INVESTOR PRESENTATION
Released
Released
Announcement PDF
Red Cloud Pre-PDAC
February 2025
Presented by: Andre Labuschagne
Disclaimer
This investor presentation has been prepared by Aeris Resources Limited
(“Aeris” or the “Company”). By attending an investor presentation or
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acknowledge and agree to the terms set out below.
SUMMARY INFORMATION
This presentation is for information purposes only and should be read in
conjunction with the most recent financial reports and other documents
lodged by Aeris with the Australian Securities Exchange (“ASX”) in
connection with its continuous disclosure obligations. This presentation does
not purport to contain all of the information that an investor should
consider when making an investment decision nor does it contain all of the
information which would be required in a product disclosure statement or
prospectus prepared in accordance with the requirements of the
Corporations Act.
No reliance should be placed on the information or opinions contained in
this presentation, which are provided as at the date of this presentation
(unless otherwise stated) and to the maximum extent permitted by law,
Aeris has no obligation to update the information contained in this
presentation. An investment in securities is subject to known and unknown
risks, some of which are beyond the control of Aeris. Investors should
consult with their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
FINANCIAL INFORMATION
All financial information set out in this presentation is expressed in Australian
Dollars unless stated otherwise. Investors should be aware that certain
financial measures included in this presentation are “non-IFRS financial
information” under ASIC Regulatory Guide 230: “Disclosing non-IFRS
financial information” published by ASIC and also “Non-GAAP financial
measures” within the meaning of Regulation G under the US Securities
Exchange Act of 1934 and are not recognised under the AAS or IFRS. Aeris
believes the non-IFRS financial information and non-GAAP financial
measures provide useful information to users in measuring the financial
performance and condition of Aeris.
However, investors should note that the non-IFRS financial information and
non-GAAP financial measures do not have standardised meanings
prescribed by AAS or IFRS. Therefore, the non-IFRS financial information is
not a measure of financial performance, liquidity or value under the IFRS
and may not be comparable to similarly titled measures presented by
other entities, nor should the information be construed as an alternative to
other financial measures determined in accordance with AAS or IFRS.
Investors are cautioned, therefore, not to place undue reliance on any
non-IFRS financial information included in this presentation.
FUTURE PERFORMANCE AND FORWARD-LOOKING STATEMENTS
This presentation contains certain ‘forward-looking’ statements, opinions
and estimates, which are based on assumptions and contingencies that
are subject to change without notice and involve known and unknown
risks and uncertainties beyond the control of Aeris and its officers. This
includes statements about market and industry trends, which are based on
interpretations of current market conditions.
Indications of, and guidance on, future earnings and financial position and
performance are forward-looking statements. As are statements
containing the words “expect”, “anticipate”, “estimate”, “intend”,
“believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan”
and other similar expressions.
Forward-looking statements are based on information available to Aeris as
at the date of this presentation and should not be relied upon as an
indication or guarantee of future performance. Except as required by law
or regulation (including the ASX Listing Rules), none of Aeris, its
representatives or advisers undertakes any obligation to provide any
additional or updated information whether as a result of a change in
expectations or assumptions, new information, future events or results or
otherwise.
Investors are strongly cautioned against placing undue reliance on
forward-looking statements, especially considering the current economic
climate and significant volatility, uncertainty and disruption caused by
recent world events such as the COVID-19 pandemic and international
hostilities and associated economic changes.
NO NEW INFORMATION STATEMENT
This presentation refers to Exploration Results, estimates of Mineral
Resources and Ore Reserves contained in the Group Mineral Resource and
Ore Reserve Statement as at 31 December 2023 which was announced on
17 June 2024 (2024 MROR Group Statement) and prior market
announcements released by Aeris, (Prior Reports). The Prior Reports are
footnote referenced in this presentation and available from:
https://www.aerisresources.com.au/investor.
Aeris confirms that it is not aware of any new information or data that
materially affects the information included in the Prior Reports and, in the
case of Exploration Results, estimates of Mineral Resources or Ore Reserves,
that all material assumptions and technical parameters underpinning the
results or estimates in the Prior Reports continue to apply and have not
materially changed.
Aeris confirms that the form and context in which the Competent Person’s
findings are presented in this document have not been materially modified
from the Prior Reports.
DISCLAIMER
To the maximum extent permitted by law, Aeris and each of its respective
related bodies corporate, shareholders and affiliates, and each of their
respective officers, directors, partners, employees, representatives,
affiliates, agents, consultants and advisers (each a “Limited Party”):
• expressly disclaim any and all responsibility and liability (including,
without limitation, any liability arising from fault, negligence or negligent
misstatement) for any direct, indirect, consequential or contingent loss
or damage arising from this presentation or reliance on anything
contained in or omitted from it or otherwise arising in connection with
this presentation;
• disclaim any obligations or undertaking to release any updates or
revisions to the information in this presentation and;
• do not make any representation or warranty, express or implied, as to
the accuracy, reliability, completeness or fairness of the information,
opinions and conclusions contained in this presentation or that this
presentation contains all material information about Aeris or the
Transaction or that a prospective investor or purchaser may require in
evaluating a possible investment in Aeris or acquisition of shares in Aeris,
or likelihood of fulfilment of any forward-looking statement or any event
or results expressed or implied in any forward-looking statement.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
This Presentation does not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in the United States. The securities referred
to in this Presentation have not been, and will not be, registered under
the US Securities Act of 1933 (the "US Securities Act") or the securities laws
of any state or other jurisdiction of the United States, and may not be
offered or sold, directly or indirectly, to any person in the United States or
to any person acting for the account or benefit of a person in the United
States unless they have been registered under the US Securities Act
(which Aeris has no obligation to do or to procure) or are offered or sold
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and any applicable
securities laws of any state or other jurisdiction of the United States.
2
Aeris Resources
Australian mid-tier, base and precious metals
producer
Weighted to copper
FY25 production guidance
29
Cu
2 producing operations (40-48kt copper eq.)1
79
Au
Copper
Gold
27-32 kt
50-62koz
47
Ag
Silver
200-240koz
3 development projects
All sites prospective for further discoveries
Substantial copper metal inventory
Excellent platform for growth
1.
CuEq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed commodity prices: US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag
Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents
calculation have a reasonable potential to be recovered and sold.
3
Aeris Snapshot: Dec 2024
$145m
40-48kt
Market cap
YTD cash from operations
FY25 Cu eq guidance2
$40m
$26m
$43m
Drawn debt
1.
2.
$58m
Closing cash
Includes cash, receivables and undrawn liquidity on the WHSP facility
CuEq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed commodity prices: US$9,620/t Cu, US$2,341/oz Au, US$29.43/oz Ag
Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Liquidity1
4
A simplified, stronger portfolio
High-grade copper equivalent Resources across 3 projects + 0.5Moz gold in Resource¹ supporting strategic copper growth
Assets aligned with strategic copper focus
Gold supporting copper growth
Tritton
Cracow
1.7%
Cu eq
Jaguar
Stockman
1.3Mt
Cu eq1
3.6%
Cu eq
0.5Moz Au1
Divest and simplify
3.9%
Cu eq
1. CuEq t = ((Contained Cu t x Cu recovery % x Cu price $/t) + (Contained Au oz x Au recovery % x Au price $/oz) + (Contained Ag oz x Ag recovery % x Ag price $/oz) + (Contained Zn t x Zn recovery % x Zn price $/t)) /
(Cu recovery % x Cu price $/t)
Refer to Appendix for the Mineral Resource Estimates for each project. See also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024.
Metal prices used: Cu = US$9,700/t, Au = US$2,800/oz, Ag = US$32/oz, Zn = US$2,800/t
Recovery factors: Tritton = 94.5% Cu, 50% Au, 70% Ag; Jaguar 79% Cu, 37% Au, 74% Ag, 88% Zn; Stockman 81% Cu, 21% Au, 57% Ag, 75% Zn
Recoveries based on long-term achieved averages for Tritton and Jaguar. Stockman based on recovery assumptions outlined in the JORC Ore Reserve Estimate referred to above
Aeris is of the opinion that all metals included in the equivalent calculation have a reasonable potential of being recovered and sold.
North Queensland
2
Cash flow
Strong operating cash flows funding investment into assets
Dec YTD Group Cash Flow ($M)
120
9
100
42
80
60
(42)
25
(5)
40
(13)
25
(15)
20
Jun-24
1.
OFC = Operating cash flow
Tritton OCF
Cracow OCF
Mt Colin OCF
Capital and Exploration
Jaguar C&M
Corporate
Finance and Other
26
Dec-24
6
Tritton
New South Wales
Tritton
Strategic, cornerstone asset
Strategic location in the Cobar Basin of NSW
430kt copper produced since operations began in 2005 and over
340kt still in Resource1
2,330km prospective tenement package
FY25 guidance of 21 – 25kt copper
Improving production with addition of open pit ore from
Murrawombie
Excess mill capacity – ability to expand Cu output with new mines
and regional deposits
1.
Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore
Reserve Statement" dated 17 June 2024.
8
Murrawombie Pit
Cut back on old pit also provides major rehab saving
Stripping commenced in Feb 2025 with contract miner (MacKellar)
First ore to mill Q3 FY25 to enable mill to be run at capacity in Q4 FY25
Ore Reserve of 1.3Mt @ 1.3% Cu, 0.2g/t Au1
Waste from cut back used to cap old heap leach pads, saving c.$8M
rehabilitation costs
1.
Ore Reserve 1.3Mt (Probable) at 1.3% Cu and 0.2g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve
Statement” 17 June 2024
9
Potential production growth
Tritton is mine-constrained; increased tonnes from new, higher-grade deposits could enable Cu output > 30ktpa
3.0%
2.5%
Copper grade
2.0%
1.5%
1.0%
0.5%
0.0%
Current ore sources
Reserve Grade1
Unmined deposits
Resource Grade1
10
1.
Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024.
Exploration potential
Multiple targets provide potential to extend mine life
Constellation: high priority, large scale target, resource upgrade and
mining studies underway
Extensions: Tritton, Murrawombie, Avoca Tank and Budgerygar all
still open at depth
Kurrajong: high grade deposit, open at depth
Budgery: potential open pit target located close to infrastructure
Numerous other targets identified with drilling still to be followed up
Refer to Appendix for the Mineral Resource Estimates; see also ASX announcements "Group Mineral Resource
and Ore Reserve Statement" dated 17 June 2024.
11
Constellation deposit
Potential future baseload feed for Tritton mill
Located 45km northeast of the Tritton plant
Mineral Resource1 of 6.7Mt at 1.9% Cu and 0.6g/t Au
Drill program completed in January targeting conversion of inferred
resource to indicated in the upper portion of deposit as well as
understanding the subvertical stand-up zone
Updated Mineral Resource planned for this quarter
Mining study on underground, open pit and heap leach to be
completed following resource update
EIS submitted; approval expected by June
1.
Mineral Resource of 6.7Mt represents Indicated 2.3Mt at 1.1% Cu and 0.4g/t Au and Inferred 4.4Mt at 2.3% Cu and 0.7g/t
Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024
Refer to ASX Announcement “Quarterly Activities Report – Dec 2024” released on 31 January 2025 and
“Constellation Project Update” released 22 January 2025
12
Cracow
Queensland
Cracow
Mature, high-grade gold mine
Low-sulphidation epithermal underground gold mine located 500km
northwest of Brisbane
Conventional crush and grind CIP processing plant
Produced +1.5Moz gold since first production in 2004
FY25 guidance 40 – 49koz Au
Track record of meeting or exceeding budget
Strong history of reserve replacement in the Western Vein Field with
current exploration on multiple high-grade targets
14
Exploration
Highly prospective greenfield targets
Continuing to drill near mine targets in the Western Vein Field (WVF) for
incremental additional ounces
Priority conceptual greenfield targets with the potential to host new
mineralised structures
Western Frontier represents a potential new structural corridor located
relatively close to existing mine infrastructure
Southern Vein Field potential for a new mineralised field analogous to
the WVF under deeper cover
Reviewing historical seismic geophysical surveys to refine geological
interpretation and drill targeting.
Both areas deemed highly prospective
15
North Queensland
Queensland
North Queensland
Mining completed; non-core tenement package
Mining and processing now completed at Mt Colin
Rehabilitation activities underway
Part of an attractive 952km2 tenement package including
the feasibility-stage Barbara project
Divestment process underway
17
Development projects
Jaguar
Brownfield copper/zinc restart opportunity
Mineral Resource1 8Mt @ 1.3% Cu, 5.6% Zn, 0.5g/t Au and 65g/t Ag
across 4 deposits
Transitioned to care and maintenance in Q1 FY24
Potential restart on resources at Bentley with development out to
high-grade Turbo lens
Restart to include mill and infrastructure upgrades
Potential to increased production rates from identified exploration
targets
Advancing study to feasibility level for release to the market, targeted
Q4 FY25
1.
Refer to Appendix for categories of Mineral Resource; see also ASX announcements “Group Mineral Resource and Ore
Reserve Statement” dated 17 June 2024
19
Stockman
Concentrator flowsheet for Albion Process
Long life, Cu-Zn-Au-Ag project with all primary permits
Feasibility study well advanced
12 year mine plan producing at up to 850ktpa1 from a single deposit
Potential to extend mine life with other known deposits
Albion leaching technology being investigated to improve recoveries
impacted by complex metallurgy – very positive initial results1
Currawong mine plan
Potential to make a high-grade Cu concentrate on the mine site and
a bulk polymetallic concentrate for leaching at an offsite location
Metallurgical test work and engineering design for Albion Process
continuing
All key project consents in place for mining and onsite processing
1.
Refer to ASX announcement “Stockman Feasibility Study Update” dated 24 January 2024.
Aeris confirms that it is not aware of any new information or data that materially affects the information included in the
relevant announcement and that all material assumptions and technical parameters underpinning the production
target in the relevant announcement continue to apply and have not materially changed
20
Investment highlights
Company set for growth
40 – 48kt Cu eq1,3 FY25 production guidance of
3 growth projects targeting copper
1.3Mt Cu eq Resource2,3 across 3 projects
+500koz Au4 to support the copper strategy
Strong operating cash flow funding growth
1.
2.
3.
4.
CuEq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t), Assumed commodity prices: US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag
Refer to Appendix for the Mineral Resource Estimates for each project. See also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024.
CuEq t = ((Contained Cu t x Cu recovery % x Cu price $/t) + (Contained Au oz x Au recovery % x Au price $/oz) + (Contained Ag oz x Ag recovery % x Ag price $/oz) + (Contained Zn t x Zn recovery % x Zn price $/t)) / (Cu recovery % x Cu price $/t)
Metal prices used: Cu = US$9,700/t, Au = US$2,800/oz, Ag = US$32/oz, Zn = US$2,800/t
Recovery factors: Tritton = 94.5% Cu, 50% Au, 70% Ag; Jaguar 79% Cu, 37% Au, 74% Ag, 88% Zn; Stockman 81% Cu, 21% Au, 57% Ag, 75% Zn
Recoveries based on long-term achieved averages for Tritton and Jaguar. Stockman based on recovery assumptions outlined in the JORC Ore Reserve Estimate referred to above
Aeris is of the opinion that all metals included in the equivalent calculation have a reasonable potential of being recovered and sold.
Cracow Mineral Resource. Refer to Appendix for the Mineral Resource Estimates for each project. See also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024.
21
Appendix
Group Ore Reserves
PROJECT
CATEGORY
TONNES (‘000)
Base Metals
Tritton
Jaguar
North Queensland
Stockman
GRADE
CONTAINED METAL
% Cu
% Zn
g/t Au
g/t Ag
kt Cu
kt Zn
koz Au
koz Ag
5
1.8
-
-
-
0.1
-
-
-
Probable
2,790
1.5
-
0.3
5
41
-
23
451
Total
2,790
1.5
-
0.3
5
41
-
23
451
Proved
90
1.4
8.7
0.8
74
1
8
2
225
Probable
1,060
1.4
8.3
0.6
45
16
87
21
1,534
Total
1,150
1.5
8.3
0.6
48
17
95
23
1,759
Proved
90
2.4
-
0.5
-
2
-
1
-
Probable
80
2.1
-
0.4
-
2
-
1
-
Total
170
2.3
-
0.4
-
2
-
2
-
-
-
-
-
-
-
-
-
Proved
Proved
Probable
9,640
1.9
4.3
1.0
36
183
413
318
11,409
Total
9,640
1.9
4.3
1.0
36
183
413
318
11,409
13,750
1.8
3.7
0.8
30
245
508
367
13,619
Proved
100
-
-
3.5
-
-
-
12
-
Probable
250
-
-
3.4
-
-
-
28
-
Grand Total
360
-
-
3.4
-
-
-
39
-
Grand Total
Gold
Cracow
As at December 2023. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024
23
Group Mineral Resources
PROJECT
CATEGORY
TONNES (‘000)
Base Metals
Tritton
Jaguar
North Queensland
CONTAINED METAL
% Cu
% Zn
g/t Au
g/t Ag
kt Cu
kt Zn
koz Au
koz Ag
Measured
1,300
1.0
-
0.1
3
13
-
4
120
Indicated
11,200
1.4
-
0.3
4
145
-
91
1,280
Inferred
10,000
1.7
-
0.3
4
183
-
137
1,440
Total
22,500
1.5
-
0.3
4
342
-
232
2,840
Measured
500
1.6
5.0
0.3
63
8
25
4
1,030
Indicated
3,400
1.3
7.6
0.5
75
45
256
51
8,170
Inferred
4,000
1.2
4.0
0.5
56
47
161
68
7,270
Total
7,900
1.3
5.6
0.5
65
100
442
123
16,460
Measured
300
2.8
-
0.6
-
9
-
6
-
Indicated
2,200
2.0
-
0.2
3
44
-
13
210
Inferred
600
2.0
-
0.1
2
11
-
2
30
3,100
2.1
-
0.2
2
65
-
21
240
Measured
-
-
-
-
-
-
-
-
-
Indicated
13,400
2.1
4.2
1.0
37
288
561
420
16,000
Inferred
2,400
1.1
2.6
1.5
32
27
62
117
2,440
Total
15,800
2.0
4.0
1.1
36
315
623
537
18,450
49,300
1.7
2.2
0.6
24
882
1,065
913
37,990
Measured
400
-
-
3.9
3
-
-
52
39
Indicated
2,100
-
-
3.4
4
-
-
259
249
Inferred
2,400
-
-
2.9
4
-
-
208
376
Grand Total
4,900
-
-
3.4
4
-
-
519
664
Total
Stockman
GRADE
Grand Total
GOLD
Cracow
As at December 2023. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024
24
Tritton Mineral Resources
PROJECT
CATEGORY
TONNES (‘000)
Base Metals
Tritton
Murrawombie
Budgerygar
Constellation
Budgery
% Cu
g/t Au
g/t Ag
kt Cu
koz Au
koz Ag
1,300
1.0
0.1
3
13
4
120
Indicated
1,500
1.1
0.0
2
16
2
90
Inferred
1,200
1.3
0.2
7
16
10
290
Total
4,000
1.1
0.1
4
46
16
500
Measured
-
-
-
-
-
-
-
Indicated
4,000
1.3
0.3
4
52
32
530
Inferred
200
1.2
0.2
4
2
1
20
4,200
1.3
0.3
4
54
34
550
Measured
-
-
-
-
-
-
-
Indicated
400
3.3
1.0
16
13
12
200
Inferred
300
3.5
1.2
17
10
11
170
Total
700
3.4
1.1
17
23
23
370
Measured
-
-
-
-
-
-
-
Indicated
1,500
1.5
0.2
7
22
11
340
Inferred
1,500
1.1
0.0
2
16
2
110
Total
2,900
1.3
0.1
5
38
14
450
-
-
-
-
-
-
-
Measured
Indicated
2,300
1.1
0.4
2
25
26
120
Inferred
4,400
2.3
0.7
4
99
99
500
Total
6,700
1.9
0.6
3
123
125
620
Measured
-
-
-
-
-
-
-
Indicated
1,600
1.1
0.1
-
18
7
-
Inferred
200
1.0
0.1
-
2
1
-
1,800
1.1
0.1
-
20
7
-
Measured
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
Inferred
2,200
1.7
0.2
5
37
13
350
Total
2,200
1.7
0.2
5
37
13
350
Total
Kurrajong
CONTAINED METAL
Measured
Total
Avoca Tank
GRADE
As at December 2023. Refer to ASX
announcement “Group Mineral
Resource and Ore Reserve Statement”
dated 17 June 2024
25
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