FY24 PRODUCTION GUIDANCE UPDATE
Summary
- Aeris Resources exceeded FY24 production guidance for copper at Tritton, gold at Cracow, and zinc at Jaguar.
- Mt Colin copper production reached 6.8kt, falling short of the 8-10kt guidance due to limited toll processing slots, despite exceeding ore production by over 20%.
- Positive surprises include a Mt Colin mine life extension to October 2024 and end-of-June ore stockpiles of +200kt at +2% Cu (4kt contained Cu).
- The company reported positive metallurgical testwork results for Stockman and is progressing with the Barbara Feasibility Study and Jaguar Pre-Feasibility Study.
- Resource in-fill drilling commenced at Constellation in June.
- Aeris ended the quarter with $24.8 million in cash and $10 million in restricted cash.
Sentiment
Score:
Explanation:
Highlights
- Tritton FY24 copper production: 19.7kt (guidance: 19-24kt)
- Cracow FY24 gold production: 45.9koz (guidance: 38-48koz)
- Mt Colin FY24 copper production: 6.8kt (guidance: 8-10kt)
- Mt Colin ore production: >20% above plan
- Mt Colin mine life extended to October 2024
- End-of-June Mt Colin ore stockpiles: +200kt @ +2% Cu (4kt contained Cu)
- Cash on hand (June 30): $24.8 million
- Restricted cash (June 30): $10 million
Positives
- Tritton, Cracow, and Jaguar met or exceeded FY24 production guidance.
- Mt Colin ore production exceeded plan by over 20%.
- Mt Colin mine life extended to October 2024 due to additional ore identification.
- Positive metallurgical testwork results for Stockman.
- Barbara Feasibility Study and Jaguar Pre-Feasibility Study progressing.
- Resource in-fill drilling commenced at Constellation.
Negatives
- Mt Colin copper production fell short of guidance due to fewer toll processing slots.
- End-of-June ore stockpiles at Mt Colin suggest ongoing processing bottlenecks.
Key Dates
- 11 July 2024: Release of FY24 Production Guidance Update
- June 30, 2024: End of fiscal year 2024, Cash balance of $24.8 million and restricted cash of $10 million
- June Quarter 2024: Resource in-fill drilling commenced at Constellation, Mt Colin mine life extended to October 2024
- May 2024: Original planned closure date for Mt Colin
- March 2024: End of March quarter, Cash balance of $19.4 million and restricted cash of $4 million
Keywords
Filings with Classifications
Market Announcement
- The announcement concerns a capital raising by Aeris Resources Limited.
Quarterly Report
- Underground ore production was impacted by delays to stope filling at Budgerygar due to a failure of the newly commissioned paste pump.
- Ramp up to full production at Murrawombie Pit was slower than expected due to the contractor having difficulty securing skilled operators.
Mineral Resource Update
- The document contains better than expected results due to the significant increase in copper and gold resources at the Constellation deposit, with a substantial upgrade to the Indicated Mineral Resource.
Half-Year Results
- The company's financial results for HY25 are significantly better than HY24, with increased revenue, lower costs, and a substantial improvement in profitability.
Quarterly Report
- The ANZ facility was renewed to July 2025 to facilitate the refinancing process.
- The company is working to complete refinancing.
Quarterly Report
- There were delays to the paste fill plant at Budgerygar.
Quarterly Report
- The new paste fill pump and reticulation system at the Budgerygar mine was delayed due to overseas supplier issues.
Annual General Meeting Results
- The AGM approved the issuance of an additional 10% of the issued capital over a 12-month period.
Facility Extension Announcement
- The refinancing process implies the company is seeking additional capital, though the specific method is not detailed.
Quarterly Report
- Tritton and Cracow exceeded production expectations, resulting in better than expected overall production.
- The AISC was lower than expected, indicating better cost management.
Quarterly Operational Report
- The completion of mining activities at Mt Colin is now expected in late November 2024.
Quarterly Operational Report
- Copper equivalent production exceeded expectations, reaching 10.2kt for the quarter.
- All-in sustaining costs (AISC) were lower than anticipated at A$5.32/lb.
Annual Report
- Despite lower overall revenue, Aeris Resources significantly exceeded expectations for Adjusted EBITDA, demonstrating improved operational efficiency and benefiting from higher commodity prices.
Annual General Meeting Notice
- Resolution 3 proposes issuing up to an additional 10% of the issued capital over a 12-month period.
- Funds raised would be used for exploration, assessing investment opportunities, and working capital.
Company Presentation
- Mt Colin's copper production was below guidance due to limited toll processing availability, indicating a delay in processing mined ore.
Quarterly Activities Report
- Mining activities at Mt Colin are now expected to continue until early Q2 FY25, which is later than the previously expected late Q4 FY24.
Presentation
- Delays in toll processing for Mt Colin have resulted in a significant buildup of ore stockpiles.
Missing type for ID: 3564
- ASX:AIS announces worse than expected results.
Missing type for ID: 3564
- ASX:AIS announces better than expected results.
Metallurgical Testwork Results
- The metal recoveries are better than the original conventional flotation flowsheet.
Exploration Update
- The DHEM results suggest that the targeted copper lodes are deeper than initially anticipated, which could increase exploration costs and delay potential production.
Group Mineral Resource and Ore Reserve Statement
- The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022).
Group Mineral Resource and Ore Reserve Statement
- The document contains worse than expected results due to the overall decrease in Group Ore Reserve tonnage.
Exploration Update
- The new IP anomaly is larger than the one associated with the existing Canbelego Main Lode, suggesting the potential for a larger copper deposit.
Quarterly Report
- Tritton's metal production was impacted by labour and equipment availability, leading to lower than expected output.
Quarterly Activities Report
- Mt Colin toll processing and copper production are behind schedule.
- Due to reduced processing runs through the year, copper production is forecast to be below guidance for FY24 at Mt Colin.
Exploration Update
- The document contains better than expected results because new geophysical surveys have identified significant new copper targets in close proximity to known, high-grade copper mineralisation at the Canbelego deposit.
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