Aeris Resources Ltd (ASX:AIS) largely met its production guidance for financial year 2023, with total production equalling 48,220 ounces of gold, 27,372 tonnes of copper and 22,479 tonnes of zinc.
At the New South Wales Tritton Operations, AIS achieved copper production guidance of 17,205 tonnes with good contributions from the newly commissioned Avoca Tank mine and from higher grade stopes at the Tritton mine.
Further development of the Budgerygar ventilation shaft is expected to be complete within the coming weeks, which will enable a ramp-up of production at the deposit across the 2024 financial year.
FY23 production and development
Aeris also met production guidance at Cracow, producing 48,220 ounces of gold. The company recently began working on a tailings dam lift, which will provide capacity for another three years.
In North Queensland, AIS and its partner Evolution Mining were on track to meet the upper end of revised FY23 copper production guidance (8,000 to 9,000 tonnes) however the processing run scheduled for June was delayed until July by Evolution Mining.
Copper production ended up being 7,110 tonnes for the 2023 financial year, with some 100,000 tonnes of copper stockpiled at the processing plant.
Jaguar also failed to completely meet guidance this year, as production at the Bentley deposit was halted due to three mining-induced seismic events in the lower levels of the mine.
This delayed access to higher grade slopes and interrupted production – AIS is revising the mine plan at Jaguar to compensate.
Copper production at Jaguar was as predicted at 3,057 tonnes, but zinc production fell short at 22,479 tonnes compared to the guidance range of 24,000 to 29,000 tonnes.
As a result of the operational factors outlined above for Mt Colin and Jaguar, Aeris is withdrawing its earnings before interest, taxes, depreciation and amortisation (EBITDA) guidance for FY23.
The company says operating and capital costs are expected to be within guidance and the company will update the market in the June quarterly activities report.