Aeris Resources is expanding its flagship Tritton Copper operation in central New SouthWales (NSW), underpinned by the copper-gold-silver Constellation deposit.
In March 2025, Aeris reported a significant upgrade to the Constellation deposit’s mineral resource, estimating 7.6million tonnes at 2.01 per cent copper, 0.66 grams per tonne gold, and 2.5 grams per tonne silver. This equates to 153,000 tonnes of copper metal, 161,000ounces of gold, and 608,000 ounces of silver, representing a 24 per cent increase in contained copper and a 29 per cent rise in gold ounces compared to previous estimates.
The indicated mineral resource has increased to 5.3 million tonnes at 1.75 per cent copper, a 279 per cent increase in copper and 333 per cent in gold.
The open pit resource has increased by 46 per cent to 4.7million tonnes at 1.9 per cent copper and 0.6 grams per tonne gold, with 3.2 million tonnes of potential high-grade primary/supergene mill feed identified.
Updated metallurgical test work has returned an 83 percent gold concentrate recovery, outperforming the 50 per cent recoveries from historic Tritton ore bodies.
UPGRADED RESOURCE AND RESERVE
The miner recently released its updated Mineral Resource andOre Reserve Statement for its Tritton, Cracow Operations and the North Queensland, Jaguar and Stockman Projects.
The total mineral resource has been estimated at 48.9Mt, containing 784kt of copper, 1,361koz of gold, 1,045kt of zincand 36.6Moz of silver, while the ore reserve is now estimated at14.1Mt, containing 249kt of copper, 398koz of gold, 413kt of zinc and 11.8Moz of silver.
Aeris is focused on growing and sustaining high-quality reserves and resources across its core assets. In the 2026 financial year, the miner is increasing resource definition and exploration drilling at Tritton, Cracow, and Jaguar, targeting resource and reserve growth, mine life extensions, and long-term value creation.
Labuschagne said: “Our copper and gold focused mineral resource and ore reserve estimates highlight the quality, scale, and diversity of our asset base.“A forward focused work plan targets high-value opportunities to drive growth and extend asset life.“At Tritton, enhanced resource reporting methodology will improve future Resource-to-Reserve conversion, strengthening our growth pipeline and supporting long-term development confidence.”
PRODUCTION AND FINANCIAL PERFORMANCE
Tritton Operations achieved production of 6.2kt Cu in the June quarter, a 44 per cent increase on the previous quarter. Underground production was also higher with additional stoping areas online.
The mining improvement program is showing enhanced performance in key activities compared to the first half of the year: diamond drilling metres have increased by 76 percent, development metres are up by 28 per cent, and backfill placement has risen by 114 per cent.
Total ore mined increased with the introduction of Stage 1ore from the Murrawombie open pit, although the productionramp-up was slower than anticipated. Since the end of thequarter, Stage 1 mining has been completed, and the Stage 2cutback is progressing as planned. At the end of the quarter, 77 kt of mined ore was stockpiled, available for processing in the 2026 financial year.
The processing plant performed strongly for the quarter, setting new daily and weekly milling records towards the end ofJune when ore was available from the open pit.
An annualised rate of over 2 Mt pa was achieved in the final weeks of June, significantly exceeding the nameplate capacity of1.8 Mt pa.
FINANCIAL UPDATE
In May 2025, Aeris announced plans to adjust its agreement with key guarantors, replacing its $50 million guarantee facility with ANZ Bank with a new $60 million facility, backed by Washington H Soul Pattinson Ltd (WHSP).
The aim of this strategy is to secure long-term environmental bonding. The new terms extend an existing $50million term facility until the end of August next year, with no cash backing or repayments required for the first 12 months, enhancing Aeris’ balance sheet flexibility and reflectingWHSP’s long-term commitment.
Andre Labuschagne, Aeris’ executive chairman, highlighted the benefits of the new terms, contrasting with other providers’ hedging requirements.“ Key attractions of WHSP include the three-year term of the facility, competitive rates, and no mandatory hedging,” said Labuschagne.“ Other providers required mandatory hedging of around 50per cent of copper and gold production over the facility’s life.”
IMPROVED UNDERSTANDING OF GEOLOGY
Aeris Resources began operations at the Tritton underground mine in 2005. The operations feature an underground mining complex that feeds 1.8 million tonnes per annum through a conventional processing plant. Copper concentrate produced at the operation is railed to the Port of Newcastle for export.
More than 750,000 tonnes of copper have been discovered on the Tritton tenement package since modern exploration commenced at the site in the 1980s. The Tritton operation is located approximately 610kilometres northwest of Sydney and 22 kilometres southwest of Girilambone in central NSW.
Since exploration began in the early 1980s, the Tritton base metal tenure has produced over 750,000 tonnes of copper, with Aeris commencing underground operations in 2005.
The Tritton tenement package is prospective for base metal deposits, covering about 2,330 square kilometres of the Girilambone Basin.
The Constellation deposit, 45 kilometres northeast of the Tritton plant, shares geological characteristics with the Tritton and Murrawombie deposits. These mineralised systems are defined by structural and lithological elements, forming pipe-like bodies with massive and banded sulphides like pyrite and chalcopyrite in the primary zones.
Aeris has improved its understanding of the ore body’s geology through closely spaced infill drilling and detailed sectional interpretations. The March 2025 MRE incorporated updated economic parameters, using net smelter return (NSR) cut-offs that vary by mining method and processing route.
THE MINE’S EXPLORATION POTENTIAL
Recent exploration activities have led to the discovery of the Constellation deposit. Aeris has also developed new ore sources, including the Budgerygar and Avoca Tank mines, to extend the mine life at Tritton and improve ore grades.
In 2022, Aeris Resources identified 14 high-priority copper targets at the Tritton operations, using airborne electromagnetic (AEM) surveys to investigate the tenure. AEM surveys have proven effective for identifying potential sulphide deposits down to 300 metres below the surface.
Drill testing at the Kurrajong prospect has intersected high-grade copper, with a resource identified and the mineral resource classified as Inferred.Meanwhile, recent drilling at the Budgerygar and AvocaTank deposits has identified strong potential for mineralisation to continue below the current mineral resources.
FUTURE PROSPECTS
The Constellation mineralised system has been traced to 1,100metres down-plunge and remains open, extending 300 metres along strike. Downhole electromagnetic surveys have detected two large conductive bodies extending below the drilling base, indicating that mineralisation is still open along both northern and southern boundaries.
Future work at Constellation will focus on completing feasibility studies for both open pit and underground operations, along with the necessary surface infrastructure. These studies are expected to be finalised by the second quarter of FY26 and will inform the release of a maiden ore reserve estimate.
