Aeris Resources (AIS) outlined a strategy to more than double its copper-equivalent output over the next three to five years, presenting its growth plan at the Resources Rising Stars Gold Coast Conference on Wednesday, September 9, 2026.
The company said consolidated production for fiscal year 2026 was on track for 23,000 tonnes of copper, nearly 50,000 ounces of gold and 42,000 tonnes of copper equivalent. That includes 24,000 tonnes of copper metal and about 10,000 ounces of gold from its Tritton mine in New South Wales, alongside roughly 40,000 ounces of gold from the Cracow operation near Innisfail in Queensland.
Earnings before interest, taxes, depreciation and amortisation are projected at approximately AUD 290 million to nearly AUD 300 million for FY26, with the company holding around AUD 200 million in cash and receivables and carrying no debt after repaying AUD 40 million during the period. Aeris also holds AUD 264 million in carried-forward tax losses.
At a market capitalisation of roughly AUD 750 million to AUD 770 million, the stock trades at about four to ten times EBITDA based on analyst estimates, according to the company's presentation.
The centerpiece of Aeris's near-term growth is the Constellation deposit, which the company discovered six years ago. Pre-stripping began about a month before the conference, with the first 10 to 15 meters completed. Ore production is expected by the third quarter of FY27 (March 2027), with full production targeted in the fourth quarter of FY27. The mine plan calls for a two-year open-cut phase followed by a decade of underground operations, with average annual output of 750,000 tonnes.
At Tritton, reserves have grown to 10 million tonnes from about 2 million to 2.4 million tonnes in FY24, against a total resource base of 33 million tonnes. Drilling in FY26 totalled 77,000 metres. Among active sites at Tritton, the Avoca Tank deposit saw its strike length double to 160 metres from 80 metres, grading between 2% and 2.5% copper, with the system extending 1.3 kilometres deep. The Murrawombie open pit is expected to produce 1 million tonnes by November.
Exploration spend across the business in FY26 was about AUD 25 million. At Mallee Bull, an exploration decline is planned to commence in roughly 18 months, with ore production targeted in about three years, around FY29 to FY30. The asset carries a 7-million-tonne resource and a 2.7-million-tonne reserve.
At Cracow, the processing plant handles 700,000 tonnes per annum. Current mine life stands at about four years, with potential to extend to five or more years, possibly up to a decade. Historical open-pit drilling totalled 14,000 metres, with an estimated additional 200,000 to 400,000 ounces of gold in the pipeline.
The Stockman project in Victoria holds a 17-million-tonne resource grading above 3.5% copper equivalent and a 10-million-tonne reserve at similar grades, potentially adding 25,000 tonnes of copper equivalent to output. A feasibility study update is expected within the next few months.
Jaguar, a copper-zinc mine in Western Australia, remains in care and maintenance and has been repositioned as an exploration asset covering 62 kilometres of greenstone belt.
