Aeris Resources Reports 48.9Mt Mineral Resource and 14.1Mt Ore Reserve in 2024 Update

Overview of Aeris Resources’ 2024 Statement

Aeris Resources Limited (ASX – AIS), a prominent Australian copper-gold producer and explorer, has published its Mineral Resource and Ore Reserve Statement as at 31 December 2024. The report covers the company’s core assets including the Tritton and Cracow Operations, the Jaguar Project, North Queensland assets, and the Stockman Project in Victoria.

The Group Mineral Resource now stands at an estimated 48.9 million tonnes, containing 784,000 tonnes of copper, 1.36 million ounces of gold, 1.05 million tonnes of zinc, and 36.6 million ounces of silver. The Group Ore Reserve is estimated at 14.1 million tonnes, with 249,000 tonnes of copper, 398,000 ounces of gold, 413,000 tonnes of zinc, and 11.8 million ounces of silver.

Key Changes and Reporting Policy Impact

A notable highlight is the reduction in the Tritton Operations Mineral Resource, primarily attributed to a new reporting policy that incorporates conceptual stope shapes rather than the previous block-by-block copper cut-off method. This change aims to better reflect economic and mining constraints, remove isolated lower-grade ore blocks, and ultimately improve the Resource-to-Reserve conversion ratio. While this policy adjustment led to a 3 million tonne decrease in reported tonnage, it does not reflect a change in the underlying geology.

Other factors influencing the Tritton resource include mine depletion and sterilisation, partially offset by resource extensions from drilling at the Constellation deposit. The Ore Reserve at Tritton also saw a decrease due to mining depletion but was partly replenished by additions at underground mines including Budgerygar and Avoca Tank.

Cracow Operation Shows Reserve Growth

The Cracow Operation reported a 10% decrease in Mineral Resource tonnage but a significant 44% increase in Ore Reserve tonnage, reflecting successful resource additions and mine planning reviews. The underground gold operation continues to benefit from ongoing drilling and exploration targeting extensions to known ore shoots and new mineralised structures near existing infrastructure.

Jaguar Project and North Queensland Updates

The Jaguar Project, located in Western Australia, remains on care and maintenance following suspension in 2023 due to forecast operating losses. Its Mineral Resource decreased by 16% in tonnage, with no Ore Reserve declared as technical studies pause pending further exploration.

Conversely, the North Queensland Project reported a maiden Ore Reserve for the Barbara underground mine following a completed feasibility study. This addition, alongside remaining stockpiles at Mt Colin, marks a strategic step forward as Mt Colin transitions into rehabilitation and closure.

Stockman Project Stability and Future Prospects

The Stockman Project in Victoria maintained stable Mineral Resource and Ore Reserve estimates, with no changes reported since the previous period. The project continues to advance feasibility studies focused on processing pathways, with exploration potential remaining significant for new discoveries and resource extensions.

Forward-Looking Exploration and Development

Aeris Resources is committed to growing and sustaining high-quality Reserves and Resources. The company plans to increase resource definition and exploration drilling in FY26 across Tritton, Cracow, and Jaguar, targeting resource and reserve growth, mine life extensions, and long-term value creation. Executive Chairman Andre Labuschagne emphasized the importance of the new reporting methodology at Tritton to strengthen the growth pipeline and development confidence.