Aeris Resources Posts Record FY26 Cash Flow and Quadruples Tritton Ore Reserves
Aeris Resources delivered a standout FY26 with a 78% EBITDA surge to $285 million, boosted by strong copper and gold production and a major expansion of its Tritton Ore Reserves. The company also completed its Peel Mining acquisition and kicked off early works at the Constellation Project.
- FY26 EBITDA rises 78% to ~$285 million
- Copper equivalent production hits 42.1kt, within guidance
- Tritton Ore Reserves increase fourfold to 10Mt
- Peel Mining acquisition finalised on 1 July 2026
- Constellation Project mining lease granted, early works underway
Robust FY26 Financial Performance
Aeris Resources (ASX:AIS) closed FY26 with a cash and receivables balance of A$202 million, up A$52 million from the previous quarter, underpinning a 78% jump in EBITDA to approximately A$285 million. This surge was driven by a 37% increase in quarterly cash flow from operations to A$104 million, reflecting strong production volumes and favourable commodity prices.
The company’s copper equivalent production reached 42.1kt for the year, comfortably within its guidance range of 40-49kt, while gold output at Cracow delivered 40.6koz, also within forecast. Cost discipline was evident, with operating costs and all-in sustaining costs (AISC) largely within guidance across the group.
Tritton Operations: Production Growth and Reserve Expansion
Tritton copper production rose 19% year-on-year to 23.0kt, despite some delays accessing ore due to geotechnical issues at Murrawombie Pit earlier in the year. The mill operated at full 1.8Mtpa capacity for the quarter, with ore mined surging 57% over the prior quarter, demonstrating strong operational momentum.
Exploration success at Avoca Tank and Budgerygar deposits drove a major upgrade, with Mineral Resources increasing 70% to 33Mt containing 540kt of copper and Ore Reserves quadrupling to 10Mt with 180kt of copper. This leap was underpinned by the integration of Peel Mining’s Mallee Bull and Wirlong deposits, following Aeris’s acquisition completed on 1 July 2026, and ongoing underground drilling programs. The enlarged resource base supports Aeris’s ambition to develop a long-life, multi-mine copper operation centred on the Tritton processing hub. This substantial reserve update follows the company’s recent major reserve upgrades.
Constellation Project Advances with Mining Lease Granted
Early works at the Constellation Project commenced in May, focusing on haul road construction, services corridor trenching, and site infrastructure development. Crucially, the company secured the Mining Lease ML1897 post-quarter, unlocking the path to mining activities and waste stripping scheduled for Q1 FY27. This milestone marks a significant step in expanding Aeris’s copper production profile and aligns with the company’s strategy to accelerate growth projects. The milestone closely follows the company’s secured mining lease and construction acceleration announcement.
Cracow Gold Operations and Exploration Progress
Gold production at Cracow remained steady at 10.5koz for the quarter and 40.6koz for FY26, meeting guidance with an AISC of A$3,812/oz. Exploration at the Golden Plateau deposit yielded high-grade intersections, validating the updated geological model and extending the drill program into FY27. This ongoing work aims to increase resource confidence and support the deposit’s potential as a major ore source for the Cracow operation.
Exploration and Corporate Developments
At the Jaguar Project in Western Australia, Aeris completed a first-pass diamond drilling program targeting base metals, with assay results expected in the current quarter. Meanwhile, the Stockman Project feasibility study update is underway, targeting release in H1 FY27.
Corporate cash flow remained strong, with unrestricted cash at A$164.9 million and no hedging exposure following the completion of gold hedge deliveries. The company plans to release FY27 guidance in early August 2026, which will be closely watched for indications on production and capital expenditure plans amid ongoing project developments.
Bottom Line?
Aeris’s FY26 results underscore its transition to a higher production and cash flow base, but the market will be watching how the Peel acquisition integrates and whether the Constellation Project delivers on its early promise.
Questions in the middle?
- How will the Peel Mining assets be integrated operationally and financially into Tritton?
- What impact will the Constellation Project have on production and costs once mining commences?
- Will ongoing exploration at Golden Plateau and Jaguar translate into meaningful resource growth?
