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2026-11-06
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Aeris Resources Limited

Producer · Copper · Gold · AU Rating locked: sign in to view v8.1 · ais-20261102t225744-full
Last 2026-11-06
A$0.37
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$555.3M
EV
A$427.5M
Cash
A$127.8M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$127.8MFY25 actual: 28,201,000FY26 actual: 164,920,000 Self Funding
Debt A$0FY25 actual: 41,206,000FY26 actual: 193,000 Net cash A$127.8M
Basic shares 1.5BFY25 actual: 968,295,499FY26 actual: 1,197,168,782 2026-10-28
Runway Self Funding Operating cash flow is positive (A$275.6m in FY26; A$41.5m in the September 2026 quarter); no debt. Growth and projects capital guidance of A$170-210m for FY27 is funded from cash of A$127.8m and operating cash flow.

Liquidity

Financial position

Cash of A$127.8m at 30 September 2026 (down from A$164.9m at 30 June 2026 after A$72.4m of capital spending in the quarter) with no debt. Receivables of A$50.8m from Tritton concentrate sales are excluded here and modelled in working capital. Restricted cash of A$17.7m backs government bonding under the A$60m SPAM guarantee facility.

Inventory composition1

Carrying value of inventories at 30 June 2026 (ore stockpiles, concentrate and doré), A$44.5m. Not separated by product in the documents read.

Ore stockpiles, concentrate and doré inventory at 30 June 2026 (carrying value)
A$44.5M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.5B
Fully diluted
1.6B

Ordinary shares: 1,197,168,782 (30 Jun 2026) + 299,916,056 issued 1 Jul 2026 for the Peel scheme = 1,497,084,838 (Appendix 3H, 14 Jul 2026) + 3,637,271 performance-right conversions on 7 Sep 2026 = 1,500,722,109, unchanged at 28 Oct 2026 (Appendix 3G). Performance rights 50,479,681 at 28 Oct 2026 after the 22 Oct 2026 issue of 12,231,015; all rights are included in the fully diluted count.

Security classes2
ClassTypeQuantityStrikeExpiry
AIS ordinary fully paid sharesOrdinary Share1.5B——
Performance rights (unquoted, employee incentive scheme)Performance Right50.5M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25 actualAFY26 actualA
Operations
Copper produced, TrittonktFY25 actual: 19.40 ktFY26 actual: 23.00 kt19.423.0
Gold produced, groupkozFY25 actual: 45.13 kozFY26 actual: 40.60 koz45.140.6
Profit and loss
RevenueAUDmFY25 actual: 577,058,000 AUDFY26 actual: 702,769,000 AUD577.1702.8
Operating costs excluding D&AAUDmFY25 actual: 416,572,000 AUDFY26 actual: 412,547,000 AUD416.6412.5
EBITDAAUDmFY25 actual: 160,486,000 AUDFY26 actual: 290,222,000 AUD160.5290.2
Net profit after taxAUDmFY25 actual: 45,202,000 AUDFY26 actual: 178,539,000 AUD45.2178.5
Cash flow
Sustaining and growth capital, forecast; PPE and mine properties payments actualAUDmFY25 actual: 80,992,000 AUDFY26 actual: 156,552,000 AUD81.0156.6
Operating cash flowAUDmFY25 actual: 130,890,000 AUDFY26 actual: 275,648,000 AUD130.9275.6
Free cash flow (operating cash flow less capital expenditure)AUDmFY25 actual: 49,898,000 AUDFY26 actual: 119,096,000 AUD49.9119.1
Balance sheet
CashAUDmFY25 actual: 28,201,000 AUDFY26 actual: 164,920,000 AUD28.2164.9
BorrowingsAUDmFY25 actual: 41,206,000 AUDFY26 actual: 193,000 AUD41.20.2
Net debt (cash)AUDmFY25 actual: 13,005,000 AUDFY26 actual: -164,727,000 AUD13.0(164.7)
Per share
Ordinary shares on issuem sharesFY25 actual: 968,295,499 sharesFY26 actual: 1,197,168,782 shares968.31,197.2
Multiples and ratios
EV / EBITDA (x, current EV)xFY25 actual: 2.80 xFY26 actual: 1.55 x2.81.6
P / E (x, current market cap)xFY25 actual: 12.78 xFY26 actual: 3.24 x12.83.2
FCF yield (current market cap)%FY25 actual: 0.09 fractionFY26 actual: 0.21 fraction8.6%20.6%
EBITDA margin%FY25 actual: 0.28 fractionFY26 actual: 0.41 fraction27.8%41.3%
Net debt / EBITDA (x)xFY25 actual: 0.08 xFY26 actual: -0.57 x0.1(0.6)

KPI history

Operating metrics

Source values by period
Operating metric source table8
MetricProjectPeriodPeriod typeValueStatus
Copper produced, Tritton, FY26TrittonFY26Year22,999 tReported
Copper produced, Tritton, June 2026 quarterTrittonJun 2026 quarterQuarter6,500 tReported
Copper produced, Tritton, September 2026 quarterTrittonSep 2026 quarterQuarter5,900 tReported
All-in sustaining cost per lb copper, Tritton, September 2026 quarterTrittonSep 2026 quarterQuarter6.12 AUD/lbReported
Gold produced, Cracow, FY26CracowFY26Year40,599 ozReported
Gold produced, Cracow, June 2026 quarterCracowJun 2026 quarterQuarter10,500 ozReported
Gold produced, Cracow, September 2026 quarterCracowSep 2026 quarterQuarter8,800 ozReported
All-in sustaining cost per oz gold, Cracow, September 2026 quarterCracowSep 2026 quarterQuarter4,079 AUD/ozReported
Company guidance12
MetricProjectPeriodLowHighStatus
Copper ProductiontrittonFY2722,00027,000 tCurrent
Gold ProductiontrittonFY278,00010,000 ozCurrent
Gold ProductioncracowFY2734,00041,000 ozCurrent
Group Gold ProductionCompanyFY2742,00051,000 ozCurrent
Total Mine Operations CosttrittonFY27210260 AUD mCurrent
Total Mine Operations CostcracowFY27110130 AUD mCurrent
Sustaining CapitaltrittonFY275465 AUD mCurrent
Sustaining CapitalcracowFY272733 AUD mCurrent
Growth CapitaltrittonFY27160190 AUD mCurrent
Growth CapitalcracowFY271417 AUD mCurrent
Corporate CostsCompanyFY272429 AUD mCurrent
ExplorationCompanyFY272935 AUD mCurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-01Ann. 2026-02-12Raising—299.9M—Completed—
2025-11-06DebtA$38.3M——Completed—
2025-11-06Ann. 2025-10-31RaisingOrdinary Fully PaidA$80M177.8MA$0.45CompletedInstitutional placement of 177,777,778 shares at A$0.45 (A$80.0m gross).Max 177.8M
2025-12-23Ann. 2025-10-31RaisingA$21.6M48M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-02

Live arrangements identified in the FY26 annual report and the September 2026 quarterly. No live hedge, JV, farm-in or royalty over Tritton or Cracow is disclosed in the documents read; the August 2026 presentation mentions a hedging strategy under consideration only.

Net Value Royalty payable to the former owners of Lion Mining for Cracow gold produced from 1 July 2022 to 30 June 2027, capped at A$50m undiscounted; fair value recognised in other liabilities at 30 June 2026.

Royalty · Active
Counterparties
Former owners of Lion Mining Pty Ltd
Applies to
Cracow Gold Operations (Qld), including Golden Plateau · Gold
Economic direction
Burden
Period
2022-07-01 to 2027-06-30
Key terms
Royalty rate on net value: 10 percent
Maximum undiscounted payments: 50 AUD m
How it affects our valuation

No valuation treatment is available for this arrangement.

Single-customer offtake for 100% of Tritton copper concentrate; about 64% of FY26 external revenue.

Offtake · Active
Counterparties
One customer under a Tritton copper concentrate offtake
Applies to
Tritton Copper Operations (NSW), including Constellation and Mallee Bull · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Share of Tritton concentrate under offtake: 100 percent
Share of FY26 external revenue: 64 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Refining agreement for Cracow gold-silver doré sales to one customer; about 36% of FY26 external revenue.

Offtake · Active
Counterparties
One customer under a refining agreement for Cracow doré
Applies to
Cracow Gold Operations (Qld), including Golden Plateau · Gold · Silver
Economic direction
Benefit
Period
Dates not stated
Key terms
Share of FY26 external revenue: 36 percent
How it affects our valuation

No valuation treatment is available for this arrangement.