Mid-tier base and precious metals producer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) has today released its half-year results for the six months ended 31 December 2022.

Commenting on the half-year financial result, Aeris' Executive Chairman Andre, said: 'The integration of Round Oak has been successfully completed with upside opportunities identified across the new assets. As a business, we now have a more diverse portfolio in attractive commodities, exciting exploration opportunities that are evolving and a strong balance sheet. Like all of our peers, we are seeing cost pressures from higher inflation however, as a counter, there is lots of good work being done across our business to reduce costs and improve productivity.' 'We remain of the view that the long-term supply/demand fundamentals for our commodity mix, particularly copper and zinc, are very attractive.' 'The EBITDA of $24.2 million was primarily influenced by a slower than planned rampup of production at the high-grade Budgerygar deposit (Tritton), and timing of processing ore from the Mt Colin mine. At the end of December there was approximately 80kt of Mt Colin ore stockpiled and still to be processed. We only recognise the revenue once the ore has been processed into copper concentrate.' 'We have a strong balance sheet and at 31 December had $67.2 million in cash, no debt and an undrawn $20 million working capital facility. During the first half we invested heavily into the business with $71.3 million spent on capital projects with approximately 50% spent on growth projects, including exploration.' The net loss of just under $49.8 million was a reflection of the lower EBITDA and higher depreciation and amortisation charges.

The higher depreciation and amortisation charges are primarily as a result of the Round Oak assets, particularly the Mt Colin mine, which whilst being highly cash generative, has a relatively short mine life (currently projected out to the June quarter of 2024).' 'Our teams have been working hard to update our production plans to deliver a significantly improved performance in the second half. At Tritton production volumes from the higher-grade Avoca Tank and Budgerygar deposits will increase over the coming six months and at Mt Colin we have mobilised an additional loader to increase production in the second half.' 'Exploration is the lifeblood of a mining company and over the last six months we have seen exciting drilling results at Tritton (Avoca Tank, Murrawombie and Kurrajong), Jaguar (Turbo) and Cracow (Golden Plateau). We have also released updated Mineral Resources for Constellation (Tritton) and Turbo (Jaguar) and a maiden Mineral Resource for Golden Plateau (Cracow).' 'We continue to progress the Stockman feasibility study and expect to have it completed by the end of the financial year.' 'We remain on track to deliver FY23 production and cost guidance.' 'I look forward to continuing to update our shareholders on our progress over the next 6 months.'

Development Projects

Development activities were focused on the access decline to Avoca Tank, a highgrade copper-gold deposit located 27km northwest of the Tritton processing plant. The ore body was intersected towards the end of December, with first stopes expected to come online in Q4 FY2023. The Feasibility Study of the Stockman Project (Victoria) continues with completion targeted by the end of the June quarter.

Contact:

Mr. Andre Labuschagne

Tel: +61 7 3034 6200

About Aeris

Aeris Resources is a mid-tier base and precious metals producer. Its copperdominant portfolio comprises four operating assets, a long-life development project and a highly prospective exploration portfolio, spanning Queensland, Western Australia, New South Wales and Victoria, with headquarters in Brisbane. Aeris has a strong pipeline of organic growth projects, an aggressive exploration program and continues to investigate strategic merger and acquisition opportunities. The Company's experienced board and management team bring significant corporate and technical expertise to a lean operating model. Aeris is committed to building strong partnerships with its key community, investment and workforce stakeholders.

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