing Aeris’s proforma unrestricted cash balance to $32 million.
Crucially, the refinancing terms include no repayments or cash backing requirements for over 12 months, offering Aeris significant financial flexibility to pursue its operational and strategic objectives without immediate debt servicing pressures.
Operational Outlook and Production Guidance Maintained
Despite the refinancing, Aeris remains confident in its operational outlook, maintaining its FY25 production guidance of 40–48 kilotonnes of copper equivalent and 50–62 thousand ounces of gold. The Cracow gold mine continues to be a strong cash flow generator, delivering an adjusted EBITDA of $45.9 million in the first half of FY25, underpinning the company’s growth ambitions.
This steady production profile and cash flow generation provide a solid platform for Aeris to fund its medium- and long-term growth plans, particularly in copper, which remains the strategic focus.
Constellation Deposit: The Game Changer for Copper Growth
The Constellation deposit emerges as a pivotal asset in Aeris’s copper growth strategy. Recent resource upgrades have increased contained copper by 24% and gold by 29%, with an indicated mineral resource of 5.3 million tonnes at 1.75% copper and 0.66 grams per tonne gold. This deposit offers a potential long-life ore source capable of supporting increased production at the Tritton operation.
With the Environmental Impact Statement lodged and regulatory approval expected by Q2 FY26, Aeris is advancing feasibility studies and targeting a maiden Ore Reserve by the same period. The development plan includes staged mining starting with oxide heap leach, progressing to supergene and primary open pit feed, and eventually underground mining, all designed to maximize resource extraction and economic returns.
Portfolio Simplification and Exploration Upside
Aeris is actively simplifying its portfolio to focus on high-margin copper assets, with plans to divest non-core tenements in North Queensland. Exploration remains robust across multiple fronts, including near-mine targets at the Western Vein Field and greenfield prospects such as Western Frontier and Southern Vein Field, which hold potential for new mineralised structures.
Additionally, the company is progressing feasibility studies at the Stockman project and advancing plans to restart the Jaguar copper-zinc operation, both of which could contribute to future production growth and diversification.
Strategic Outlook
With a reset balance sheet, strong cash flows, and a clear focus on copper growth supported by high-quality assets and exploration upside, Aeris Resources is positioning itself as a leading ASX-listed copper producer. The company’s medium- to long-term goals include increasing production to over 50 kilotonnes per annum of high-margin copper, extending mine life at Tritton, and pursuing accretive mergers and acquisitions to consolidate its regional footprint.
Bottom Line?
Aeris’s refinancing and resource upgrades set the stage for a copper-focused growth phase, but execution risks and market conditions will be critical to watch.
Questions in the middle?
- Will Aeris secure timely regulatory approvals to advance the Constellation development as planned?
- How will the company balance capital allocation between exploration, development, and potential M&A?
- What impact will commodity price volatility have on Aeris’s ability to maintain production guidance and financial flexibility?
