Aeris continues work to build copper pipeline
Aeris Resources’ acquisition of Peel Mining and the commencement of early works on its Constellation Project have highlighted its June quarterly results, as the company continues to strengthen its copper operations.
Construction activities began on key infrastructure of the Constellation Project, located within the company’s Tritton Operations in New South Wales, including works on the haul road, installation of water and fibre optic services, earthworks, a site office and laydown area, and a raw water dam.
Aeris secured the Mining Lease (ML1897) following the end of the quarter, clearing the way for mining activities to begin, with waste stripping expected to commence in the first quarter of the 2027 financial year.
The quarter also saw Aeris complete its acquisition of Peel Mining on July 1, adding the Mallee Bull and Wirlong copper deposits to its portfolio, with the company now working on technical studies and permitting activities to integrate the Peel assets into the Tritton Operations.
Aeris said the expanded Mineral Resource and Ore Reserve inventory will support its strategy of developing a multi-mine copper operation, centred on the Tritton processing infrastructure.
Updated Mineral Resource and Ore Reserve estimates released during the period showed total Mineral Resources increased 70 per cent to 33 million tonnes containing approximately 540,000 tonnes of copper, while Ore Reserves increased to 10 million tonnes containing around 180,000 tonnes of copper.
The company attributed the increase to the addition of the Peel assets and continued exploration success at the Avoca Tank and Budgerygar deposits.
The company also reported that operating cash flow rose 37 per cent quarter-on-quarter to $103.9 million and useable cash and receivables increased to $202.3 million. Unaudited earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the 2025-26 financial year (FY26) is expected to reach approximately $285 million, up 78 per cent on the previous year.
Tritton produced 23kt of copper during FY26, a 19 per cent increase on the previous year, while Cracow delivered 40.6koz of gold. Group copper equivalent production reached 42.1kt for the financial year, within guidance.