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- Last 2026-11-06
- A$0.37
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$555.3M
- EV
- A$427.5M
- Cash
- A$127.8M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 17All sources ▸- Quarterly Activities Report - September 2026Operations
- Quarterly Results Presentation - September 2026Presentation
- Notification of issue of unquoted securities (performance rights)Corporate Action
- Material increase to Golden Plateau Mineral ResourceResource Update
- Application for quotation of securities (performance rights conversion)Corporate Action
- Appendix 4E and FY26 Annual Financial ReportResults
- FY26 Full-Year Results releaseResults
- Investor presentation (August 2026)Presentation
- Group Mineral Resource and Ore Reserve Statement at 30 June 2026Resource Update
- Major Increase in Tritton Mineral Resources and Ore ReservesResource Update
- Notification of cessation of securitiesCorporate Action
- Board update: Dr Carmen Letton appointed Non-Executive DirectorGovernance
Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| November 2026 | Murrawombie open pit mining completes (company guidance: November 2026) | Production | Company Guided | Medium | Completion of Stage 2 Murrawombie mining shifts Tritton feed to the Constellation pit and Avoca Tank ore. |
| January 2027 | Cracow tailings storage facility lift construction starts (January 2027) | Construction Or Commissioning | Company Guided | Medium | TSF lift is required to sustain Cracow operations; growth capital A$14-17m in FY27. |
| H2 FY27 (January to June 2027) | Stockman feasibility study release (expected H2 FY27) | Study | Company Guided | High | First economics for Stockman; the 2026 board review added mine plan and metallurgy work, so the window has moved from Q2 FY27. |
| March 2027 | Constellation first ore delivered to the Tritton mill (March 2027) | Construction Or Commissioning | Company Guided | High | First Constellation ore starts the feed that Tritton's reserve extension depends on; FY27 growth capital A$160-190m at Tritton. |
| 30 June 2027 | Cracow Net Value Royalty to Lion Mining vendors expires | Economic Arrangement | Confirmed | Medium | Royalty on Cracow net value ends after the June 2027 period; cap of A$50m applies. |
Executive roster
As of 2026-11-02Background checks ▸Current executives per the FY26 annual report and the local management roster (9 October 2026). Non-executive directors excluded; Dr Carmen Letton (NED) appointed 13 July 2026 is not an executive.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Andre Labuschagne | Executive Chairman | Executive Director · Chief Executive | — | Appendix 4E and FY26 Annual Financial Report · Management assessment and background check (local research product) |
| Paul Harris | Chief Operating Officer | Operations · Senior Management | — | Management assessment and background check (local research product) |
| Dane van Heerden | Chief Financial Officer · Company Secretary | Finance · Company Secretary | — | Management assessment and background check (local research product) |
| Cameron Schubert | Chief Technical Officer | Technical · Senior Management | — | Management assessment and background check (local research product) |
| Larnie Roberts | Chief People Officer | Senior Management | — | Management assessment and background check (local research product) |
| Brad Cox | Executive General Manager - Exploration | Technical · Senior Management | — | Management assessment and background check (local research product) |
| Sally McDow | Joint Company Secretary | Company Secretary | — | Management assessment and background check (local research product) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Tritton Copper Operations (NSW), including Constellation and Mallee Bull
AU
Producer100% ownedCopperGoldSilver
Operating; Murrawombie Stage 2 pit completing November 2026; Constellation open pit under construction (first ore to mill March 2027)
- Production annualised (attributable)
- 23.6k td
- Production (last FY, 100%)
- 23.0k t
- AISC (latest quarter)
- A$13,492/td
- AISC margin at spot
- 31.2%m
- Delivery vs guidance
- —
- Reserve life
- 7.8 yrsd
- Head grade
- 1.47% Cu
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (measured, indicated, inferred) | 33 Mt | 1.7% Cu; 0.3% Zn; 0.3 g/t Au; 9 g/t Ag | Copper · Gold · Silver | 2026-06-30 |
| Ore Reserve | proved and probable | 10 Mt | 1.7% Cu; 0.4 g/t Au; 10 g/t Ag | Copper · Gold · Silver | 2026-06-30 |
Milestones2
- Murrawombie open pit mining completion
Pending · Medium materiality
- Constellation first ore delivered to the Tritton mill
Pending · High materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Constellation open pit maiden ore reserve (PFS-level) | PFS | Current | 2025-10-28 | PFS-level open pit reserve: 2.3Mt at 2.0% Cu for 47kt Cu; release gives no NPV or IRR. |
Core asset
Cracow Gold Operations (Qld), including Golden Plateau
AU
Producer100% ownedGoldSilver
Operating on FY27 guidance; Golden Plateau resource tripled to 200koz Au (Oct 2026); TSF lift construction from January 2027
- Production annualised (attributable)
- 35.2k ozd
- Production (last FY, 100%)
- 40.6k oz
- AISC (latest quarter)
- A$4,079/oz
- AISC margin at spot
- 30.3%m
- Delivery vs guidance
- —
- Reserve life
- 2.0 yrsd
- Head grade
- 1.97 g/t
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (measured, indicated, inferred) | 5 Mt | 2.6 g/t Au; 4 g/t Ag | Gold · Silver | 2026-06-30 |
| Ore Reserve | proved and probable | 1.2 Mt | 2.1 g/t Au; 2 g/t Ag | Gold · Silver | 2026-06-30 |
Milestones1
- Tailings storage facility lift construction start
Pending · Medium materiality
Material
Stockman Copper-Zinc Project (Vic)
AU
PFS Developer100% ownedCopperZincGoldSilver
Feasibility study being finalised after board review; release expected H2 FY27; approvals in place (2024)
- Study
- —
- Post-tax NPV (study prices, attributable)
- —
- NPV restated at our deck (attributable)
- Locked
- IRR
- —
- Initial capex (100%)
- —
- Capital intensity
- —
- LoM AISC
- —
- Mine life
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (indicated and inferred) | 17 Mt | 1.9% Cu; 3.7% Zn; 0.9 g/t Au; 34 g/t Ag | Copper · Zinc · Gold · Silver | 2026-06-30 |
| Ore Reserve | probable | 9.8 Mt | 1.8% Cu; 3.5% Zn; 0.8 g/t Au; 31 g/t Ag | Copper · Zinc · Gold · Silver | 2026-06-30 |
Milestones1
- Stockman feasibility study release
Delayed · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Primary mining and onsite processing approvals | Victoria | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Stockman feasibility study update (Albion Process flowsheet) | Updated Feasibility | Current | 2024-01-24 | Update on the feasibility study; no NPV, IRR or capex published; study under board review in 2026. |
Other
Jaguar Zinc and Copper Project (WA)
AU
Care And Maintenance100% ownedZincCopperGoldSilver
Care and maintenance; scout base-metal drilling completed in Q4 FY26 with no significant intersections reported
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- 420.0k td
- Last production year
- —
- Target restart
- —
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total (measured, indicated, inferred) | 6.6 Mt | 1.4% Cu; 6.3% Zn; 0.6 g/t Au; 71 g/t Ag | Zinc · Copper · Gold · Silver | 2026-06-30 |
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| AIS ordinary fully paid shares | Ordinary Share | 1.5B | — | — |
| Performance rights (unquoted, employee incentive scheme) | Performance Right | 50.5M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY25 actualA | FY26 actualA |
|---|---|---|---|---|
| Operations | ||||
| Copper produced, Tritton | kt | 19.4 | 23.0 | |
| Gold produced, group | koz | 45.1 | 40.6 | |
| Profit and loss | ||||
| Revenue | AUDm | 577.1 | 702.8 | |
| Operating costs excluding D&A | AUDm | 416.6 | 412.5 | |
| EBITDA | AUDm | 160.5 | 290.2 | |
| Net profit after tax | AUDm | 45.2 | 178.5 | |
| Cash flow | ||||
| Sustaining and growth capital, forecast; PPE and mine properties payments actual | AUDm | 81.0 | 156.6 | |
| Operating cash flow | AUDm | 130.9 | 275.6 | |
| Free cash flow (operating cash flow less capital expenditure) | AUDm | 49.9 | 119.1 | |
| Balance sheet | ||||
| Cash | AUDm | 28.2 | 164.9 | |
| Borrowings | AUDm | 41.2 | 0.2 | |
| Net debt (cash) | AUDm | 13.0 | (164.7) | |
| Per share | ||||
| Ordinary shares on issue | m shares | 968.3 | 1,197.2 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | 2.8 | 1.6 | |
| P / E (x, current market cap) | x | 12.8 | 3.2 | |
| FCF yield (current market cap) | % | 8.6% | 20.6% | |
| EBITDA margin | % | 27.8% | 41.3% | |
| Net debt / EBITDA (x) | x | 0.1 | (0.6) | |
KPI history
Operating metrics
Operating metric source table8
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Copper produced, Tritton, FY26 | Tritton | FY26 | Year | 22,999 t | Reported |
| Copper produced, Tritton, June 2026 quarter | Tritton | Jun 2026 quarter | Quarter | 6,500 t | Reported |
| Copper produced, Tritton, September 2026 quarter | Tritton | Sep 2026 quarter | Quarter | 5,900 t | Reported |
| All-in sustaining cost per lb copper, Tritton, September 2026 quarter | Tritton | Sep 2026 quarter | Quarter | 6.12 AUD/lb | Reported |
| Gold produced, Cracow, FY26 | Cracow | FY26 | Year | 40,599 oz | Reported |
| Gold produced, Cracow, June 2026 quarter | Cracow | Jun 2026 quarter | Quarter | 10,500 oz | Reported |
| Gold produced, Cracow, September 2026 quarter | Cracow | Sep 2026 quarter | Quarter | 8,800 oz | Reported |
| All-in sustaining cost per oz gold, Cracow, September 2026 quarter | Cracow | Sep 2026 quarter | Quarter | 4,079 AUD/oz | Reported |
Company guidance12
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Copper Production | tritton | FY27 | 22,000 | 27,000 t | Current |
| Gold Production | tritton | FY27 | 8,000 | 10,000 oz | Current |
| Gold Production | cracow | FY27 | 34,000 | 41,000 oz | Current |
| Group Gold Production | Company | FY27 | 42,000 | 51,000 oz | Current |
| Total Mine Operations Cost | tritton | FY27 | 210 | 260 AUD m | Current |
| Total Mine Operations Cost | cracow | FY27 | 110 | 130 AUD m | Current |
| Sustaining Capital | tritton | FY27 | 54 | 65 AUD m | Current |
| Sustaining Capital | cracow | FY27 | 27 | 33 AUD m | Current |
| Growth Capital | tritton | FY27 | 160 | 190 AUD m | Current |
| Growth Capital | cracow | FY27 | 14 | 17 AUD m | Current |
| Corporate Costs | Company | FY27 | 24 | 29 AUD m | Current |
| Exploration | Company | FY27 | 29 | 35 AUD m | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-01Ann. 2026-02-12 | Raising | — | 299.9M | — | Completed | — |
| 2025-11-06 | Debt | A$38.3M | — | — | Completed | — |
| 2025-11-06Ann. 2025-10-31 | RaisingOrdinary Fully Paid | A$80M | 177.8M | A$0.45 | Completed | Institutional placement of 177,777,778 shares at A$0.45 (A$80.0m gross).Max 177.8M |
| 2025-12-23Ann. 2025-10-31 | Raising | A$21.6M | 48M | — | 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.
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.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Aeris Resources Limited’s reported management roster contains functional roles relevant to its disclosed business, but the evidence assembled here is too limited to assess individual delivery or complete adverse histories.
Decision-relevant facts
Material summary
Andre Labuschagne
Executive Chairman
Company SuccessIssuer Reported · Medium materiality
Norton output and financial performance improved during his managing-director tenure
Norton’s FY2011 report records 152,554 oz gold production and highlights record output/profit improvement after the FY2010 loss. Labuschagne had become Managing Director on 13 September 2010, so this outcome overlapped his tenure. The reports do not isolate his individual causal contribution.
Role overlaps event; causation unproven · Managing-director tenure overlaps the company-reported improvement; no sole-person attribution is established.
Norton Gold Fields Annual Report 2011 · pp. 8–9; directors report
FailureIssuer Reported · Medium materiality
Norton settled hedge litigation arising from legacy gold hedging
Norton disclosed settlement of gold-hedge litigation on 6 September 2010: cancellation of the hedge for A$10m upfront plus a A$97m secured note payable over four years. It reported a FY2010 net loss after tax of A$33.315m. Labuschagne was then in senior finance/operating roles and was appointed MD effective 13 September, after the settlement; the materials do not connect him personally to the hedge decision or settlement negotiation.
Role overlaps event; causation unproven · Company-level finance and litigation issue during prior senior employment; settlement predated his MD appointment and no personal wrongdoing or negotiation responsibility is found.
Norton Gold Fields Annual Report 2010 · pp. 26, 88
Role FitAnalyst Inference · Medium materiality
Gold-sector executive experience relevant to executive-chair role
Analyst inference: more than 20 years in resources and prior finance/operating experience, Norton MD tenure and Aeris company leadership support sector and listed-company fit. No individual responsibility is inferred for the Norton hedge matter.
Responsibility not applicable · Career experience is reported by issuer and not independently verified.
Leadership · leadership biography
Evidence gaps · 3
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
Paul Harris
Chief Operating Officer
Company SuccessIssuer Reported · Medium materiality
Wassa production recovered after management review during his operating remit
Chifeng states Harris assumed responsibility for Wassa operations/management in May 2023 and ordered production recalibration and cost reductions after acknowledging operational-management mistakes since H2 2022. Official Ghana Minerals Commission annual data show Wassa production at 170,726 oz in 2022, 165,884 oz in 2023 and 187,281 oz in 2024. The 2022 decline predates Harris’s Chifeng COO appointment; 2023/24 outcomes overlap his Wassa remit but are not solely attributable to him.
Role overlaps event; causation unproven · Employer documents establish responsibility for management response; they also attribute disruption to operational conditions and do not isolate individual causality.
Appointment of Paul Harris as COO · appointment and Q3 2022 context
Management changes and Wassa operational review · management review and remit
Production data · Wassa annual production rows 2022–2024
Role FitAnalyst Inference · Medium materiality
International mine operations experience is relevant to COO role
Leadership biography documents 27+ years’ mining experience, operational positions across several miners, and geological-engineering education. His Chifeng case includes responsibility for a turnaround after acknowledged operating problems, followed by improved Wassa output in 2024; attribution remains shared and company-reported.
Responsibility not applicable · Prior roles and results are reported by employer; individual causal contribution is not independently established.
Leadership · leadership biography
Management changes and Wassa operational review · Wassa review
Production data · Wassa production data
Evidence gaps · 4
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
- Chifeng reported operating mistakes from H2 2022 before Harris’s 30 December 2022 COO appointment; Wassa operating accountability is documented from 24 May 2023. Ghana regulator production data support trend but not individual causality.
Larnie Roberts
Chief People Officer
Role FitAnalyst Inference · Medium materiality
Human-resources experience across mining employers supports people-leadership remit
Issuer leadership biography reports more than eight years at BHP in HR business-partner roles, approximately four years as New Hope HR manager, and Aeris appointment in August 2022; promoted to CPO effective 2 December 2024. No specific employee-relations outcome or safety-culture performance is individually attributed.
Responsibility not applicable · Company biographies establish roles and duration approximations; person-specific workforce outcome evidence remains limited.
Leadership · leadership bio
Senior leadership changes · appointment
Evidence gaps · 3
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
Cameron Schubert
Chief Technical Officer
Role FitAnalyst Inference · Medium materiality
Deep technical and operational experience aligns with CTO mandate
Aeris reports more than 35 years across geology, geomechanics, geotechnical engineering, operations, construction and statutory SSE roles. It lists MBA, MEngSc and BSc (Hons) degrees and AusIMM Fellowship. FY2025 report identifies him as competent person for Murrawombie open-pit ore reserve.
Responsibility not applicable · Issuer biographies and competent-person disclosure support qualifications; no independent degree verification.
Leadership · leadership biography
Aeris Resources Annual Report 2025 – competent persons · competent-person disclosure
Evidence gaps · 3
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
Dane van Heerden
Chief Financial Officer; Company Secretary
Role FitAnalyst Inference · Medium materiality
Progressive internal finance history and accounting background align with CFO role
Aeris reports Dane joined in 2013 as group financial controller, became GM Finance in 2020, acted as CFO from August 2024 and was formally appointed CFO in March 2025; his company biography adds earlier finance and audit roles. The reviewed annual report states no audit-independence concern; it does not establish personal control performance beyond titles.
Responsibility not applicable · Career chronology is issuer-reported; no personal finding of control failure.
Leadership · leadership biography
Aeris Resources Limited Annual Report 2026 · audit/governance disclosure
Evidence gaps · 3
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
Brad Cox
Executive General Manager – Exploration
Personal SuccessIssuer Reported · Medium materiality
Issuer credits Cox with Constellation discovery and resource extensions
Aeris’s dated appointment notice states Cox joined in 2014 and played a pivotal role in discovery of the Constellation deposit, resource extensions and successful exploration programs. FY2025 annual report identifies him as AusIMM member and competent person for Constellation and Lillymay mineral-resource information. Constellation’s later reserve and construction progress are company-level outcomes and not fully attributable to the exploration executive.
Individual involvement documented · Issuer directly attributes exploration discovery contribution; subsequent construction/development is not a personal claim.
Role FitAnalyst Inference · Medium materiality
Exploration discovery experience and competent-person work support role alignment
Analyst inference: more than a decade with Aeris, issuer-credited discovery work and competent-person responsibilities support exploration leadership fit. Education remains unverified in the opened sources.
Responsibility not applicable · Evidence is issuer-reported and does not substitute for independently validated resource outcomes.
Evidence gaps · 3
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
Sally McDow
Joint Company Secretary
EducationIssuer Reported · Medium materiality
Law, MBA and company-governance qualifications disclosed
Powerhouse Ventures FY2023 annual report lists an LLB from QUT, admitted in Queensland in 1998, MBA from Simon Fraser University, a corporate-governance diploma, Chartered Secretaries Institute credentials and AICD graduate course in 2019. It reports 15+ years of governance/company-secretarial work.
Responsibility not applicable · Issuer annual report supports biography; independent university, admission and membership records were not checked.
Role FitAnalyst Inference · Medium materiality
Governance and legal experience aligns with joint company-secretary role
Analyst inference: legal training and long listed-company governance experience are relevant to ASX secretary duties. Full concurrent client roster and post-Aeris workload were not reconciled.
Responsibility not applicable · Issuer career history is documented, but no specific governance outcome is attributed.
Powerhouse Ventures Annual Report FY2023 · pp. 5, 18
Aeris Resources Limited Annual Report 2026 · company secretary listing
Evidence gaps · 4
- Chronology and source-backed individual outcomes at earlier employers remain incomplete.
- Person-specific regulator, safety, environmental and professional-discipline review is not exhaustive; no sourced personal adverse finding is asserted from the queries documented.
- Issuer biographies and results are not independently verified performance or credential checks.
- The Aeris scheme-booklet bio source was inaccessible; Powerhouse Ventures FY2023 annual report is used for her prior credentials and appointment history.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-09-03 · 971,422,170 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 31.28% | 303,815,280 | |
| 2 | 14.10% | 136,942,330 | |
| 3 | 5.59% | 54,298,049 | |
| 4 | 3.73% | 36,201,771 | |
| 5 | 3.55% | 34,519,498 | |
| 6 | 1.44% | 14,000,000 | |
| 7 | 0.93% | 9,000,000 | |
| 8 | 0.77% | 7,440,520 | |
| 9 | 0.73% | 7,107,086 | |
| 10 | 0.73% | 7,089,085 | |
| 11 | 0.70% | 6,799,599 | |
| 12 | 0.39% | 3,800,000 | |
| 13 | 0.38% | 3,710,589 | |
| 14 | 0.38% | 3,708,700 | |
| 15 | 0.37% | 3,576,909 | |
| 16 | 0.31% | 3,000,000 | |
| 17 | 0.30% | 2,916,209 | |
| 18 | 0.22% | 2,127,965 | |
| 19 | 0.22% | 2,119,942 | |
| 20 | 0.21% | 2,053,861 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 31.28%Voting power | 2025-08-29 | |
| 8.44%Voting power | 2025-08-29 | |
| 5.07%Voting power | 2025-08-29 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The latest top-holder list in the downloaded annual report is dated 3 September 2025. It may not reflect subsequent capital changes or notices. The register and substantial-holder views overlap.
Sources
- ANNUAL REPORT 30 JUNE 2025
Aeris Resources Limited / ASX · Published 2025-10-20 · Accessed 2026-10-09
Reports the top 20 ordinary-share accounts and substantial holders in separate dated extracts.
PDF page 149 (printed page 145), Top Holders Report and Substantial Holders; register generated 3 September 2025
Disclosed activity
Insider transactions
Trading activity5 buys · 0 sells shownNet cash last 12 months A$20.0kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-12-23 | Colin MoorheadCF & AC Moorhead Superannuation Fund Pty Ltd
Details & evidence for Colin Moorhead on 2025-12-23As disclosed: Taking up entitlement under the SPP offer
director · 2023-01-01 CF & AC Moorhead Superannuation Fund Pty Ltd · director has indirect relevant interest through registered holder Change of Director's Interest Notice ↗ | SubscriptionFully Paid Ordinary Shares | 44,444 | AUD 20,000.00 | AUD 0.450005Calculated average | 151,479 |
| 2025-12-23 | Andre Labuschagne
Details & evidence for Andre Labuschagne on 2025-12-23As disclosed: Issue of Performance Rights under an employee incentive scheme
director · 2023-01-01 Change of Director's Interest Notice ↗ | GrantPerformance Rights | 3,424,470 | —Non Cash | — | 7,032,630 |
| 2023-12-22 | Andre Labuschagne
Details & evidence for Andre Labuschagne on 2023-12-22As disclosed: Issue of securities under an employee incentive scheme
director · 2023-01-01 APPENDIX 3Y ↗ | GrantPerformance Rights | 1,198,378 | —Non Cash | — | 2,749,761 |
| 2023-12-21 | Michele MuscilloCarmel Muscillo
Details & evidence for Michele Muscillo on 2023-12-21As disclosed: Issue of securities through taking up Rights Issue entitlements
director · 2023-01-01 Carmel Muscillo · indirect interest held by spouse APPENDIX 3Y ↗ | SubscriptionFully Paid Ordinary Shares | 813 | AUD 89.00 | AUD 0.109471Calculated average | 4,655 |
| 2023-12-21 | Colin MoorheadCF & AC Moorhead Superannuation Fund Pty Ltd
Details & evidence for Colin Moorhead on 2023-12-21As disclosed: Issue of securities through taking up Rights Issue entitlements
director · 2023-01-01 CF & AC Moorhead Superannuation Fund Pty Ltd · director has indirect relevant interest through registered holder APPENDIX 3Y ↗ | SubscriptionFully Paid Ordinary Shares | 18,680 | AUD 2,055.00 | AUD 0.110011Calculated average | 107,035 |
| 2023-12-21 | Robert Dobson MillnerJS Millner Holdings Pty Limited
Details & evidence for Robert Dobson Millner on 2023-12-21As disclosed: Issue of securities through taking up Rights Issue entitlements
director · 2023-01-01 JS Millner Holdings Pty Limited · indirect interest held through registered holder APPENDIX 3Y ↗ | SubscriptionFully Paid Ordinary Shares | 90,607 | AUD 9,967.00 | AUD 0.110003Calculated average | 519,178 |
| 2023-12-21 | Robert Dobson Millner
Details & evidence for Robert Dobson Millner on 2023-12-21As disclosed: Issue of securities through taking up Rights Issue entitlements
director · 2023-01-01 JS Millner Holdings Pty Limited · indirect interest held through registered holder APPENDIX 3Y ↗ | SubscriptionFully Paid Ordinary Shares | 454,545 | AUD 50,000.00 | AUD 0.11Calculated average | 740,259 |
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Narrative and provenance
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Sign in or enter a guest codeChronological evidenceSource-document inventory22 documents
AIS closing price, ASX local market database (2 November 2026)Market Data · HighExtracted
Latest eligible local close on the cutoff: A$0.385 on 2 November 2026 (fresh, zero days old), volume 7,077,234, from the local ASX price table sourced via market data provider.
- Document ID
- aer-reference-price-2026-11-02
- Published UTC
- 2026-11-02T05:00:00Z
- Projects
- —
- Commodities
- —
Insider dealings, local database (miners.insider_transactions)Governance · LowMetadata Only
Director dealings from the local insider database (partial view; directors' events include the December 2025 SPP subscription by an entity linked to Colin Moorhead).
- Document ID
- aer-insider-dealings-db
- Published UTC
- 2026-11-02T01:00:00Z
- Projects
- —
- Commodities
- —
Copper, gold and silver spot and trailing averages (commodity database, 30 October 2026)Commodity Data · HighExtracted
Spot on 30 October 2026: copper US$14,238.6/t, gold US$3,898.9/oz, silver US$49.1/oz; AUD per USD 1.4236. Trailing 1-year averages copper US$13,301.8/t and gold US$4,453.7/oz.
- Document ID
- aer-metal-prices-2026-10-30
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- —
- Commodities
- copper · gold · silver
Quarterly Activities Report - September 2026Operations · HighPartial
September 2026 quarter: Tritton copper 5.9kt and Cracow gold 8.8koz, FY27 guidance for production, operating costs and capital, closing cash A$127.8m with no debt, Constellation first ore March 2027, Golden Plateau resource 200koz Au.
- Document ID
- aer-sep26-quarterly-activities
- Published UTC
- 2026-10-28T22:50:40Z
- Projects
- tritton · cracow
- Commodities
- copper · gold · silver
Quarterly Results Presentation - September 2026Presentation · MediumPartial
Presentation accompanying the September 2026 quarterly report. Not used for numbers in this run; the quarterly activities report is the source.
- Document ID
- aer-sep26-quarterly-presentation
- Published UTC
- 2026-10-29T02:17:50Z
- Projects
- tritton · cracow
- Commodities
- copper · gold
Notification of issue of unquoted securities (performance rights)Corporate Action · LowExtracted
Issue of 12,231,015 performance rights on 22 October 2026. Quoted ordinary shares 1,500,722,109 and unquoted performance rights 50,479,681 after the issue.
- Document ID
- aer-appendix-3g-2026-10-28
- Published UTC
- 2026-10-28T04:22:31Z
- Projects
- —
- Commodities
- copper
Material increase to Golden Plateau Mineral ResourceResource Update · HighMetadata Only
22 October 2026 Golden Plateau resource update: 3.0Mt at 2.1 g/t Au for 200koz Au (threefold increase, 88 new drill holes). Figures are repeated in the September quarterly report, which is the numeric source used here.
- Document ID
- aer-golden-plateau-mre-2026
- Published UTC
- 2026-10-21T22:59:10Z
- Projects
- cracow
- Commodities
- gold · silver
Management assessment and background check (local research product)Governance · MediumMetadata Only
Local management companion (management/AIS/summary.md and background-check.json, research cutoff 9 October 2026): executive roster, team score 56/100 with low evidence confidence; no individual misconduct finding.
- Document ID
- aer-management-assessment-local
- Published UTC
- 2026-10-09T18:00:00Z
- Projects
- —
- Commodities
- —
Application for quotation of securities (performance rights conversion)Corporate Action · LowExtracted
Quotation of 3,637,271 ordinary shares issued 7 September 2026 on conversion of performance rights; 1,500,722,109 ordinary shares after quotation.
- Document ID
- aer-appendix-2a-2026-09-07
- Published UTC
- 2026-09-07T05:05:01Z
- Projects
- —
- Commodities
- copper
Appendix 4E and FY26 Annual Financial ReportResults · HighExtracted
Audited FY26 (year to 30 June 2026) statutory accounts: revenue A$702.8m, EBITDA A$290.2m, NPAT A$178.5m incl. A$51.5m tax benefit, operating cash flow A$275.6m, cash A$164.9m, no dividends, shares on issue 1,197,168,782 at 30 June 2026.
- Document ID
- aer-fy26-annual-report-4e
- Published UTC
- 2026-08-27T02:21:10Z
- Projects
- —
- Commodities
- copper · gold
FY26 Full-Year Results releaseResults · HighPartial
ASX results release for FY26 (27 August 2026) summarising revenue, EBITDA, NPAT, cash and the operating split between Tritton and Cracow. Page images; numbers are taken from the Appendix 4E annual report instead.
- Document ID
- aer-fy26-results-release
- Published UTC
- 2026-08-27T02:21:45Z
- Projects
- —
- Commodities
- copper · gold
Investor presentation (August 2026)Presentation · LowPartial
August 2026 corporate presentation: strategy, FY27 deliverables and Stockman feasibility timing. Stockman timing is superseded by the September quarterly report.
- Document ID
- aer-investor-presentation-2026-08-25
- Published UTC
- 2026-08-25T05:41:51Z
- Projects
- tritton · cracow · stockman · jaguar
- Commodities
- copper · gold
Group Mineral Resource and Ore Reserve Statement at 30 June 2026Resource Update · HighPartial
Group Mineral Resource 56Mt (950kt Cu, 970koz Au, 1.1Mt Zn, 43Moz Ag) and Ore Reserve 20Mt (350kt Cu, 390koz Au base-metal basis; Cracow gold reserve 82koz) at 30 June 2026, including Mallee Bull and Wirlong from 1 July 2026.
- Document ID
- aer-group-mre-ore-2026
- Published UTC
- 2026-07-29T23:10:04Z
- Projects
- tritton · cracow · stockman · jaguar
- Commodities
- copper · gold · zinc · silver
Major Increase in Tritton Mineral Resources and Ore ReservesResource Update · HighMetadata Only
Detailed Tritton resource and reserve release of 21 July 2026 supporting the 30 June 2026 Group statement. Read for context; the Group statement tables are the numeric source.
- Document ID
- aer-tritton-mre-ore-increase-2026
- Published UTC
- 2026-07-20T22:33:23Z
- Projects
- tritton
- Commodities
- copper · gold · silver
Notification of cessation of securitiesCorporate Action · LowExtracted
Forfeiture of 1,825,674 performance rights on 13 July 2026; ordinary shares 1,497,084,838 after the change.
- Document ID
- aer-appendix-3h-2026-07-14
- Published UTC
- 2026-07-14T05:03:06Z
- Projects
- —
- Commodities
- copper
Board update: Dr Carmen Letton appointed Non-Executive DirectorGovernance · LowPartial
13 July 2026 announcement of the appointment of Dr Carmen Letton as Non-Executive Director (mining engineer and mineral economist).
- Document ID
- aer-board-update-2026-07-13
- Published UTC
- 2026-07-12T22:33:46Z
- Projects
- —
- Commodities
- copper
Implementation of scheme (Peel Mining)Transaction · HighPartial
1 July 2026 release confirming the Peel scheme was implemented and Aeris shares were issued to Peel holders (narrative only in this run).
- Document ID
- aer-peel-scheme-implemented-2026
- Published UTC
- 2026-07-01T00:14:30Z
- Projects
- tritton
- Commodities
- copper
Application for quotation of securities (Peel scheme shares)Corporate Action · HighExtracted
Quotation of 299,916,056 ordinary shares issued 1 July 2026 as scrip consideration for the Peel acquisition; 1,497,084,838 ordinary shares on issue after quotation.
- Document ID
- aer-appendix-2a-2026-07-01
- Published UTC
- 2026-06-30T23:59:00Z
- Projects
- —
- Commodities
- copper
Aeris to acquire Peel Mining (scheme of arrangement)Transaction · HighExtracted
Scheme to acquire 100% of Peel Mining for 0.3363 Aeris shares per Peel share; South Cobar Copper Project (Mallee Bull and Wirlong) valued at A$0.19 per Peel share; implemented 1 July 2026.
- Document ID
- aer-peel-acquisition-2026
- Published UTC
- 2026-02-11T22:40:29Z
- Projects
- tritton
- Commodities
- copper
Maiden open pit ore reserve estimate for ConstellationReserve Update · HighExtracted
Maiden Constellation Probable Ore Reserve (October 2025, PFS-level): 2.3Mt at 2.0% Cu, 0.6 g/t Au, 3 g/t Ag for 47kt Cu, 49koz Au; 5-7 year open pit life. No NPV or IRR published in the release.
- Document ID
- aer-constellation-ore-reserve-2025
- Published UTC
- 2025-10-27T23:08:54Z
- Projects
- tritton
- Commodities
- copper · gold · silver
Top-20 register and substantial holders (local ownership file, 3 September 2025)Other · MediumMetadata Only
Local ownership file ownership/AIS/investors.json: top-20 register dated 3 September 2025 (Washington H. Soul Pattinson 31.28%). Stale against the 2026 Peel issue; used as context only.
- Document ID
- aer-register-top20-2025-09-03
- Published UTC
- 2025-09-03T02:00:00Z
- Projects
- —
- Commodities
- —
Stockman feasibility study updateStudy · MediumPartial
January 2024 update on the Stockman feasibility study (Albion Process flowsheet). No NPV, IRR or capex published; the study was still being finalised in 2026 (release now expected H2 FY27).
- Document ID
- aer-stockman-fs-update-2024
- Published UTC
- 2024-01-23T22:28:33Z
- Projects
- stockman
- Commodities
- copper · zinc · gold
Evidence facts18
702769000 AUD
2026-06-30290222000 AUD
2026-06-30275648000 AUD
2026-06-301197168782 shares
2026-06-300.3363 AIS/PEX
2026-02-12214 AUD m
2026-02-121497084838 shares
2026-07-011497084838 shares
2026-07-141500722109 shares
2026-09-071500722109 shares
2026-10-2850479681 rights
2026-10-282.3 Mt
2025-10-280.385 AUD/share
2026-11-027077234 shares
2026-11-0214238.555 USD/t
2026-10-303898.8999 USD/oz
2026-10-3049.097 USD/oz
2026-10-301.4236 AUD/USD
2026-10-30Conflicts requiring judgment1
- Stockman feasibility study release timing
The 29 October 2026 quarterly (after the August investor presentation) states the feasibility study release is expected in H2 FY27; the later statement is used.