Aeris Resources Provides FY23 Production Guidance Update

Aeris Resources Limited (ASX: AIS) has announced that its Tritton Mine has achieved its revised FY23 copper production guidance, producing 17,205 tons. During the June quarter, the Tritton mine witnessed successful production contributions from the recently commissioned Avoca Tank mine, which is known for its high-grade ore, as well as from higher grade stopes within the Tritton mine itself. Notably, June witnessed the highest production month for Tritton since 2019, with 2,436 tons of copper produced. The completion of the Budgerygar ventilation shaft and the upcoming installation of a fan will facilitate increased production at Budgerygar in FY24.

Cracow Gold Production Meets Expectations

Aeris Resources reports that Cracow has met its FY23 gold production guidance, producing 48,220 ounces. The construction of the tailings dam lift has begun, which will increase the capacity for storing tailings for the next three years.

North Queensland Operations Remain On Track

Mining activities at Mt Colin in North Queensland aligned with the plan for the fourth quarter. Although Mt Colin was expected to meet its revised FY23 copper production guidance, the processing run originally planned for June at the Ernest Henry processing plant has been rescheduled to take place in the first half of July. The final FY23 copper production at Mt Colin reached 7,110 tons, with over 100,000 tons of copper ore stockpiled at the end of June.

Challenges Faced at Jaguar Mine

During the fourth quarter, production at the Jaguar Mine fell short of expectations due to three mining-induced seismic events occurring in the lower levels of the mine. These events caused disruptions to production and resulted in delays in accessing the higher-grade stopes. As a result, Aeris Resources is reviewing the mine plans for FY24 in light of these impacts. Jaguar's FY23 copper production of 3,057 tons met guidance, while zinc production of 22,479 tons was below the expected range.

EBITDA Guidance Withdrawn

Due to operational factors at Mt Colin and Jaguar, Aeris Resources has decided to withdraw its EBITDA guidance for FY23. However, the company anticipates that operating and capital costs will remain within the guidance, and a comprehensive update will be provided in the June Quarterly Activities Report.

In summary, Aeris Resources' Tritton and Cracow operations have met production expectations, while challenges have been faced at the Jaguar mine. The company is focused on addressing these issues and will provide further updates on costs and activities in the upcoming quarterly report.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com