Highlights

• Aeris Resources a mid-tier copper and gold producer, has released its quarterly activities report for the period ended.

• At Tritton in New South Wales, the company reported performance ahead of plan, including a record monthly mill.

• At Jaguar in Western Australia, eight scout holes totalling 3,336 metres returned no significant intersections, and follow-up technical.

• Aeris noted that lower copper and precious metal prices and reduced by-product credits put pressure on margins.

Aeris Resources (ASX:AIS) — a mid-tier copper and gold producer, has released its quarterly activities report for the period ended 30 September 2026. The company said it produced 9.3kt of copper equivalent, which it described as ahead of plan, compared with 11.3kt in the June 2026 quarter. It also reported an updated Mineral Resource at its Golden Plateau project in Queensland, and a delay to the Stockman feasibility study.

Production and costs

Within the 9.3kt total, copper output was 5.9kt (6.5kt in the June quarter), gold was 10.8koz (12.9koz) and silver was 48.8koz (71.5koz). Aeris reiterated its FY27 guidance of 37 to 46kt of copper equivalent, comprising 22 to 27kt of copper, 42 to 51koz of gold and 130 to 160koz of silver.

All-in sustaining cost was A$125.4m, or A$6.10 per pound of copper equivalent, up from A$4.83. The company attributed the rise to higher sustaining capital and lower by-product credits. Total mine operations costs were A$93.5m. Sustaining capital expenditure was A$25.4m and growth capital was A$53.6m, against FY27 growth capital guidance of A$170 to 210m.

Financial position

Closing cash was A$127.8m. Cash and receivables totalled A$178.7m, down from A$202.3m, and included A$50.8m of Tritton receivables. The company said it has no debt on its balance sheet.

Operations

At Tritton in New South Wales, the company reported performance ahead of plan, including a record monthly mill throughput of 166kt in September. Mining at Murrawombie is due to finish in November. Waste stripping at Constellation began in August, with first ore due in March 2027, and about 120kt of additional Avoca Tank ore has been added for late FY27. Murrawombie recoveries are lower because of oxide dilution.

At Cracow in Queensland, output was on track with guidance. Grades were lower this quarter, and the company expects improvement in the December quarter, with grade dependent on the mining sequence. Construction of a tailings storage facility lift is due to start in January 2027.

Exploration and development

The updated Mineral Resource at Golden Plateau is 3.0 million tonnes at 2.1 g/t gold, containing 200koz of gold and 750koz of silver. The company said this is a threefold increase in contained gold. A further 15,000 metres of drilling is planned for FY27, with a permitting target of FY28.

At Jaguar in Western Australia, eight scout holes totalling 3,336 metres returned no significant intersections, and follow-up technical work is under way in the December quarter of FY27. At Stockman in Victoria, release of the feasibility study has been pushed to the second half of FY27 after a board review identified potential improvements.

Risks and caveats

Aeris noted that lower copper and precious metal prices and reduced by-product credits put pressure on margins. Recoveries at Murrawombie are affected by oxide dilution, Cracow grade depends on the mining sequence, and the Stockman timetable has slipped. The Jaguar drilling has so far not delivered significant results. The lost-time injury frequency rate rose to 5.1 from 4.6 after one lost-time injury, though the company reported no reportable environmental incidents.

Milestones ahead

The report sets out a series of dated steps: completion of Murrawombie mining in November 2026, the start of the Cracow tailings lift in January 2027, first Constellation ore to the mill in March 2027, Avoca Tank mining in late FY27, the Stockman feasibility study in the second half of FY27, and Golden Plateau permitting by FY28. The company also announced the previous day an investor call on its first-quarter FY27 results, which gives investors an opportunity to hear management discuss these figures directly, although the report itself does not set out call details.