Company
ASX:AIS
Aeris Resources is a mid-tier base and precious metals producer. The company's copper dominant portfolio comprises two operating assets, a mine on care and maintenance, a long-life development project and a highly prospective exploration portfolio.
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Completion of the retail shortfall bookbuild together with the institutional placement and amounts raised under the entitlement offer represent a total capital raising of around A$40 million.
Funds raised will partly fund the cash consideration for the acquisition of Cracow gold mine and associated costs.
The company has a two-year plan for Cracow which involves delivery of the mine plan, extension of mine life, conversion of reserves, extract direct cost synergies and repayment of the acquisition bridge facility.
Proceeds of the recent equity raising will be used to partly fund the cash consideration for the acquisition of Cracow Gold Mine and associated costs.
Proceeds of the equity raising will be used to partly fund the cash consideration for the acquisition of Cracow gold mine and associated costs.
The Cracow Gold Mine is on track to produce 82,500 – 87,500 ounces of gold in the 2020 financial year and generate net mine cash flow of $84 to $89 million.
The company has a clear vision to become a mid-tier, multi-operation company and is actively reviewing suitable merger and acquisition opportunities.
Tudor Court director, David Toms, has a long history with Aeris, having been a shareholder and founding member of the board of Straits Resources Limited (now Aeris) from 1994 until 2007.
The company’s portfolio of highly prospective near-mine and regional exploration projects present a pipeline for future growth, and the opportunity to leverage established infrastructure at Tritton.
The company has identified a new bedrock conductor at the Tritton project with plans to start a drilling program once the tenement has been granted.
The company has identified a new bedrock conductor at the Tritton project with plans to start a drilling program once the tenement has been granted.
Aeris is a copper producer through its Tritton Copper Operations in New South Wales.
Chairman: “There will be a substantial reduction in water losses by delivering Tritton’s water through the pipeline being constructed.”
The copper producer is beating guidance and looking to grow through M&A opportunities.
The deposit now contains an inferred resource of 34,000 tonnes of copper, 15,000 ounces of gold and 380,000 ounces of silver.
The two underground mines have a combined reserve of 69,000 tonnes of copper, 80,000 ounces of gold and 742,000 ounces of silver.
The results will be included in an updated mineral resource estimate for Murrawombie, to be completed before the end of the current quarter.
The producer has set 2019-20 guidance at 24,500 tonnes of copper.
The company is seeking opportunities to grow both organically through exploration and through M&A.
The company is planning the next drilling stage which will focus on updating the target to an inferred mineral resource and on seeking regulatory approvals to allow further drilling.
