Aeris Guides FY27 Copper at 22-27kt, Growth Capital Nears $210 Million

Group Production and Cost Outlook

Aeris Resources (ASX:AIS) is steering into FY27 with production guidance that closely mirrors its FY26 performance, targeting 22 to 27 kilotonnes of copper and 42 to 51 thousand ounces of gold. Despite this stability in output, the company is ramping up its investment profile, with growth capital set to nearly double to between $170 million and $210 million, primarily to support construction and waste stripping at the Constellation project. Exploration expenditure is also poised for a significant lift, reflecting an aggressive push to extend asset life and uncover new resources.

Operating costs for mine operations are forecast between $320 million and $390 million, broadly consistent with FY26’s $332 million, while care and maintenance expenses at the Jaguar project are expected to fall sharply to $3-4 million from $12 million last year.

Tritton Operations: Ore Grade Upswing in Second Half

The Tritton Copper Operations will see a nuanced production profile in FY27. The first half will be dominated by lower-grade ore from Murrawombie open pit and underground sources at Budgerygar and Tritton mines, leading to subdued copper output around 10kt. However, this is set to reverse in the second half as ore from the Constellation open pit, which begins waste stripping in Q1, comes online. By Q4, Constellation’s higher-grade supergene and primary ore is expected to constitute approximately 45% of mill feed, boosting copper production to around 15kt in H2.

Growth capital at Tritton, budgeted between $160 million and $190 million, focuses heavily on infrastructure and capitalised waste stripping at Constellation, with additional allocations for a tailings dam lift, electrical upgrades, and studies for the Mallee Bull project. Exploration efforts remain robust, with an aggressive resource definition drilling campaign aimed at upgrading a large inferred resource to indicated status, alongside greenfields exploration to identify further Constellation-style deposits.

Cracow Gold Operations: Grade Decline Offsets Stable Throughput

At Cracow, Aeris anticipates gold production to decline slightly to between 34koz and 41koz, down from 41koz in FY26, driven by lower ore grades despite steady mined and processed tonnes. Operating costs are projected between $110 million and $130 million, with sustaining capital rising notably to $27 million–$33 million to upgrade key underground equipment and extend mine life.

Growth capital is modest at $14 million to $17 million, mainly for a tailings dam lift and preliminary studies on the Golden Plateau. Exploration spending is set to surge by over 50%, supporting an expanded 12-month drilling program targeting resource definition and early-stage targets along the Golden Plateau trend. The Western Vein Field underground operation will also add a third drill rig to pursue near-mine exploration for high-grade ore shoots.

Strategic Implications and Next Steps

The FY27 guidance underscores Aeris’ transition from steady production to an investment phase focused on growth and resource expansion. The Constellation project emerges as the linchpin for future copper output growth, with its ramp-up expected to materially lift ore grades and production in the latter half of the year. Meanwhile, the increased exploration budgets at both Tritton and Cracow signal confidence in extending mine life and unlocking new value from existing assets.

Market watchers will be keen to track the execution of the Constellation waste stripping and infrastructure build, as well as the results from the expanded drilling programs. These developments will be critical in shaping Aeris’ production trajectory beyond FY27 and validating the elevated capital commitments.