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Introduction & Market Context
Aeris Resources Ltd (ASX:AIS) presented its Q3 FY25 results on April 28, 2025, highlighting improved production metrics and advancing development projects across its Australian mining portfolio. The mid-tier base and precious metals producer operates two active mines while progressing three development projects, positioning itself for future growth in the copper and gold sectors.
The company’s shares closed at A$0.20 on the presentation day, down 2.5% amid broader market fluctuations, with the stock trading within a 52-week range of A$0.135 to A$0.355.
Quarterly Performance Highlights
Aeris reported improved group copper equivalent production of 10.7kt for the quarter, with costs well-managed as All-In Sustaining Costs (AISC) decreased to A$4.91/lb copper equivalent. The company emphasized its strong safety performance with no lost time injuries recorded during the period.
Cash flow from operations increased significantly, rising 37% quarter-on-quarter to A$45.4 million, while cash and receivables at quarter-end grew to A$33.6 million. The company confirmed it remains on track to meet its FY25 production guidance.
As shown in the following key performance summary:
Operational Performance by Asset
Tritton Operations
The Tritton copper operations in New South Wales showed production improvement, delivering 4.3kt of copper during the quarter at an AISC of A$6.16/lb, up from 3.9kt in the previous quarter. The company highlighted that its mining improvement project is delivering increased development, backfill, and diamond drilling rates.
A significant development was the commencement of Murrawombie Open Pit production, which began delivering ore to the mill and waste material to cap old heap leach pads. The company expects the mill to reach its full capacity of 1.8Mtpa in Q4 with the addition of Murrawombie Pit ore.
The detailed production and cost metrics for Tritton are presented below:
Cracow Operations
The Cracow gold operations in Queensland produced 9.0koz of gold during the quarter at an increased AISC of A$3,473/oz. Despite slightly lower production than planned, Aeris emphasized that Cracow continues to generate strong cash flow, performing significantly above budget at current gold prices.
The company is investing in operational improvements, including a secondary cyclone project expected to improve gold recoveries by approximately 1%. Cracow remains on track to achieve its annual production guidance.
Mt Colin Operations
The quarter marked the completion of operations at Mt Colin, with final stockpiled material processed before the site transitioned to care and maintenance. The operation produced 2.6kt of copper at a low AISC of A$1.64/lb during the quarter, bringing FY25 production to 5.5kt copper and 4koz gold.
Rehabilitation activities have commenced, including the removal of surface infrastructure and reprofiling/seeding of areas no longer in use. Aeris noted it is considering options for divestment of its North Queensland assets, including the Barbara project.
Development Projects Progress
Constellation Project
A significant highlight was the updated Mineral Resource Estimate for the Constellation deposit, which increased contained copper metal by 24% and contained gold metal by 29%. The resource now stands at 7.6Mt at 2.01% copper and 0.66g/t gold, containing 153kt copper and 161koz gold.
The company outlined a three-stage development pathway for Constellation:
1. Oxide for heap leach (1.5Mt @ 0.6% Cu)
2. Supergene and primary open pit feed to Tritton mill (3.2Mt at 2.5% Cu and 0.7g/t Au)
3. Underground development with grades exceeding 2% copper
The following image illustrates the updated resource estimate:
The development pathway is detailed below:
Jaguar and Stockman Projects
Aeris continues to advance restart studies for the Jaguar operations in Western Australia to feasibility level, with the site currently on care and maintenance at a cost of A$2.9 million for the quarter. Technical reviews are focusing on ventilation, ground control requirements, and power supply options.
At the Stockman project in Victoria, the Albion process feasibility study is progressing with metallurgical test work expected to be completed in Q4. The company is investigating off-mine site locations for downstream ore processing facilities with access to power, water, and rail infrastructure.
Financial Position
Aeris ended the quarter with closing cash and receivables of A$33.6 million, including cash of A$22.4 million. The company reported A$10 million in cash backed against an ANZ guarantee facility during the quarter, bringing total restricted cash to A$28.9 million.
Debt remained unchanged with A$40 million drawn on the WHSP facility. The company’s financial waterfall chart illustrates the cash flow components for the quarter:
The year-to-date cash flow shows the contributions from each operation:
Forward Outlook
Aeris Resources reaffirmed its FY25 production guidance of 40-48kt copper equivalent across its operations. The company highlighted its substantial copper metal inventory and prospective exploration potential as key elements of its growth platform.
The company’s asset portfolio and geographic footprint across Australia position it for continued development:
With two producing operations and three development projects in various stages of advancement, Aeris is focusing on optimizing current production while progressing its development pipeline to support future growth in copper and precious metals output.
Full presentation:
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