Proactiveinvestors Australia Aeris Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Aeris Resources Ltd RSS feed en Sat, 20 Jul 2019 11:38:14 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Aeris Resources exceeds copper production guidance at Tritton; sets sights on growth opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/223600/aeris-resources-exceeds-copper-production-guidance-at-tritton-sets-sights-on-growth-opportunities-223600.html Aeris Resources Ltd (ASX:AIS) has achieved above forecast copper production of 26,852 tonnes for FY19 at a C1 cash cost of $2.78 per pound at its Tritton Copper Operations in New South Wales.

The company has exceeded its original production guidance released in July 2018 of 24,500 tonnes at a C1 cash cost between $2.75 and $2.90 per pound.

Aeris executive chairman Andre Labuschagne said the excellent production result by Aeris’ team at Tritton was one of multiple operational and corporate successes for the company in FY19.

Production results

Labuschagne added: “The Tritton Copper Operations continue to deliver outstanding and reliable performance, with the above guidance production being the result of on-plan ore production and higher than planned copper grades from both the Tritton and Murrawombie underground mines.

“Despite the impact of the weakening currency over the last 12 months on our US dollar treatment and refining charges and sea-freight costs, we maintained C1 Cash Costs within the lower end of the guidance range provided in July 2018.”

Labuschagne said the Murrawombie underground mine had continued to provide upside beyond expectations, in terms of both grade and tonnes.

“Recent grade control drilling has identified potential for the ore body to continue along strike to the north, outside of the current mineral resource.

“Drilling is scheduled in the first half of FY20 to explore this potential extension to the ore body.”

Exploration

Aeris’ exploration activities were conducted on two fronts in FY19; regional exploration around Tritton to further leverage existing infrastructure in the region and drilling of the Torrens Project in South Australia.

Tritton

An aerial electromagnetic (EM) survey was conducted on a small section at the northern extremity of the tenement package in 2017, from which four EM anomalies were identified.

At the beginning of 2019, a more extensive aerial EM program was conducted from which a further 25 new anomalies were identified, of which nine are considered higher priority targets.

READ: Aeris Resources shares rise after identifying 25 new anomalies at Tritton

Labuschagne said: “Having such a significant inventory of anomalies to work with is exciting in that it potentially positions FY20 as a significant year for continued exploration success at Tritton, as we look to progress these anomalies to drill targets.”

Torrens JV (Aeris 70%)

After years of persistence and patience by the Torrens Joint Venture partners, drilling activities commenced in January 2019.

The Stuart Shelf region of South Australia is characterised by significant levels of cover (in excess of 500 metres within the project area) over the basement (potential copper-gold bearing rocks).

In addition, a significant portion of the prospective drill target zones occur beneath Lake Torrens.

These factors increase both the cost and technical difficulty of drilling.

Labuschagne said: “We remain excited by the potential of the Torrens Project while also being cognisant of the technical and geological complexities.

“Our aims are to increase the chances of discovering a deposit and to make every dollar count.

“Significant discoveries in the Stuart Shelf region have been the result of persistence and technical due diligence.”

Corporate

In the first half of FY19, Aeris completed an equity raising of about $35 million, the funds from which were used to reduce debt by US$20 million and accelerate exploration activities at both the Tritton Copper Operations and the Torrens Project.

Since the beginning of 2013, debt has been reduced by more than US$100 million.

Labuschagne said: “We have always said that our aim is to become a mid-tier, multi-mine company.

“For the first time in some years the board believes Aeris’ balance sheet is sufficiently robust to pursue growth through suitable M&A opportunities.

“In summary, FY19 was a successful year for Aeris on multiple fronts and has set FY20 up to be an exciting year as we seek opportunities to grow the company, both organically through a number of exciting exploration opportunities, and through M&A.”

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Wed, 10 Jul 2019 08:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223600/aeris-resources-exceeds-copper-production-guidance-at-tritton-sets-sights-on-growth-opportunities-223600.html
<![CDATA[News - Aeris Resources defines copper exploration target at Kurrajong deposit in NSW ]]> https://www.proactiveinvestors.com.au/companies/news/223467/aeris-resources-defines-copper-exploration-target-at-kurrajong-deposit-in-nsw-223467.html Aeris Resources Limited (ASX:AIS) has defined an exploration target at the Kurrajong prospect within the wider Tritton project in Central West NSW ranging between 3-4 million tonnes at a grade between 1.5 to 2% copper.

After completing a 14-hole drilling program, the company established the exploration target based on a copper sulphide horizon extending 1,100 metres down plunge.

With additional drilling there is potential to increase the size of the target and define a higher grade of more than 2% copper as evidenced by the wide spaced alignment of high-grade copper intersections.

READ: Aeris Resources upgrades copper production guidance for second time

Aeris executive chairman Andrew Labuschagne said: “The defining of an exploration target for Kurrajong demonstrates the potential of this deposit whilst also validating the broader prospectivity of our Tritton tenement package.

“In the last two years we have also identified 29 new EM anomalies and in the coming year we are aiming to commence first pass drilling on the highest potential anomalies.”

Kurrajong exploration target

READ: Aeris Resources begins review of geological data from Torrens copper-gold anomaly

The exploration target is based entirely on diamond drill core from two drilling programs completed between 2012 to 2018.

Being conceptual in nature, it does not consider geological complexity or economic parameters, including potential mining methods or modifying factors.

The geology of the Kurrajong deposit is similar to other sulphide systems discovered within Aeris’ producing Tritton package.

Kurrajong is laterally extensive containing dominantly pyrite with lesser chalcopyrite which has been traced over 300 metres along strike and extends down plunge.

READ: Aeris Resources and partner drill through artesian aquifer at Torrens Copper-Gold Project

Two different geology domains have been modelled which represent the exploration target.

Each domain represents a sulphide texture and copper distribution – a massive pyrite domain with copper grades typically exceeding 2% is encompassed within a larger banded pyrite domain with grades less than 2%.

Further work at the Kurrgajong deposit is justified on account of:

The size and grade range of the exploration target; Geological similarities between Kurrajong and other deposits within the company’s Tritton tenement package; and The prospectivity at Kurrajong and the potential to increase the size of the exploration target with further drilling. ]]>
Mon, 08 Jul 2019 15:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223467/aeris-resources-defines-copper-exploration-target-at-kurrajong-deposit-in-nsw-223467.html
<![CDATA[News - Aeris Resources upgrades copper production guidance for second time ]]> https://www.proactiveinvestors.com.au/companies/news/222461/aeris-resources-upgrades-copper-production-guidance-for-second-time-222461.html Aeris Resources Ltd (ASX:AIS) has upgraded its full year copper production guidance by 4% to a range of 26,450 to 26,650 tonnes from its Tritton Copper Operation in New South Wales.

The increase in production forecast is due to strong production performances at both the Tritton and Murrawombie underground mines and better copper grades. 

Production guidance was originally 24,500 tonnes before it was upgraded to 25,500 tonnes on 24 April 2019.

Notably, today’s upgrade represents an 8.3% increase on the original guidance.

Tritton tenement package

READ: Aeris Resources begins review of geological data from Torrens copper-gold anomaly

While the company is a copper producer through its Tritton operations, it also has a number of brownfields and greenfields exploration projects that present significant growth opportunities.

One such project is the Torrens Exploration Project in South Australia, which hosts a copper-gold anomaly with a footprint larger than Olympic Dam.

Aeris and its joint venture partner Argonaut Resources NL (ASX:ARE) commenced a high profile drill program at the Torrens anomaly in January 2019.

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Thu, 20 Jun 2019 13:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222461/aeris-resources-upgrades-copper-production-guidance-for-second-time-222461.html
<![CDATA[News - Aeris Resources begins review of geological data from Torrens copper-gold anomaly ]]> https://www.proactiveinvestors.com.au/companies/news/221106/aeris-resources-begins-review-of-geological-data-from-torrens-copper-gold-anomaly-221106.html Aeris Resources Ltd (ASX:AIS) will review geological information gathered from drilling of the Torrens copper-gold anomaly in South Australia to determine future drilling campaigns.

The most recent drill hole on Lake Torrens, TD10, reached its target depth of about 1,300 metres on May 28.

Visual observations from the hole have shown highly altered K-feldspar and magnetite rich intervals with trace amounts of pyrite and chalcopyrite.

READ: Aeris Resources is a copper producer with multiple growth opportunities

The visible pyrite and chalcopyrite are encouraging from a geological perspective.

A review of information collected from the drilling and recently finalised geophysical interpretation work will now begin.

Drilling paused

Drilling operations at the 70%-owned property will be paused whilst the review is undertaken.

Assays from hole TD7 returned no significant copper mineralisation with the highest-grade interval being 20 metres at 0.15% copper from 542 metres downhole.

However, Aeris said that the presence of elevated cerium concentrations toward the bottom of the hole were encouraging.

Cerium and other rare earth elements are considered important geochemical vectors toward potential iron-oxide-copper-gold (IOCG) systems.

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

Drilling of TD10 was completed without incident at very productive drill rates.

The revised drill hole procedure used to mitigate the risks encountered on the previous two drill holes, TD8 and TD9, proved successful.

Aeris is confident that the new approach will ensure future drill holes on Lake Torrens will be completed at industry competitive drill productivity rates.

Gravity survey flown

A detailed interpretation of the airborne Falcon gravity gradiometric survey flown over the project area in March 2018 was recently finalised.

This survey was designed to enhance the gravity and magnetic geophysical signatures over the tenement, both of which are primary datasets used to interpret basement rocks which host IOCG mineralisation in the eastern Gawler Craton.

The geophysical interpretation from the Falcon Survey supports earlier observations that the Torrens project remains highly prospective for IOCG mineralisation.

Subtle responses

Completed geological work has indicated the geophysical responses associated with an IOCG mineralised system are more subtle than previously thought.

Further technical geological work is required to refine the geological interpretation to ensure the most prospective anomalies are prioritised for targeting.

READ: Aeris Resources spins drill at possible sleeping giant porphyry system

In addition, several areas outside the permissible area for drilling, one of which is on land immediately west of Lake Torrens, show encouraging geophysical characteristics.

Aeris will begin the process for obtaining the necessary regulatory approvals to allow drilling to occur within each of these areas.

Review of practices

The unique pontoon supported drilling platform has been successful in enabling drilling on the surface of Lake Torrens.

Operating costs per hole, however, have been higher than originally targeted.

Whilst the technical review is being undertaken, Aeris will also take the opportunity to rigorously review operational practices and costs.

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Wed, 29 May 2019 16:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221106/aeris-resources-begins-review-of-geological-data-from-torrens-copper-gold-anomaly-221106.html
<![CDATA[News - Aeris Resources and partner drill through artesian aquifer at Torrens Copper-Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/219700/aeris-resources-and-partner-drill-through-artesian-aquifer-at-torrens-copper-gold-project-219700.html Aeris Resources Ltd (ASX:AIS) has successfully drilled through the artesian aquifer at its 70%-owned Torrens Exploration Project in South Australia with joint venture partner Argonaut Resources NL (ASX:ARE).

The JV is exploring for iron oxide-copper-gold (IOCG) systems in the highly-prospective Stuart Shelf region in SA with a heli-portable drilling rig drilling from custom-made pontoons to depths of 800-1,500 metres.

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

The current drill hole, TD10 commenced drilling on April 24 and intersected the artesian aquifer between 60 metres to 90 metres below the lake surface.

Drilling continued to 108 metres at which point casing was installed and cemented to surface ensuring the artesian aquifer was successfully sealed off and contained.

Excellent drill rates have been achieved beneath the artesian aquifer. TD10 had advanced to a depth of 297 metres as on May 4. The modelled depth to the target zone is 1,200 metres.

Plan view of the Torrens project area highlighting geophysical anomalies interpreted from the 2018 geophysical survey. Drill holes from the current drill program are denoted by red circles.

The target zone is defined by a large (3 square kilometre) coincident gravity and magnetic anomaly interpreted from 1,200 metres below surface.

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Mon, 06 May 2019 12:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219700/aeris-resources-and-partner-drill-through-artesian-aquifer-at-torrens-copper-gold-project-219700.html
<![CDATA[News - Aeris Resources acquisition of Glencore’s CSA mine falls through ]]> https://www.proactiveinvestors.com.au/companies/news/218544/aeris-resources-acquisition-of-glencores-csa-mine-falls-through-218544.html Aeris Resources Ltd (ASX:AIS) has been unable to come to agreeable terms with Glencore PLC (LON:GLEN) regarding the acquisitions of that company’s CSA mine near Cobar in western NSW.

As a result, the acquisition which was mooted to be valued at up to $800 million, will not proceed.

In March, Aeris stated that the offer comprised $US525 million cash and US$50 million Aeris shares plus a royalty payable to Glencore.

Executive chairman comments

Aeris’ executive chairman Andre Labuschagne said: “Whilst it is disappointing that the acquisition of the CSA Mine couldn’t be completed, Aeris remains focused on its Tritton Copper Operations, the Torrens exploration project and exploring growth opportunities, both organic and through M&A.”

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

At the Lake Torrens JV project in South Australia drilling is underway at the Torrens copper-gold anomaly.

Aeris and JV partner Argonaut Resources NL (ASX:ARE) are exploring for iron oxide copper-gold (IOCG) systems in the highly-prospective Stuart Shelf region with a heli-portable rig drilling from custom-made pontoons on the lake to depths of 800-1,500 metres.

The JV has committed to an initial 8-10 hole, $5 million program which is part of an extensive 25-30 hole, $15 million program expected to take between 18-24 months.

READ: Aeris Resources shares rise after identifying 25 new anomalies at Tritton

At the company’s Tritton Copper Operations in Central West NSW, Aeris recently identified 25 new anomalies.

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Mon, 15 Apr 2019 15:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218544/aeris-resources-acquisition-of-glencores-csa-mine-falls-through-218544.html
<![CDATA[News - Aeris Resources continues discussions with Glencore on possible CSA mine purchase ]]> https://www.proactiveinvestors.com.au/companies/news/217697/aeris-resources-continues-discussions-with-glencore-on-possible-csa-mine-purchase-217697.html Aeris Resources Ltd (ASX:AIS) is continuing discussions with Glencore PLC (LON:GLEN) over the possible acquisition of the CSA underground copper mine in western New South Wales.

In an announcement today the company stated that no concluded agreement had been reached on the transaction or on the funding structure.

It was previously stated that the possible acquisition is valued at $800 million.

READ: Aeris Resources mulls $800 million CSA mine acquisition from Glencore

In the statement, Aeris said that there was no guarantee that the potential acquisition would proceed, however, in the event that a formal agreement for the potential acquisition was entered into, it would be subject to a number of conditions including required shareholder approval.

"The company will update the market if and when any formal agreement is entered into in relation to the proposed acquisition."


 

 

 

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Tue, 02 Apr 2019 11:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217697/aeris-resources-continues-discussions-with-glencore-on-possible-csa-mine-purchase-217697.html
<![CDATA[News - Aeris Resources mulls $800 million CSA mine acquisition from Glencore ]]> https://www.proactiveinvestors.com.au/companies/news/216886/aeris-resources-mulls-800-million-csa-mine-acquisition-from-glencore-216886.html Aeris Resources Ltd (ASX:AIS) has revealed that it is in discussions with Glencore PLC (LON:GLEN) to acquire the CSA underground copper mine in central-west New South Wales.

An offer has been made and late-stage negotiations around the offer and associated documents are ongoing but are yet to be finalised.

Aeris said, broadly, the offer comprised $US525 million cash and US$50 million Aeris shares plus a royalty payable to Glencore.

Funding is not yet finalised but it proposed to be a combination of US$250-300 million debt, US$185-240 million equity, and a silver stream of between US$35-40 million.

No guarantee acquisition will proceed

Aeris noted that it is important to note that there is no guarantee that the potential acquisition will proceed.

Additionally, in the event that a formal agreement for the potential acquisition is entered into, it will likely be subject to a number of conditions including required shareholder approval.

READ: Aeris Resources is a copper producer with multiple growth opportunities

Aeris is already a copper producer through its Tritton Copper Operation, also located in central-west New South Wales.

The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities such as the Torrens Exploration Project in South Australia.

READ: Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia

Aeris and its joint venture partner Argonaut Resources NL (ASX:ARE) recently commenced a high profile drill program at the Torrens anomaly, which has a footprint larger than Olympic Dam.

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Thu, 21 Mar 2019 08:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216886/aeris-resources-mulls-800-million-csa-mine-acquisition-from-glencore-216886.html
<![CDATA[News - Aeris Resources welcomes restart of drilling at Torrens copper-gold anomaly in South Australia ]]> https://www.proactiveinvestors.com.au/companies/news/216600/aeris-resources-welcomes-restart-of-drilling-at-torrens-copper-gold-anomaly-in-south-australia-216600.html Aeris Resources Ltd (ASX:AIS) has welcomed the restart of drilling at the Torrens copper-gold anomaly at Lake Torrens in South Australia, of which it controls a 70% share with joint venture partner Argonaut Resources NL (ASX:ARE).

The JV is exploring for iron oxide-copper-gold systems in the highly-prospective Stuart Shelf region in SA with a heli-portable drilling rig drilling from custom-made pontoons to depths of 800-1,500 metres.

The JV has committed to an initial 8-10 hole, $5 million program which is part of an extensive 25 – 30 hole, $15 million program expected to take between 18-24 months.

READ: Argonaut Resources restarts drilling at large Torrens copper-gold anomaly in South Australia

The drilling rig has moved from drill hole TD8 to drill hole TD9 following the intersection of artesian groundwater at a depth of 100 metres in TD8.

Drill hole TD7 was also recently drilled to a depth of 858 metres with assays expected to be released soon.

In its role as manager, Agronaut’s wholly owned subsidiary Kelaray Pty Ltd secured access to the tenement in difficult circumstances for a drilling program to target areas that have been modelled as having the physical properties of large iron oxide-copper-gold deposits.

In September Agronaut’s partner, Aeris Resources took over as manager of the joint venture.

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Mon, 18 Mar 2019 14:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216600/aeris-resources-welcomes-restart-of-drilling-at-torrens-copper-gold-anomaly-in-south-australia-216600.html
<![CDATA[News - Aeris Resources shares rise after identifying 25 new anomalies at Tritton ]]> https://www.proactiveinvestors.com.au/companies/news/216436/aeris-resources-shares-rise-after-identifying-25-new-anomalies-at-tritton-216436.html Aeris Resources Ltd (ASX:AIS) has completed the final interpretation from a large (617 square kilometre) airborne electromagnetic (EM) survey over the northern half of its Tritton tenement package in New South Wales.

The heliborne EM survey was flown using the innovative SKYTEM 312 EM system which is designed to test for deep conductor bodies.

Data from the EM survey has been processed and reviewed with 25 new mid to late time EM anomalies identified.

Plan view of the Tritton tenement package showing the SKYTEM EM survey area and other recently completed EM surveys.

Of the 25 new anomalies, nine are considered higher priority targets.

On‐ground exploration will now focus on evaluating each target area and prioritizing ground-based EM surveys and/or surface geochemistry of the most prospective targets in preparation for first pass drilling.

Aeris executive chairman Andre Labuschagne said: “This is an incredibly exciting result and proves the prospectivity of the under‐explored northern half of our Tritton tenement package.

“When you consider that to date 750,000 tonnes of copper has been discovered in the southern half of the Tritton tenement package, the upside on the northern half of the tenement package is significant.

“These 25 new anomalies are added to 4 that were identified from the 2017 aerial EM survey.”

READ: Aeris Resources intersects copper of up to 6.51% at target near Tritton mine

The Tritton tenement package is a highly endowed copper province with 750,000 tonnes of copper metal discovered to date along a 50 kilometre long corridor between the Budgery deposit to the Avoca Tank deposit.

Systematic and focused greenfields exploration over the northern half of the tenement package has been limited to date.

The results from the recent SKYTEM aerial EM survey confirms Aeris’ view that there is significant potential to discover additional copper sulphide deposits in the northern half of the Tritton tenement package.

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Thu, 14 Mar 2019 13:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216436/aeris-resources-shares-rise-after-identifying-25-new-anomalies-at-tritton-216436.html
<![CDATA[News - Aeris Resources completes first hole at Lake Torrens ]]> https://www.proactiveinvestors.com.au/companies/news/215958/aeris-resources-completes-first-hole-at-lake-torrens-215958.html Aeris Resources Ltd (ASX:AIS) has completed the first drill hole, TD7, from its phase I drilling program at Lake Torrens within its 70% owned Torrens Exploration Project in South Australia.

Preliminary geology observations of TD7 include a 60-metre wide intersection with hematite, potassium feldspar, and sericite altered non-magnetic interval.

Notably, hematite is recognised as an accessory mineral associated with iron oxide copper gold mineralisation within the Gawler Craton.

READ: Aeris Resources spins drill at possible sleeping giant porphyry system

Aeris’ executive chairman Andre Labuschagne said: “Whilst it is early days and logging and assays are still pending, we are very encouraged with what we have seen from this first hole.

“It is also pleasing that we have safely completed this first hole using the unique drill rig configuration.”

The Torrens Project (EL5614), is a joint venture with Kelaray Pty Ltd, a wholly owned subsidiary of Argonaut Resources NL (ASX:ARE), who owns the other 30%.

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Thu, 07 Mar 2019 12:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215958/aeris-resources-completes-first-hole-at-lake-torrens-215958.html
<![CDATA[News - Aeris Resources spins drill at possible sleeping giant porphyry system ]]> https://www.proactiveinvestors.com.au/companies/news/213004/aeris-resources-spins-drill-at-possible-sleeping-giant-porphyry-system-213004.html Aeris Resources Ltd (ASX:AIS) has commenced drilling at the large-scale copper-gold anomaly at its 70% owned Torrens Exploration Project in South Australia.

The commencement of drilling at Torrens represents a key milestone for the joint venture which is with Argonaut Resources NL (ASX:ARE).

Argonaut’s subsidiary, Kelaray Pty Ltd, was first granted the Torrens licence in 1998.

Access approvals have been pursued over many years in difficult circumstance to get to this remarkable copper target.

READ: Aeris Resources prepares to drill within the week at Torrens

The heli-portable drilling rig will drill 8-10 holes to depths of 800-1,500 metres.

Drilling is testing an anomaly larger than the world-renowned Olympic Dam located nearby.

Located within the Stuart Shelf region of South Australia, the project is 50 kilometres from Oz Minerals’ Carrapateena deposit and 75 kilometres from BHP’s Olympic Dam mine.

The Torrens Anomaly is a large regionally significant coincident magnetic and gravity anomaly with a footprint in excess 120 square kilometres.

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Tue, 22 Jan 2019 09:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213004/aeris-resources-spins-drill-at-possible-sleeping-giant-porphyry-system-213004.html
<![CDATA[News - Aeris Resources is a copper producer with multiple growth opportunities ]]> https://www.proactiveinvestors.com.au/companies/news/192730/aeris-resources-is-a-copper-producer-with-multiple-growth-opportunities-192730.html Aeris Resources Ltd (ASX:AIS) is an emerging copper producer through its Tritton Copper Operations in central-west New South Wales.

The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities for the company and its shareholders.

Following a capital and debt restructure in 2018, Aeris is in a position to explore these growth opportunities.

One such opportunity with very high exploration upside potential is its 70% owned Torrens Exploration Project in South Australia.

The experienced board and management team aims to progress Aeris into a mid-sized, multi-mine company.

A proven copper producer

Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.

The 100% owned operation is targeting production of 24,500 tonnes of copper at a C1 cash cost of $2.75-$2.90 per pound in FY2019.

In the recent December quarter, production was above plan at 6,515 tonnes with a C1 cash cost of $2.96 per pound, mainly from the Tritton underground mine.

The Tritton operations consist of a second underground mine being Murrawombie, which was commissioned during FY2017.

Mineralisation at Murrawombie is open at depth presenting good potential to extend the mine’s life.

Drilling confirms potential of Tritton's Kurrajong prospect

Exploration drilling continues to intersect high-grade copper results at the Kurrajong prospect near the Tritton Copper Operations.

READ: Aeris Resources intersects copper of up to 6.51% at target near Tritton mine

In January 2019, assays from a further five drill holes and three wedge holes revealed more high-grade copper, along with gold and silver, intersected.

The high-grade copper mineralisation at Kurrajong has been traced more than 1,100 metres down plunge.

 

Focusing on two key exploration projects

Aeris is focusing its exploration on two key areas, the Tritton tenement package and the Torrens Project in South Australia.

The Tritton tenement package consists of six exploration licences covering ~1,800 square kilometres of prospective ground for base metal deposits.

It hosts a proven mineral rich corridor with 750,000 tonnes of copper discovered within the Tritton tenement package.

The 70% owned Torrens Project is prospective for iron-oxide copper gold deposits and is in the Gawler Craton region which hosts the world class mines.

Torrens Project has signatures of world-class Olympic Dam

Aeris owns 70% of the Torrens Project with joint venture partner Argonaut Resources NL (ASX:ARE).

The world class provinces hosts three renowned mines in BHP’s (ASX:BHP) Olympic Dam, Oz Minerals’ (ASX:OZL) Prominent Hill and Carrapateena.

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of Olympic Dam.

Previous drilling confirmed the existence of a major iron oxide copper-gold (IOCG) mineralising system beneath several hundred metres of sedimentary cover.

In the event of a discovery, Torrens has the scale to host a world-class copper-gold deposit.

READ: Aeris Resources prepares to drill within the week at Torrens

After achieving many permitting milestones in 2018, as at January 2019, Aeris is preparing to commence drilling at Torrens.

The heliportable drill rig and supplementary equipment, including work platforms, has arrived at site.

Furthermore, an exploration camp to accommodate the workforce for the phase I drilling program arrived on-site early in the New Year and is now fully operational.

Stage I drilling program is estimated to consist of 8-10 drill holes targeting depths of 700-1,500 metres.

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Fri, 18 Jan 2019 07:59:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192730/aeris-resources-is-a-copper-producer-with-multiple-growth-opportunities-192730.html
<![CDATA[News - Aeris Resources intersects copper of up to 6.51% at target near Tritton mine ]]> https://www.proactiveinvestors.com.au/companies/news/212550/aeris-resources-intersects-copper-of-up-to-651-at-target-near-tritton-mine-212550.html Aeris Resources Ltd (ASX:AIS) has received high-grade copper results of up to 6.51% from drilling of the Kurrajong prospect near its Tritton Copper Operations in Central West NSW.

Assays have been received from a further five drill holes and three wedge holes with more high-grade copper, along with gold and silver, intersected.

Best results are 3.35 metres at 6.51% copper, 0.62 g/t gold and 17 g/t silver from 753.35 metres, 4.5 metres at 5.16% copper, 0.48 g/t gold and 16 g/t silver from 340.4 metres and 6.4 metres at 4.55% copper, 0.27 g/t gold and 11 g/t silver from 401.6 metres.

The deepest hole to date at Kurrajong intersected a broad zone of pyrite and chalcopyrite mineralisation, returning 17.0 metres at 2.59% copper from 923 metres.

This is around 300 metres down plunge from previous drill hole data.

The copper mineralised system has now been traced more than 1,100 metres down plunge and remains open in this direction and along strike to the north.

Results exceed expectations

Since the resumption of drilling activities in April 2018 the results have exceeded expectations.

The program has continued to intersect high-grade copper massive sulphide over a significant area and although drill coverage at the Kurrajong prospect is sparse, an emerging story is occurring.

 

 

Development of exploration target model

The drilling program is now complete and work is focused on the building of a geological interpretation and predictive model.

This includes development of an exploration target model delineating tonnage and copper grade ranges.

Future drilling will occur over the course of several months subsequent to this, ensuring drill holes target the most prospective areas within the large sulphide system.

READ: Aeris Resources prepares to drill within the week at Torrens

Yesterday the miner announced it was preparing to start drilling at its 70%-owned Torrens Exploration Project in South Australia this week.

Key infrastructure and equipment has been mobilised to the site, with the heli-portable drill rig and supplementary equipment having arrived last week.

 

 

Olympic Dam-style target

Last year the company noted the stage 1 drilling program would include 8-10 holes targeting depths of 700-1,500 metres.

Located in the Stuart Shelf region of South Australia, the project is 50 kilometres from OZ Minerals Limited’s (ASX:OZL) Carrapateena deposit and 75 kilometres from BHP Group Ltd’s (ASX:BHP) Olympic Dam.

The Torrens Anomaly is a large regionally significant coincident magnetic and gravity anomaly footprint in excess 120 square kilometres, which is greater than Olympic Dam.

- Jessica Cummins

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Mon, 14 Jan 2019 23:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212550/aeris-resources-intersects-copper-of-up-to-651-at-target-near-tritton-mine-212550.html
<![CDATA[News - Aeris Resources prepares to drill within the week at Torrens ]]> https://www.proactiveinvestors.com.au/companies/news/212446/aeris-resources-prepares-to-drill-within-the-week-at-torrens-212446.html Aeris Resources Ltd (ASX:AIS) is preparing to commence drilling within the next week at its 70% owned Torrens Exploration Project in South Australia.

Key infrastructure and equipment has been mobilised to site.

The heliportable drill rig and supplementary equipment, including work platforms, arrived last week.

An exploration camp to accommodate the workforce for the phase I drilling program arrived on-site early in the New Year and is now fully operational.

READ: Aeris Resources to adopt innovative helicopter method in upcoming Torrens drilling

Aeris’s executive chairman Andre Labuschagne said: “We are very pleased with the progress made in the last four weeks, particularly considering this included the Christmas/New Year period.

“It is very exciting to be so close to commencing drilling on this highly prospective exploration project.

“We expect to commence drilling in the next week, once the pontoon supported drill platform has been established on Lake Torrens and the drill rig assembled.”

Stage I drilling at massive Olympic Dam style target

Last year, Aeris noted that the stage I drilling program would consist of 8-10 drill holes targeting depths of 700-1,500 metres.

Located within the Stuart Shelf region of South Australia, the project is 50 kilometres from Oz Minerals’ Carrapateena deposit and 75 kilometres from BHP’s Olympic Dam mine.

The Torrens Anomaly is a large regionally significant coincident magnetic and gravity anomaly with a footprint in excess 120 square kilometres, which is greater than Olympic Dam.

Aeris’s joint venture partner is Argonaut Resources NL (ASX:ARE), which owns the remaining 30% non-operating interest in the project.

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Mon, 14 Jan 2019 11:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212446/aeris-resources-prepares-to-drill-within-the-week-at-torrens-212446.html
<![CDATA[News - Aeris Resources extends geological corridor at Tritton with new exploration tenement ]]> https://www.proactiveinvestors.com.au/companies/news/212098/aeris-resources-extends-geological-corridor-at-tritton-with-new-exploration-tenement-212098.html Aeris Resources Ltd (ASX:AIS) has been granted a new exploration tenement adjacent to its current Tritton acreage by the NSW Department of Planning and Environment

The tenement, EL8810, is near the northwest corner of the Tritton package and covers an area of 296 square kilometres, bringing Tritton’s total size to 2,160 square kilometres.

READ: Aeris Resources to adopt innovative helicopter method in upcoming Torrens drilling

More than 750,000 tonnes of copper have been discovered at Tritton, within a 50-kilometre long corridor adjacent to a stratigraphic unit referred to as the Budgery Sandstone.

This includes Aeris’ current mineral resource pf 20.7 million tonnes at 1.5% copper for 310,000 tonnes of copper metal.

Geological mapping completed in 2017 extended the known extent of the Budgery Sandstone a further 65 kilometres through the northern half of the Tritton tenement package.

  READ: Aeris Resources completes retail entitlement offer to raise a total of $35.1 million

The Budgery Sandstone has been interpreted to continue a further 40 kilometres north beyond the Tritton tenements into the area now covered by EL8810.

Exploration activities within the tenement will begin this year, initially focusing on historical data compilation and geological mapping.

READ: Aeris Resources reduces debt by US$20 million

Aeris is also preparing for an upcoming drilling program at its Torrens joint venture project in South Australia.

The company will use an innovative helicopter-supported drilling method, designed to minimise disturbance on the environmentally sensitive Lake Torrens salt lake landform.

Joint venture partners Aeris (70%) and Argonaut Resources NL (ASX:ARE) have awarded two key contracts for the drilling and helicopter services in preparation for the program.

Both partners are encouraged by BHP Billiton Limited’s (ASX:BHP) recent discovery of a discrete gravity anomaly around 45 kilometres southwest of Torrens.

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Mon, 07 Jan 2019 19:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212098/aeris-resources-extends-geological-corridor-at-tritton-with-new-exploration-tenement-212098.html
<![CDATA[News - Aeris Resources to adopt innovative helicopter method in upcoming Torrens drilling ]]> https://www.proactiveinvestors.com.au/companies/news/210540/aeris-resources-to-adopt-innovative-helicopter-method-in-upcoming-torrens-drilling-210540.html Aeris Resources Ltd (ASX:AIS) will use an innovative helicopter-supported drilling method for an upcoming diamond drill program at the Torrens Joint Venture Project in South Australia.

This method has been designed to minimise disturbance on the environmentally sensitive Lake Torrens salt lake landform.

The joint venture partners Aeris (70%) and Argonaut Resources NL (ASX:ARE) have awarded two key contracts for the drilling and helicopter services in preparation for the drilling program.

READ: Aeris Resources ready to drill massive Olympic Dam style target

Mobilisation of equipment is expected to start in mid-December with work having been completed on an access road to the edge of Lake Torrens.

The stage I drilling program consisting of 8-10 drill holes targeting depths of 700-1,500 metres and focusing on the highest priority targets is planned to begin in mid-January.

READ: Aeris Resources completes retail entitlement offer to raise a total of $35.1 million

Aeris Resources executive chairman Andre Labuschagne said the appointment of drilling and helicopter contractors marked the start of an incredibly exciting period for the Torrens Joint Venture.

 “Drilling on a salt lake using helicopter support to minimise our footprint presents a number of technical and logistics challenges as well as opportunities.”

Specialised heli-portable rig

The drilling program will be helicopter supported utilising a specialised heli-portable diamond drill rig.

Ten 6-metre by 2.8-metre raised work platforms will be transported by helicopter onto the lake and bolted together to act as a stable platform on the lake surface.

The drill rig will be flown onto the platform in 16 sections and then re-assembled.

Personnel, equipment, drill consumables and other materials will be also transported via helicopter from the exploration camp to the work platform.

Labuschagne said: “Developing an environmentally-sensitive solution has taken a little longer than we originally anticipated, however it is important to get these details right up-front so that once the equipment and personnel are on site we can focus on drilling.

READ: Aeris Resources reduces debt by US$20 million

Located within the Stuart Shelf region of South Australia, the project is 50 kilometres from Oz Minerals’ Carrapateena deposit and 75 kilometres from BHP’s Olympic Dam mine.

The Torrens Anomaly is a large regionally significant coincident magnetic and gravity anomaly with a footprint in excess 120 square kilometres, which is greater than Olympic Dam.

Encouraged by BHP results

Aeris and Argonaut are encouraged by a recent discovery by BHP Billiton Limited (ASX:BHP) of a discrete gravity anomaly around 45 kilometres southwest from Torrens.

Labuschagne added: “BHP’s recent ASX announcement of exploration results from its nearby EL 5941 is very exciting and reaffirms the view of the JV partners that the Torrens project is located in a highly prospective IOCG province.”

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Wed, 05 Dec 2018 16:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210540/aeris-resources-to-adopt-innovative-helicopter-method-in-upcoming-torrens-drilling-210540.html
<![CDATA[News - Aeris Resources completes retail entitlement offer to raise a total of $35.1 million ]]> https://www.proactiveinvestors.com.au/companies/news/206944/aeris-resources-completes-retail-entitlement-offer-to-raise-a-total-of-351-million-206944.html Aeris Resources Ltd (ASX:AIS) has successfully completed a retail entitlement offer to raise about $6.7 million at 20 cents per share.

With $28.4 million already raised under the recent placement and institutional entitlement offer, this completes the raising of $35.1 million to fund the acceleration of exploration programs at 100%-owned Tritton Copper Operations and Torrens Joint Venture (Aeris 70%) and the repayment of a significant proportion of outstanding senior debt.

READ: Aeris Resources receives $28.4 million cash from capital raising

Aeris has received acceptances of entitlements from shareholders for a total of 10,051,262 new shares raising $2,010,252.

It is anticipated that the shortfall of $4,700,687 will be taken up by Aeris’ largest shareholder, Special Portfolio Opportunity V Limited as the sub-underwriter to the retail entitlement offer.

READ: Aeris Resources reduces debt by US$20 million

Aeris has already made a US$20 million payment against its Tranche B debt facility with Special Portfolio Opportunity V Limited.

The payment reduces the balance of the Tranche B facility to US$10 million and positively avoids a 3% interest rate step‐up.

Aeris’ total debt is now reduced to US$29 million, comprised of the US$19 million Tranche A facility and US$10 million Tranche B facility.

Brownfields exploration at Tritton Copper Operations

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018 at its Tritton Copper Operations in New South Wales.

Funding will be used to accelerate the drilling program at the Kurrajong prospect following exceptional results in FY18 and for brownfield exploration at the Tritton Mine.

Aerial and ground electromagnetic programs are also planned over the northern half of the Tritton tenement package.

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Fri, 12 Oct 2018 12:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206944/aeris-resources-completes-retail-entitlement-offer-to-raise-a-total-of-351-million-206944.html
<![CDATA[News - Aeris Resources has a new substantial shareholder in HSBC Holdings ]]> https://www.proactiveinvestors.com.au/companies/news/206447/aeris-resources-has-a-new-substantial-shareholder-in-hsbc-holdings-206447.html Aeris Resources Ltd (ASX:AIS) has a new substantial shareholder with HSBC Holdings plc (LON:HSBA) holding a 6.36% interest.

Initial substantial shareholder status was reached on October 2 with HSBC Custody Nominees (Australia) Limited acquiring almost 13.777 million shares with a total value exceeding $2.755 million.

HSBC Holdings and related entities now hold more than 28.865 million shares in the copper-focused producer and explorer.

READ: Aeris Resources receives $28.4 million cash from capital raising

Aeris recently settled $28.4 million in funding as a result of a placement and institutional entitlement offer.

The retail component of the entitlement offer is seeking to raise an additional $6.7 million through a 1 for 2.1 non-renounceable entitlement priced at 20 cents.

The retail component closes at 5.00pm AEST on Tuesday, October 9, 2018.

Funding will be used to accelerate the exploration programs at the 100%-owned Tritton Copper Operations in New South Wales and the 70%-owned Torrens Joint Venture in South Australia.

READ: Aeris Resources reduces debt by US$20 million

Yesterday, the company made a US$20 million payment against its Tranche B debt facility with Special Portfolio Opportunity V Limited.

The payment reduces the balance of the Tranche B facility to US$10 million and positively avoids a 3% interest rate step‐up.

Aeris’ total debt is now reduced to US$29 million, comprised of the US$19 million Tranche A facility and US$10 million Tranche B facility.

Producing at Tritton

The company is producing copper at its Tritton project in New South Wales and in the June quarter produced 7,592 tonnes, an 11% increase on the previous quarter.

It also has a 70% interest in the Torrens Copper Project in South Australia alongside Argonaut Resources NL (ASX:ARE).

Exploring at Torrens JV

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.

The joint venture, with Aeris as manager, has committed to a stage I drill program, consisting of up to 10 holes focusing on priority targets, with drilling scheduled to start before the end of 2018.

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Fri, 05 Oct 2018 15:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206447/aeris-resources-has-a-new-substantial-shareholder-in-hsbc-holdings-206447.html
<![CDATA[News - Aeris Resources reduces debt by US$20 million ]]> https://www.proactiveinvestors.com.au/companies/news/206338/aeris-resources-reduces-debt-by-us20-million-206338.html Aeris Resources Ltd (ASX:AIS) has today made a US$20 million payment against its Tranche B debt facility with Special Portfolio Opportunity V Limited.

The payment reduces the balance of the Tranche B facility to US$10 million and positively avoids a 3% interest rate step‐up.

Aeris’ total debt is now reduced to US$29 million, comprised of the US$19 million Tranche A facility and US$10 million Tranche B facility.

READ: Aeris Resources receives $28.4 million cash from capital raising

Aeris’ executive chairman Andre Labuschagne said: “Today’s US$20 million debt repayment means that we have now reduced the company’s debt by more than US$100 million since the current management team started with Aeris at the beginning of 2013. 

“Debt reduction has been a strategic objective for the company in that period and now we can focus on our core objective of growing Aeris into a mid‐tier, multi‐mine company.”  

Copper miner with exploration upside

“Not only do we have a producing copper operation at Tritton, targeting 24,500 tonnes of copper for FY2019 but we also have an exciting portfolio of exploration projects, including Kurrajong and Torrens. 

"Apart from our organic growth pipeline, we continue to assess M&A opportunities, with a strong preference for copper plays that are in or near production.

Financier SPOV is also a major shareholder

“It is also important to note that our financier, SPOV, is also our major shareholder and has supported the recent placement and non‐renounceable entitlement offer through taking up A$7 million of their entitlements whilst also sub‐underwriting the retail component.

Exploration activities planned in FY2019

“FY2019 is shaping up to be an exciting year for Aeris. Preparations have started for the commencement of drilling at the exciting Torrens Project (Aeris 70%) in South Australia. 

“We will also accelerate exploration activities at the Tritton Copper Operations, including the next phase of drilling at the Kurrajong Prospect and an aerial EM program on the northern half of our 1,800 square kilometre tenement package.”

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Thu, 04 Oct 2018 10:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206338/aeris-resources-reduces-debt-by-us20-million-206338.html
<![CDATA[News - Aeris Resources receives $28.4 million cash from capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/206141/aeris-resources-receives-284-million-cash-from-capital-raising-206141.html Aeris Resources Ltd (ASX:AIS) has settled $28.4 million in funding as a result of the recently completed placement and institutional entitlement offer.

The retail component of the entitlement offer will seek to raise an additional $6.7 million through a 1 for 2.1 non-renounceable entitlement priced at 20 cents.

The retail component opened last Friday, 28 September 2018 and will close at 5.00pm AEST on Tuesday, 9 October 2018.

READ: Aeris Resources raising $35.1 million to accelerate exploration at Tritton and Torrens

Funding will be used to accelerate the exploration programs at the 100% owned Tritton Copper Operations in New South Wales and the 70% owned Torrens Joint Venture in South Australia.

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit – drilling aims to commence June half 2019.

Brownfields exploration at Tritton Copper Operations

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018 at its Tritton Copper Operations.

Funding will be used to accelerate the drilling program at the Kurrajong prospect following exceptional results in FY18 and for brownfield exploration at the Tritton Mine.

Aerial and ground electromagnetic programs are also planned over the northern half of the Tritton tenement package.

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Tue, 02 Oct 2018 11:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206141/aeris-resources-receives-284-million-cash-from-capital-raising-206141.html
<![CDATA[News - Aeris Resources secures $28.4 million funding with more to come ]]> https://www.proactiveinvestors.com.au/companies/news/205594/aeris-resources-secures-284-million-funding-with-more-to-come-205594.html Aeris Resources Ltd (ASX:AIS) has raised $28.4 million through a combined placement and institutional accelerated rights issue offering shares priced at 20 cents.

Furthermore, the retail component of the rights issue which is fully underwritten will open this Friday and seeks to raise an additional $6.7 million.

Aeris’ executive chairman Andre Labuschagne said: “This has been an excellent result. The company had strong demand from new and existing investors for the institutional component of the entitlement offer and the placement.

“Proceeds of the equity raising will be used for debt reduction and accelerating exploration activities at Tritton and Torrens.”

READ: Aeris Resources ready to drill massive Olympic Dam style target

The placement component raised $8.4 million through the issue of 42 million shares priced at 20 cents to sophisticated and institutional investors.

The institutional component of the 1-for-2.1 rights issue raised $20 million including $7 million from the company’s largest shareholder, Special Portfolio Opportunity V Limited.

Funding copper operations and exploration

Funding will be used to accelerate the exploration programs at the 100% owned Tritton Copper Operations in New South Wales and the 70% owned Torrens Joint Venture in South Australia.

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit – drilling aims to commence June half 2019.

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018 at its Tritton Copper Operations.

Funding will be used to accelerate the drilling program at the Kurrajong prospect following exceptional results in FY18 and for brownfield exploration at the Tritton Mine.

Aerial and ground electromagnetic programs are also planned over the northern half of the Tritton tenement package.

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Tue, 25 Sep 2018 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205594/aeris-resources-secures-284-million-funding-with-more-to-come-205594.html
<![CDATA[News - Aeris Resources raising $35.1 million to accelerate exploration at Tritton and Torrens ]]> https://www.proactiveinvestors.com.au/companies/news/205389/aeris-resources-raising-351-million-to-accelerate-exploration-at-tritton-and-torrens-205389.html Aeris Resources Ltd (ASX:AIS) has launched a fully underwritten $35.1 million equity raising to accelerate the exploration programs at the Tritton Copper Operations (100% Aeris) and the Torrens Joint Venture (70% Aeris).

The company will also use the funds to strengthen its financial position via the repayment of a significant proportion of outstanding senior debt.

The equity raising will include an institutional placement to raise about $8.4 million, and a 1 for 2.1 accelerated non-renounceable entitlement offer to raise about $26.7 million, both at 20 cents per share.

Aeris share price performance

Aeris executive chairman Andre Labuschagne said: “This is another significant milestone for the company.

“The equity raise will enable us to accelerate exploration activities at our Tritton Copper Operations, particularly at the Kurrajong Prospect, and at the exciting Torrens Project in South Australia, in which we hold a 70% interest.

“Further reducing our debt levels will also provide the company with a sound financial platform to pursue organic and M&A growth opportunities.”

READ: Aeris Resources marks June quarter as best in FY2018

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018 at its Tritton Copper Operations in New South Wales.

For the year ended June 30, 2018, Aeris reported a net profit attributable to members of $55.3 million (a 266% increase on the prior year) and net cash inflows from operations of $50.5 million (165% increase on FY2017).

The improved financial result was supported by higher copper prices and higher copper production, resulting in a 40% increase in revenue compared to the prior period.

Multiple new targets for further exploration in FY2019

The company completed three major capital investment projects at Tritton in FY2018, each representing a strategic investment for the future:

• The Tritton Underground Mine ventilation shaft was commissioned in September 2017. This essential infrastructure ensures that production at Tritton can be maintained at more than one million tonnes per year as mining moves deeper;

• The Murrawombie Underground Mine, which provides a second source of ore to the 1.8 million tonnes per annum Tritton processing plant, attained full production levels during the year; and

• The geophysical survey portion of the two-year, $7.5 million greenfields exploration program which commenced in the first half of FY2017 was completed during the period under review.

The ongoing greenfields exploration program also identified a further 65 kilometres of geological
trend, and multiple new anomalies for further exploration in FY2019.

READ: Aeris Resources ready to drill massive Olympic Dam style target

Aeris has a 70% interest in the Torrens Copper Project in South Australia alongside Argonaut Resource NL (ASX:ARE).

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.

The Torrens Joint Venture, with Aeris as manager, has committed to the stage 1 drill program, consisting of 8-10 drill holes focusing on priority drill targets.

Drilling is scheduled to commence before the end of calendar 2018.

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Fri, 21 Sep 2018 11:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205389/aeris-resources-raising-351-million-to-accelerate-exploration-at-tritton-and-torrens-205389.html
<![CDATA[News - Aeris Resources enters trading halt ahead of capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/205278/aeris-resources-enters-trading-halt-ahead-of-capital-raising-205278.html Aeris Resources Ltd (ASX:AIS) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of normal trading on Monday, September 24, or when the announcement is released to the market.

READ: Aeris Resources marks June quarter as best in FY2018

Aeris achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018.

The company finished FY2018 with total copper production of 26,686 tonnes from its Tritton Copper Operations in New South Wales.

READ: Aeris Resources ready to drill massive Olympic Dam style target

Aeris also has a 70% non-working interest in the Torrens Copper Project in South Australia alongside Argonaut Resource NL (ASX:ARE).

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.

The management committee of the Torrens joint venture recently resolved to proceed with the first stage 8-10 hole program targeting depths of 700-1,500 metres.

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Thu, 20 Sep 2018 12:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205278/aeris-resources-enters-trading-halt-ahead-of-capital-raising-205278.html
<![CDATA[News - Aeris Resources ready to drill massive Olympic Dam style target ]]> https://www.proactiveinvestors.com.au/companies/news/204982/aeris-resources-ready-to-drill-massive-olympic-dam-style-target-204982.html Aeris Resource Ltd (ASX:AIS) has committed funding for the stage one drilling program at the Torrens Copper Project in South Australia.

The company has a 70% non-working interest alongside Argonaut Resource NL (ASX:ARE).

The management committee of the Torrens joint venture has resolved to proceed with the first stage 8-10 hole program targeting depths of 700-1,500 metres.

READ: Argonaut Resources green lights major drilling program at Torrens

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of the world-class Olympic Dam deposit.

READ: Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project

At its flagship Tritton copper operation in New South Wale, Aeris produced 7,592 tonnes of copper in the June quarter, an 11% increase on the previous quarter and the best quarter for FY2018.

Costs for the June quarter were $2.10 per pound for C1 cash costs and $2.79 per pound for all-in sustaining costs (AISC).

Aeris finished the 2018 financial year with total copper production of 26,686 tonnes after delivering a number of major capital investment projects at the project in the west of the state.

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Mon, 17 Sep 2018 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204982/aeris-resources-ready-to-drill-massive-olympic-dam-style-target-204982.html
<![CDATA[News - Aeris Resources director supports company’s copper strategy with on-market purchases ]]> https://www.proactiveinvestors.com.au/companies/news/204024/aeris-resources-director-supports-companys-copper-strategy-with-on-market-purchases-204024.html Aeris Resources Ltd (ASX:AIS) non-executive director Mark Derwin has demonstrated his confidence in the company’s copper strategy by acquiring shares on-market.

He has acquired 183,500 shares in two on-market trades for total consideration of almost $52,000.

Derwin holds an indirect interest in Aeris through super fund Elephant Hills 202 of which he is a beneficiary.

READ: Aeris Resources marks June quarter as best in FY2018

The company produced 7,592 tonnes of copper in the June quarter from its Tritton project in New South Wales, an 11% increase on the previous quarter and the best quarter for FY2018.

Costs for the June quarter were $2.10 per pound for C1 cash costs and $2.79 per pound for all-in sustaining costs (AISC).

Aeris finished the 2018 financial year with total copper production of 26,686 tonnes after delivering a number of major capital investment projects at the project in the west of the state.

READ: Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project

The company is also exploring for a large-scale iron oxide copper gold (IOCG) deposit within the Torrens joint venture copper-gold project in South Australia.

Recent airborne gravity surveys have resulted in 28 anomalies being identified.

The Torrens project is a joint venture between Aeris and Argonaut Resources NL (ASX:ARE), which holds 30%.

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Mon, 03 Sep 2018 16:21:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204024/aeris-resources-director-supports-companys-copper-strategy-with-on-market-purchases-204024.html
<![CDATA[News - Aeris Resources marks June quarter as best in FY2018 ]]> https://www.proactiveinvestors.com.au/companies/news/201000/aeris-resources-marks-june-quarter-as-best-in-fy2018-201000.html Aeris Resources Ltd (ASX:AIS) achieved copper production for the June quarter of 7,592 tonnes, an 11% increase on the previous quarter and the best quarter for FY2018.

Costs for the June quarter were $2.10 per pound for C1 cash costs and $2.79 per pound for all-in sustaining costs (AISC).

Aeris finished FY2018 with total copper production of 26,686 tonnes from its Tritton Copper Operations in New South Wales.

Multiple major milestones achieved in FY2018

A number of major capital investment projects were successfully delivered in FY2018, all of which represent a strategic investment in the future of Aeris’ Tritton Copper Operations.

The Tritton underground mine ventilation shaft was commissioned in September 2017 ensuring that production at Tritton can be maintained at more than one million tonnes per year as mining moves deeper.

The Murrawombie underground mine commissioned in FY2017 ramped up to full production levels during the year.

Finally, substantial investment in exploration identified a further 65 kilometres of geological trend strike and multiple new anomalies for further exploration in FY2019.

Strong financial position heading into FY2019

Aeris increased its cash and receivables position by $5.1 million to $29.8 million at the end of the June quarter.

This places the company in a strong financial position heading into FY2019 where the company is expecting copper production of 24,500 tonnes at a C1 cash cost of $2.75-$2.90 per pound.

READ: Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project

Aeris is also exploring for a large-scale iron oxide copper gold (IOCG) deposit within its Torrens Copper-Gold Project in South Australia.

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Wed, 18 Jul 2018 12:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201000/aeris-resources-marks-june-quarter-as-best-in-fy2018-201000.html
<![CDATA[News - Aeris Resources identifies 28 anomalies at Torrens Copper-Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/200900/aeris-resources-identifies-28-anomalies-at-torrens-copper-gold-project-200900.html Aeris Resources Ltd (ASX:AIS) has identified 28 anomalies from airborne gravity surveys at its Torrens project in South Australia.

The discovery supports previous assertions that the project area is highly prospective for iron oxide copper gold (IOCG) mineralisation.

The Torrens project is a joint venture between Aeris and Argonaut Resources NL (ASX:ARE), which holds 30%.

Potential for a large IOCG system

Aeris is progressing technical work to further identify and define areas with the potential to host an IOCG deposit.

This involves identifying geophysical signatures consistent with an IOCG system as well as structural features with the potential to host such a system.

The JV technical committee recently completed a detailed inspection of historical drill-holes from Torrens.

Observations confirm previous interpretations of the project being highly prospective for IOCG-style mineralisation.

READ: Aeris Resources puts pedal to the metal with robust financial position providing growth

Once completed, the structural model will be used in conjunction with the geophysical modelling to identify and rank drill targets.

The most prospective targets will be the focus of the first round of drilling, which is due to start later this year.

READ: Aeris Resources has potential to strengthen its copper portfolio following go-ahead for Lake Torrens

Torrens is a coincident magnetic and gravity anomaly with a footprint considerably larger than that of Olympic Dam.

Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s and by the Torrens JV in 2007/08 confirmed the existence of a major IOCG mineralising system beneath several hundred metres of sedimentary cover.

Further drilling is required to intercept the deposit, and the company believes that in the event of a discovery, the Torrens anomaly has the scale to host a world-class copper-gold deposit.

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Mon, 16 Jul 2018 23:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200900/aeris-resources-identifies-28-anomalies-at-torrens-copper-gold-project-200900.html
<![CDATA[News - Aeris Resources’ drilling expands potential for copper production at Tritton ]]> https://www.proactiveinvestors.com.au/companies/news/198656/aeris-resources-drilling-expands-potential-for-copper-production-at-tritton-198656.html Aeris Resources Ltd (ASX:AIS) has received highly encouraging results from three drill holes at the Kurrajong Prospect, part of its Tritton tenement package in New South Wales.

The high-grade mineralisation intersected at the prospect includes:

• 19.4 metres at 2.18% copper, 0.30 g/t gold, 7 g/t silver;
• 4.6 metres at 5.09% copper, 0.79 g/t gold, 17 g/t silver; and
• 5.65 metres at 2.52% copper, 0.20 g/t gold, 6 g/t silver.

READ: Aeris Resources hits 20 metre semi-massive copper sulphide zone

Aeris executive chairman Andre Labuschagne said: “Kurrajong is shaping up as a very exciting project for us.

“Not only have the assay results come back with excellent copper and gold grades but the downhole electromagnetic survey in both these holes showed significant off-hole conductors, inferring extension of strike, in addition to the 500 metres of mineralisation down dip identified so far.

“The really exciting aspect for us is that Kurrajong remains open in all directions.”

READ: Aeris Resources increases copper production in March quarter

The company is targeting production of 27,000 tonnes of copper in FY2018, with 19,094 tonnes produced through the first three quarters.

In FY2017, the Tritton Copper Operations produced 23,404 tonnes of copper, mainly from the Tritton underground mine.

It has about 5 years of mine life given the 1.6 million tonnes per annum processing rate and 10.5 million tonnes of ore reserves grading 1.5% copper.

Accelerated drilling program

Labuschagne added: “Now that Kurrajong is shaping up to be a significant discovery, we will accelerate the drilling program.

“This follow-up drilling forms part of our broader exploration strategy to evaluate a pipeline of both brownfields and greenfields targets to leverage our existing mining and processing infrastructure at the company’s Tritton Operations and deliver on our organic growth plans.

“What we are seeing now at Kurrajong continues to support our belief that the Tritton tenement package (>1,800 square kilometres) remains highly prospective for further discoveries.

“To date, more than 750,000 tonnes of copper has been discovered in the southern half of the tenement package along a geological trend of approximately 50 kilometres of strike.”

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Tue, 12 Jun 2018 13:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198656/aeris-resources-drilling-expands-potential-for-copper-production-at-tritton-198656.html
<![CDATA[News - Aeris Resources hits 20 metre semi-massive copper sulphide zone ]]> https://www.proactiveinvestors.com.au/companies/news/197053/aeris-resources-hits-20-metre-semi-massive-copper-sulphide-zone-197053.html Aeris Resources Ltd (ASX:AIS) has intersected a 20-metre thick massive and semi-massive sulphide at its Kurrajong prospect within the Tritton tenements in New South Wales.

The intersection contains visible chalcopyrite, a copper-bearing mineral, which will potentially be confirmed by pending assays.

The drill result extends the footprint of Kurrajong’s sulphide envelope to 300x700 metres, which remains open in all directions and will be subject to further drilling.

Developing a pipeline of copper resources

Aeris is producing copper from its 100% owned Tritton Copper Operations featuring multiple mines and a 1.8 million tonnes per annum copper processing plant.

The company is targeting production of 27,000 tonnes of copper in FY2018, with 19,094 tonnes produced through the first three quarters.

Kurrajong represents an opportunity to develop additional ore reserves to feed the processing plant within the Tritton tenements.

READ: Aeris Resources increases copper production in March quarter

Aeris Resources’ executive chairman Andre Labuschagne said: “Our current greenfields exploration strategy is targeting Tritton scale orebodies (i.e. 10+ million tonnes) and with Kurrajong remaining open in all directions, this a very exciting result for us.

This latest drill intersection demonstrates that mineralisation at Kurrajong continues at depth and extends the current known dip length.

“It also demonstrates the prospectivity of our tenement package around the Tritton Copper Operations.”

Downhole EM survey being completed

A downhole electromagnetic (DHEM) survey is being completed on the hole to assist in targeting further extensions to mineralisation along strike or below the hole.

Whilst the DHEM survey is in progress, a new hole is being drilled to test the up-dip extents of the high grade copper system.

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Wed, 16 May 2018 11:26:00 +1000 https://www.proactiveinvestors.com.au/companies/news/197053/aeris-resources-hits-20-metre-semi-massive-copper-sulphide-zone-197053.html
<![CDATA[News - Aeris Resources puts pedal to the metal with robust financial position providing growth ]]> https://www.proactiveinvestors.com.au/companies/news/196097/aeris-resources-puts-pedal-to-the-metal-with-robust-financial-position-providing-growth-196097.html Aeris Resources Ltd (ASX:AIS) is poised to finish fiscal 2018 on a high, recently confirming that it was on track to meet annual copper production guidance of 27,000 tonnes.

The established copper producer and developer of multiple mines, including the Tritton project in New South Wales, has been active on all fronts in 2017/2018.

From optimising existing mines and bringing greenfield projects on stream to progressing what could be one of Australia’s most prominent copper-gold projects, it’s exciting times at Aeris.

Debt and capital restructure

The company is also looking more financially robust than it has for some time, courtesy of a debt and capital restructure finalised in March.

This involved the finalisation of the restructuring of the senior debt, convertible preference shares and cancellation of the price participation agreement.

All of these initiatives are value-accretive, providing a key platform to achieving a sustainable, long-term financial structure.

Based on 2018 projections, Aeris will have reduced debt from US$136 million to US$49 million over the last five years, a notable achievement for a relatively small company.

Restructure could lead to rerating

The restructure could see the company finally valued in line with its production and earnings profile.

Aeris executive chairman Andre Labuschagne executive chairman said: “This is the best position the company has been in for the last five years.

“With debt reduced, potential shareholder dilution reversed and the capital structure simplified, the company is now positioned to attract renewed interest from quality investors.

“This should see the company trade on a normalised basis, reflective of its fundamental value and growth prospects.”

Production and revenues belie market capitalisation

When weighing up Aeris’ production and revenue metrics against its market capitalisation of about $40 million, the company appears to be substantially undervalued.

In the first half of fiscal 2018 Aeris generated about $105 million in revenues from the sale of 12,227 tonnes of copper in concentrate.

The gross profit was $11.2 million, but the bottom line reflected a loss due to onerous finance expenses, an issue which the restructure will serve to address.

Uptick in second half production

It is worth bearing in mind that management’s fiscal 2018 copper production guidance of 27,000 tonnes implies second-half production of about 14,800 tonnes.

This represents an increase of about 20% compared with the first half, indicating that the company is poised to deliver a strong top-line performance.

As analysts run the ruler across the company’s full-year financial performance and factor in the long-term benefits of the debt restructure, Aeris could be seen in a different light.

It should become glaringly obvious that a company with a market capitalisation of $40 million that is generating in excess of $200 million a year from the production of 27,000 tonnes of copper is undervalued.

Hedging program provides increased predictability

Along with the initiatives that have paved the way for stable production and measured growth at Tritton, management has negotiated a hedging program, locking some production in at the historically high copper price.

Management’s recent decision to enter into a copper hedging program has dispensed with uncertainty surrounding fluctuating commodity prices.

In March, Aeris’ subsidiary, Tritton Resources Pty Ltd, entered into a swap contract of 12,000 copper tonnes at an average price of A$8,670 per tonne with scheduled deliveries of 1,000 copper tonnes per month out to February 2019.

The swap contract also provides Tritton with the opportunity to participate in the upside of the same schedule above an average price of A$10,170 per tonne.

While the average price is about $300 shy of the current spot price, step back 12 months to the day and the spot price was $7,640 based on the prevailing USD:AUD exchange rate of 75.2 cents.

Aeris can now focus on Lake Torrens

Operational improvements, the introduction of new producing mines to feed Tritton, refinancing and the implementation of a hedging program have provided certainty.

These combined developments provide the financial footing and cash flow predictability that the company needs as it prepares to potentially enter a new phase of growth.

This would involve development of the Lake Torrens project, a potential company maker.

Another Olympic Dam?

Aeris had to fend off appeals by three groups who were attempting to derail the highly prospective Lake Torrens project in South Australia.

It and joint-venture partner Argonaut Resources NL (ASX:ARE) (30%) could be on to a similar iron oxide copper-gold (IOCG) system just south of the renowned Olympic Dam.

READ: Aeris Resources has potential to strengthen its copper portfolio following go-ahead for Lake Torrens

Progressing such a project will be capital intensive, but there would be few smaller companies with Aeris’ balance sheet strength and predictable cash flow.

While bringing such a project into production would be a mammoth task, with cash and receivables of about $25 million Aeris can mount an aggressive exploration campaign.

Share price catalysts

Positive news on the exploration front would likely see others come to the party to reduce Aeris’ upfront capital costs.

This could be in the form of offtake agreements, farm-ins, joint ventures or even takeovers by major players if the project does shape up as a large, long life IOCG project.

Consequently, investors should follow the upcoming exploration program closely.

Will Aeris get on the front foot at Lake Torrens?

There could also be corporate activity instigated by Aeris, as management recently indicated that it would consider acquisitions.

Does this place the $30 million Argonaut Resources in the frame, or perhaps simply the acquisition of its 30% stake?

More likely the latter, as Argonaut’s interests in an early stage Zambian copper-cobalt project, nor its Higginsville gold and nickel prospects appear to be a strategic fit.

However, for ownership of projects often translates into investors attributing fair value, suggesting an offer to take full ownership of Lake Torrens isn’t out of the question.

Such a transaction would also make for a cleaner takeover should suitors see value in owning the project.

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Tue, 01 May 2018 10:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196097/aeris-resources-puts-pedal-to-the-metal-with-robust-financial-position-providing-growth-196097.html
<![CDATA[News - Aeris Resources increases copper production in March quarter ]]> https://www.proactiveinvestors.com.au/companies/news/195809/aeris-resources-increases-copper-production-in-march-quarter-195809.html Aeris Resources Ltd (ASX:AIS) increased quarterly copper production by 6.2% to 6,867 tonnes of copper from its 100% owned Tritton Copper Operations in central-west New South Wales.

The ore mined was at a grade of 1.87% copper, notably higher than the previous two quarter of 1.55% and 1.70% copper.

Costs remained in line with previous quarter at $2.88 per pound C1 cash costs and $3.57 per pound all-in sustaining costs (AISC).

READ: Aeris Resources is a copper producer with multiple growth opportunities

Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant.

The company is targeting production of 27,000 tonnes of copper in FY2018, with 19,094 tonnes produced through the first three quarters.

In FY2017, the Tritton Copper Operations produced 23,404 tonnes of copper, mainly from the Tritton underground mine.

It has about 5 years of mine life given the 1.6 million tonnes per annum processing rate and 10.5 million tonnes of Ore Reserves grading 1.5% copper.

Exploration drilling planned at Tritton tenement package

After multiple electromagnetic (EM) surveys were completed over the greater Tritton tenement package, a number of priority targets have been earmarked for drilling.

EM anomalies at the Marlin and Galaxy targets are expected to be drilled during April 2018.

Additionally, one hole is planned to test the continuity of copper mineralisation at the Kurrajong prospect.

READ:  Aeris Resources has potential to strengthen its copper portfolio following go-ahead for Lake Torrens

At the 70% owned Torrens Project in South Australia, final drilling approval was received.

The authorisation allows for up to 70 deep diamond drill holes over an area of 120 square kilometre over the Torrens geophysical anomalies.

The Torrens coincident magnetic and gravity anomaly has a footprint considerably larger than that of Olympic Dam.

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Thu, 26 Apr 2018 14:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195809/aeris-resources-increases-copper-production-in-march-quarter-195809.html
<![CDATA[News - Aeris Resources has potential to strengthen its copper portfolio following go-ahead for Lake Torrens ]]> https://www.proactiveinvestors.com.au/companies/news/193349/aeris-resources-has-potential-to-strengthen-its-copper-portfolio-following-go-ahead-for-lake-torrens-193349.html Aeris Resources Ltd (ASX:AIS) is a beneficiary of a federal court ruling which dismissed appeals by three groups relating to the proposed Lake Torrens project in South Australia.

This ruling will allow the joint-venture partners including Argonaut Resources (ASX:ARE) to conduct further drilling at the Torrens anomaly.

This is required to intercept the modelled copper-gold mineralisation, which in the event of a discovery may host a world-class deposit.

Is Torrens bigger than Olympic Dam?

The Torrens joint-venture is 70% owned by Aeris Resources, while Argonaut Resources (ASX:ARE), which is managing the project, holds the remaining 30%.

READ: Argonaut Resources confirms favourable court decision for Lake Torrens title rights

The Torrens coincident magnetic and gravity anomaly has a footprint considerably larger than that of Olympic Dam.

Aeris already has a substantial copper producing project within its portfolio.

The company is a growing copper producer through its Tritton copper operations in central-west New South Wales.

READ: Aeris Resources is a copper producer with multiple growth opportunities

In the event of a discovery at Torrens, the anomaly has the scale to host a world-class copper-gold deposit, providing substantial momentum for Aeris.

Drilling by Western Mining Corporation

Drilling of the Torrens anomaly by Western Mining Corporation in the late 1970s and by the Torrens Joint Venture in 2007 and 2008 delivered some encouraging data.

It confirmed the existence of a major iron oxide copper-gold (IOCG) mineralising system beneath several hundred metres of sedimentary cover.

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Mon, 19 Mar 2018 15:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193349/aeris-resources-has-potential-to-strengthen-its-copper-portfolio-following-go-ahead-for-lake-torrens-193349.html
<![CDATA[News - Aeris Resources satisfies conditions to complete transformational restructure ]]> https://www.proactiveinvestors.com.au/companies/news/193190/aeris-resources-satisfies-conditions-to-complete-transformational-restructure-193190.html Aeris Resources Ltd (ASX:AIS) has fulfilled the conditions precedent to the restructuring agreement outlined in late February 2018.

The debt and equity restructure will see Aeris significantly reduce its debt and simplify its capital structure.

Senior debt has now been reduced by 53% down to US$30 million from US$63.3 million.

READ: Aeris Resources reduces debt to ensure future of growth

Aeris has also issued a redemption notification to cancel 467 million of its 560 million convertible redeemable preference shares, reducing the number on issue to 93 million.

Once cancelled, shares on issue on a fully diluted basis will be reduced by 50% to 467 million.

READ: Aeris Resources is a copper producer with multiple growth opportunities

Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.

The 100% owned operation is targeting production of 27,000 tonnes of copper in FY2018.

The company also has a number of brownfields and greenfields exploration projects that present significant growth opportunities for the company and its shareholders.

Importantly, this capital and debt restructure means Aeris is now in a position to explore these growth opportunities.

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Thu, 15 Mar 2018 09:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193190/aeris-resources-satisfies-conditions-to-complete-transformational-restructure-193190.html
<![CDATA[News - Aeris Resources locks in potential profits with copper hedging contract, stock trading up ]]> https://www.proactiveinvestors.com.au/companies/news/192720/aeris-resources-locks-in-potential-profits-with-copper-hedging-contract-stock-trading-up-192720.html Aeris Resources Ltd (ASX:AIS) has locked in a copper price of A$8,670 per tonne for a total of 12,000 tonnes by way of a swap contract.

Given Aeris’s C1 cash costs for the recent December quarter were A$2.50 per pound (A$5,511 per tonne), the locked in price of A$8,670 supports a profitable operation.

The company will deliver the 12,000 tonnes on a 1,000 tonnes per month basis through to February 2019 (across 12 months).

Manages risk while keeping exposure to price upside

The swap contract protects Aeris from a retracement in the copper price but also allows it to benefit from upside in the copper price.

This is because the swap contract details that if the copper price goes above A$10,170 per tonne, Aeris will be leveraged to upside above this level.

Furthermore, Aeris was producing at a rate of over 2,000 tonnes of copper per month during the December quarter.

As the swap contract is for 1,000 tonnes per month, should the price rise, Aeris may have excess copper production to sell into the market at higher prices.

READ: Aeris Resources reduces debt to ensure future of growth

Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.

In FY2017, the Tritton Copper Operations produced 23,404 tonnes of copper and in FY2018 is targeting production of 27,000 tonnes of copper.

Aeris also has a portfolio of prospective exploration projects creating a pipeline for future growth, including advanced projects at its Tritton Copper Operations.

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Wed, 07 Mar 2018 09:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192720/aeris-resources-locks-in-potential-profits-with-copper-hedging-contract-stock-trading-up-192720.html
<![CDATA[News - Aeris Resources reduces debt to ensure future of growth ]]> https://www.proactiveinvestors.com.au/companies/news/192562/aeris-resources-reduces-debt-to-ensure-future-of-growth-192562.html Aeris Resources Ltd (ASX:AIS) has completed a debt and equity restructuring that will see it significantly reduce its debt and simplify its capital structure.

Significantly, the restructuring transaction will see Senior debt reduced by 53% down to US$30 million from US$63.3 million.

Furthermore, the share capital has been reduced by 50% and a previous agreement has been cancelled that ensures Aeris gains full exposure to copper price increases over A$8,000 per tonne.

The restructure is a significant and value‐accretive event for shareholders

Andre Labuschagne, executive chairman, said: “This is the best position the company has been in for the last five years.

“With debt reduced, potential shareholder dilution reversed, and the capital structure simplified, the company is now positioned to attract renewed interest from quality investors and trade on a normalised basis, reflective of the fundamental value and growth prospects of the company.”

Aeris is a mid-tier copper producer with growth prospects

Aeris is an established copper producer and developer with multiple mines and a 1.8 million tonnes per annum copper processing plant at its Tritton Copper Operations in New South Wales.

In FY2017, the Tritton Copper Operations produced 23,404 tonnes of copper and in FY2018 is targeting production of 27,000 tonnes of copper.

 Aeris also has a portfolio of prospective exploration projects creating a pipeline for future growth, including advanced projects at its Tritton Copper Operations.

Restructure transaction: Senior debt reduced by 53%

The senior debt has been reduced from US$63.3 million (including accrued interest) to US$30 million (including a US$5 million arranger fee).

The new senior debt facility has a term of 2 years and an interest rate of 12.5% per annum.

Restructure transaction: Share capital reduced by 50%

Associated with the restructure is an agreement by SCB to cancel 467 million of its 560 million convertible redeemable preference shares, reducing the number on issue to 93 million.

Following the cancellation of these preference shares, the total number of shares on issue, on a fully diluted basis, reduces by 50% from 934 million to 467 million shares.

Restructure transaction: Full exposure to higher copper prices

Furthermore, the copper price agreement which was part of the 2015 debt restructure, will be cancelled for $1, which now provides Aeris with 100% exposure to increases in the copper price above A$8,000 per tonne.

As part of the restructure Aeris proposes to enter into a copper hedging program for 1,000 tonnes of copper per month over 12 months.

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Mon, 05 Mar 2018 10:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192562/aeris-resources-reduces-debt-to-ensure-future-of-growth-192562.html
<![CDATA[News - Aeris Resources Ltd to develop new long life copper mine in NSW ]]> https://www.proactiveinvestors.com.au/companies/news/131511/aeris-resources-ltd-to-develop-new-long-life-copper-mine-in-nsw-67621.html Australia's fifth largest copper producer, Aeris Resources Ltd (ASX:AIS) will up the pace of development at its Tritton operations near Nyngan in New South Wales, with a decision to develop the Murrawombie Underground copper mine.

First ore is expected be delivered to the Tritton processing plant in Q4, FY16.

Aeris, formerly Straits Resources operates multiple copper mines and a copper processing plant at Tritton, which together generated a hefty $92.8 million (+4%) in top line revenue for the half year to December 2015.

In FY2015, production from Aeris’ Tritton operations achieved record of 30,245 tonnes of copper metal.

The impetus to mine underground at Murrawombie is a positive feasibility study that projected a low capital expenditure, seven year mine life at up to 650,000 tonnes per annum based on an Ore Reserve of 3.3 million tonnes at 1.3% copper.

The Murrawombie deposit is located in the southern area of the Girilambone Complex close to the current operating Larsens and North East mines with most infrastructure already in place.

With site works commencing and the portal and 600 metres of the decline already established, Murrawombie will deliver first ore as early as the end of June.

Handily, production from Murrawombie will neatly replace current production from the Larsens and North East mines, which will finish in in July 2016.

The higher volume and longer life deposit will increase the supply of ore to the copper processing plant.

The $14.9 million in CAPEX for Murrawombie can be funded out of operating cashflows and a US$25 million working capital facility.

The deposit is the largest known concentration of copper metal on Aeris’ tenements outside the Tritton deposit and was previously mined in the 1990s as an open pit until it as put into care and maintenance during the GFC in 2008.
 
Murrawombie will increase the throughput of the processing plant to a rate of about 1.8 million tonnes per annum in FY17 and beyond, delivering production efficiencies at Tritton combined with existing ore being mined at Tritton.

At Tritton, all copper concentrate produced is sold to Glencore, following a life of mine offtake agreement struck in September 2012.

C1 unit cash costs for the quarter of A$2.41/lb. There also looks to be highly prospective advanced regional exploration targets at Tritton creating a pipeline for growth to leverage the Aeris' established infrastructure at Tritton.

Of interest, Aeris is believed to be actively reviewing M&A opportunities as well.

Aeris had useable cash and receivables of $13.5 million, an increase of $2.9 million on the previous quarter.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 21 Mar 2016 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131511/aeris-resources-ltd-to-develop-new-long-life-copper-mine-in-nsw-67621.html
<![CDATA[News - Straights Resources to update on debt restructure ]]> https://www.proactiveinvestors.com.au/companies/news/131510/straights-resources-to-update-on-debt-restructure-63725.html Straits Resources (ASX:SRQ) has been granted a trading halt by the ASX this morning pending an update on its existing senior debt and refinancing.

Straits flagship asset is the Tritton copper operations in New South Wales.

In FY2015 the company achieved record annual copper production of 30,245 tonnes.

The halt will remain in place until the opening of trade on Monday 3rd August 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 30 Jul 2015 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131510/straights-resources-to-update-on-debt-restructure-63725.html
<![CDATA[News - Straits Resources and Standard Chartered Bank extend refinancing timeline ]]> https://www.proactiveinvestors.com.au/companies/news/131509/straits-resources-and-standard-chartered-bank-extend-refinancing-timeline-56887.html Straits Resources (ASX:SRQ) and Standard Chartered Bank will look to push out a longer term debt restructure and re-financing plan.

In June, Straits reported that formal documentation had been executed for a restructuring of pre-existing debt facilities (Copper Swap Facility and Working Capital Facility) held by a Straits’ wholly owned subsidiary Tritton Resources Pty Ltd with Standard Chartered Bank.

The debt restructuring has closed out the Copper Swap Facility for US$99.9 million, to be funded by a Bridge Loan provided by Standard Chartered, and capped a working capital facility at US$14.6 million.

The new completion date for the completion of the Refinancing Plan is 13th September 2014.

During the June quarter at Tritton Operations, saw record annual copper production of 26,422 tonnes, exceeding upgraded guidance of 26,000 tonnes. While for June saw copper production of 6,559 tonnes.

Straits provided guidance for FY2015 of 27,000 tonnes of copper production.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

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Wed, 13 Aug 2014 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131509/straits-resources-and-standard-chartered-bank-extend-refinancing-timeline-56887.html
<![CDATA[News - Straits Resources doubles Ore Reserve at NSW copper project ]]> https://www.proactiveinvestors.com.au/companies/news/131508/straits-resources-doubles-ore-reserve-at-nsw-copper-project-55817.html Straits Resources (ASX:SRQ) has almost doubled Ore Reserves at the Murrawombie deposit of its Tritton Copper Operations in New South Wales to 51,500 tonnes of copper from 23,300 tonnes.

The company has now added 51,400 tonnes of copper to the Ore Reserves at the project since the start of July 2013, meeting the obligation it has with Standard Chartered Bank as part of the debt restructure announced in September 2013.

Murrawombie is a sulphide copper gold deposit that has a long history of mining commencing with small scale underground extraction of oxide copper ores from 1891 to 1910.

In recent times open pit mining extracted the oxide and transitional sulphide (chalcocite) ore from 1992 to 1998. Copper ore from the open pit was processed by heap leaching with acid and a SXEW plant producing copper cathode.

The pit was mined to a depth of about 130 metres where the ore changed to majority sulphide mineralogy that is not suitable for heap leach processing.

Development of an underground mine to extract the sulphide deposit that extends below the pit was started and then aborted in 2008.

A portal, decline and parts of two levels were developed before the project was suspended.

The Ore Reserve assumes that the ore will be mined by a combination of open pit and underground methods.

Murrawombie ore will be trucked 25 kilometres by sealed road to the Tritton ore processing plant.

Ore is treated by flotation to recover copper, gold and silver to a copper concentrate product at the existing Tritton sulphide ore processing plant.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 24 Jun 2014 14:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131508/straits-resources-doubles-ore-reserve-at-nsw-copper-project-55817.html
<![CDATA[News - Straits Resources nets $2.1m cash boost, focus on copper in New South Wales ]]> https://www.proactiveinvestors.com.au/companies/news/131507/straits-resources-nets-21m-cash-boost-focus-on-copper-in-new-south-wales-52022.html Straits Resources (ASX: SRQ) has now received $2.1m from Magontec Ltd (ASX: MGL) as early repayment of a loan, as per the agreement with Magontec announced on 25 November 2013.

In accordance with the agreement Straits has also converted Convertible Notes held in Magontec, resulting in a shareholding in Magontec of 15.5%.

Straits Executive Chairman, Andre Labuschagne, will also join the Magontec Board as a non-executive director.

Earlier this month, Straits received an additional $2.6 million after divesting certain subordinated debt and notes owing by Swiss company GFE-MIR Holdings for $US2.6 million.

The $4.7 million received by Straits this month enables a sharper focus on its core copper assets, particularly the Tritton Copper mine in New South Wales.

Straits is capitalised at around $11 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 20 Jan 2014 13:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131507/straits-resources-nets-21m-cash-boost-focus-on-copper-in-new-south-wales-52022.html
<![CDATA[News - Straits Resources nets $2.6 million from subordinated debt sale ]]> https://www.proactiveinvestors.com.au/companies/news/131506/straits-resources-nets-26-million-from-subordinated-debt-sale-51860.html Straits Resources (ASX:SRQ) has sold its interest in certain subordinated debt and notes owing by Swiss company GFE-MIR Holdings for $US2.6 million.

The Subordinated Debt was provided by Straits in December 2010 in the amount of $US12 million, however Straits had written down its value to nil, assuming unlikely recovery of the amounts owing.

The transaction continues Straits' strategy of simplifying its company structure and monetising non-core assets, and enables a focus on core copper assets, particularly the Tritton Copper mine in New South Wales.

Straits is capitalised at around $11 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 14 Jan 2014 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131506/straits-resources-nets-26-million-from-subordinated-debt-sale-51860.html
<![CDATA[News - Straits Resources restructures financing for Mt Muro gold-silver mine, Indonesia ]]> https://www.proactiveinvestors.com.au/companies/news/131505/straits-resources-restructures-financing-for-mt-muro-gold-silver-mine-indonesia--49828.html Straits Resources (ASX:SRQ) has finalised restructure of the Mt Muro silver prepayment facility between Strait’s wholly owned subsidiary, PTIMK, and Credit Suisse International.

Importantly, completion of the restructure results in close out of the existing prepayment facility and removes Straits as a guarantor.

This is a significant step forward in the de-risking of Straits, and enables a focus on core copper assets, particularly the Tritton Copper mine in New South Wales.

In accordance with the terms of the restructure, Straits will issue 3,750,000 Class A convertible notes and 3,250,000 Class B convertible notes, each with a face value of US$1, on terms approved by shareholders at the recent extraordinary general meeting.

Operations at Mt Muro were placed on care and maintenance in August to minimise expenditure whilst a buyer is sought for the project, and the Serujan pit was allowed to flood in order to prevent illegal miner access to the ore body.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 05 Nov 2013 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131505/straits-resources-restructures-financing-for-mt-muro-gold-silver-mine-indonesia--49828.html
<![CDATA[News - Straits Resources in pre-open ]]> https://www.proactiveinvestors.com.au/companies/news/131504/straits-resources-in-pre-open-46174.html Straits Resources (ASX: SRQ) is poised to make an announcement surrounding a debt restructure, with the ASX granting the company a trading halt today - with its shares placed in pre-open.

The company has recently been working to bring the Mt Muro gold project in Central Kalimantan, Indonesia, to a cashflow positive position.

Last month Straits finalised the restructuring of its Mt Muro silver prepayment facility.

The new terms agreed include a significant reduction (in the order of 280,000oz) silver in the monthly silver repayments out to the end of September 2013, while pre-stripping is carried out in the Serujan Pit to expose the higher grade ore in the deeper sections of the pit.

A further reduction of 60,000oz silver in the monthly silver prepayment facility from October to December will allow the company to better manage cashflow as it introduces the higher grade ore into the process in the December quarter 13.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 2nd August 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 31 Jul 2013 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131504/straits-resources-in-pre-open-46174.html
<![CDATA[News - Straits Resources divests further non-core assets ]]> https://www.proactiveinvestors.com.au/companies/news/131503/straits-resources-divests-further-non-core-assets--42321.html Straits Resources (ASX: SRQ) is selling an additional two non-core assets in its bid to simplify the company and focus on its two core copper and gold assets.

Following an ongoing strategic review, the company has sold its pressure oxidation plant located at the Hillgrove antimony mine previously owned by Straits for A$3.2 million.

The plant was previously excluded from the sale of the Hillgrove assets to Bracken Resources, but following the sale Bracken approached Straits to purchase the plant.

Straits has also accepted a $2.2 million offer from OZ Minerals (ASX: OZL) for its Stuart Shelf exploration project in South Australia.

The project comprises seven exploration licenses located within close proximity of OZ Minerals’ wholly owned Carrapateena licences.

The sale is subject to due diligence and finalisation of a Sale and Purchase Agreement with a number of conditions precedent. Due diligence is slated for completion by the end of April.

Straits remains focused on its Tritton Copper Mine in New South Wales and the Mt Muro Gold Mine in Indonesia.

The company recently recommenced mining activities in the eastern end of the Serujan Pit, part of its Mt Muro gold operation in Indonesia, following a successful conclusion to discussions regarding the boundary line.

Straits is working to ramp up the Mt Muro gold mine to full production to achieve production of 100,000 gold equivalent ounces in the current financial year.

The company’s largest remaining non-core asset is the Temora copper-gold project which is targeting copper porphyry deposits in the proven and highly prospective Lachlan Fold belt of New South Wales.

Straits is currently assessing the various options for maximising the inherent value in this project which the company believes is not being recognised by the market.

The company remains very well-funded with around $54.7 million in total cash and investments at the end of the December quarter 2012.

Straits also received a final $1 million option fee in February and the $27 million purchase price last month for the sale of the Hillgrove antimony mine to Bracken.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 22 Apr 2013 12:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131503/straits-resources-divests-further-non-core-assets--42321.html
<![CDATA[News - Straits Resources resumes gold mining from eastern end of Indonesian pit ]]> https://www.proactiveinvestors.com.au/companies/news/131502/straits-resources-resumes-gold-mining-from-eastern-end-of-indonesian-pit-40456.html Straits Resources (ASX: SRQ) has recommenced mining activities in the eastern end of the Serujan Pit, part of its Mt Muro gold operation in Indonesia, following a successful conclusion to discussions regarding the boundary line.

Operations were temporarily suspended at the mine in early January in response to a directive from the Provincial Governor of Central Kalimantan.

Mining recommenced in the western end of the Serujan Pit after a week, however mining in the eastern end remained suspended while discussions continued with all stakeholders for a solution.

The remaining issue related to the placement of a boundary line between an area of local cultural significance and the eastern end of the Serujan Pit.

During the suspended period the Mt Muro mill continued to operate, treating stockpiled ore.

The matter was resolved and a spiritual ceremony was held re-affirming local community leaders’ support of the originally negotiated “100 metre” boundary line.

Straits is working to ramp up the Mt Muro gold mine to full production in March 2013 to achieve production of 100,000 gold equivalent ounces in the current financial year.


Proposed demerger

In late January Straits approved the demerger of its gold assets into an independent ASX-listed entity.

This followed a strategic review of the company’s assets with Straits favouring the demerger as an effective means to unlock value in both its copper and gold producing assets.

Shares in a newly created gold entity would be returned to shareholders as an in specie capital return.

Also as part of the demerger, Straits is reducing the size of its corporate office in line with the resized organisation which is expected to deliver real annualised savings of more than A$6 million.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 06 Mar 2013 15:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131502/straits-resources-resumes-gold-mining-from-eastern-end-of-indonesian-pit-40456.html
<![CDATA[News - Straits Resources sells Hillgrove Antimony/Gold Mine ]]> https://www.proactiveinvestors.com.au/companies/news/131501/straits-resources-sells-hillgrove-antimonygold-mine--39095.html Straits Resources (ASX: SRQ) plans to sell its Hillgrove Antimony-Gold Mine in New South Wales to Bracken Resources, netting the company A$27 million in addition to the $3 million in option payments already received.

The two companies have entered into a binding sale and purchase agreement for the sale of Hillgrove Mines Pty Ltd, the owner of the Hillgrove Mine, after Bracken chose to exercise an option it held over the mine.

Bracken has paid a further option exercise payment of $1 million, bringing total option payments to $3 million.

Under the sale terms, Bracken will also replace $3.9 million in environmental bonds currently provided by Straits in respect of the Hillgrove Mine.

Completion of the sale is conditional only on Bracken obtaining the required FIRB approval.


Demerger plans

The sale of the Hillgrove Mine will allow Straits to continue with plans to separate its gold and copper businesses via a demerger of the gold business.

Late last year the company revealed it was undertaking a review of options to refocus its asset portfolio.

Straits plans to split its copper and gold assets and has begun establishing separate entities.

The company believes the value of its copper and gold businesses is not properly recognised in the market and that there is considerable benefit in examining a separation of the copper and gold businesses.

A demerger would potentially enable greater management focus, flexibility and an investment re-rating.

Straits has also previously received expressions of interest from parties considering acquiring its Mt Muro gold mine in Indonesia, where the company is working to ramp up the Mt Muro gold mine to full production in March 2013 to achieve production of 100,000 gold equivalent ounces in the current financial year.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 04 Feb 2013 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131501/straits-resources-sells-hillgrove-antimonygold-mine--39095.html
<![CDATA[News - Straits Resources resumes gold mining at Mt Muro ]]> https://www.proactiveinvestors.com.au/companies/news/131500/straits-resources-resumes-gold-mining-at-mt-muro--38291.html Straits Resources (ASX: SRQ) has recommenced mining activities at its Mt Muro gold mine in Indonesia.

Operations were temporarily suspended at the mine last week in response to a directive from the Provincial Governor of Central Kalimantan.

Mining has recommenced in the western end of the Serujan Pit, however mining in the eastern end is still suspended while discussions continue with all stakeholders for a solution.

The remaining issue relates to the placement of a boundary line between an area of local cultural significance and the eastern end of the Serujan Pit.

During the suspended period the Mt Muro mill continued to operate, treating stockpiled ore.

Straits is working to ramp up the Mt Muro gold mine to full production in March 2013 to achieve production of 100,000 gold equivalent ounces in the current financial year.


Potential demerger 

Late last year Straits revealed it was undertaking a review of options to refocus its asset portfolio.

The company plans to split its copper and gold assets and has begun establishing separate entities.

Straits believes the value of its copper and gold businesses are not properly recognised in the market and that there is considerable benefit in examining a separation of the copper and gold businesses.

A demerger would potentially enable greater management focus, flexibility and an investment re-rating.

Straits has also previously received expressions of interest from parties considering acquiring the Mt Muro mine.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Jan 2013 15:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131500/straits-resources-resumes-gold-mining-at-mt-muro--38291.html
<![CDATA[News - Straits Resources tweaks full year production guidance for Mt Muro and Tritton projects ]]> https://www.proactiveinvestors.com.au/companies/news/131499/straits-resources-tweaks-full-year-production-guidance-for-mt-muro-and-tritton-projects-37624.html Straits Resources (ASX:SRQ) is on track to reach full year production guidance of up to 100,000 ounces of gold equivalent for its Mt Muro gold project in Indonesia despite minor operational issues.

It is also targeting production of 25,000 tonnes of copper in the current financial year from the Tritton mine is in New South Wales.

The Mt Muro project produced 25,000 AuEq ounce for the period of July 2012 to November 2012. It has revised its guidance for the current quarter to 12,000-13,000 AuEq ounces from 15,000 to 17,000 AuEq ounces.

The drop comes after recent rain events and the waste movements are expected to recover during the second half.

Its full year guidance has been revised to between 95,000-100,000 AuEq ounces from 100,000 AuEq ounces,

The company is tracking a key objective of on-time and on-budget ramp up of the Mt Muro gold mine to full production in March 2013 in order to achieve production of 100,000 ounces AuEq in the current fiscal year.

It also is aiming to achieve 25,000 tonnes of copper production from Tritton in the current fiscal after initiating significant cost reduction and on site management changes.

Its current quarter copper production guidance at Tritton has also been revised lower to between 5000-5,500 copper tonnes from 6000-6500 copper tonnes due to delays in the past filling and stoping sequence.

However, these have been worked through and Tritton is on target for the full year at about 25,000 copper tonnes.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 21 Dec 2012 11:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/131499/straits-resources-tweaks-full-year-production-guidance-for-mt-muro-and-tritton-projects-37624.html
<![CDATA[News - Straits Resources launches A$60m fully underwritten entitlement offer ]]> https://www.proactiveinvestors.com.au/companies/news/131498/straits-resources-launches-a60m-fully-underwritten-entitlement-offer--33205.html Straits Resources (ASX: SRQ) has implemented a number of financing and operational initiatives including undertaking a A$60 million fully underwritten pro rata renounceable entitlement offer.

The funds raised from the offer are expected to allow Straits to increase the capital development of the Mt Muro mine to achieve its target of 90,000-110,000 ounces of gold equivalent production in the 2013 financial year.

The 1.55 for 1 entitlement offer at $0.085 per share is being sub-underwritten by Glencore for up to $40 million, and a number of existing shareholders for the balance.

The offer price represents a 23.5% discount to the 10 day volume weighted average price.

Glencore has also agreed to provide a $20 million short term finance facility, which is available for immediate drawdown.

The facility is repayable within 60 days from the proceeds of the entitlement offer.

Straits has also entered into a life of mine off-take agreement with Glencore for 100% of production from the Tritton Copper Mine.

The off-take agreement will take effect from the expiry of the existing off-take contracts in late 2013, and provides for market based copper concentrate payment terms derived from applicable LME copper settlement prices.

To implement a stable platform and reduce its cost base, Straits has also renegotiated the repayment schedule for the Mt Muro silver loan with Credit Suisse, and is considering the demerger or sale of the Mt Muro mine.

These initiatives are expected to strengthen Straits’ balance sheet and provide a more appropriate working capital position.


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Fri, 07 Sep 2012 10:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/131498/straits-resources-launches-a60m-fully-underwritten-entitlement-offer--33205.html