APPENDIX 4E AND FY25 ANNUAL FINANCIAL REPORT
Released
Released
Announcement PDF
Aeris Resources Limited
Appendix 4E
Preliminary final report
1. Company details
Name of entity:
ABN:
Reporting period:
Previous period:
Aeris Resources Limited
30 147 131 977
For the year ended 30 June 2025
For the year ended 30 June 2024
2. Results for announcement to the market
2025
$'000
2024
$'000
Change
$'000
Change
%
Revenues from ordinary activities
↑
577,058
540,020
37,038
7%
Gross profit
↑
115,435
35,667
79,768
224%
Adjusted Earnings Before Interest, Tax, Depreciation and
Amortisation (Adjusted EBITDA)*
↑
179,599
107,039
72,560
68%
Profit/(loss) from ordinary activities after tax attributable to
the owners of Aeris Resources Limited
↑
45,202
(24,258)
69,460
286%
Profit/(loss) for the year attributable to the owners of Aeris
Resources Limited
↑
45,202
(24,258)
69,460
286%
*
Refer to Director's Report for a reconciliation of Non-IFRS Adjusted EBITDA
Earnings per share
2025
Cents
Basic earnings/(loss) per share
Diluted earnings/(loss) per share
2024
Cents
4.7
4.6
(2.9)
(2.9)
Dividends
There were no dividends paid, recommended or declared during the current financial period.
Comments
The profit for the consolidated entity after providing for income tax amounted to $45,202,000 (30 June 2024: loss of
$24,258,000).
3. Net tangible assets
Reporting
period
Cents
Net tangible assets per ordinary security
4. Control gained over entities
Not applicable.
32.6
Previous
period
Cents
32.0
Aeris Resources Limited
Appendix 4E
Preliminary final report
5. Loss of control over entities
Not applicable.
6. Dividends
Current period
There were no dividends paid, recommended or declared during the current financial period.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
Not applicable.
8. Details of associates and joint venture entities
Not applicable.
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited by PricewaterhouseCoopers and provide an unqualified opinion.
11. Attachments
Details of attachments (if any):
The Annual Financial Report of Aeris Resources Limited for the year ended 30 June 2025 is attached.
Aeris Resources Limited
ABN 30 147 131 977
Annual Financial Report - 30 June 2025
Aeris Resources Limited
Corporate directory
30 June 2025
Directors
Andre Labuschagne - Executive Chairman
Michele Muscillo - Non-executive Director
Colin Moorhead - Non-executive Director
Robert Millner - Non-executive Director
Company secretary
Dane van Heerden
Registered office and principal
place of business
Level 6
120 Edward Street
Brisbane
QLD 4000
Phone: (07) 3034 6200
Share register
Automic
Level 5
126 Phillip Street
Sydney
NSW 2000
Phone: 1300 288 664 (within Australia)
+61 2 9698 5414 (outside Australia)
Auditor
PricewaterhouseCoopers
Level 23
480 Queen Street
Brisbane
QLD 4000
Solicitors
HopgoodGanim Lawyers
Level 8
1 Waterfront Place
Brisbane
QLD 4000
Stock exchange listing
Aeris Resources Limited shares are listed on the Australian Securities Exchange (ASX
code: AIS)
Website
www.aerisresources.com.au
Corporate Governance Statement
www.aerisresources.com.au/about/corporate-governance/
1
Aeris Resources Limited
Directors' Report
30 June 2025
The Directors present their report, together with the consolidated financial report of the Aeris Resources Limited Group
(‘consolidated entity’), consisting of Aeris Resources Limited (‘Aeris’ or ‘Company’) and the entities it controlled at the end of,
or during, the year ended 30 June 2025.
DIRECTORS
The Directors of the Company in office during the financial year and up to the date of this report were:
Name, experience and other directorships
Andre Labuschagne – Executive Chairman
Mr Labuschagne is an experienced mining executive with a career
spanning over 30 years across operations in Australia, Indonesia, South
Africa, PNG and Fiji. Mr Labuschagne has held various corporate and
operational roles in companies including Norton Gold Fields, Emperor
Gold Mines, DRD Gold and AngloGold Ashanti. Mr Labuschagne holds a
Bachelor of Commerce from Potchefstroom University in South Africa.
Special
Responsibilities
Appointed /
Resigned
Executive Chairman
Appointed
20-Dec-2012
Chairman of the
Audit and Risk
Committee and
member of the
Remuneration and
Nomination
Committee and the
Sustainability
Committee
Appointed
2-May-2013
Chairman of the
Remuneration and
Nomination
Committee and
Sustainability
Committee
Member of the
Audit and Risk
Committee
Appointed
27-July-2020
Other current directorships (ASX listed entities): Magontec Limited
(ASX:MGL). He also serves as a director of the Australian Resources &
Energy Employer Association (AREEA).
Former directorships in the past 3 years (ASX listed entities): None
Michele Muscillo – Independent Non-Executive Director
Mr Muscillo is a Partner specialising in corporate law with
HopgoodGanim Lawyers. Mr Muscillo is an admitted Solicitor and has a
practice focussed almost exclusively on mergers & acquisitions and
capital raising. Mr Muscillo has acted on a variety of corporate
transactions including initial public offerings, takeovers and acquisitions.
Mr Muscillo has a Bachelor of Laws from Queensland University of
Technology and was a recipient of the QUT University Medal.
Other current directorships (ASX listed entities): Mako Gold Limited
(ASX:MKG).
Former directorships in the past 3 years (ASX listed entities): Xanadu
Mines Limited (ASX:XAM), Cardinal Resources Limited (ASX:CDV).
Colin Moorhead – Independent Non-Executive Director
Mr Moorhead is a geologist and very experienced resources Executive
having spent 29 years’ with Newcrest Mining, including 8 years’ on the
Executive committee responsible for global exploration and resource
development. Following this, he joined PT Merdeka Copper Gold Tbk as
Chief Executive Officer, leading the very successful development of the
Tujuh Bukit gold mine in Indonesia. He went on to become an Executive
Director until June 2020. Colin is also currently an Executive Chairman of
Xanadu Mines Limited (ASX:XAM), Non-Executive Director of Ramelius
Resources Limited (ASX:RMS) and Non-Executive Director of VHM
Limited (ASX:VHM)(appointed 1 July 2024).
Former directorships in the past 3 years (ASX listed entities): Executive
Chairman of Sihayo Gold Limited (resigned 5 August 2024) and NonExecutive Director of Coda Minerals (ASX:COD) (resigned 30 April 2024).
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Aeris Resources Limited
Directors' Report
30 June 2025
Special
Responsibilities
Name, experience and other directorships
Robert Millner – Non-Executive Director
Mr Millner is the Chairman of Australian investment house Washington H.
Soul Pattinson (ASX:SOL). Mr Millner has extensive experience in the
investment industry, and is the Chairman of Brickworks Limited (ASX:
BKW), BKI Investment Co Ltd and New Hope Corporation Limited
(ASX:NHC) and a Non-Executive Director of Apex Healthcare Berhad and
TPG Telecom Ltd (ASX:TPG).
Appointed /
Resigned
Appointed
1-July-2022
Former directorships in the past 3 years (ASX listed entities): Milton
Corporation Limited (delisted from ASX on 5 October 2021) and Tuas
Limited (ASX:TUA).
COMPANY SECRETARY
Dane van Heerden CA
Ms van Heerden is a seasoned finance executive, with over 20 years’ experience in the resource sector, both in Australia
and internationally.
MEETINGS OF DIRECTORS
The attendance of Directors at Board and Committee meetings during the financial year were as follows:
Directors
Andre Labuschagne
Michele Muscillo
Colin Moorhead
Robert Millner
Board
A
16
16
16
16
ARC
B
16
15
16
16
A
B
6
5
-
6
6
-
Sustainability
A
B
2
2
2
2
-
Remuneration
A
B
2
2
2
2
-
A = Number of meetings held during the time the Director was a member of the Board and/or Committee
B = Number of meetings attended during the time the Director was a member of the Board and/or Committee
CORPORATE GOVERNANCE
The Company’s Corporate Governance Statement for the year ended 30 June 2025 may be accessed from the Company’s
website at https://www.aerisresources.com.au/about/corporate-governance.
PRINCIPAL ACTIVITIES
The principal activities of the consolidated entity for the year ended 30 June 2025 were the production, sale and
exploration of copper, zinc, gold and silver. Other than as referred to on pages 4 to 7, there were no significant changes
in those activities during the financial year.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
REFINANCING OF FINANCE FACILITIES
On 4 June 2025, Aeris announced that it had executed a three-year $60.000 million Guarantee Facility with Washington H.
Soul Pattinson (WHSP), replacing the $50.000 million ANZ Guarantee Facility. The Facility Agreement also extended the
term of the existing $50.000 million Term Facility with WHSP (currently drawn to $40.000 million) to 31 August 2026. On
30 June 2025 Aeris announced that all the conditions precedent to the $60.000 million Guarantee facility were met and
drawdown was completed.
Prior to drawdown, both the Guarantee Facility and the Term Facility (together, the Facilities), were assigned to WHSP’s
wholly owned subsidiary, Soul Patts Asset Management Pty Ltd (SPAM), with all commercial terms unchanged.
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Aeris Resources Limited
Directors' Report
30 June 2025
Financial covenants apply to the Facilities, the Company complied with these ratios throughout the reporting period.
OPERATING REVIEW
TRITTON COPPER OPERATIONS
Operations
Tritton Copper Operations (Tritton) produced 19,398 tonnes of copper and 6,053 ounces gold for the year ended 30 June
2025. A total of 1.2 million tonnes of ore was mined, predominantly from the underground operations.
Ore mined
Grade mined
Ore milled
Grade milled
Recovery
Total copper produced
Gold produced
Units
Tonnes
% Cu
tonnes
% Cu
%
Tonnes
Ounces
30 June 2025
1,186,975
30 June 2024
1,195,375
30 June 2023
1,369,364
1.74
1,133,999
1.69
1,215,692
1.36
1,352,424
1.79
1.71
1.34
95.7%
95.0
94.6
19,398
19,749
17,205
6,053
4,899
4,582
Underground operations at Tritton were focused at the Avoca Tank, Budgerygar and Tritton mines. Production from
Budgerygar during the financial year was impacted by delays to the new paste fill pump, limiting stope backfilling.
Underground mining at Murrawombie ceased, earlier in the financial year, with the cutback of the open pit commencing
in February 2025. Stage 1 stripping and ore mining was completed towards the end of the financial year, with
approximately 77,000 tonnes of mined ore stockpiled at 30 June 2025, available for processing in FY26. The availability of
stockpiled ore enabled record mill feed rates with the processing plant operating above its 1.8Mtpa nameplate capacity
for the final weeks of the year.
Waste from the open cut operation is being used to progressively rehabilitate the old Murrawombie heap leach pads. This
work is estimated to save approximately $8 million in end of mine life closure costs.
A Mining Improvement Project at Tritton was implemented during the financial year, focusing on operational performance.
Significant improvements were demonstrated in key production activities over the financial year, including diamond
drilling, development metres and backfill placement.
Exploration
A 70-hole resource definition drilling program was completed at Constellation in FY25 enabling an update of the Mineral
Resource estimate. The updated Mineral Resource now totals 7.6 million tonnes at 2.01% Cu, 0.66g/t Au and 2.5g/t Ag,
containing 153,000 tonnes of copper metal, 161,000 ounces of gold metal and 608,000 ounces of silver metal 1. This
represents a 24% increase in contained copper metal and a 29% increase in contained gold metal compared to the previous
August 2022 estimate.
The updated Mineral Resource also included a significantly larger open pit component. A feasibility study is now underway
on an open pit and underground operation with ancillary surface infrastructure. The feasibility study will also inform the
release of a maiden Ore Reserve estimate in FY26.
Underground resource definition drilling also commenced at Avoca Tank during the year. The drill program is targeting
mineralisation down plunge below the base of the current Mineral Resource and will continue into FY26.
CRACOW GOLD OPERATIONS
Operations
Cracow Operations (Cracow) produced 45,126 ounces of gold for the year ended 30 June 2025.
Underground mining operations continued in the Western Vein Field. Mined grade declined year on year as operations
focused on the margins of the known deposits. Ore from underground was supplemented with lower grade surface
stockpiles.
1
Refer to ASX announcement “Material Increase in Copper and Gold at Constellation”, 31 March 2025
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Aeris Resources Limited
Directors' Report
30 June 2025
At the processing plant, a secondary cyclone circuit was installed, enabling 100% of the leach feed to now pass through
the regrind mill. A sustained 1-2% increase in gold recovery has been achieved by debottlenecking the regrind mill and
improving gold liberation.
Ore mined
Grade mined
Ore milled
Grade milled
Recovery
Gold produced
Units
Tonnes
g/t Au
Tonnes
g/t Au
%
Ounces
30 June 2025
506,601
30 June 2024
450,985
30 June 2023
575,382
2.89
617,584
2.51
3.13
585,256
2.65
2.75
666,978
2.50
90.5
91.6
90.0
45,126
45,651
48,221
Exploration
Along with resource extension drilling in the Western Vein Field, exploration activities in the financial year concentrated
on identifying new, greenfield targets. Historic two-dimensional and three-dimensional seismic survey data was
reprocessed to refine key targets in the Southern Vein Field and Western Frontier. These targets will be further refined
ahead of a drill program in FY26.
At Golden Plateau in the Eastern Vein Field, a review was commenced to assess the gold prospectivity below the old
open pit. Previous exploration undertaken by Aeris focused on delineating discrete, high-grade structures for potential
extraction via underground mining methods. The current review examines the potential for a broader, low-grade gold
system that could support open pit mining.
Initial assessment of in-pit grade control data has identified extensive low-grade (+1g/t Au) mineralisation left behind from
earlier underground operations. Historic drilling confirms this low-grade mineralisation continues below the pit floor.
NORTH QUEENSLAND OPERATIONS
Operations
The North Queensland operations produced 5,518 tonnes of copper for the financial year, with gold production of 4,027
ounces.
Underground mining at Mt Colin was successfully completed in November 2024, with final ore stockpiles processed at
Ernest Henry by end of March 2025. Copper recoveries during the year were impacted by oxidised material from the cave
zone of the mine, resulting in lower copper production than planned.
Ore mined
Grade mined
Ore milled
Grade milled
Recovery
Copper produced
Gold produced
Units
Tonnes
% Cu
Tonnes
% Cu
%
Tonnes
Ounces
30 June 2025
176,929
2.42
362,534
1.94
78.5
5,518
4,027
30 June 2024
510,483
2.15
410,861
2.11
78.3
6,803
4,328
30 June 2023
426,135
2.39
362,876
2.18
89.8
7,110
3,852
The Mt Colin site has transitioned to care and maintenance. Rehabilitation activities have been undertaken including
removal of infrastructure, relocation of potentially acid forming waste (PAF) to the underground and reprofiling and
seeding of surface areas.
Barbara Project
The feasibility study on the Barbara Project in North Queensland was completed during the financial year. While Barbara
would contribute additional copper production, the project does not meet Aeris’ strategic requirements and group capital
will be preserved for larger-scale developments, particularly at Tritton.
The North Queensland assets including the Barbara Project and exploration tenements have been deemed non-core and
options for divestment are being pursued.
5
Aeris Resources Limited
Directors' Report
30 June 2025
JAGUAR OPERATIONS
Operations
Jaguar Operations (Jaguar) remained on care and maintenance throughout FY25. Technical studies undertaken on Jaguar
during FY25 examined options for a restart of the operation. A decision has been made to focus on +10 year life of
operations so study work has been paused to allow further exploration to be completed.
Exploration
Aeris has identified multiple base metals targets on the Jaguar tenements that have potential to add mineable resources
to a restart scenario.
Target generation was informed by a regional mapping campaign that reclassified stratigraphy immediately east of the
known, 10km prospective VHMS corridor. An extensive sericite-altered untested rhyolitic volcaniclastic sequence, up to
1km thick, had previously been misinterpreted as massive rhyolite and largely overlooked by earlier explorers.
Discrete gravity anomalies identified in Aeris’ 2022 infill gravity survey, low-level pathfinder anomalism returned from
ongoing rock chip sampling, and the presence of pervasive sericite alteration collectively support a compelling case for
VHMS-style mineralisation within this newly defined corridor. The discrete gravity anomalies in this corridor have
interpreted depths between 60m and 200m, and strike lengths between ~ 300m and 1km, presenting attractive targets
for further exploration.
Eight, high priority targets have been identified through this process, and first pass drill program is planned for FY26 to test
each target.
The Jaguar tenements are also considered highly prospective for gold mineralisation. During the year a limited number of
drill holes were completed on gold prospects at the northern end of the tenement package. While the results returned
were sub-economic, the program has refined the geological model and confirmed mineralisation continuity across a key
structural trend. Aeris is considering options for advancing exploration of the gold targets in FY26 including possible joint
ventures.
6
Aeris Resources Limited
Directors' Report
30 June 2025
FINANCIAL REVIEW
Financial Results
During the year ended 30 June 2025, the consolidated entity recorded an Adjusted EBITDA of $179.599 million, $72.560
million higher than the previous year (2024: $107.039 million). Similarly, the consolidated entity’s profit after tax of
$45.202 million, presented a strong improvement from a loss after tax of $24.258 million, for the year ended 30 June 2024.
The results for the year were influenced by a number of key factors, which included:
•
•
•
•
•
Revenue from contracts with customers was $577.058 million, compared to $540.020 million for the previous
corresponding period. This mainly reflects the following factors:
o Tritton revenue of $303.089 million was higher than the prior corresponding period ($272.603 million) due
to higher copper price received (A$14,164/t vs A$13,365/t), partially offset by lower copper production
(19,398 vs 19,749);
o Cracow revenue of $197.479 million compared to $147.026 million in FY2024, due to higher gold prices
(A$4,332/oz vs A$3,174/oz), gold produced was in line with the prior year (45,126oz vs 45,651oz); and
o Revenue from North Queensland Operations of $75.269 million was lower than prior corresponding period
($96.991 million) due to transition to care and maintenance in Q3.
Cost of goods sold decreased to $461.623 million from $504.353 million in the prior corresponding period largely due
to Mt Colin operating for six months of the year and good cost control across Tritton and Cracow operations;
Care and maintenance costs of $15.494 million, for Jaguar and North Queensland Operations, were recognised for the
financial year;
A foreign exchange loss of $0.516 million was recognised for the year ended 30 June 2025 (30 June 2024: loss of $1.081
million); and
Finance costs of $24.076 million were higher when compared to $21.505 million in the prior corresponding period,
primarily due to the interest charges on the WHSP Debt Facility and refinancing of guarantee facilities.
The following table contains a reconciliation of profit before income tax to EBITDA (earnings before income tax
and depreciation and amortisation) and Adjusted EBITDA:
2025
$'000
2024
$'000
Profit (Loss) before income tax expense
Depreciation and amortisation
Finance costs
EBITDA
45,202
91,208
24,076
160,486
(24,258)
94,632
21,505
91,879
Care & maintenance
Separation costs
Net foreign exchange loss / (gain)
Movement in financial assets and liabilities at fair value through profit or loss
15,494
0
516
3,103
7,857
5,824
1,081
398
Adjusted EBITDA
179,599
107,039
7
Aeris Resources Limited
Directors' Report
30 June 2025
Financial Position
At 30 June 2025, the consolidated entity had a positive net asset position of $317.769 million (30 June 2024: $271.788
million).
The June 2025 net asset position for the consolidated entity was impacted by a number of key factors, including:
•
Trade receivables increased to $25.267 million, compared to $2.084 million in the corresponding period due to
increased sales in Tritton in the fourth quarter of the financial year;
•
Inventories reduced to $40.919 million, (FY24: $46.754 million), higher ore inventory in Tritton was offset by lower
stock balances in the North Queensland operation, due to the finalisation of operations during the year;
•
Restricted Cash increased to $17.677 million (FY24: $10.006 million), combined with the $60.000 million, SPAM
guarantee facility, the Company has placed all required government bonding with New South Wales and Queensland
governments;
o
During the year ~$10 million of restricted cash was released to operating cash flows;
•
The Company invested $47.118 million into new mining projects, including exploration, compared to $30.358 million
in the corresponding period;
•
In June Aeris executed a $60.000 million Guarantee Facility with SPAM, replacing the ANZ facility ($50.000 million);
•
In tandem to the execution of the $60.000 million Guarantee Facility, the Facility Agreement also extended the term
of the $50 million Term Facility with WHSP (currently drawn to $40 million) to 31 August 2026; and
Furthermore, the Company recorded an improved net current liability position of $10.161 million (FY24: $33.296 million),
current liabilities include employee benefit provision of $21.058 million (FY24: $21.240 million).
The Group generated strong positive cash flows due to improved commodity pricing during the financial year, with
operating costs well managed. The consolidated entity’s net cash inflow from operating activities during the financial year
was $130.890 million, with net cash outflows from investing activities of $114.297 million and net cash outflows from
financing activities of $12.740 million.
At 30 June 2025, $10.000 million of the $50.000 million debt facility provided by WHSP remains undrawn.
The Group has been able to continue to meet its working capital requirements principally as a result of positive operating
cashflows generated by the three operating mines (Tritton, Cracow and North Queensland Operations).
The Directors have reviewed the ability of the consolidated entity to continue as a going concern and based on its cash
flow and covenant compliance forecasts for a period of 12 months from the signing of the financial statements and current
access to funding, concluded there are reasonable grounds to believe the consolidated entity will continue as a going
concern.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
On 1 August, Aeris announced that it had entered into unsecured Australian dollar, gold hedges with Macquarie Bank
Limited for 19,998 ounces at a forward price of A$5,145.75 per ounce. The hedges will mature between August 2025 and
June 2026 through scheduled monthly deliveries and represent approximately 50% of the targeted midpoint of the FY26
production range at the Cracow Gold Operations.
No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect
the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future
financial years.
MATERIAL BUSINESS RISKS
Aeris prepares its business plan using estimates of production and financial performance based on a range of assumptions
and forecasts. There is uncertainty in these assumptions and forecasts, and risk that variation from them could result in
actual performance being different to expected outcomes. Aeris acknowledges that business risks have the potential to
change over time and continually reviews key risks and uncertainties that have the potential to impact the business.
The uncertainties arise from a range of factors, including the nature of the mining industry, and general economic factors.
The material business risks faced by the Group that may have an impact on the operating and financial prospects of the
Group at period end are outlined below.
8
Aeris Resources Limited
Directors' Report
30 June 2025
Supply, Demand and Commodity Prices
Aeris derives its revenues mainly from the sale of copper, zinc and gold and/or associated minerals. Consequently, Aeris’
potential future earnings, profitability and growth are influenced by the demand for and price of these commodities.
Copper zinc and gold are globally traded commodities and their prices over time may rise or fall. Commodity prices
fluctuate and are affected by factors including supply and demand for mineral products, hedge activities associated with
commodity markets, the costs of production and general global economic and financial market conditions.
These factors may cause volatility which in turn, may affect the Aeris’ ability to finance its operations and/or bring Aeris’
products to market. Aeris may enter into hedging arrangements from time to time to partially protect against changes in
commodity prices. When these arrangements expire, there is no guarantee that the Company will be able to secure
replacement hedging arrangements on terms satisfactory to the Company.
Aeris’ prospects and market value will be influenced from time to time by the actual and prevailing views on the shortterm and long-term prices of these commodities.
Exchange rate risk
A number of the Company’s commercial arrangements, including copper and gold sale and finance arrangements, are
based on US dollars. The Company also acquires equipment from overseas using foreign currency. Accordingly, the
revenues, earnings, costs, expenses, assets and liabilities of the Company may be exposed adversely to exchange rate
fluctuation. Further, the future market value of the Company’s shares may fluctuate in accordance with movements in the
exchange rates and interest rates.
Operational Performance and Business Continuity
The Company is a producer of copper, zinc and gold which is sold under commercial contracts. The Company’s immediate
plans and objectives are dependent upon a continuation of such production generating operating surpluses to assist the
Company in funding its planned expenditure programs. Whether it can do so will depend largely upon an efficient and
successful, operation and exploitation of the resources and associated business activities and management of commercial
factors.
Delivery of required operational performance may be impacted by a range of factors including but not limited to geological
conditions; natural hazards and significant weather events (including flooding or drought); equipment performance issues,
supply chain risks for materials and plant, availability of appropriately skilled and experienced technicians; improper, delays
in permitting, force majeure events, power outages, significant incidents, unforeseen cost changes and overruns, and
access to the required level of funding. .
Continuity of operations also depends on the discovery and delineation of economically recoverable mineral resources,
establishment of efficient exploration operations, obtaining necessary titles and access to projects, as well as government
and other regulatory approvals.
Mineral Resource and Ore Reserve Reporting
In order to calculate Mineral Resource and Ore Reserves, estimates and assumptions are required about a range of
geological, technical and economic factors. Estimating the quality and/or grade of the Mineral Resource and Ore Reserves
requires the size, shape and depth of mineral and ore bodies to be determined by analysing geological data such as drilling
samples. This process requires geological judgements and calculations to interpret the data.
As the economic assumptions used to estimate Mineral Resources and Ore Reserves change from year to year, and as
additional geological data is generated during the course of operations, estimates of Mineral Resource and Ore Reserves
may change from year to year. Changes in reported Mineral Resource and Ore Reserves may have either a positive or
negative impact on the consolidated entity's financial results.
Licence to Operate
Loss of, or failure to secure license to operate (including social and regulatory) due to non-compliance with environmental,
social, and governance (ESG) requirements, inadequate stakeholder engagement, or changes in legislative requirements,
which could lead to operational interruption, increased costs, reputational damage, or project delays. The Company’s sites
are subject to numerous laws and regulations and as such there is the risk that the Company may incur liability under these
laws and regulations.
Aeris could be subject to claims due to damage arising out of current or former activities at sites that Aeris owns or
operates, including new projects. This could subject Aeris to potential liability and have a material adverse effect on Aeris’
financial and operational performance.
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Aeris Resources Limited
Directors' Report
30 June 2025
Project Delivery
Our projects at Aeris are focu
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