Aeris Resources (AIS) Q4 2024 earnings summary

Executive summary

• Group copper equivalent production for Q4 FY24 was 10.2kt at an AISC of A$5.45/lb, with Tritton and Cracow meeting or exceeding guidance, while Mt Colin lagged due to processing constraints.

• Tritton achieved 5.4kt copper in Q4 (FY24: 19.7kt), Cracow delivered 11.6koz gold in Q4 (FY24: 45.7koz), and Mt Colin produced 1.3kt copper in Q4 (FY24: 6.8kt), with unprocessed stockpiles due to processing constraints.

• Jaguar remains on care and maintenance, with restart and gold exploration studies progressing; Stockman feasibility work on the Albion process continues.

• Group safety performance recorded one lost time injury in the quarter, with a 12-month rolling LTIFR of 1.19.

• Exploration activities are ongoing at Tritton (Constellation), Cracow, and Jaguar, with promising early results.

Financial highlights

• Closing cash at 30 June 2024 was A$24.8 million, with useable cash and receivables at A$33.4 million; $10 million in restricted cash for environmental bonding.

• Debt position unchanged at A$40 million drawn on the WHSP facility; refinancing discussions and process well advanced.

• Trade payables and other creditors steady at A$33 million to A$73.2 million.

• FY24 group copper production: 27.2kt (guidance: 28–35kt); gold: 55.3koz (guidance: 48–60koz); silver: 240.4koz (guidance: 181–227koz).

• FY24 group AISC: A$5.40/lb Cu eq; Q4 AISC: A$5.45/lb.

Outlook and guidance

• FY25 group copper equivalent production guidance: 40–48kt, with Tritton 21–25kt copper, Cracow 40–49koz gold, and Mt Colin 6–7kt copper.

• Group operating costs forecast to decrease in FY25; growth capital to increase, especially at Tritton for the Murrawombie pit cutback.

• Mt Colin to finish mining in November 2024 and transition to care and maintenance after Q2 FY25.

• Focus for next quarter includes Murrawombie Pit contract finalisation, ongoing exploration, Barbara feasibility, Jaguar restart study, and debt refinancing.

• FY25 guidance based on average pricing: US$9,620/t Cu, US$2,341/oz Au, US$29.43/oz Ag.