- Aeris Resources (AIS) increases production from both its Cracow and Tritton operations over the June quarter
- The Tritton Copper Operation produced 5828 tonnes of copper which is an 11 per cent rise on the previous quarter, and 22,987 tonnes of copper in FY21
- Additionally, the Cracow Gold Operation produced 19,889 ounces of gold in the June quarter alone — up from 15,548 ounces in the March quarter
- At the end of June, Aeris had cash and receivables of $105.9 million after successfully raising $50.4 million through a placement
- Company shares were up 3.49 per cent to trade at 22.3 cents at 3:04 pm AEST
Aeris Resources (AIS) announced increased production from both its Cracow and Tritton operations over the June quarter.
Tritton
The New South Wales-based Tritton Copper Project produced 5828 tonnes of copper in the June quarter which represents an 11 per cent quarter-on-quarter increase from the three months ending in March.
The company attributes the growth to higher tonnes mined from both the Tritton and Murrawombie underground mines.
All up, the operation produced 22,987 tonnes of copper in the 2021 financial year, which aligns with the revised guidance of between 22,500 and 23,500 tonnes.
All-in sustaining costs (AISC) were $4.68 per pound which is higher than the previous quarter due to increased mining costs and higher sustaining capital.
Gold recovery was higher at 94.27 per cent compared with 92.97 per cent in the previous quarter.
For the 2022 financial year, Aeris expects to produce between 21,000 and 22,000 tonnes of copper from Tritton at an AISC of between $3.95 and $4.30 per pound.
The company began resource drilling at the Budgerygar deposit, which is continuing, as it is at the Constellation deposit.
Cracow
The Cracow Gold Operations in Queensland also produced more than the previous quarter. The project produced 19,889 ounces of gold in the June quarter alone, which is up from the 15,548 ounces produced in the three months ending March 31.
AISC for the quarter of $1568 per ounce was slightly higher than the previous quarter due to increased mining costs and sustaining capital.
Gold recovery was slightly higher at 92.48 per cent compared to 91.36 per cent in the March quarter.
Across the full 2021 financial year, Cracow produced 73,685 ounces which was in line with the guidance of 70,000 and 75,000 ounces. AISC for the whole FY21 was $1483 which is better than the guidance range of $1525 and $1575 per ounce.
Aeris Resources expects the gold operation will produce between 67,000 and 71,000 ounces of gold in FY22 at an AISC of between $1550 and $1600 per ounce.
The company will review and progress its long-term mine plan to target opportunities for higher ore production. It will also accelerate underground exploration and potential open pits.
Finances
At the end of the June quarter, Aeris had cash and receivables of $105.9 million after successfully raising $50.4 million through a placement in June. This placement will be used to fund exploration activities at the Cracow and Tritton operations.
Aeris also made a voluntary debt repayment of $20.5 million in June and repaid the remaining US$20 million (A$27 million) debt this month.
Company shares were up 3.49 per cent to trade at 22.3 cents at 3:04 pm AEST.