Aeris Resources Limited

Good morning, everyone, and welcome to the Eris Resources quarterly results presentation. I'm Andre Lavershain, Executive Chairman for Eris Resources. I'll do the presentation, and at the end, I'll take questions. You can raise your hand on the app, and we will open for you to ask questions, or you can leave your questions in Q&A, and I will answer the questions from the Q&A. Just kicking off quarter one, another good quarter from the operations, both Tritton and Krakow performed ahead of our internal plans with a group copper equivalent production at 10,200 pounds copper, basically in line with the last quarter at a reduced only sustaining cost of $5.32 Australian. As I said, Triton, a head-off plan at 5,000 tons. Krakau, well ahead. They had a really good quarter on production at nearly 13,000 ounces of gold. Now, in Colin, mining... from operations or mining and grade on plant, actually grades better than plant, but the process run we had was mainly oxide tons, which normally has got lower recoveries processed, and that has impacted recovery and production. That said, though, there's 175,000 tons of stock at InnoCentury, which will be processed. and finish processing in February 2025. The drilling at Constellation is going really well, 28 holes. The drilling should be finished by the end of November with an updated resource, indicated resource in the third quarter, which will then result in an update on the feasibility study for Constellation. Jaguar is still in care maintenance. We've done various restart scenarios. We have locked in a scenario which we will present to the board this quarter. The Stockman test work continues. As we said before, very good results from the Albion test work on the first round. We're doing more test work across the whole body, but also with the aim to finalize capital and costs associated with the Albion process. Cash and receivables increased from 33 to $39 million. So that is a good sign. And it's also, of course, helped with a good commodity prices we've seen across industry. This will just touch very briefly on this year's guidance for Triton around 21,000 to 25,000 tons of copper and improvement on FY24. Krakow consistently around that 40,000 to 49,000 ounces. and has shown this quarter, again, that they are doing really well. Mount Collin will finish up at the end of November, doing about 6,000 to 7,000 tons. That will be processed. The last tons will be processed in February, according to the current indications from Evolutions. We have now got approval to restart Barbara. You would have remembered I talked about Barbara restart, that we're waiting for a minor or major amendment. It has been approved as a minor amendment, so the feasibility study is underway for Barbara, and we'll talk a bit more about Jack and Stockman later in the presentation. Getting into the details, so Twitter, another strong quarter. You'll remember June quarter was also a very strong quarter, both of those, at 5,000 tons of copper with good gold and silver. Mining costs well managed across the business. And what we've seen on the back of good grades now with Avoca tank being in full production, that helps the position from mining those higher grades specifically around Avoca tank. We will see Bajigar picking up production in the next from January onwards. We're busy putting in a pipeline to do Paceful, and that will be finished in January, which will then see additional production coming out of budget gone. So that second six months has always been a better six months than the first six months from a production planning point of view. On Constellation, drilling going really well. We are testing that stand-up zone to the side of the ore body. We're getting some variable results. There's a bit more work happening on the structural geology, and there will be a few more holes to test. The drilling for Constellation to get it to an indicated resource will be finished in November, towards the end of November, and then a resource or an indicated resource update by March with a feasibility study to follow after that to get it into a reserve. The Krakow results, once again, a really good quarter, a better quarter than June. The team there are doing an exceptional job to achieve both production tons and grade. There was a few high-grade stopes, which obviously helped to get the nearly 13,000 ounces cost and capital well managed across the mine as well. We are really focusing on exploration drilling the Western Wade Field. We're doing some work around old mining areas. This mine is going for a long time at the current gold price. These areas where we reassess what has been left behind, but also starting to focus on the near mine exploration to get outside of the Western Wade Field. And the work is underway both in Apollo, and other areas, but also looking at that Western frontier structure, which is on the Western side of the current ore bodies to see if there's potentially a significantly larger ore body. That's all part of stepping out at Krakow into a bigger, trying to find that longer life, which has always been the challenge for Krakow. But on the current gold price, as you would all know, it does generate good cash for the business and well worth keep looking at the exploration potential. Mount Collin, as I said before, we're in the final stages of Mount Collin mining. It will finish off in November. They are achieving all the results internally. It's really just the processing runs, which we're limited with, but there's 175,000 tons sitting at Innis Henry, available for processing. There is a run happening in the next few weeks, and then there would be a final two runs in January and February next year, which will process the last of the tons. for Mount Colin. The work then is about Barbara. As I said, we do have the amendment approved as a minor amendment. It is feasibility studies underway to look at the options and wait forward for Barbara as the next project. In Jaguar, the focus for the quarter was actually on gold exploration, on the onsite work. The big opportunity for Jag is, it sits right in the middle of really big gold mining companies. Good gold exploration. The heather board deposit, as you can see there, various results over the years. We did two drill holes, really focused on structural geology, not necessarily targeting specific gold. We did get some gold intersections, but the main aim is to start to refine that ore body or ore that potential ore body as a gold deposit going forward. So there's work being done on that. The other piece of work we're doing is really looking at the restart scenarios. And as I said earlier, we have locked in an option for that and we'll take and start discussions with the board in this quarter around the various restart options for Jaguar. At Stockman, mainly the work are the additional test work. The Albion process test work, which was done before, was very successful. We're now doing test work across the whole body, but it's mainly focused on capital and operating costs to ensure we understand the economics of the Albion process as an add-on to the processing flow sheet for Stockman. We're doing some groundwater environmental quality reporting that's been submitted, and we keep on investing and playing our role in the region around school improvements and commitments to the community as we move the project forward. At a corporate level, closing cash on seahorse, as I said earlier, was $39.1 million. Cash available is $25.5 million. We have put another $2 million in environmental bonds. We just put those bonding up to $12 million in restricted cash. We got the $40 million position with Washington sold Pats as debt. And as everyone on this call probably knows that we have been working on the refinancing of the debt and bonding. That process is well underway. We have, as you would have seen, an extension from ANZ till mid-November, and that process should be finished towards the back end of November, or mid-November at least, announce the terms which we're looking at. So it's well underway, and that process currently is looking at refinancing both debt and bonds in one position. So what's the focus for the next quarter? The pace for line at Bajigarh need to be finished off and be in production by January. Constellation drilling will finish off, drilling will finish November. The update of the reserve or the results will be done by March. The Apollo Coronation West prospects at Krakow and the definition and defining that Western structure is well underway. Mount Colin will finish off in November, and then it's about starting the closure plan for Mount Colin and finish off the Barbara study, and then make a decision on which is the best way forward for Barbara once we've done those studies. The Jaguar scenarios, that will come to conclusion towards the back end of this quarter, and then decision on what's the best way forward on the restart for Jag will be made by the board. And obviously the refinancing bonds currently targeted for November to be replaced. That's the summary for the quarter. So it was, once again, a really good quarter. Balance sheet is improving all the time. Operations is resetting. We've made some management changes you would have seen in the quarter. We've got a new COO, Paul Harris, taking on operational responsibility, and Ian Sheppard taking on the project and technical responsibilities at an executive level as we move the business forward. With that, I'm happy to take any questions from anyone online. I've got two questions here. I've got the question, what is the criteria to make a decision to reopen Jaguar from Peter Cooper? Look, it's all about economics. The plan currently is a smaller volume, higher grade restart. We're then bringing in specifically at the Bentley mine with a turbo deposit. And then once you're up and running, you will start to bring in the Jaguar mine and some of the other deposits available for the business going forward. It all will come down to the economics. It is a good resource. It's good grades. And we strongly believe this. Once you've got it up and running, there would be a five plus to ten years my life it's just getting it back up running at a very efficient and product product and focus on productivity and the size of what you do is going to be pretty important Are there any other questions from anyone? Stephan, do you see any hands raised on your side? And if you can, can you open them up?

Yeah, there's a question from David Coates.

I'll add it up. Hey, David, how are you doing?