Aeris Resources (AIS) Q2 2025 earnings summary

Executive summary

• Copper equivalent production reached 10,200 tonnes for the quarter, with AISC reduced to $4.93/lb, down from Q1.

• Operational cash flow improved quarter on quarter, with cash and receivables stable at $33 million.

• Cracow delivered strong gold output of 12,200 ounces, exceeding plan and generating free cash flow above budget.

• Tritton produced 3,900 tonnes of copper, facing temporary operational challenges now resolved.

• Mt Colin completed mining in November, producing 1,900 tonnes of copper at AISC $2.84/lb, with site closure in progress.

Financial highlights

• Cash and receivables at quarter end were $33 million, with unrestricted cash steady at $26 million.

• Operating cash flow increased to $33.2 million, up from $25.4 million sequentially.

• Capital expenditure for the quarter was $25.9 million, focused on growth and sustaining projects.

• $3 million added to cash-backed bonds, restricted cash now at $15 million.

• No hedges in place at quarter end.

Outlook and guidance

• Group copper equivalent production guidance for FY25 is 40,000–48,000 tonnes; gold guidance is 50,000–62,000 ounces.

• Tritton and Cracow are on track to meet or exceed annual production guidance.

• Mill at Tritton forecast to operate at full capacity in Q4 FY25; Cracow mine life extended by 80,000 ounces, now at least four years.

• Constellation feasibility study and mineral resource update targeted for Q4.

• Jaguar restart feasibility study advancing, aiming for 450,000–550,000 tonnes annual production.