DECEMBER QUARTERLY REPORT PRESENTATION
Released
Released
Announcement PDF
Q2 FY25 Results
3 February 2025
Presented by: Andre Labuschagne
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2
Disclaimer
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.
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3
Key points for Q2 FY25
Solid production and improved costs at the group level
Consistent group copper equivalent production of 10.2kt1
Lower production of 3.9kt Cu from Tritton impacted by operational
challenges that have now been addressed, with the operation still
forecast to meet annual guidance
Costs well managed with reduced AISC of A$4.93/lb Cu eq
Significantly improved production from Mt Colin of 1.9kt Cu at low
AISC of A$2.84/lb
Cash and receivables at end of quarter of $33.0M with cash flow
from operations increasing from $25.4M to $33.2M Q on Q
Jaguar restart scenario presented to the Board delivering attractive
metrics – advancing studies to feasibility level
Cracow gold production of 12.2koz, continues to perform better
than plan and remains on track for annual guidance
Constellation 70-hole resource definition drilling completed with
updated Mineral Resource Estimate targeted for the March quarter2
ANZ facility renewed to July 2025 to facilitate refinancing process
and strategic initiatives
1.
2.
Refer to ASX release “Quarterly Activities Report – December 2024”, 31 January 2025 for production detail.
CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Commodity prices: US$9,193/t Cu, US$2,663/oz Au and US$31/oz Ag
Refer to ASX release “Constellation Project Update”, 22 January 2025
4
Aeris Resources
Australian mid-tier, base and precious metals producer
Mt Colin Mine (100%)
Mine Type
FY25 Guidance
U/G Cu, Au
6 - 7kt Cu
Cracow Operations (100%)
Mine Type
U/G Au
FY25 Guidance
40 - 49koz Au
Barbara Project (100%) – Development
Mine Type
Resource1
U/G Cu, Au
45kt Cu
Jaguar Operations (100%) – Care and Maintenance
Mine Type
Resource2
North Queensland
U/G Zn, Cu, Ag, Au
455kt Zn, 97kt Cu
Cracow
Jaguar
Tritton
Stockman Project (100%) – Development
Mine Type
Resource2
Tritton Operations (100%)
U/G Zn, Cu, Au
624kt Zn, 315kt Cu
Stockman
1.
2.
Refer to ASX Announcement “Barbara Mineral Resource Update” released on 28 June 2023. MRE comprises Indicated resource of
1.98Mt at 2.0% Cu, 0.2g/t Au, 3.3g/t Ag and Inferred resource of 0.26Mt at 1.8% Cu, 0.1g/t Au, 3.5g/t Ag
See Appendix for Mineral Resource tables and ASX announcement “Group Mineral Resource and Ore Reserve Statement” released on
17 June 2024
Mine Type
FY25 Guidance
U/G Cu
21 - 25kt Cu
5
Tritton
NSW
Q2 results
Tritton production temporarily impacted but still on
track for annual guidance
Copper production of 3.9kt at AISC of $6.75/lb, impacted by
operational issues
Labour availability, dewatering at Tritton Deeps and delays to
the paste fill plant at Budgerygar have since been addressed
Improved second half forecast with stronger underground
production and addition of open pit ore from Murrawombie
Operation remains on track for annual guidance
70-hole resource definition drilling program completed at
Constellation – updated Mineral Resource Estimate targeted
for March quarter1
1.
Sep 24
Dec 24
FY25
Qtr
Qtr
YTD
FY25
Guidance
kt
5.0
3.9
8.8
21 - 25
Gold Produced
koz
1.5
1.1
2.6
7-9
Silver Produced
koz
43.9
35.2
79.1
200 - 240
Mining
A$M
27.4
24.9
52.3
105 - 128
Processing
A$M
7.4
7.8
15.2
29 - 36
Site G&A
A$M
5.2
6.5
11.7
21 - 25
TC/RCs
A$M
4.2
3.4
7.6
13 - 16
Product Handling
A$M
3.7
3.2
6.8
14 - 17
Sustaining Capital
A$M
11.5
14.8
26.3
51 - 63
Growth Capital
A$M
2.7
4.0
6.7
37 - 45
Exploration
A$M
0.5
0.2
0.7
1-2
Production
Summary
Unit
Copper Produced
Cost Summary
Refer to ASX release “Constellation Project Update”, 22 January 2025
7
Constellation
70-hole resource definition drill program complete
Drill results correlating well with modelled copper lodes within
both the main zone and stand-up zone
Assays received for a further 23 holes during the quarter
including:
TAKD133
3.40m @ 15.20% Cu, 3.83g/t Au, 45.5g/t Ag1
TAKD126
7.65m @ 5.46% Cu, 1.03g/t Au, 13.5g/t Ag1
TAKD127
2.50m @ 5.02% Cu, 0.84g/t Au, 11.0g/t Ag1
TAKD132
27.90m @ 4.04% Cu, 0.87g/t Au, 8.0g/t Ag1
Mineral Resource update targeted for Q3
1.
Drill hole true widths are between 60% and 85% of reported interval lengths. Refer to ASX release Constellation
Project Update, 22 January 2025
8
Cracow
Queensland
Q2 results
Another strong quarter
Strong gold production ahead of plan continues with
12.2koz produced at AISC of $2,488/oz
Cracow generating free cash flow significantly above
budget at current gold prices
1.
Sep 24
Dec 24
FY25
Qtr
Qtr
YTD
FY25
Guidance
koz
12.9
12.2
25.1
40 - 49
koz
12.6
12.4
25.0
Production
Summary
Unit
Gold Produced
Gold Sold
Cost Summary
Cracow remains on track to achieve the upper end of
production guidance
Mining
A$M
14.0
14.5
28.5
57 - 70
Processing
A$M
6.5
6.6
13.0
24 - 30
Reprocessing seismic data to define new drill targets in the
Western Vein Field and assess greenfields targets1
Site G&A
A$M
2.7
2.8
5.4
11 - 13
Sustaining Capital
A$M
3.6
4.6
8.2
13 - 16
Growth Capital
A$M
0.0
0.0
0.0
0-1
Exploration
A$M
2.0
1.2
3.2
3-4
Refer to ASX release “Quarterly Activities Report – December 2024”, 31 January 2025
10
Mt Colin
North Queensland
Q2 results
Greatly improved performance from Mt Colin
Mining at Mt Colin was completed in November 2024
Processing results for the quarter improved significantly with
metallurgical recovery up from 62.3% to 85.1%
Mill feed grades up from 1.57% Cu to 2.11% Cu
Copper production of 1.9kt at improved AISC of A$2.84/lb
Final stockpiles of mined ore to be processed by February
Sep 24
Dec 24
FY25
Qtr
Qtr
YTD
FY25
Guidance
kt
1.0
1.9
2.9
6-7
koz
0.8
1.8
2.5
3-4
Mining
A$M
7.6
5.5
13.2
10 - 12
Processing
A$M
7.7
4.8
12.5
16 - 19
Site G&A
A$M
1.3
1.6
2.9
3-4
TC/RCs
A$M
0.7
1.3
2.0
4-5
Product Handling
A$M
0.8
1.6
2.4
5-6
Sustaining Capital
A$M
0.0
0.0
0.0
0
Growth
A$M
0.2
0.2
0.4
1-3
Exploration
A$M
0.1
0.0
0.1
0-1
Production
Summary
Unit
Copper Produced
Gold Produced
Cost Summary
Options for divestment of North Queensland assets are
being considered
12
Jaguar
Western Australia
Q2 activities
Advancing restart studies to full feasibility
Operation on care and maintenance with costs of $2.3M for the
quarter
Restart plan presented to board – delivers attractive potential
economics
Restart based on known resources at Bentley1 with development out
to the high-grade Turbo lens
Some mill and infrastructure upgrades required
Advancing to feasibility level for release to the market, targeting Q4
Geological review completed during the quarter, identifying base
metal targets for further exploration
1.
Refer to ASX release “Group Mineral Resource And Ore Reserve Statement”, 17 June 2024
14
Stockman Project
Victoria
Q2 activities
Feasibility study progressing
Detailed metallurgical flotation test work underway
Will inform plant design parameters and Albion product qualities
Engineering design for integrating the modified flotation plant at the
mine site and downstream Albion processing plant awarded
Currawong mine design
16
Corporate
Closing cash and receivables of $33.0 million with cash of $26.4 million
Sep
Dec
2024
2024
QTR
QTR
25.5
26.4
Mt Colin
3.6
0.3
Cracow
0.0
0.1
Tritton
10.0
6.2
39.1
33.0
(A$ Million)
Cash balance excludes additional $15 million restricted cash applied
to environmental bonding
Cash flow from operations increased to $33.2 million on stronger
commodity prices
Debt position of $40 million unchanged
Closing cash
Receivables
Useable Cash and Receivables
ANZ facility renewed to July 2025 to facilitate refinancing process and
strategic initiatives
17
Focus for next quarter
Improved production from Tritton
Processing of final stockpiles at Mt Colin
Commencement of Murrawombie pit cut back
Review of divestment options for North Queensland
Constellation Mineral Resource update
Advancing Jaguar feasibility level study
Maintaining strong cash flow generation from Cracow
Completion of refinancing
18
Aeris Resources
Australian mid-tier, base and precious metals
producer
3 producing operations
3 development / re-start projects
Highly prospective for further discoveries
FY25 production guidance of 40-48kt Cu eq1
Substantial copper metal inventory
Excellent platform for growth
1.
Copper Equivalent (CuEq) values – Requirements under the JORC Code
Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed commodity prices are 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.
19
Appendix
FY25 guidance
Group
Production
Copper
Gold
Silver
Copper equivalent1
Operating Costs
Mining
Processing
Site G&A
TC/RCs
Product handling
1.
2.
kt
koz
koz
kt
FY25
Guidance
FY24
Actual
27 – 32
50 - 62
200 - 240
40 - 48
27.2
55.3
240.4
42.0
Care and maintenance2
$M
$M
$M
$M
$M
$M
172 - 210
69 - 85
35 - 42
17 - 21
19 - 23
3-5
204.6
91.1
44.6
25.4
22.4
n/a
Capital Costs
Sustaining
Growth
Exploration
Projects
$M
$M
$M
$M
64 - 79
38 - 49
5-8
1-2
74.7
21.5
8.8
2.5
Tritton
FY25
Guidance
FY24
Actual
Production
Copper
Gold
Silver
kt
koz
koz
21 - 25
7-9
200 - 240
19.7
4.9
156
Operating Costs
Mining
Processing
Site G&A
TC/RCs
Product handling
$M
$M
$M
$M
$M
105 - 128
29 - 36
21 - 25
13 - 16
14 - 17
104.9
30.7
19.9
18.3
14.8
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
51 - 63
37 - 45
1 -2
57.2
5.4
1.8
Copper Equivalent (CuEq) values – Requirements under the JORC Code
Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed commodity prices are 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.
Includes Jaguar and Mt Colin post completion of mining
21
FY25 guidance
Cracow
FY25
Guidance
FY24
Actual
Production
Gold
koz
40 - 49
45.7
Operating Costs
Mining
Processing
Site G&A
$M
$M
$M
57 - 70
24 - 30
11 - 13
51.3
25.6
11.7
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
13 - 16
0-1
3-4
14.8
16.0
4.9
North Queensland
FY25
Guidance
FY24
Actual
Production
Copper
Gold
kt
koz
6 -7
3-4
6.8
4.3
Operating Costs
Mining
Processing
Site G&A
TC/RCs
Product handling
$M
$M
$M
$M
$M
10 - 12
16 - 19
3-4
4-5
5-6
36.7
25.2
5.5
5.0
5.5
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
0-0
1-3
0-1
(0.1)
0.0
0.9
22
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
23
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
24
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