Aeris Resources Lifts Copper and Gold Inventory Across the Board

Aeris Resources (ASX: AIS) has delivered a resource and reserve update that puts more metal in the ground and sets the stage for what could be a stronger operational future. The company’s 2024 Mineral Resource and Ore Reserve statement shows gains across its key commodities – copper, gold, zinc and silver – with a few standout developments worth highlighting.

The total group Mineral Resource now stands at 94.6 million tonnes, containing 567 thousand tonnes of copper, 1.7 million ounces of gold, 1.3 million tonnes of zinc and 16.6 million ounces of silver. These figures mark increases in all four metals compared to the previous update.

At the centre of this uplift is the Tritton Copper Operations in New South Wales. Tritton’s Mineral Resource has grown by 8 percent to 14.8 million tonnes at 1.2 percent copper. The reserve base also improved, with a 19 percent increase in Ore Reserves to 5.5 million tonnes. The company attributes this to updated models and positive drilling outcomes, particularly at the Avoca Tank deposit.

Meanwhile, the Cracow Gold Operations in Queensland remain a steady contributor, with the Mineral Resource holding firm at 5.2 million tonnes at 3.4 grams per tonne gold. Importantly, the Ore Reserve has grown 11 percent, despite ongoing mining depletion, which points to good exploration and resource conversion efforts.

A big leap came from the Stockman Project in Victoria, which now accounts for 380 thousand tonnes of copper and 1.1 million tonnes of zinc within its updated Mineral Resource. These figures reflect a new estimate based on the Wilga and Currawong deposits, both of which are volcanogenic massive sulphide systems. While not yet in production, Stockman is clearly a long-term play with serious upside.

Also notable is the inclusion of the Barbara deposit, acquired as part of Aeris’ purchase of Round Oak Minerals. This deposit, located near Mt Isa, adds another 44 thousand tonnes of copper and 59 thousand ounces of gold to the tally.

On the reserve front, Aeris has posted a 10 percent increase in total Ore Reserves to 9.8 million tonnes, driven by both growth at Tritton and additions from the newly acquired Barbara project.

Aeris executive chairman Andre Labuschagne said the update reflects the company’s ongoing work to expand and convert resources across its asset base. “The work we are doing across the portfolio is paying off with increases in resources and reserves at all key operations,” he said. He also flagged more potential growth from brownfield exploration and ongoing technical studies.

While investors will always focus on production, these updated numbers provide a clearer picture of the company’s long-term prospects. The increase in metal content offers optionality in future mine plans, strengthens the company’s resource base, and improves the outlook for development projects like Stockman.

All in all, it is a welcome show of progress from Aeris. With copper continuing to attract attention as a future-facing metal and gold prices holding firm, the timing of this update could not be better. It is now up to the operations team to turn those tonnes into cash flow.