Aeris Resources (AIS) Q2 2026 earnings summary

Executive summary

• Group copper equivalent production reached 10.1kt for the quarter, with gold production at Cracow ahead of plan and Tritton operations in line with expectations; costs were well managed and cash and receivables closed at $106.4M, the highest in company history.

• Successful $80M placement and $21.6M share purchase plan completed, with all debt repaid, leaving the group debt free and materially deleveraged.

• High-grade drilling results at Tritton (Avoca Tank, Budgerygar) and commencement of drilling at Cracow's Golden Plateau target, supporting mine life extension.

• Divestment of North Queensland assets expected to complete next quarter for up to $15.5M, bringing in additional cash and reducing restricted cash requirements.

• Focused on extending mine life beyond the historical four-year window through exploration and development at Tritton and Cracow.

Financial highlights

• Cash and receivables increased to $106.4M at quarter end, up from $46.4M in the prior quarter, supported by strong operating cash flows and equity raises.

• Copper equivalent production for the quarter was 10.1kt, with Tritton producing 5.0kt Cu and Cracow delivering 11.1koz gold, both in line or ahead of plan.

• All-in sustaining costs: Tritton at A$3.94/lb, Cracow at A$3,278/oz, and group AISC at A$4.21/lb Cu eq, down from the previous quarter.

• Cash flow from operations was $44M, impacted by $18M in delayed concentrate sales due to rail disruptions.

• Capital and exploration spend totaled $41–43.8M for the quarter, including $23M for Murra pit pre-strip.

Outlook and guidance

• FY26 group copper equivalent production guidance is 40–49kt, with Tritton copper at 24–29kt and Cracow gold at 36–56koz.

• Construction at Constellation targeted for Q1 FY 2027, with development consent received and exploration ongoing.

• Golden Plateau drilling at Cracow aims to define a mine plan by H1 FY 2027, potentially extending mine life to five-plus years.

• Stockman feasibility study update and strategic review expected before fiscal year-end.

• Operating cost guidance for FY26: $207–253M for Tritton, $95–116M for Cracow, and $302–369M for mine operations group-wide.