Aeris Resources (AIS) Q3 2025 earnings summary

Executive summary

• Group copper equivalent production increased to 10.7kt for the quarter, mainly from Tritton and Mount Colin, with strong operating cash flow of $45.4M, up 37% quarter-on-quarter, and no lost time injuries reported.

• Cash and receivables at quarter-end totaled $33.6M, with $10M allocated to back the ANZ guarantee facility.

• Cracow generated free cash flow above budget despite lower gold production, while Tritton and Mt Colin delivered improved copper output.

• Feasibility studies advanced for Jaguar and Stockman; Constellation Mineral Resource Estimate increased copper by 24% and gold by 29%.

• Mount Colin transitioned to care and maintenance after final processing.

Financial highlights

• Group all-in sustaining cost reduced to AUD 4.91 per copper equivalent pound in Q3.

• Operating cash flow rose to AUD 45 million for the quarter, up from $33.2M in the previous quarter.

• Closing unrestricted cash balance was $22.4M, with $28.9M in restricted cash.

• Year-to-date operating cash generated totals AUD 135 million.

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

Outlook and guidance

• Group copper equivalent production guidance for FY25 remains at 40,000–48,000 tons.

• Tritton forecasted to produce 21,000–25,000 tons of copper; Cracow 40,000–49,000 ounces of gold.

• Gold production guidance for FY25 is 50,000–62,000 ounces; silver guidance is 200,000–240,000 ounces.

• Tritton expected to have a strong Q4 with higher grades and throughput from Murrawombie and Avoca Tank.

• Constellation open pit development to begin as Murrawombie pit winds down, targeting mid-next year.