COMPANY UPDATE AND FY26 GUIDANCE
Released
Released
Announcement PDF
Company Update and FY26
Guidance
Presented: Cracow Site
22 July 2025
Presented by: Andre Labuschagne
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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
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Indications of, and guidance on, future earnings and financial position and
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Forward-looking statements are based on information available to Aeris as
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Investors are strongly cautioned against placing undue reliance on
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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 contains Exploration Results, Mineral Resource and Ore
Reserve information which has been previously issued in prior market
announcements released by Aeris (“Prior Reports”) with the written consent
of the Competent Person responsible for that information. 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 in the Prior Reports and, in the case of estimates of
Mineral Resources and Ore Reserves, all material assumptions and
technical parameters underpinning the estimates continue to apply
and have not materially changed; and
the form and context in which each Competent Person’s findings
are presented have not been materially modified.
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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2
Q4 FY25 highlights
Weighted to copper
FY25 production 42.1CuEq
Group copper equivalent production of 10.9kt1 for the quarter at improved
AISC of A$4.50/lb Cu eq
Cash and receivables at end of quarter increased to $49.5M
29
Cu
79
Au
Copper
Gold
24.9kt
55.2koz
47
Ag
Silver
185.2kz
Refinancing of corporate guarantee facilities successfully completed
Higher Tritton production of 6.2kt Cu at lower AISC of A$4.22/lb
Tritton processing plant operating above nameplate capacity with the
availability of additional ore from the Murrawombie Pit
Strong Cracow gold production of 11.0koz and AISC of A$3,075/oz
Good cost control across operations for the year
North Queensland assets on care and maintenance – pursuing options for
divestment
1.
Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in June
2025 quarterly report. Aeris 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 FY25
$184m
Current market cap
$138m
FY25 cash from operations4
42.1kt
$40m
$49.5m
$59m
Drawn debt1
1.
2.
3.
4.
Cash and receivables1,4
FY25 Cu eq2
Liquidity3,4
At 30 June 2025
CuEq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Formula for Copper Equivalent (Cu eq) = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t). Produced quantities are after recovery. Commodity prices – Sep quarter: US$9,210/t Cu, US$2,474/oz Au and
US$29/oz Ag, Dec quarter: US$9,193/t Cu, US$2,663/oz Au and US$31/oz Ag, Mar quarter: US$9,345/t Cu, US$2,861/oz Au and US$32/oz Ag, Jun quarter: US$9,524/t Cu, US$3,281/oz Au and US$34/oz Ag
Includes cash, receivables and undrawn liquidity on the WHSP facility at 30 June 2025
Unaudited, subject to change
4
Aeris strategy for FY26
Balance Sheet
•
•
•
Repay debt by August 26
Assets sales
Consider hedging strategy
Growth
•
•
Focus on life extensions
through greenfield exploration
Consider external
opportunities
Unlock Stockman
•
•
•
•
Finalise Albion test work
Update study Sep
Concept study on acid
production
Find partner to invest to Final FS
06
05
04
Realise
value for
shareholders
01
Operational Delivery
02
Sell non-core assets
03
Tritton
•
Murrawombie Pit
•
Constellation on time
•
Resource extension
•
LOM
Cracow
•
Golden Plateau
•
Resource extension
•
LOM
•
•
Sell NQ assets
Consider others
Jaguar strategy
•
•
•
•
Focus on +10 year life
Reduce care and maintenance
Test base metals targets
Potential to JV gold
5
FY26 Guidance
Compared to FY25 results
40-49kt Cu eq
24-29kt
Mine operating costs
1
Cu produced
44-56koz Au produced
240-293koz Ag produced
1.
$302-369 MILLION
Exploration
$18-23 MILLION
Sustaining capital
Starting cash and receivables
$57-70
$49.5
MILLION
MILLION
Growth capital
$65-80
MILLION
Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in June 2025 quarterly report. Aeris 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.
Operational performance
Increasing Tritton production
30
25
Stockpiled ore from Murrawombie Pit will enable mill to run at 2Mtpa
rate2 (above nameplate capacity)
Sustaining material improvements in key production enablers in FY26
Potential for additional production from high grade Avoca Tank
extensions to offset lower grade open pit ore and further increase
Cu tonnes
Prioritising Constellation project development to maintain higher
copper production in future years
Cu Produced (kt)
FY26 guidance of 24 – 29kt,up 37%1 on previous year
20
15
10
5
0
1.
2.
To midpoint of guidance
In July 25 and H2 FY26
FY23
FY24
FY25
FY26
Guidance
7
Operational performance
Cracow continuing to deliver
60
50
Increased ore mining and plant throughput to offset lower grade
ore
Sustaining increased recovery of 1-2% following commissioning of
the secondary cyclone circuit to debottleneck the regrind mill
Re-entering Roses Pride mine (separate to the main Western Vein
Field operations) to develop as an additional ore source in FY27
Au Produced (koz)
FY26 guidance of 36 - 46koz, down 9%1 on previous year
40
30
20
10
0
1.
To midpoint of guidance
FY23
FY24
FY25
FY26
Guidance
8
Extend mine lives
Ramping up drilling at Tritton
Underground Drill Metres
100,000
80,000
Strong focus on Mineral Resource growth at multiple deposits
~80,000m underground diamond drilling planned in FY26
60,000
Target depth extensions at Avoca Tank, Budgerygar and Tritton
40,000
20,000
-
FY20
FY21
FY22
FY23
FY24
FY25
FY26F
9
Extend mine lives
Targeting greenfield areas at Cracow
Golden Plateau – target bulk tonnage, lower grade mineralisation
below the historic pit
Southern Vein Field – target +1Moz vein field analogous to the
current Western Vein Field mining area
Western Frontier – interpreted structural corridor 1km west of current
mine infrastructure targeting +100koz shoots
10
Simplify portfolio
Divesting North Queensland
Simplifies portfolio to allow greater focus on Tritton and Cracow
Attractive 952km2 tenement package including the development
ready Barbara project
Indicative non-binding offers received from a number of parties
Ability to release $6.5M in restricted cash held against
environmental bonds on top of sale proceeds
Potential for transaction completion later this year
11
Revised Jaguar strategy
Reducing holding costs while undertaking low cost,
high return exploration
Strategy is to focus on +10 year life operations
Pausing feasibility study while further exploration is undertaken
8 high priority base metals drill targets to be tested
$3.1 million exploration program planned for FY26
Reducing care and maintenance costs to $600k per quarter1
Numerous gold targets – investigating options to joint venture gold
rights to advance exploration while minimising Aeris spend
1. By Q2 FY26
12
Unlock Stockman
Consider partnering to unlock long term value
Large, high-grade polymetallic resource1 albeit with complex
metallurgy
Multiple processing routes available – studies expected to be
finalised in Q2 FY26
Potential to create a long life, high value operation with the right
technical solution
Considering options to bring on a strategic partner to assist with
funding and ongoing technical work
Holding costs minimal
1.
Indicated Resource of 13.4Mt at 2.1% Cu, 4.2% Zn, 1.0g/t Au, 37g/t Ag. Refer to ASX announcement "Group
Mineral Resource and Ore Reserve Statement" dated 22 July 2025
13
Strengthen balance sheet
Target improved financial performance in FY26
Improved cash from operations
No mandatory principal repayments of term facility or cash backing
of guarantee facility until June 2026
$40M WHSP term facility extended to August 2026
Can apply funds from asset sales to debt reduction
$6.5M expected to be released from North Queensland cash
backed bonds
1.
2.
Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in June
2025 quarterly report. Aeris 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.
Excludes royalties
Group
FY26 Guidance
FY25 Actual
Production
Copper
Gold
Silver
Copper equivalent1
kt
koz
koz
kt
24 - 29
44 - 56
240 - 293
40 - 49
24.9
55.2
185.2
42.1
Operating Costs
Mine operations2
Care and maintenance
Corporate
$M
$M
$M
302 - 369
6-7
21 - 26
344.9
10.8
23.6
Capital Costs
Sustaining
Growth & projects
Exploration
$M
$M
$M
57 - 70
65 - 80
18 - 23
69.4
35.1
9.8
14
Tritton
New South Wales
Tritton
Strategic, cornerstone asset
Strategic location in the Cobar region of NSW
~450kt copper produced since operations began in 2005 and over
300kt still in Resource1
2,330km2 prospective tenement package
FY26 guidance of 24 – 29kt Cu, a 37% improvement on FY252
Excess mill capacity longer term – ability to expand copper output
with new mines and regional deposits
1.
2.
Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore
Reserve Statement" dated 22 July 2025.
To midpoint of guidance
16
Tritton FY26 guidance
Targeting 37% increase in copper production1
Ore milled tonnes (and Cu production) lower in Q1 and particularly
Q2 due to the schedule for open pit ore mining
Mill to run at 2Mtpa rate in Q3 and Q4 as Phase 2 Murrawombie Pit
ore is delivered and stockpiles built up
Will use period of lower mill feed in H1 to undertake major planned
maintenance on the plant
Growth capital includes approx. $50M of Murrawombie Pit pre-strip
and ~$4M for tailings dam lift
Limited capital spend on Constellation in FY26
Tritton
Production
Copper
Gold
Silver
FY26 Guidance
FY25 Actual
kt
koz
koz
24 - 29
8 - 10
215 - 263
19.4
6.1
185.2
Operating Costs
Mine operations2
$M
207 - 253
202.1
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
39 - 48
58 - 71
10 - 12
52.5
32.0
2.9
Significant increase in exploration spend
1.
2.
To midpoint of guidance compared to FY25 results
Excludes royalties
17
Mine improvement plan
Building on FY25 improvements in FY26
Diamond Drilling
76% increase in diamond drilling rates from H1 to H2
28% increase in underground development rates from H1 to H2
114% increase in mine backfill rates from H1 to H2, with 192%
increase at Avoca Tank (priority mining area)
32% increase in total ore mined from H1 to H2
Development Metres
6,000
2,000
4,000
1,600
2,000
1,200
-
Q1
Q2
Q3
Q4
800
100
500
75
400
50
300
25
200
Q1
Q2
Q3
Q2
Q3
Q4
Mined Ore Tonnes (kt)
Total Backfill (kt)
-
Q1
Q4
100
Q1
Q2
Q3
Q4
18
Murrawombie Pit
Waste stripping in first half of year with ore delivery in
second half
Mined Ore1
Murrawombie Pit ore to provide approx. 50% FY26 mill feed
Phase 1 ore now all mined and will be processed in Q1, with Phase 2
ore delivered in Q3 to enable mill to run at 2Mtpa rate, above
nameplate
Waste from cut back used to concurrently cap old heap leach pads,
saving c.$8M rehabilitation costs
High open pit mining rates in the second half of the year result in an
ore stockpile of over 900kt to be processed in FY27
UG
1.
Chart is provided to provide a visual representation of the proportion of ore mined from open pit and underground sources
and should not be considered guidance
Open Pit
Mill Capacity
19
Constellation
Potential long life mine to commence in FY27
Constellation mining studies are reviewing a combination of
open pit plus UG options for the high-grade Cu & Au deposit
Updated Mineral Resource Estimate 7.6Mt of 2.01% copper and
0.66g/t gold containing 153kt copper and 161koz gold1
Studies underway on open pit 3.2Mt sulphide resource grading 2.5%
Cu and 0.8g/t Au2 starting 50m below surface
Ore processing options being assessed for additional 1.5Mt oxide
Inferred resource grading 0.6% Cu
Underground development to be funded with cash flow from open
pit production
Major capital spend to start in FY27 following EIS and mining license
approval expected in Q3 FY26
1.
2.
See ASX release “Aeris Delivers Material Increase in Copper and Gold at Constellation” 31 March 2025. Comprises
Indicated resource of 5.3Mt at 1.8% Cu, 0.7g/t Au, and Inferred resource of 2.3Mt at 2.6% Cu, 0.7g/t Au
Comprises Indicated Resource of 2.6Mt at 2.3% Cu, 0.69/t Au and Inferred Resource of 0.6Mt at 3.5% Cu, 0.5g/t Au
20
Cracow
Queensland
Cracow
High margin gold mine with long operating history
Cracow production and Resources1 under Aeris ownership
800
700
Underground gold mine in continuous production since 2004
600
Conventional crush and grind CIP processing plant
Produced +1.7Moz gold since first production in 2004
FY26 guidance 36 – 46koz Au
koz Au
500
400
300
200
Strong history of resource replacement through exploration
100
-
FY21
FY22
Annual Production
1.
See each annual Group Mineral Resource and Ore Reserve Statement within the Annual Report for Aeris
Resources Ltd on the company’s website. Details for individual categories of mineralisation are also provided.
Also refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025
FY23
Cumulative Production
FY24
FY25
Resources
22
Cracow FY26 guidance
Gold production impacted by reducing grade but
investing in exploration
Improved mining rates but gold production lower due to declining
grade on the margins of the ore body
Cracow
Production
Gold
Underground ore supplemented with low grade surface stockpiles
Developing the Roses Pride area separate from the main Western
Vein Field operations – increased capital development
Operating costs broadly in line with FY25
FY26 Guidance
FY25 Actual
koz
36 - 46
45.1
Operating Costs
Mine operations1
$M
95 - 116
99.4
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
18 - 22
6-8
5-7
16.7
0.0
5.3
Growth capital includes tailings dam lift to commence in Q1
1.
Excludes royalties
23
Exploration update
Brad Cox
Group General Manager Geology
Group exploration budget
~100% increase in spend in FY26
Group Exploration Guidance
Tritton: Resource extension drilling, early-stage data collection to
refine greenfield targets and assessment of potential at Budgery,
Kurrajong
Cracow: Resource extension drilling, greenfield drill campaigns and
regional magnetic survey
$18 – 23M
Jaguar: Drill campaign targeting 8 near mine VMS targets
Corporate: Small, specialised technical team supporting sites and
governance
NQ & Stockman: No exploration. Maintain tenements in good
standing
Tritton
Cracow
Jaguar
Others
25
Tritton
Focus on resource extensions and
greenfield exploration
Mine Life Growth
All current ore sources still open at depth
27
Mine life growth
Avoca Tank resource extensions
2x underground drill rigs
Targeting resource growth down-plunge (250m) and up-dip (50m)
Several downhole EM surveys planned to detect massive sulphides
down plunge
28
Mine life growth
Tritton & Budgerygar resource extensions
2x underground drill rig soperating from Q2 on
Budgerygar drilling targeting resource growth down-plunge (250m)
Tritton drilling targeting down plunge extension of Tritton to enable
assessment of economics
South Wing (lens off main Tritton ore body) targeting conversion of
Inferred to Indicated for potential future mining
29
Exploration upside
Multiple brownfield and greenfield targets
Kurrajong: high grade deposit, open at depth (1.7Mt @1.9% Cu,
0.2g/t Au1 inferred Resource) – scoping study in FY26
Budgery: potential open pit and underground target with defined
resource1 located close to infrastructure – scoping study in FY26
Greenfield exploration commence in FY26 H2 with planned auger
sampling and geophysical surveys
1.
Refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025
30
Cracow
Focus on greenfield exploration
Exploration
Greenfield targets
Targeting a +1Moz Western Vein Field analogue at the
Southern Vein Field
Airborne magnetic survey planned for Q1 to aid finalisation of
drill targets under 500m cover
Drilling planned for FY26 to test geology model and identify
prospective structures (limited historical drilling)
Western Frontier is an interpreted structural corridor approx.
1km west of current UG infrastructure within existing mining
lease boundary
Potential to also drill Western Frontier structure in FY26
targeting multiple +100koz shoots
32
Exploration
Golden Plateau
~850koz produced via open-pit and underground (~260m
below surface)
Open-pit proportion 190koz1 from remnants to ~120m below
surface)
Investigating large, lower grade mineralised halo around old
stoping areas below the Golden Plateau pit2
A majority of the Mineral Resource3 positioned south and west
of the open-pit
Key exploration target for FY26
1.
2.
3.
Vigar, A.J, 1994 Grade Modelling Reconciled to Open Pit Mining at the Golden Plateau Mine, Cracow,
Queensland. AusIMM Student Conference – Pathway to Industry page 49-54.
Refer to ASX announcement "Quarterly Report – June 2025"
Refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement“ 17 June 2024."
33
Jaguar
Focus on new VMS targets to
discover another ore source
Jaguar
Rethinking base metals exploration
10km long VMS corridor hosting 4 base metal deposits
Prospective stratigraphy extended further east (≤1km) within poorly
explored corridor
8 high priority targets to be drill tested in FY26 along with downhole EM
Targeting new, near surface base metals deposits that could provide
a second production source alongside the Bentley mine
35
Jaguar
Highly prospective for gold mineralisation
+25Moz gold endowment in the region
4.7Moz Thunderbox Operation1 located 8km north of the Jaguar
tenements, 3.5Moz King of the Hills mine2 located 10km west
Jaguar tenements highly prospective but had limited exploration
Several advanced prospects including Heather Bore; a 2km long,
shallow gold anomaly
1.
2.
Thunderbox Reported Mineral Resource at 31 March 2025. Refer to Northern Star Resources ASX Announcement "Resources,
Reserves and Exploration Update" 15 May 2025.
King Of The Hills Reported Mineral Resource at 30th April 2025. Refer to Vault Minerals ASX Announcement "KOTH OP Ore
Reserve accelerates Leonora Plant Upgrade" 26 May 2025.
36
Aeris Resources
Australian mid-tier, base and precious metals
producer
2 producing operations (FY26: 40-49kt copper eq.)1
3 development projects
Investing in exploration
Substantial copper production and metal inventory
Excellent platform for growth
1.
Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. Aeris 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.
37
Appendix
Group Ore Reserves
BASE METALS
Asset
Tritton
North Qld
Stockman
Total
GOLD
Asset
Cracow
Total
Category
Proved
Probable
Total
Proved
Probable
Total
Proved
Probable
Total
Total Proved
Total Probable
Grand Total
Category
Tonnes
(‘000)
100
2,280
2,380
1,600
1,600
9,640
9,640
100
13,530
13,630
Tonnes (‘000)
Proved
Probable
Grand Total
145
360
505
Cu (%)
Cu (%)
0.7
1.6
1.5
1.9
1.9
1.9
1.9
0.7
1.8
1.8
-
Zn (%)
Zn (%)
Grade
Au (g/t)
-4.3
4.3
3.1
3.0
Grade
Au (g/t)
-
As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025
0.3
0.3
0.2
0.2
1.0
1.0
0.8
0.8
3.0
2.9
2.9
Ag (g/t)
Ag (g/t)
6
6
-37
37
27
27
-
Cu (kt)
Cu (kt)
1
36
37
30
30
183
183
1
249
249
-
Zn (kt)
Zn (kt)
Contained Metal
Au (koz)
413
413
413
413
23
23
9
9
318
318
350
350
Contained Metal
Au (koz)
-
14
33
48
Ag (koz)
444
444
11,409
11,409
11,853
11,853
Ag (koz)
-
39
Group Mineral Resources
BASE METALS
Category
Project
Tritton
Jaguar
North Qld
Stockman
Total
GOLD
Total
Cu (%)
Zn (%)
Au (g/t)
Ag (g/t)
Cu (kt)
Zn (kt)
Au (koz)
Ag (koz)
0.4
11.0
7.5
18.9
0.5
4.2
2.0
6.6
0.2
2.4
0.6
3.2
13.4
2.4
15.8
1.1
31.0
12.4
44.5
1.0
1.6
1.8
1.7
1.6
1.4
1.1
1.4
2.3
2.0
2.0
2.0
2.1
1.1
2.0
1.5
1.9
1.6
1.8
5.0
6.4
6.5
6.3
4.2
2.6
4.0
2.3
2.7
1.5
2.3
0.1
0.4
0.3
0.4
0.3
0.4
1.0
0.6
0.5
0.2
0.1
0.2
1.0
1.5
1.1
0.2
0.6
0.6
0.6
2
4
4
4
63
67
83
71
0
3
2
2
0
37
32
36
29
27
22
25
4
179
131
314
8
59
23
90
5
47
12
64
288
27
315
17
574
193
784
25
268
128
422
561
62
624
25
829
191
1,045
1
158
73
233
4
53
62
119
3
16
2
21
420
117
537
9
647
254
910
30
1,270
840
2,140
1,030
8,950
5,260
15,240
0
210
30
240
0
16,000
2,440
18,450
1,060
26,440
8,580
36,070
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Total Measured
Total Indicated
Total Inferred
Grand Total
Category
Grade
Contained Metal
Tonnes
(Mt)
Au (g/t)
Ag (g/t)
Au (koz)
Ag (koz)
Measured
0.4
4.0
3
46
37
Indicated
1.9
3.6
4
224
229
Inferred
Grand Total
2.1
2.6
4
181
305
4.4
3.2
4
452
571
Asset
Cracow
Tonnes
(Mt)
Grade
As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025
Contained Metal
40
FY26 Guidance
Group
Production
Copper
Gold
Silver
Copper equivalent1
FY26 Guidance
kt
koz
koz
kt
24 - 29
44 - 56
240 - 293
40 - 49
FY25 Actual
24.9
55.2
185.2
42.1
Operating Costs
Mine operations2
Care and maintenance
Corporate
$M
$M
$M
302 - 369
6-7
21 - 26
344.9
10.8
23.6
Capital Costs
Sustaining
Growth & projects
Exploration
$M
$M
$M
57 - 70
65 - 80
18 - 23
69.4
35.1
9.8
1.
2.
3.
Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t)
Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in
quarterly reports. Aeris 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.
Excludes royalties
FY25 results unaudited
Tritton
Production
Copper
Gold
Silver
FY26 Guidance
FY25 Actual
kt
koz
koz
24 - 29
8 - 10
215 - 263
19.4
6.1
185.2
Operating Costs
Mine operations
$M
207 - 253
202.1
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
39 - 48
58 - 71
10 - 12
52.5
32.0
2.9
FY26 Guidance
FY25 Actual
Cracow
Production
Gold
koz
36 - 46
45.1
Operating Costs
Mine operations
$M
95 - 116
99.4
Capital Costs
Sustaining
Growth
Exploration
$M
$M
$M
18 - 22
6-8
5-7
16.7
0.0
5.3
41
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