AIS
Aeris Resources Limited
ASX
MATERIAL INCREASE IN COPPER AND GOLD AT CONSTELLATION
Sentiment:
Mineral Resource Update
30 March 2025 7:12 PM
Aeris Resources announces a significant increase in copper and gold resources at the Constellation deposit, with a substantial upgrade to the Indicated Mineral Resource.
Better than expected
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.
Summary
- Aeris Resources has updated the Mineral Resource estimate (MRE) for the Constellation deposit.
- The updated MRE totals 7.6 million tonnes at 2.01% Cu, 0.66g/t Au and 2.5g/t Ag.
- The Indicated Mineral Resource has grown substantially to 5.3Mt @ 1.75% Cu, 0.66g/t Au and 2.7g/t Ag.
- This represents a 279% increase in contained copper metal and a 333% increase in contained gold metal compared to the previous MRE.
- The open pit resource increased by 46% to 4.7Mt at 1.9% Cu and 0.6g/t Au.
- The updated MRE features a substantially larger open-pittable deposit, potentially 3.2Mt of feed to the Tritton mill grading more than 2.5% copper and 0.8g/t gold.
- The total Mineral Resource has increased by 15% in tonnage, 24% in contained copper metal, and 29% in contained gold metal.
Sentiment
Score: 8
Explanation: The sentiment is positive due to the significant increase in the resource estimate, particularly the Indicated Resource, which de-risks the project and enhances its economic viability. The focus on completing the feasibility study and moving towards a maiden Ore Reserve further contributes to the positive outlook.
Highlights
- The Constellation deposit's updated Mineral Resource estimate (MRE) shows a significant increase in copper and gold.
- The Indicated Mineral Resource has grown substantially, providing a strong foundation for potential conversion to Probable Ore Reserve.
- The open pit resource has increased, indicating potential for further growth.
- The updated MRE features a substantially larger open-pittable deposit, potentially 3.2Mt of feed to the Tritton mill grading more than 2.5% copper and 0.8g/t gold.
- The strong gold grade of 0.66g/t materially improves the potential recoveries from historic Tritton deposits.
- The total Mineral Resource has increased by 15% in tonnage, 24% in contained copper metal, and 29% in contained gold metal.
Positives
- Significant increase in contained copper and gold metal within the Indicated Mineral Resource.
- Substantial growth in the Indicated Resource provides a strong foundation for potential conversion to Probable Ore Reserve.
- Increase in open pit resource, suggesting potential for further expansion.
- Improved gold grade enhances potential recoveries from historic Tritton deposits.
- The updated pit shell incorporates the high-grade mineralisation associated with the complex subvertical zone, simplifying the mine plan.
Negatives
- A reduction of 0.5Mt and 8kt Cu metal resulting from applying $108/t SO shapes for reporting underground Mineral Resource.
- A reduction of 0.3Mt and 1kt Cu metal resulted from applying recoverable copper from copper speciation assays, primarily impacting the copper oxide mineralisation.
Risks
- Conversion to Ore Reserve is subject to economic assessment and the application of appropriate modifying factors.
- The feasibility study and EIS are subject to approvals and final investment decision.
Future Outlook
The company will focus on completing the feasibility study for an open pit and underground operation, with the study expected in Q2 FY26, and aims to declare a maiden Ore Reserve. The Environmental Impact Statement (EIS) has been lodged, with determination and granting of the Mining Lease expected within CY25.
Management Comments
- Focus will now turn to completing the feasibility study on the deposit and declaring a maiden Ore Reserve.
- With over 5Mt now in Indicated status, we have a strong foundation for this initial Ore Reserve.
Industry Context
This announcement reflects a positive development in the copper-gold sector, as increased resource estimates can lead to enhanced project economics and potential for future production. The updated resource could make the Constellation deposit more attractive for development or partnership opportunities.
Comparison to Industry Standards
- The document does not contain enough information to make a comparison to industry standards.
- More information is needed about the project's costs, production rates, and other key metrics to assess its competitiveness.
Stakeholder Impact
- Shareholders will likely react positively to the increased resource estimate, potentially leading to an increase in the company's stock price.
- Employees may benefit from increased job security and potential for new employment opportunities as the project progresses.
- Customers in the copper and gold markets could see increased supply in the future.
- Suppliers may benefit from increased demand for goods and services related to mine development and operation.
- Creditors may view the company as a lower-risk borrower due to the increased resource base.
Next Steps
- Completion of the feasibility study on an open pit and underground operation.
- Lodging and determination of the Environmental Impact Statement (EIS).
- Granting of the Mining Lease.
- Submission of the project for final investment decision by the Aeris Board.
Key Dates
- 18th August 2022: Previous Constellation Mineral Resource Update announcement
- 28th January 2022: ASX announcement Quarterly Activities Report December 2021
- 31 MARCH 2025: Date of the ASX/Media Release
- Q2 FY26: Expected completion of the feasibility study and release of a maiden Ore Reserve estimate
- CY25: Expected determination and granting of the Mining Lease
Keywords
Mineral Resource Estimate, Copper, Gold, Constellation Deposit, Aeris Resources, Exploration
AIS
Aeris Resources Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
7 May 2025 7:31 PM
Market Announcement
- The announcement concerns a capital raising by Aeris Resources Limited.
Delay expected
27 April 2025 7:52 PM
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.
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.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.