How Did Aeris Resources Navigate FY25 Production Challenges to Stay on Track?
Aeris Resources reported FY25 production results with copper equivalent output within guidance, though copper production lagged due to operational delays. Strong gold performance at Cracow helped offset shortfalls, while record milling rates at Tritton signal potential for FY26.
- Copper equivalent production of 42.1kt within FY25 guidance
- Copper production at 24.9kt, below the 27–32kt target
- Gold production strong at 55.2koz, driven by Cracow mine
- Murrawombie Pit ramp-up delays caused 77kt ore stockpiles
- Cash and receivables increased to $49.5 million by year-end
FY25 Production Overview
Aeris Resources Limited (ASX – AIS) has delivered its FY25 production update, revealing a mixed but largely on-target performance. The company achieved a copper equivalent production of 42.1 kilotonnes, comfortably within the guided range of 40 to 48kt. However, copper production itself fell short at 24.9kt, missing the 27 to 32kt guidance due to operational challenges.
Gold production was a bright spot, with 55.2 thousand ounces produced, aligning with the mid-point of guidance and buoyed by strong output from the Cracow Gold Mine. Silver production came in slightly below expectations, totaling 185.2koz against a 200 to 240koz target.
Operational Challenges at Tritton and Murrawombie
The Tritton operation experienced a notable 44% increase in copper production quarter-on-quarter, finishing FY25 with 6.2kt in the June quarter and 19.4kt for the year. Despite this improvement, the site missed its annual copper target due to delays in underground mining and a slow ramp-up of the Murrawombie Pit in the final quarter. These delays resulted in a significant stockpile of 77kt of mined ore, which, while impacting immediate production, has allowed the mill to operate above its nameplate capacity, achieving record milling rates exceeding 2 million tonnes per annum in late June.
Executive Chairman Andre Labuschagne acknowledged the shortfall, attributing it primarily to these operational delays and reduced recoveries from the Mt Colin area earlier in the year. He expressed confidence that mining at Murrawombie is now proceeding as planned, setting the stage for improved output in FY26.
Strong Gold Performance at Cracow
The Cracow Gold Mine delivered another strong quarter, producing 11koz of gold, a 22% increase from the previous quarter. This brought the total gold production for FY25 to 45.1koz, exceeding the midpoint of guidance and contributing positively to the group’s overall results amid record-high gold prices. Improved mining rates and recoveries were key drivers behind this performance.
Financial Position and Outlook
On the financial front, Aeris Resources ended FY25 with a robust cash and receivables balance of $49.5 million, up from $33.6 million the previous quarter. This increase includes approximately $10 million of restricted cash released following the drawdown of a Guarantee Facility at the end of June. While these figures are unaudited and subject to change post-FY25 audit, they provide a solid liquidity foundation as the company moves into the new financial year.
Looking ahead, the accumulated ore stockpiles at Tritton could enable a production rebound, supported by the mill’s ability to process ore at record rates. The company’s focus will likely be on sustaining the ramp-up at Murrawombie and maintaining strong gold output at Cracow to meet or exceed future guidance.
Bottom Line?
Aeris Resources’ FY25 results reflect resilience amid operational setbacks, setting a cautious but optimistic tone for FY26.
Questions in the middle?
- How quickly will Murrawombie Pit ramp-up translate into increased copper production?
- Can Cracow sustain its strong gold production amid fluctuating commodity prices?
- What impact will the large ore stockpiles have on FY26 milling efficiency and costs?
