AIS
Aeris Resources Limited
ASX
GROUP MINERAL RESOURCE AND ORE RESERVE STATEMENT
Sentiment:
Group Mineral Resource and Ore Reserve Statement
16 June 2024 7:22 PM
Aeris Resources Limited reports a slight decrease in Group Mineral Resource tonnage and a decrease in Group Ore Reserve tonnage primarily due to mining depletion as of December 31, 2023.
Worse than expected
The document contains worse than expected results due to the overall decrease in Group Ore Reserve tonnage.
Delay expected
The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022).
Summary
- Aeris Resources Limited has released its Group Mineral Resource and Ore Reserve Statement as of December 31, 2023.
- Group Mineral Resource tonnage decreased by 1% to 54.2Mt, but contained copper metal increased by 1% to 822kt and contained zinc metal increased by 2% to 1,065kt compared to the previous estimate at 31 December 2023.
- The Group Mineral Resource includes new resources reported for the Jaguar Deposit.
- Group Ore Reserve tonnage decreased by 11% to 14Mt due to mining depletion.
- Tritton Operations Mineral Resource tonnage decreased by 2.5Mt mainly due to mining depletion and reinterpretation of deposits.
- North Queensland Operations Mineral Resource tonnage decreased by 0.3Mt due to mining depletion.
- Stockman Project Mineral Resource increased by 1Mt mainly due to a revised interpretation and Net Smelter Return (NSR) calculation.
- Tritton Ore Reserve tonnage decreased by 1.2Mt, predominantly due to mining depletion.
- Cracow Ore Reserve tonnage decreased by 0.2Mt, predominantly due to mining depletion.
- North Queensland (Mt Colin) Ore Reserve tonnage decreased by 0.2Mt due to mining depletion partially offset by ore reserve replacement.
- The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022).
- Production in 2023 at Jaguar was 233kt @1.2% Cu, 4.5% Zn, 0.6g/t Au & 52g/t Ag, while ore reserve depletion was 113kt @ 1.4% Cu, 7.3% Zn, 0.8g/t Au & 78g/t Ag.
Sentiment
Score: 5
Explanation: The sentiment is neutral. While there are positive aspects like increased copper and zinc content in mineral resources, the overall decrease in ore reserves and mining depletion across multiple operations presents a mixed outlook.
Highlights
- Group Mineral Resource tonnage decreased by 1% to 54.2Mt, but contained copper metal increased by 1% to 822kt and contained zinc metal increased by 2% to 1,065kt compared to the previous estimate at 31 December 2023.
- Group Ore Reserve tonnage decreased by 11% to 14Mt due to mining depletion.
- New resources were reported for the Jaguar Deposit within the Group Mineral Resource.
- Tritton Operations Mineral Resource tonnage decreased by 2.5Mt mainly due to mining depletion and reinterpretation of deposits.
- North Queensland Operations Mineral Resource tonnage decreased by 0.3Mt due to mining depletion.
- Stockman Project Mineral Resource increased by 1Mt mainly due to a revised interpretation and Net Smelter Return (NSR) calculation.
- Tritton Ore Reserve tonnage decreased by 1.2Mt, predominantly due to mining depletion.
- Cracow Ore Reserve tonnage decreased by 0.2Mt, predominantly due to mining depletion.
- North Queensland (Mt Colin) Ore Reserve tonnage decreased by 0.2Mt due to mining depletion partially offset by ore reserve replacement.
- The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022).
- Production in 2023 at Jaguar was 233kt @1.2% Cu, 4.5% Zn, 0.6g/t Au & 52g/t Ag, while ore reserve depletion was 113kt @ 1.4% Cu, 7.3% Zn, 0.8g/t Au & 78g/t Ag.
Positives
- Contained copper metal in Group Mineral Resources increased by 1% to 822kt.
- Contained zinc metal in Group Mineral Resources increased by 2% to 1,065kt.
- Stockman Project Mineral Resource increased by 1Mt due to a revised interpretation and Net Smelter Return (NSR) calculation.
Negatives
- Group Mineral Resource tonnage decreased by 1% to 54.2Mt.
- Group Ore Reserve tonnage decreased by 11% to 14Mt due to mining depletion.
- Tritton Operations Mineral Resource tonnage decreased by 2.5Mt mainly due to mining depletion and reinterpretation of deposits.
- North Queensland Operations Mineral Resource tonnage decreased by 0.3Mt due to mining depletion.
- Tritton Ore Reserve tonnage decreased by 1.2Mt, predominantly due to mining depletion.
- Cracow Ore Reserve tonnage decreased by 0.2Mt, predominantly due to mining depletion.
- North Queensland (Mt Colin) Ore Reserve tonnage decreased by 0.2Mt due to mining depletion partially offset by ore reserve replacement.
Risks
- Mining depletion continues to impact ore reserve tonnage across multiple operations.
- Reinterpretation of deposits can lead to decreased mineral resource tonnage.
- The Jaguar Ore Reserve has not been updated since December 2022, and operations were suspended in September 2023, indicating potential uncertainty about its future.
Future Outlook
The company plans to provide an updated ore reserve estimate for Jaguar following the completion of restart studies. Tritton maintains a 2 year inventory of Reserves within our Tritton Life of Mine Plan by drilling priority inventory within our current Resources. Cracow maintains a rolling 12 month inventory of Reserves within our Cracow Life of Mine Plan by drilling priority inventory within our current Resources.
Industry Context
This announcement is typical for mining companies to provide annual updates on their mineral resource and ore reserve estimates, reflecting changes due to exploration, mining depletion, and economic factors. The results are important for investors to assess the long-term viability and value of the company's assets.
Comparison to Industry Standards
- It's difficult to provide a direct comparison to industry standards without knowing the specific grades, costs, and recovery rates for each operation.
- However, the company's use of JORC 2012 guidelines ensures that the reporting is consistent with international best practices.
- Companies like BHP, Rio Tinto, and Glencore also report their resource and reserve estimates annually, and their reports can be used as benchmarks for comparison.
Stakeholder Impact
- Shareholders: The decrease in ore reserves may negatively impact shareholder value, while the increase in contained copper and zinc in mineral resources could be seen as a positive.
- Employees: Potential impacts on job security depending on the future development of projects and the success of exploration efforts.
- Customers: Continued supply of copper and other metals, although potential fluctuations in production volumes.
- Suppliers: Ongoing demand for mining equipment and services.
- Creditors: Potential impact on the company's ability to meet its financial obligations.
Next Steps
- Aeris will provide an updated ore reserve estimate for Jaguar following the completion of the study.
- Continue exploration efforts to replenish ore reserves and expand mineral resources.
- Focus on operational efficiency to mitigate the impact of mining depletion.
Key Dates
- 2 Aug 2023: ASX Release Corporate Update and FY24 Guidance: Operations were suspended at Jaguar in September 2023, and the mine was placed on care and maintenance pending restart studies
- 31 December 2023: Date of Group Mineral Resource and Ore Reserve Statement
Keywords
Mineral Resources, Ore Reserves, Copper, Zinc, Gold, Mining Depletion, Aeris Resources, Tritton, Cracow, North Queensland, Stockman, Jaguar
AIS
Aeris Resources Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
7 May 2025 7:31 PM
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Delay expected
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- 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.
Better than expected
30 March 2025 7:12 PM
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.
Better than expected
26 February 2025 5:48 PM
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.
Capital raise
2 February 2025 7:45 PM
Quarterly Report
- The ANZ facility was renewed to July 2025 to facilitate the refinancing process.
- The company is working to complete refinancing.
Delay expected
2 February 2025 7:45 PM
Quarterly Report
- There were delays to the paste fill plant at Budgerygar.
Delay expected
30 January 2025 6:03 PM
Quarterly Report
- The new paste fill pump and reticulation system at the Budgerygar mine was delayed due to overseas supplier issues.
Capital raise
27 November 2024 12:21 AM
Annual General Meeting Results
- The AGM approved the issuance of an additional 10% of the issued capital over a 12-month period.
Capital raise
14 November 2024 2:57 AM
Facility Extension Announcement
- The refinancing process implies the company is seeking additional capital, though the specific method is not detailed.
Better than expected
29 October 2024 6:34 PM
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.
Delay expected
29 October 2024 6:23 PM
Quarterly Operational Report
- The completion of mining activities at Mt Colin is now expected in late November 2024.
Better than expected
29 October 2024 6:23 PM
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.
Better than expected
24 October 2024 10:55 PM
Annual Report
- Despite lower overall revenue, Aeris Resources significantly exceeded expectations for Adjusted EBITDA, demonstrating improved operational efficiency and benefiting from higher commodity prices.
Capital raise
24 October 2024 10:52 PM
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.
Delay expected
29 July 2024 11:29 PM
Company Presentation
- Mt Colin's copper production was below guidance due to limited toll processing availability, indicating a delay in processing mined ore.
Delay expected
29 July 2024 7:52 PM
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.
Delay expected
17 July 2024 11:02 PM
Presentation
- Delays in toll processing for Mt Colin have resulted in a significant buildup of ore stockpiles.
Worse than expected
10 July 2024 7:20 PM
Missing type for ID: 3564
- ASX:AIS announces worse than expected results.
Better than expected
10 July 2024 7:20 PM
Missing type for ID: 3564
- ASX:AIS announces better than expected results.
Better than expected
3 July 2024 7:39 PM
Metallurgical Testwork Results
- The metal recoveries are better than the original conventional flotation flowsheet.
Worse than expected
2 July 2024 6:21 PM
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.
Delay expected
16 June 2024 7:22 PM
Group Mineral Resource and Ore Reserve Statement
- The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022).
Worse than expected
16 June 2024 7:22 PM
Group Mineral Resource and Ore Reserve Statement
- The document contains worse than expected results due to the overall decrease in Group Ore Reserve tonnage.
Better than expected
7 May 2024 6:22 PM
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.
Worse than expected
29 April 2024 8:01 PM
Quarterly Report
- Tritton's metal production was impacted by labour and equipment availability, leading to lower than expected output.
Delay expected
29 April 2024 7:04 PM
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.
Better than expected
8 April 2024 7:05 PM
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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