AIS
Aeris Resources Limited
ASX
QUARTERLY ACTIVITIES REPORT - SEPT 2024
Sentiment:
Quarterly Operational Report
29 October 2024 6:23 PM
Aeris Resources reported strong operational results for the September 2024 quarter, with improved copper equivalent production and all-in sustaining costs, but noted challenges at Mt Colin and the ongoing care and maintenance of Jaguar operations.
Better than expected
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.
Delay expected
The completion of mining activities at Mt Colin is now expected in late November 2024.
Summary
- Copper equivalent production reached 10.2kt for the quarter, exceeding expectations.
- All-in sustaining costs (AISC) improved to A$5.32/lb, down from A$5.45/lb in the previous quarter.
- Tritton operations performed well, exceeding production plans with 5.0kt of copper produced.
- Cracow operations significantly exceeded plans, producing 12.9koz of gold.
- Mt Colin mining was in line with plans, but high oxidised mill feed negatively impacted recovery and production.
- Jaguar operations remain on care and maintenance, with a preferred restart scenario to be presented to the board.
- Stockman feasibility work is ongoing.
- Cash and receivables increased from $33.4M to $39.1M.
Sentiment
Score: 7
Explanation: The report shows strong operational performance in several areas, offset by challenges in others. Overall, the results are positive, but some risks remain.
Highlights
- Copper equivalent production: 10.2kt
- Improved AISC: A$5.32/lb
- Tritton copper production: 5.0kt
- Cracow gold production: 12.9koz
- Mt Colin: High oxidised mill feed impacted recovery and production
- Jaguar: On care and maintenance
- Cash and receivables increased: $33.4M to $39.1M
Positives
- Copper equivalent production of 10.2kt for the quarter exceeded expectations.
- All-in sustaining costs (AISC) improved to A$5.32/lb, demonstrating cost efficiency.
- Tritton operations performed ahead of plan, producing 5.0kt of copper.
- Cracow operations significantly outperformed expectations, producing 12.9koz of gold.
- Cash and receivables increased to $39.1M, strengthening the company's financial position.
Negatives
- Mt Colin's high oxidised mill feed negatively impacted recovery and production.
- Jaguar operations remain on care and maintenance, representing a loss of potential revenue.
- Processing underperformed at Mt Colin due to increased levels of oxidised material impacting recovery.
Risks
- The impact of high oxidised mill feed at Mt Colin on future production and profitability.
- The uncertainty surrounding the restart of Jaguar operations and the associated costs.
- Potential delays in the Stockman project feasibility study and subsequent investment decision.
- The need to refinance company debt and bonding facilities.
Future Outlook
A preferred restart scenario for Jaguar Operations will be presented to the board this quarter. The Stockman feasibility work continues, and drilling will continue at the Constellation deposit throughout Q2 FY25.
Industry Context
The announcement reflects the broader challenges and opportunities within the Australian mining sector, including fluctuating commodity prices, operational complexities, and the need for strategic investment in growth projects. The company's focus on both base and precious metals positions it within a diversified market.
Next Steps
- Present a preferred restart scenario for Jaguar Operations to the board.
- Continue Stockman feasibility work.
- Continue drilling at the Constellation deposit.
- Complete mining activities at Mt Colin by late November 2024.
- Refinance company debt and bonding facilities.
Key Dates
- Jun 24: Data from June 2024 quarter
- 30 Sep 2024: End of reporting period for the September 2024 quarter
- January: Expected completion of paste fill line to Budgerygar at Tritton
- Late November 2024: Expected completion of mining activities at Mt Colin
- 15 November 2024: ANZ extended bonding facility deadline
Keywords
Copper, Gold, Mining, Aeris Resources, Quarterly Report, Production, Costs, Exploration, Australia
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.