Good afternoon, everyone, and welcome to the Aeris Resources quarterly results presentation. I'm Andre Labuschagne, and I'm the Executive Chairman, and I will take you through the presentation today. We will allow questions at the end of the presentation, where you can either type your question in the Q&A or put up your hand and we'll unmute you for your question. To kick off, FY 2024 quarter two, slightly lower performance than the first quarter, but still within line with our guidance and, and as I, as in the presentation, we will maintain our guidance as it's set out. A few highlights for the quarter. We produced close to 10,000 tons of copper equivalent production at all-in sustaining cost of $5.40 a pound. At Tritton, slightly lower performance than quarter one.
The biggest impact for Tritton was labor availability, specifically driven by COVID, with quite a few COVID incidents in New South Wales, but also skilled labor was also a challenge for the quarter. Equipment availability for the quarter has been impacted by various outages on equipment and loaders, which had some incidences which took them out of operations for quite a period of time. At Avoca Tank, we've updated the mineral resource, as you would have seen in the announcement, significant increase in copper metal by 16%. And the current drilling we're doing is actually showing consistent increase in the size of Avoca Tank with quite interesting results. So as we mining and getting our head around Avoca Tank, we're also seeing a significant increase in the size of that ore body.
At Cracow, once again, a very stable performance as the previous quarters. The TSF lift we did, as we said, was gonna all be done in the first six months. It was done on time, actually ahead of plan and under budget. The guys did an amazing job to get that in place, and that now allows us to extend the Cracow life by at least another two and a half years before we need to do anything else. But also allows us to keep the focus on exploration and keep growing that resource as we move forward. At Mount Colin, the actual mine production is going exceptionally well, with a small cave we're mining. Looks like we're getting really good grades out of it, better than expected, and we're actually getting more tonnes than expected out of the cave.
That said, though, the third-party ore processing is behind schedule, where we originally scheduled another run. That hasn't happened. The new runs would be in February, as in fact, starting pretty soon, and then another one in May. But what we have agreed with Glencore is that there will be part payment for stock piles on the ROM pad at Ernest Henry, which then allows at least to get part of the income for those stock piles, but still at a significant discount to the value of those stocks. We announced this week or last week, the Stockman feasibility study update. As you would have seen, we have identified a big opportunity to improve that feasibility study with different technology and a different flow sheet.
This work is underway to improve, to get that under control, and then we'll update the market on that. Again, we'll talk a bit more about all of these. Jaguar is now in full care and maintenance. The restart studies is already underway, and it really will be we will give the market an update once we got those done. As you would have known, we raised $ 30 million in December. That was all for working capital to strengthen the balance sheet, and you would see later in the presentation that a lot of that money was allocated to creditors and liabilities to get the balance sheet back on track. As I said in the introduction, with the current performance and the way we see the next six months, we are maintaining our guidance for FY 2024.
This is just for those who hasn't seen this, this is just a snapshot of the business. Three operating mines, and three projects. The Barbara project will come into Mount Colin. Jaguar and Stockman is a project. Jaguar is a brownfields restart, and Stockman is a brand-new greenfields development project, in the business. Just diving into the different operations. For Tritton, they produced 4,800 tons, so you can see they're slightly lower than quarter one. Cost significantly better than what it was in quarter one, so really good control on costs, across the business, in fact, on both cost and capital. The labor availability, some of it, as I said, is COVID, but there is also a big recruitment drive on to bring some real technical skills back into the business for some of the operations.
Now, that recruitment is already underway, and we're progressing that as fast as we can. But also from equipment availability, some of the equipment, as I said, we lost a loader in one of the stopes, which we're busy pulling out, is really bringing some additional trucks and loaders into the business in the short term to make sure we can step up production, especially as Avoca Tank and Budgerygar is stepping up into the production in the next six months.
The Jameson Cell, which we talked about in the last quarterly, which were installed, we've already seen a 2% improvement in the grade from the concentrate, and that was our aim, is to get the concentrate grade up, which will then impact on your costs for TCRCs and product handling as you go forward. At Constellation, we have put another six holes in which we have updated the market on in December. Very successful campaign. We've seen a significant extension of the mineralization along strike and down plunge, and it's still open. In the next six months, we will restart the drilling and then draw that out into an indicated resource level for most of the project.
Avoca Tank, it's actually been quite a pleasing outcome, seeing the grade pick up and the contained metal, and the current grade control drilling we're doing is seeing actually an increase in size of that mine, not just down there, but also along strike. We will update the market when we get those results back, but looks like Avoca Tank is getting bigger as we get a better understanding of the ore body. What we have seen, though, regionally, it's pretty complex geology, so a lot of grade control is going into understanding the shapes and the geology, which will then drive the mine planning as we continue to bring more and more stopes online. At Cracow, as I said before, very stable through the process and our mining and business over the last 18 months. The guys keep on delivering against their plan.
11,000 ounces, all cost and capital under control. The fact that the tailings dam, you can see the photo down the bottom, has all now been in place and commissioned, and that was all ahead of time and below budget. The key focus for now that we got the opportunity to extend the life and keep going is the Western Mine Field, which is the area where we're currently mining. The way we're running it, there's one drill rig. We're giving the geologists enough time to look at the data, look at new opportunities, and they've identified at least five new opportunities to test for further extensions in that Western Mine Field. Now, historically, you know, it's never had a long life. It's always been one of those, so you drill it and it extend, and we're seeing that.
The confidence in being able to extend that by another 12 months is quite high, and you can see all those different areas. So the focus is in high-grade, smaller type ore bodies, but, but the work profiles indicated that there's a high potential, and then we also now will start drilling Golden Plateau again, and that would be one of the future mines we bring into production in the next 12 or 18 months. At Mount Colin, as you would know, we're in the final stages of Mount Colin. It only got another five months or so left to be mined. On the mining side, the guys are doing a really great job. They're on, on target and above, above budget on both grade and tons.
It is just the processing side of it, it's been slower than expected, which has previously impacted significantly on working capital. But with the agreement now with Glencore, which they'll pay at least a percentage of the stockpiles at the mines, just help that working capital balance and management of cash while we see the value coming in from Mount Colin. Mount Colin is in the final stages. It's in a cash harvesting phase, cost and capital. There's no capital to spend, and really, the process now is where do we go from once Mount Colin is done? It's obviously the Barbara project, which will come online at the back end of. Once Mount Colin is done, we'll start the approval process and then get into that in the next 12-18 months.
As at the end of the quarter, 133,000 tons of stockpiles left, which is about 3,000 tons of copper at a grade of 2.2%. Jaguar, as we said earlier, it's now in full care and maintenance. Everything is paid for. The feasibility study is underway. The team are there currently this week to do some more work. It's all about how do we restart that by maximizing production rates, maximize the mill throughput. A lot of work historically was done on how do you optimize the throughput and recoveries through that process plant.
So we're really going back to historical work, which was done already by metallurgical recovery processes, to see what is the work we need to do to come out of this care and maintenance program with a 700,000-ton mill and significantly improve recoveries for specifically gold and copper and zinc. Currently, we still have a small exploration team in place, and really, the focus is on the exceptionally good gold prospectivity in the tenement package, which we're doing work on, and hopefully later this financial year or next year, we'll do a bit of drilling to see what is the gold prospectivity on the tenement package. Stockman. We gave a market update on Stockman the other day. We've seen a significant increase in the mineral resource, a 6% increase on contained copper.
The new plan, which we're now working on, is actually only mining the Currawong mine at 850,000 tons per annum. That will be a 12-year pre-production profile. We've still got Wilga, to be, which you can bring in mining at a later stage. But really, we believe that setting this business up not for a billion pounds, 850, is the right capacity to mine Currawong at a significant margin. And really, the work which we've been doing is how do you improve the metallurgical recoveries? The feasibility study called for recoveries around 70%-75% for copper and zinc. We believe the technology we're looking at, the Albion Process, if you look at what has been achieved through the Albion Process historically, is 90% recoveries.
Now, you can think for yourself. Moving from 70%-90% recoveries would make a huge difference to the economics of this mine. The idea would be to have a producer on-site clean concentrate in bulk, and then truck a bulk concentrate or clean concentrate, which you'll sell, and then a bulk concentrate down to the Albion Process, where there's cheap power closer to the coast, which you can then put through the Albion Process and get final recoveries. We're targeting the feasibility study of all of this to be, to bring it back to the market the second half of calendar 2024. As we said before, all the primary approvals is in place and for both mining and on-site processing.
If we do install a plant down the coast, that would be a separate process for approval, but we don't see any issues with that because it will be just a normal in industrial area where you will have this plant running. At a corporate level, we have seen receivables, cash receivables increase to AUD 44.7 billion, with cash close at AUD 22.7 billion. The $ 30 million equity raise for that working capital, you can see most of that directly went to creditor balances, which is reduced by $ 33.5 million, which brings that creditor balance to a normal base, which we expected to set at, with the total trade payables and other creditor balances sitting at AUD 87 million, which previously was $ 122 million or $ 112 million.
So a significant improvement in that liquidity with it. The debt position is still unchanged at $ 40 million, as we would have seen before, and, as we announced in late December, early January, that Sylvia Wiggins, non-executive director, has resigned due to personal reasons. So next six months, we see we are expecting a significant improvement on production from Avoca Tank and Budgerygar as they ramp up. A lot of focus is going into development to get more and more stopes open. Understanding the Avoca Tank ore body better is allowing us to re-plan the, the design and, and with the potential for increased tons coming out of Avoca Tank. And, and as I said, Budgerygar ramping up. So Tritton, we do see a much bigger second half than the first half.
Drilling at Constellation, we now are targeting to drill it out to an indicated level of most of it, so that we can finish off the feasibility study. The scoping study is done. There's significant value in Constellation and bringing that into the business in as shortest space as possible. But, the current round of drilling, which we will start, will put us in a position where we can bring that feasibility study to market, to talk to everyone, to show you the, the value where Constellation is sitting. It's still open at depth. We're still looking at the stand-up zone, which will be part of the drilling program in the next three months.
For the future of Cracow, a lot, we will start drilling Golden Plateau again, get it to resource definition so that we can plan for the future mine to come into production in the next 18 months. Western Mine Field, it just comes down to process. Keep looking, keep drilling, keep the one rig, give the geologist time to look at what they see, and through that process, we keep on seeing extensions of that vein, that field as we go forward. In the next six months, we will finish off Mount Colin. The Barbara study is already underway. There would be a gap between Mount Colin and Barbara, and it's purely driven by the time it will take to get the approvals to start Barbara. But it will once again be a simple process, use contractors to mine it.
This has been mined before at Mount Isa or processed at Mount Isa, so it will go to the Mount Isa smelter and process facility as part of the extraction of copper. Stockman, really, the next three months, six months, is all about the test work, making sure that alternate flow sheet work. That will be updated in the feasibility study. Most of the work in the study is already at feasibility study level. It's really this alternate flow sheet to finish off the final recoveries and capital cost for the flow sheet. The Jaguar restart, that should be finished by the second half of 2024, with an investment decision then for us to the time to restart Jaguar, as part of the ongoing growth in the business.
We have been appointed Burnvoir, which is a financial debt advisor group out of Sydney, to help us to assist with refinancing options for both the current debt with Washington H. Soul Pattinson, but also looking at refinancing options for our environmental bonding facilities for both Tritton and Cracow. I guess, in closing, as you all know, three operating mines, all with good potential to extend, specifically at Cracow and Tritton, with Barbara as an option at Mount Colin. Jaguar on care and maintenance, which we're trying to, as quickly as we practically can, bring that back into production and then deliver on the Stockman Project. A lot of focus is obviously on delivering on the guidance, current guidance between 40,000 and 50,000 tons copper equivalent production, and currently we're on track to deliver on that number.
All of this, there's a lot of potential for organic growth in the business through Jaguar and Stockman, but also we believe this company is set up on a good and excellent growth platform to look at how do we keep growing this business to where we aspire to be. Thank you very much. Any questions, we can. There's already a question from Peter Cooper. So Peter just want to understand the mineral process by Glencore each run, notwithstanding partial payments. So Peter, what happens, they pay us for 85% of the tons and at a 1.5% copper, although we mining copper at 2.2. Once the run is finished, we get paid for the actual copper in, which has been mined and processed, at the end of the run.
I hope that answers your question. Are there any other questions from anyone? I don't see anyone raising a hand. If you are raising your hand, please maybe just drop it in the Q&A. So Tim is asking: what do you think is the maximum normal level for tons out of a Avoca Tank can deliver? We're targeting 30,000-40,000 tons out of a Avoca Tank, Tim. That is sort of the level. We are looking at opportunity to see if there's more opportunity to change the stope designs a bit, but that is sort of roughly the number we are looking at. But remember, Avoca Tank runs at 2.5%+ copper grade, so a significant value in grade coming out of a Avoca Tank. I'll give it another minute if there's any other questions from anyone. There's all.
Atish, I think, can you hear me? You can talk. Atish, I can't hear you, but there are other questions from Alvin Tan. Any concerns around cash flow and debt? Alvin, the cash flow is managing obviously very tight, but according to all our forecasts and plans we're doing, there's no concerns around that, and the debt is in place. Currently, we're paying interest. There's no repayments on debt in the next two years, at least as we move forward. As I said earlier, we are trying to refinance that debt. As we understand, the debt we have in place is quite expensive. We are trying to refinance that on the better terms as we move forward. Did you got an email question from Jason. Did you consider narrowing the production guidance range?
If so, what are the risks to take you to the top or bottom end? I guess, Jason, that's an interesting one we learned over the years that, you know, if you close it too much, it doesn't allow you any scope. We're quite comfortable with the guidance as it sits, and we are targeting the higher end of the guidance in any way. For operations—for production, we're targeting the upper end and obviously the lower end on cost. So we're quite confident that we should be around those sort of levels. We've got a few questions from Atish. I've addressed some of it, but I'll just touch on some of the issues. There's—as I discussed, the skilled labor and mining equipment availability is being addressed through a recruitment campaign on the labor side.
COVID is a lot better in the last few weeks, so we don't see that as a major issue going forward. And on the equipment side, we are in the process of renting, short-term renting for six months, additional trucks and loaders to help out on the production ramp-up for the business. The Avoca Tank ramp-up production has started. As we discussed, the Jaguar mine is now in full care and maintenance, and there's nothing left. It's just a normal monthly running cost. On an annual basis, it will be about $ 4.5 million-$ 5 million to keep Jaguar in care and maintenance.
On the Burnvoir timeline, look, we are targeting the next six months, but the timeline to do the refinance, but that will all be driven by how quickly we can get things moving. Are there any other questions? So there's another one from Tim. Look, Tim, Tim is just asking: what's the expected grade coming out of out of Tritton? It obviously depends on the blend between your high-grade and low-grade deposits with Avoca Tank running above two, some of the others runs around 1.3. So yeah, we're targeting that average grade of around 1.6%-1.7% copper through the process mine. There's a question from Anthony. Is Aeris still intending to work on exploration with Helix again in the future? Anthony, yes, we are working with them.
We are just making sure we focus on our own exploration and own opportunities first, and then, obviously, Helix is still, we're still a joint venture partner, and we'll still contribute in making sure that we deliver on those. Atish also asked, trade payables and other credit, the balance of 87, does that include Washington H. Soul Pattinson 40? No, it doesn't. That is not a current liability. It's a long-term liability, so it's not part of the $ 87 million. $ 87 million consists of royalty provisions, accrued costs, because you accrued your costs for the next few months, and employee entitlements for leave pay liabilities and those sort of things is in the other payables. Well, there's no more questions. Thank you, everyone.
Appreciate your time, and to listen to the Aeris quarterly update. Thank you very much.