Good day to all attendees, morning, afternoon, or evening. Welcome to the Aeris Resources June quarter call and presentation. Aeris' Executive Chairman, André Labuschagne, will be making a short presentation, after which there'll be time for questions. Before we get started, please keep yourself muted during the presentation. This will avoid any background noise. This is an interactive presentation. You can change your screen at any time using the controls in the top left. We will take questions at the end. To ask a question, please use the raise hand function now located at the bottom of your screen under Reactions. If you wish for our moderators to read your question, please type them publicly in the chat. I'll now hand over to André Labuschagne, Executive Chairman of Aeris Resources. Andr é ?
Thank you, Peta. Good day, everyone, and welcome to the Aeris quarterly presentation. I guess firstly, I think it's just such a great feeling to start FY 2022 with zero debt, AUD 97 million in the bank. It's really allowing us to look at FY 2022 through a very different lens. First up, I just want to thank all the shareholders, the executive team, and the team at the various mines in Aeris, and also PAG, for their patience over the last eight years. I'm looking forward to a very different FY 2022 and hopefully, you as shareholders and investors would see it the same way. With that, I'll jump into the presentation, and sort of kick off with the normal- There you go. Maybe just touch on the highlights of the last 12 months.
As everyone, I assume, on the call will know, we did the Cracow deal. That integration was done and very successful. As we have announced a while back, we achieved the guidance of 70,000 oz-75,000 oz at nearly 74,000 oz for the year. We bettered the all-in sustaining cost at AUD 1,483 an ounce at Cracow. Through the year, as we said, a lot of focus has gone into exploration and we've seen significant uplift in resource updates. The new tailings dam is nearing completion, and that would be commissioned in August. After the equity raise the other day, we are accelerating exploration at both the operations, to significantly enhance and improve the life- of- mine plans for both. At Tritton, once again, achieved the revised guidance, very close to the original guidance of, at all-in sustaining cost at AUD 3.70 a pound.
We started Budgerygar, the development's in place, the drilling is underway. At this stage, what we're seeing is very successful, and we'll start the mining in Budgerygar in FY 2022. The key excitement, of course, for everyone was the discovery of Constellation. That drilling is continuing. We keep on seeing it looking better than what we thought and has brought a lot of excitement to the business in terms of the future of that mine. At a corporate level, what a great result to close with over AUD 100 million between cash and receivables. As we announced yesterday, and that's sort of the reason for this being on the last day of the announcement, we're now debt-free after nine years. We're very lucky to get ANZ on board as a new financier and a supportive banker.
Really, it's moving away, as we've seen with PAG, was, as we said, very supportive, but it was expensive debt. To now be debt-free, but also being able to use the new facility of ANZ to release cash to be able to do the final payment on the debt. As you know, we've raised the AUD 50 million, so a very exciting FY 2021. On the ESG side, as a company grow, we are putting a lot more focus on it from the safety point of view. Very disappointing, two lost time injuries for the quarter. Both was unfortunate, soft incidents, but still not acceptable and a lot of focus is going in to get better at the safety. Overall, a 30% improvement over the last 12 months. On the environmental side, there were no incidents.
We took the opportunity with the wet weather around Tritton to plant 600 trees and shrubs, and that's all part of the environmental rehabilitation plans moving forward. On the COVID side, happy to report no significant impacts at the two operations. We have seen a bit of an impact at Tritton with the latest restrictions, specifically around Orange, and the short lockdown they had, but it's being managed and we haven't seen any significant impact other than a bit of a longer delay in the sampling results coming back. As always, we continue to look and review all the guidelines as per the government directions. As some of you might have seen, we're very active on social network, on both LinkedIn and Facebook, please join a whole lot of these things. A lot of work is going into supporting the communities with water. We're supporting events.
We're keeping the community up to date on development of the various mines. We had a Push for Better at the business. That's all for support. As far as I know, the corporate office won. That's a good result. On the electric side, that loader you see there is our electric loader, which we got involved with a few years ago to sponsor the body that is being reworked a little. We are working on a strategy as Tritton grows, on a strategy as how do we slowly and starting to move to better, and lower emission strategies going forward. Our first sustainability report will be due in the December quarter. Very proud to say that that is a great piece of work the guys are busy doing. Moving on to the operating results.
The highlights for Tritton, there was a significant improvement on both grade and tons coming from the Tritton mine from the March quarter. As you remember, March quarter was quite low and driven by the price fall issues we had. That said, though, the cost for the quarter is higher. The main impact of that cost is increase in mining and development activity, and that's setting up the next level of production at Tritton for FY 2022, and then catching up on the backfall was a significant cost for the quarter. The Murrawombie resource drilling, we'll talk a bit more about it in slides coming up, but it keeps on delivering at Murrawombie. When we thought we're seeing lower grades and we're seeing the potential end of Murra, the drilling came back and had some very spectacular results.
On the guidance for FY 2022, in last year we said the guidance for Tritton would be 21,000-22,000 tonnes of copper, we're maintaining that level and the all-in sustaining cost between AUD 395 and AUD 430. The main reason for that increase in all-in sustaining cost is driven by the lower tonnes, but also lower production of byproducts, as a result of the lower grades we're mining in FY 2022. At Cracow, they had another cracking quarter, nearly 20,000 oz of gold. The key team there keep on getting better and delivering great results. There was a slight increase on the cost side in absolute numbers, that was driven by additional costs associated with development and ventilation, allowing us to get access to better quality stopes. That has been a result of the cost.
Overall, we achieved the guidance and the tailings dam at number two will be commissioned in August. It's nearly done. The guidance for FY 2022, originally when we bought Cracow, we had a forecast of 57,000 oz-62,000 oz. That we get a better understanding of the resource, the drilling we've done so far, we've lifted that back up to 67-7,100 oz, more or less in the same range as this financial year. A really great result as we get to know the asset better. Let's see why this thing is doing this. Getting back to Constellation, this has just been one of those spectacular outcomes where we've seen nearly every drill we drove has got a result. Originally, we thought it's a small high-grade deposit.
Up in the higher end, what we're seeing, it's getting thicker and better, and we'll talk about some of those results. We've got it now traced 1,150 m down dip, but the strike has also increased to more than 200 m. The two EM plates identified down the bottom, we're busy and we'll be drilling those soon. Looking at this shallow RC drilling program has delivered very good results. As I said, the first hole, remember, we drilled was 3 m, I think, at 20% copper. Since then, we've seen this ore body getting thicker. As we drill it, you can see some of those results, 8% copper, 8.2% and 4% coppers. That strike length is now over 200 m. The whole concept here is, in terms of the mine planning, is to drill this out as quickly as we can to a resource.
Start to put a mine plan around it. You'll start off with an open pit mine and then go underground and the whole aim is how quickly we can fast-track this plan into the life- of- mine plan for Tritton. Looking at Budgerygar, we've got the access development in. That was about 600 m of development. Drilling is underway. We've got two rigs, 45 holes has been done. We're waiting still for quite a few results. The results we've seen so far and the intersections, we've seen some of them outside the original design. It does show that there's potential, and the results we've seen is according to expectations. This mine will be in production in FY 2022. Murrawombie, as I said, originally when we started this, we thought we're going to get 1.3% copper out of it and about three years life.
This thing is now going for a long time. In the last six months, we thought, that hanging wall, we're not sure what's the grades. As the guys drilling it out, it's getting better and better. Murrawombie keeps delivering in terms of expectations and will continue in the life- of- mine plans. I guess this is sort of just a touch, and this has been in previous presentations, but it's really just trying to show you that I know the market is waiting for a life- of- mine plan, and we are working on it, and we'll share it with you as soon as we practically can. If you look at that, Budgerygar is coming into production soon. Avoca Tank is in this year plans to come in. Murrawombie has got an open pit.
With the underground still strong, we're working out how do you mine those two together? Then all those exploration projects, we've got to allocate AUD 15 million to exploration this year, and a lot of those projects will become into development-ready within the next 12 or 18 months. A whole range of pipeline of projects which all will become plan of the future life- of- mine plan for Tritton. We'll share that with the market as soon as we can. Things move around a lot, so we have been working on it for a long time. Look at Cracow operations. The whole thing with Cracow was when we got in, it's about how do we push the mill to 650,000 tonnes. In May this year, the guy said 57,000 tonnes, which is a new record for the plant.
It showed that it can do those sort of tons. The whole focus on how do you increase underground mine life. With additional tons, you can start to look at productivity, cost, cut-off grades. The whole idea is how can you use all those parameters to actually create a bigger resource. We're busy working. You'll see the next slide, what we're doing, but it's all about creating that additional resource by re-looking at old areas and new areas. We're spending AUD 9 million in FY 2022 just on the near mine exploration. In the new space, we call it new space, but it's greenfields exploration. It is about prioritizing the targets. We've got Ballymore, which we're going to do some surveys on. We will start drilling in Boughyard in the next quarter and start to see how that comes.
Those are real great opportunities for new exploration targets and new tonnes to come, or ounces to come into production, and AUD 4 million is allocated to that. On the resource updates, most of the areas we've drilled so far has resulted in an upgrade. We are waiting for some results to come back, and you'll see in the next slide, some of those, one of the areas we're busy with. In there, we will put a new reserve update out in August, so a whole new resource and reserve statement will come in and will be shared with the market in the next few weeks. This slide just shows you all the different areas which has opened up because of the relook at cut-off grades and cost. You might find a lower grade coming into the reserve, but it's more tonnes.
The fact that the mill can do those tons, you're still targeting your 70,000 oz out of the mine, but it might be with some more tons, but it all goes about its high margin tons. The drilling, the red areas is where we're currently drilling. You'll see one of the slides. We are going to start to drill Golden Plateau soon. We are going to do the black areas in Roses Pride and bring the Roses Pride into production plan pretty soon as part of our life- of- mine. This is just one of the examples. I don't know. This is just one of the examples of the underground resource drilling. This was focused on extensions to the Crown, Tipperary, Royal deposits.
Some of them, we're still waiting for results. You look at the Crown, all of those intersections is outside of current resource envelope, and we've seen some pretty good results, which will definitely result in that becoming a future mining area for Cracow. At a corporate level, as I said earlier, what a nice way to close FY 2022, FY 2021, especially coming from where we've been the last eight years, with over AUD 105 million, nearly AUD 106 million between cash and receivables. Being able to say we've paid our debt back all back in July, having ANZ there with AUD 35 million in a contingent instrument. Now, that is all used for environmental bonding, so they're basically guaranteeing the bonding. What that did is it released AUD 20 million of restricted cash, which was actually cash backing those bonds, and that's the money we used to repay PAG.
We also got a working capital facility with ANZ of AUD 20 million, which is nice to have, but with the funding we have, surely, I can't see that that would be necessary to use, but it's good to have that as a backup, and they can do FX and gold unsecured hedging loans for us if required. Just touching on the hedging side. The hedges at, if you look at September quarter, that first two hedges, 833 tonnes and 667 tonnes, that finishes in July. Basically, today is the last day for those hedges. We've put new hedges in place. It's about 20% of production, 25% of production, sorry, at between AUD 11,900 and AUD 12,900. We participate in any price movement between AUD 11,900 and AUD 12,900 a tonne. That said, though, the current copper price sits at AUD 13,100 a tonne. What a spectacular price.
The reason why we've done these hedges, this is double the price it was 12 months ago. We do have a bit of capital we're going to spend to bring all those projects into production for Tritton, and we believe it's just prudent management to put some hedges in place. We're not intending to put any more in place, it's a good baseline to work from. On the M&A side, look, the key as you've seen through all those projects we talked about at Tritton and Cracow, that the organic growth is a priority, I do see organic growth as our responsibility to do in any way. There's a huge amount of upside for both those businesses. And as I've always said, we are remain focused on M&A.
We have been in quite a few processes since we bought Cracow. The challenge now for us is you've got to average up. Whatever you get needs to add value with a market cap now today close to AUD 500 million. It does allow you to look at better projects. That is the aim for us to see what is a better fit. As we grow the business, we grow with better quality acquisitions or mergers. I guess in summary, FY 2022 was a great year. Big transformation, good exploration, very great support. Thank you to shareholders on the line for the AUD 50 million placement. There's always been the focus on M&A. Looking at FY 2022, Tritton guidance, as we said, about the same in tons what we've always had. The big thing for Tritton is moving Tritton from, I call it a survival mode.
18 months ago, we nearly ran out of water. It was really just all about how do we survive. Today it's all about how do we grow the business, how do we bring these new mines into production, how do we accelerate our exploration success we've had, and actually see how do we create this significant longer life for Tritton. At Cracow, we are really seeing the work the guys has done on the exploration side, the fact that we can lift the guidance and manage our costs and in the way the guys are doing it. We're going to allocate a lot of money in exploration, AUD 13 million. Originally, remember we said we're going to do AUD 13 million over two years.
We're now basically saying we're going to put it all in another 13 in this 12 months. It's all about getting that reserve back up, that you replace what you mine and slowly start to build that up. Also from a resource point of view, see how you get a significant better resource with all these opportunities. Paul, can you just put yourself on mute? Thanks. On the tailings dam, that's ready by mid-August. It's going really well. There's a few delays due to rain, but everything is in place. As I said, it's all about M&A as part of our growth strategy. I guess that brings me to the end of this presentation, and open for any questions.