Aeris Resources Limited

For Aeris. Thanks, Richard. And thanks to the three guests in the room. [laughs] I guess for Aeris, Aeris is a copper and gold producer. We’re producing about 24,000 tons of copper metal, about 40,000 ounces of gold from our Cracow gold mine, and we got various projects. For Aeris, the last 12 months has been transformational.

As you can see there, the Tritton copper mine is in New South Wales. It has been operating from 2005 and I’ve been with the business now 12 years, where we talked about it had four years life for the last 12 years. But you’ll see through the presentation, we are seeing Tritton with a ten-plus year mine life and a potential to increase production in the next two to three years. The Cracow gold mine is in Queensland, doing about 40,000 ounces of gold. Typically had a two-year reserve life, but some exciting development at Cracow, which we’ll discuss in the presentation.

Then we’ve got two projects. One was a Jaguar copper and zinc mine in Western Australia. Now, that mine was in production when we bought it. It is now in care and maintenance, and we’ll talk about what are we doing. And then Stockman is a greenfields project, feasibility study underway, and I’ll just touch on the Stockman project as well. But as you can see, two operating mines, two projects. We produced 42,000 tons copper equivalent last year, and we can see that profile extending.

As I said, twenty-six was for us a transformational year. It is a year where we had clear focus on life extension at the operations, and you’ll see when I present. We always also did an M&A transaction where we bought a nearby exploration company called Peel, and that will be fed into the Tritton mill, and that will extend the life of Tritton. In the last 12 months, we repaid our debt, so we’re debt-free. Just at a high level, the last financial results as of June, we had $200 million cash and receivables. We had a $285 million EBITDA, and the Peel acquisition was closed on 1 July. So it’s a very strong balance sheet, and can see the growth profile as we move into delivering some of these projects.

Just quickly, the corporate overview. Trading around $700 million in market cap. Cash was 165, receivables was the rest. We still got some tax losses, 264. We used about $200 million last financial year with the taxable profits we made. And you can see the share price touched 70 cents six months or so ago. When the war started, that started to come off and also we had a major shareholder called Washington Soul Pattinson at 32%. They have sold down to below 5% during that period as well. And you can see how the share price has responded in the last few months. And that was on the back of the good FY26 results. But also people can start to see the Tritton life coming together.

So Tritton got a 1.8 million ton process plant. Typically, we’ll feed that plant with two to three mines, both underground or open cut. In the last three months, we’ve announced a significant reserve upgrade. You can see it used to be in 2024, there was a 2.4 million ton reserve at Tritton. It’s now 10 million tons. That’s a combination of our current owned consolation deposit, which were discovered six months ago, which is now in production, and the Malibu acquisition has helped us to get to that 10-year. Now, that is about a six-year reserve life. And then on top of that, there’s 33 million tons in resource.

So you can clearly see that potential, where you can see on the left-hand side there, how much of the resource is not being converted, and the only reason for that is we haven’t drilled it. And some of the slides coming up, you’ll see the drilling we’ve done in the last 12 months has significantly improved the position. Now, on the image on the right-hand side, you can see our tenement package, quite a large tenement package. We currently mine the Marrawombi open pit mine, the Vokathank underground, and Budgiegang underground mine, and that fills them all. We’ve just started a month ago.

The future really sits with the consolation deposit. Now, consolation currently, that is a 12-year mine life, two years open cut, ten years underground, and it’s open. So we clearly believe that that will be a 15-plus year mine life. It will produce about 750,000 tons annually. But if you look at that mineral resource, it’s nearly 9 million tons at 2% copper and point six gold. Now, Tritton currently produce about 10,000 ounces of gold on top of the copper. So when you start to think about Tritton in a 10-year profile, this consolation deposit is the key baseload deliverable for Tritton. It will be in production by March. We’ll see tons of it going through the mill. By the June quarter, we will see significant production coming out of it with grades above 2% copper.

That combined with the new acquisition, that’s Malibu, so that’s a deal we just finished off in July. It’s already got a reserve of 2.7 million tons at 2.4% copper, so good copper grades and good gold grades. We see that will come into production in the next three years. So it will take us approvals of roughly two and a half to three years to get that underway. But we already got approval to do an exploration decline. So we can go already 400 meters down before we can start ore. So the idea is in eighteen months, we’ll start the decline and then go underground post the approval or start mining ore once we get approvals. Mali Bul combined with consolation, both of those will have ten-plus year mine lives, will deliver about 1.2, 1.3 million tons to the process facility.

When you look at Tritton on the exploration side, so last year we’ve put about $25 million in exploration across the group, and the key focus was drilling at Tritton and drilling at Cracow. And drilling at Tritton was really focused on the Devoko Tank deposit and the Budgery Gar deposit. But you can see there, each one of those mines, either historical mines or current mines, is open at depth. The only reason it hasn’t extended is because of drilling. So the drilling focus, as I said, was Devoko Tank and Budgery Gar, and you can see in this slide what was the results.

So in December ’24, the slide on the left-hand side was the size of the reserve at the time, and it was 700,000 tons at over two and a half percent copper. Twelve months of drilling, you can see that reserve or resource has nearly doubled. Doubled in strike, but also down dip extensions. Now, that’s still not closed off. It’s just a lack of drilling which has shown that. So this year we’re converting most of that resource to a reserve, and the mining will continue into the future. And that’s just typical of our ore bodies.

When you look at Budgery Gar, once again, the left-hand side, that was the ore body before we started drilling in the last twelve months. The right-hand side, you can see the size where it sits and the quality of resource due to drilling has stepped up from inferred to indicated and also significantly bigger in size. So when you think about Tritton and you think about where does it go in the next three years, you can see two good baseload assets in production, and the assets like Devoko Tank and Budgery Gar will add additional tons to fill the mold. And clearly, all of these grades are now tending to that 2%, one and a half, 2% grades, specifically the two larger assets sitting at roughly around 2%. So we see Tritton getting to that 30,000 tons in a three-year window with a ten-year plan. The market still don’t get that, and we intend to by February put an updated life of mine plan out which will indicate this life.

When you look at our Cracow mine, Cracow is in Queensland, very different setup. It’s a 700,000 ton process facility. It is producing about 40,000 ounces of gold. The plant is in a very, very good condition. Low capital intensity across the mine and really we see the opportunity of where Cracow had normally had only two years in reserves that we can publish a six-plus year mine life. And that goes on the back of that picture on the right-hand side. You can see there’s a small open pit mine there which has been mined in the 1980s.

Now, this is the image of Golden Plateau and what we are doing there is this was mined in the 1930s at ten gram a ton underground. There was a lot of tons left behind, which was below ten gram a ton. In the ’80s, someone put that small open pit mine over the top. They mined 2.4 million tons at four and a half gram a ton. Now, we intend to do the same, doing a bigger open cut but also look at underground mining. And the drill program we will finish off in the next few months indicates that what we expect to be there is there, and we will start to work through a mine plan. We believe there’s anything between 200,000 and 400,000 ounces in that Golden Plateau deposit, and the idea is to put a mine plan around it and start mining that. As part of the life of mine updates in February, this will form part of the Cracow update with a six-plus year mine life.

Basically, you can see there in that image, you’ve got the western mine field, which all the mining has been coming out of for the last twenty years. The Golden Plateau deposit, the plant sits roughly between those two, so it’s within one or two kilometers from the plant. But what it allows us is the greenfields exploration. So the southern part of the tenement package has never been explored for gold. The geologists see that as some of their best exploration ground in the company. And the view is that if you do discover something in the southern mine field, it’s potentially as big as the western mine field. So for us, a clear focus on how do we start drilling there. This year, we’re planning to start drilling that southern mine field, and we think the Golden Plateau western mine field timeline of production allows you to get a mine up and running if you do discover something in that southern mine field going forward.

Just touching on the two projects in the company. So first up, Stockman. Stockman is in Victoria. As you can see there, it’s already got a 17 million ton resource of over 3% copper equivalent grades. We are planning to put a million ton per annum process plant up, doing about 25,000 tons copper equivalent production out of the plant. The feasibility study is underway currently looking at around a 15-year mine life, with extensions on top of that. The study will come out early in the new year for an update to the market on the way forward for Stockman. Now, I do get a lot of questions with Stockman about it’s in Victoria, can you get mining lease? Can you get all your approvals? Actually, the project is already approved that a mining lease already got environmental approvals. So there’s a lot of approvals already in place, and we don’t see any reason why it should not be granted.

This is an image of the Jaguar Mine. So that mine, as I said earlier, was in production. We bought it, ran it for 12 months. Zinc price came off by 30%. We needed to get to the next deposit. We made a decision to stop mining because the next deposit wasn’t big enough to fill the mill. We took a view that let’s explore and make sure we start a mine with more than 10 years in life, and that’s what we then kicked off. The next slide, you’ll see where’s the option value and the opportunities for Jag going forward.

So on the left-hand side, those are the base metal targets. We’re busy drilling those out. We’ve drilled a hole in each one of them. We did down all EM. We’re waiting for the results to then target which one we wanna take further. On the right-hand side is actually, it’s in gold country. When it was drilled originally, they’ve discovered base metals first and started a base metal mine, of course, but the gold was never really been tested. So each one of those yellow blocks is gold anomalies. It’s in 62 kilometers of greenstone belt, and we are planning to start drilling there for gold in this financial year. So we’ve allocated some money. That’s an option play. You’ve got a plant, you’ve got infrastructure, you can turn it into gold plant, but also you’re between two major gold miners in Northern Star and Genesis. If you do find a multimillion ounce ore body there, be interesting to see the results of that.

So I guess where do we go in ’27? It’s all about the life of mine, execution on projects, Constellation coming into production in the second half of FY26 or FY27, publishing those five to 10-year mine lives for the two operations. We keep on looking at simplifying our portfolio, so we’ve done some work during the year. We sold some, a small copper mine in FY26 or some, not a copper mine. It was a copper mine which we finished, but the tenements. Jag, it’s now in the lowest cost. It costs about $2.5 million on care and maintenance. That is an exploration opportunity. Finishing of Stockman will come in the next three months. And again, we’re putting $25 to $30 million into exploration across the group. And the success we had in ’26, we can see the same success for ’27. As I said earlier, the balance sheet’s clean. There’s no debt in the business, so we’re just trying to look at how do we optimize the strategies going forward.

Now, to close off, I think for us, when you look at Aeris and you put it in a window, where do you wanna be in three years and where do you wanna be in five years? Organically, we can go from the current 42,000 tonnes of copper equivalent production to 55. And to get to 55, you will start up Constellation and Malibule, and Tritton will get to 30, and the crack out can get to that 50 odd thousand ounces. Those two will deliver the first target in three years. In a five-year window, Stockman can be up and running, and you can hit that 80,000 ton copper equivalent production between the three operating assets. So organically, well set to deliver on those targets.

But as you would have seen, and as I discussed, we have always looked at opportunities to grow the business organically, but also through M&A, and we’ve done so. Six years ago, we only had the Tritton copper mine, and what’s on that map is where we are today. So I guess that summarize us. Quite interesting, a lot happening. But in this copper and gold price environments, it materially changes where we’re planning to take the business. Thanks, Richard.

Great. We have time for one question if anybody has one in the audience. Maybe I’ll just close off here. In terms of next steps, you did mention you’re targeting feasibility study potentially on the project in 2027. How do you think about the timeline once that’s out in terms of the next stages of development?

Yeah. So the Stockman project, we’re planning to put a study out soon, fairly early in calendar ’27. A lot of work’s already been done, so it is quite a good quality study. Within 12 months, we would aim to have an FID on it so that we can start the project and call it in 18 months, you will start to look at can you construct it and start construction? With the aim that it comes into production in four years’ time would be our view.

And then in terms of partners and financing the project, I guess that will be something you’ll evaluate once the feasibility is done.

Yeah. So look, once we get the feasibility study out, we’ll start to look at the funding options. There’s various options available, with the market cap where it sits at 700, zero debt in the business. It’s got already a 12-year reserve life on it, so it’s got a strong reserve backing. There’s various, quite a few options to fund it through offtake arrangements, debt or other structures.

Great. Well, we’ll leave it there. Thank you.

Thank you, Richard. Thanks, everyone.