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Aeris Resources (ASX:AIS) has forecast broadly steady production in FY27 while significantly increasing investment in growth projects and exploration, led by development of its Constellation project. The copper and gold producer expects to produce 22,000-27,000 tonnes of copper, 42,000-51,000 ounces of gold, and 130,000-160,000 ounces of silver during FY27; broadly in line with FY26.
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The Australian company’s growth capital budget is expected to increase to $170-$210 million, up from $102 million in FY26, largely reflecting construction activities and waste stripping at the Constellation open pit. Exploration expenditure is also set to rise to $29-$35 million, compared with $17 million last year, with major drilling programs planned across its operating assets.
Care and maintenance costs are forecast to fall sharply to $3-$4M, down from $12M in FY26, as activities at Jaguar are limited to essential works.
At the Tritton operation, copper production is expected to remain between 22,000 and 27,000 tonnes, although lower grades in the first half will weigh on output while the mill processes ore from the Murrawombie open pit and the Budgerygar and Tritton underground mines.
The company expects production to strengthen in the second half as sulphide ore from the Constellation open pit reaches the mill in late Q3. By the final quarter of FY27, around 45% of mill feed is expected to come from high-grade supergene and primary ore from Constellation, lifting feed grades.
Growth capital at Tritton will primarily fund infrastructure and capitalised waste stripping at Constellation, with additional spending allocated to a tailings dam lift, electrical works and studies at Mallee Bull.
Aeris will also continue an aggressive resource definition drilling campaign at Tritton aimed at converting the large inferred mineral resource defined in FY26 into indicated resources for future ore reserve consideration. Surface greenfields exploration is also planned across its package in search of another Constellation-style discovery.
At Cracow, gold production is expected to decline year on year due to lower forecast grades despite similar mining and processing volumes.
The company plans to increase exploration spending at Cracow by more than 50%, extending drilling at the Golden Plateau project beyond the 14,000 metres committed in FY26 while adding a third underground drill rig to target new high-grade ore shoots at the Western Vein Field. Sustaining capital will also increase as underground equipment is upgraded to support a longer life.
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