Aeris Resources (AIS) Q2 2025 earnings summary

Executive summary

• Copper equivalent production reached 10,200 tonnes for the quarter, with AISC reduced to A$4.93/lb and costs well managed.

• Operational cash flow improved quarter on quarter, rising from $25.4M to $33.2M, with cash and receivables stable at $33.0M.

• Cracow delivered strong gold output of 12.2koz, exceeding plan and generating significant cash flows above budget due to favorable prices.

• Tritton produced 3,900 tonnes of copper, faced operational challenges now resolved, and is expected to meet annual guidance.

• Mt Colin produced 1,900 tonnes of copper at a low AISC of A$2.84/lb; mining completed in November 2024, with divestment of North Queensland assets underway.

Financial highlights

• Cash and receivables at quarter end were $33.0M, with unrestricted cash steady at $26.4M.

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

• Capital expenditure for the quarter was $25.9M, mainly for capital development, paste plant, exploration, and open pit mobilisation.

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

• Debt unchanged at $40M drawn on the WHSP facility.

Outlook and guidance

• Group copper equivalent production guidance for FY25 is 40–48kt; gold guidance is 50–62koz.

• Tritton and Cracow remain on track to meet or exceed annual production guidance, with open pit ore expected to drive a strong second half.

• Cracow mine life extended by 80,000 ounces of gold, supporting at least four years of production.

• Constellation feasibility study and mineral resource update targeted for Q3/Q4.

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