Good morning everyone and welcome to the Aeris Resources Company Update and FY2026 guidance. This is a presentation we presented to a group of visitors to the Cracow gold mine yesterday. I think it's appropriate that we share this with the market and which was also announced yesterday. The main aim for this presentation is not necessarily to focus on the last quarter, but mainly looking ahead at FY2026, the company strategy for the different assets and make it clear to everyone what's the plans and the direction we're taking with each one of these assets. This is normal disclaimer. I'll just touch on the quarter four FY2025 highlights. As you would have seen, we produced nearly 25,000 t of copper which was slightly below guidance. We produced 55,000 oz of gold which was a really good result and then 195,000 oz of silver.
Most of that production is from Tritton and Cracow. Tritton had a really good fourth quarter, although it didn't achieve the annual guidance, still producing 11,000 t of copper metal at around $4.50 All-In Sustaining Cost . Cash receivables healthy at the end of the quarter. It's gone up significantly, ending at nearly $50 million at the end of FY2025. As you would have seen, we have refinanced a guarantee facility for $60 million during the quarter with Washington H. Soul Pattinson which is now in place and has been drawn and has changed over from ANZ to Washington H. Soul Pattinson at Tritton. My apologies. At 10,900 kt of Copper Equivalent Production was at a group level driven that 6,200 kt to 6,200 t of copper at 422.
The real thing which we have seen is as we talked before, that the model won't be put and the volumes we mining in a short space of time will result in the Tritton mill running at nameplate capacity of around 1.8 million t over the last few weeks, sort of month, specifically June, although the tonnes from the pit was slightly delayed. That mill has run at above capacity at really more than 2 million t annually on a fairly consistent basis with the t ahead of the plant. At the end of the year there were 77,000 t of stockpiles left and that has obviously now been processed or in the process of being processed through the Tritton mill in July. Cracow once again a good quarter. A very solid performance as always at 11,000 oz.
As always the teams are doing really well with cost and capital controls across the business. We'll talk a little about the North Queensland assets a bit more. We are running a process, as you know, to sell those assets at the end of 2025. The high-level results: currently the market cap is around $190 million. We did end up with a liquidity position of $59 million because we still got a capacity to draw $10 million in the Washington H. Soul Pattinson facility. Cash receivables at $49.5 million and that production was within guidance at 42,000 t of Copper Equivalent Production across the group. Several, a little softer quarter than what we expected for Tritton, but overall I think a good closeout for the business. For FY2025 leading into FY2026, I guess the focus for us is now what's in the next, what's happening in the next 12 months.
As a company, we clearly made the decision that operational delivery, as always, is the most important outcome. The key focus areas for Tritton, for example, is going to be the Mara Pit. It's now in production. There's now, after stage one which is now finished, about a five-month pre-strip and then there's a lot of volume coming out of Tritton at the Mara Pit in the last six months and you'll see a slide coming up. The execution of the Mara Pit. Tritton has always done really well as a business when there's one baseload of production coming out of one asset. Historically, it was a certain underground mine which would have done a million tonnes and then you add these smaller assets. Now it's a pit mining between Mara Pit and Constellation.
In the future, we'll see around five to six years of open pit mining which will then give us that baseload seed going forward at a real focus. A lot of additional money is going into resource extensions across the business. You'll see there's a separate, separate few slides around exploration. We are really focused on extending those resources. We know they all extend. It's about drilling the holes and we basically doubled exploration budget year on year. Specific focus on both Greenfield Exploration but also resource extensions, which leads then into the Life of Mine planning across the business to extend those resources. At Cracow, there's an interesting development which I'll show you on Golden Plateau, which can be a material impact to the business and a real positive impact. Focus on resource extensions.
As always, Cracow has always had the challenge that it only had about 18 months of reserve life. We now will focus on trying to extend that more, but also clear focus, as you would see coming up, is on the Greenfield Exploration for Cracow. Simplifying the business, we said selling the North Queensland assets. That process is moving along really well. There's a party which has got exclusivity, so we should see that process happening in the next two to three months at Jaguar. We changed our strategy at Jaguar. Clearly what we've got is a very interesting and good asset. We made the decision that we will not start that mine if it doesn't have a 10 to 15 year mine life. We don't want to start another mine with only five to seven years, and then you're trying to sell that in the market.
What we're going to do is we're going to reduce the care and maintenance costs a bit to the bare minimum. It will drop to about $600,000 a quarter. There will be a drill program running in FY2026 to look at these eight good base metal targets, and we will test those targets in FY2026. On the back of that, if you find something substantial, that's how you will then look at restarting Jaguar. As I discussed before, there's a good gold potential on the Jaguar tenements. We will potentially look at a JV on the gold side to really see if the option value is there and then extract that option value. Clearly for us, Jaguar, you can reduce the cost. We will start the mine where it's got life and we will focus on exploration.
At Stockman, the feasibility study or the study on the Albion test work is nearly done. We will have an updated study in September, but we will start to look at a concept study. We've been approached by the Victorian government specifically requesting the potential for sulfuric acid. That ore body is about 60% pyrite, which you use to produce sulfuric acid. We will do a concept study to see if we can get the Sulfuric Acid Flowsheet , which also includes the extraction of all the metals. That's underway. Once that's done, we will start to look at finding partners to come in to invest in this asset to take it to final feasibility study. We've always said that's the plan. Once the study is done, I get approaches quite regularly on people interested in Stockman. I think that is the way we will take that forward.
On the growth side, a lot of focus on life extension of course, but also Greenfield Exploration , where we believe specifically at Cracow there's a real opportunity to add significant value. As always, we do say we'll look at other external opportunities and always do. The main focus, as you can see on this slide, is operational delivery and extending and grow to exploration. On the balance sheet, there's $40 million to be paid by August 2026. This plan and the guidance we put out will be able to repay that debt and that will be done in August 2026. We will look at the asset sales at North Queensland and that will help because the funds from there can be used to repay some of the debt. We will consider things like hedging strategy.
We sit with the gold price as of this morning at $5,250 an ounce and, you know, considering some hedging on gold is not a bad strategy to go forward. That is how we look at 2026. We clearly want to focus on operations. We got a way forward on the projects which will require us, you know, we're not going to start these new projects again with the same which was done before. You'll see on the exploration side, there's a real upside opportunity, specifically at Jaguar. I'll just touch fairly high. This is a guidance we just put out yesterday. I'm personally quite excited about it. It is a real good step up for Tritton. Tritton, as you would have known, produced 9,300 t of copper in FY2025. The new guidance is around 24,000 - 29,000 t. A significant step up.
Most of that is on the back of this new baseload fleet from the Mara Pit, which the mill will basically run at full capacity for the last six months of FY2026. On the gold side, it's slightly lower than FY2025, mainly at Cracow we're mining more t, but it is at a bit of a lower grade. There is always upside. At Cracow, as you mine, you find, but slightly low on gold. We produce more silver, cost is more or less the same. Sustaining capital is coming down year on year, but there's an increase in growth capital and all that growth capital is about $50 million which will be spent on the Mara Pit pre-strip in the next six months and then when it in production, obviously make your money back.
Exploration, as I said, doubles year on year and obviously we got a good starting position on cash and receivables to deliver on this plan. I'll just touch on the different operations. You can see Tritton going from that 19 to the new guidance of 24,000 to 29,000. That's a 37% uplift if you use the midpoint of guidance. It is on the back of the Mara Pit. What it will do is it will run in the last six months at main plate capacity in the plant. There will be 900,000 t left at the end of this financial year FY2026, which will then line 27 up for a very good year as well. The main priority is Constellation, and you'll see on the slides coming up Constellation is a key asset for the future.
Specifically, as an open pit opportunity at Cracow, it just continues to deliver slightly lower forecast than FY2025. There will be more tonnes at slightly lower grade because of the higher gold price. We are looking at mining the stopes a little outside the old areas, which is lower grade, but it does add a lot of extra oz to the mine plan. By actually looking at those old areas and bringing them into the production plan, we have, as I said before, the secondary cyclone is now in, and we are seeing that 1- 2% improvement in recoveries. We are putting Rosa's Pride as one of the future mine plans where the development will kick off this year for production in FY2027. It's all about extending those mine life.
A lot of extra money going. In exploration, you can see for Tritton as an example, we normally did about, call it, 25,000 m. This year we're planning over 80,000 m in drilling, and it's all in sight. You'll see it's about depth extensions of all these old bodies. We set ourselves a strategy that we want to have Tritton and all the assets to have a solid five-year resource position. The only way we're going to get there is by actually drilling these out and putting these meters into the ground to extend those old bodies. When you look at Cracow, we talk for a long time about Southern Wainfield. We are now talking about Western Frontier. This year we will put some Greenfield Exploration and drilling into Southern Landfill. The real opportunity I'll touch on is actually Golden Plateau.
You remember historically we drilled it as an underground target. There's now an opportunity which we believe can add significant value and life by looking at it as a further cutback to the current open pit mine as we move forward. Simplifying the portfolio, that's selling the North Queensland assets. As I said, we're in a process that will release $6.5 million of bonding plus in the cash we will get for the asset. Most of that will be utilized to reduce debt and reduce the guarantee facility of $60 million as we exit North Queensland. This is sort of the revised Jack strategy, and you can see there all those yellow targets. Now, I'm not a geologist, Brad. Brad talks about this a lot better. What we've realized is there is an area which is previously sort of discarded as an opportunity for exploration.
The work the team has done clearly shows that there's some targets within that area which highlights a really good opportunity for us to test those. There's eight targets this year. We'll put $3.1 million into the exploration program and of course if you find something you'll put more dollars in, so that $3.1 million will test each one of those anomalies. As we said earlier, we will reduce the cost. Currently, FY2025 care and maintenance was close to $9 million annually. It will go down to $600,000 a quarter from the second quarter onwards. There are obviously gold targets which we discussed before. I'll show a slide coming up in one of the next slides at Stockman. As I said, it's all about finishing off the studies, updating the study including sulfuric acid, and then starting to look at partners to see how we take this forward.
On the back of those results on the balance sheet side, that guidance. We're putting out the guidance. You can see there about 40,000 - 49,000 t of Copper Equivalent Production , which is a really great result and driven a lot by Tritton. Cost, capital, care, maintenance, all more or less the same. The big changes are sitting in the bottom two, that's your growth capital, which is the $50 million for the Mara Pit cutback. Year on year, you can see last year we spent $9.8 million. We are now up to $18 million to $23 million on exploration. Clearly, focus on exploration. That plan, when you run it, you can see that it will improve the balance sheet significantly and allow us to deal with the balance sheet requirements going forward. I'll just touch briefly on Tritton.
A lot of you know this, so I'm not going to get into too much detail, but guidance is 37% up on FY2025. As we always said, we're in a region where there's a lot of other explorers and there's opportunities to do potentially the Tritton mill as a hub and spoke model. A lot of production over the years and a really good strong tenement package. These are FY2026 guidance for Tritton. Increased production, increased gold production, cost more or less the same. It's slightly up on the back of open pit mining coming into production as well and excel volumes. The key takeaway there is the exploration. You can see there $3 million historically, now it's $10 million to $12 million. Also on the growth side, it is investing in the Mara Pit going forward.
The key for us is in this year to get Constellation ready, finish off the feasibility study, turn Constellation Resource into a reserve and come out with announcement on the way forward for the full Constellation. This is the reason why we feel a lot more comfortable with certain and the latest achievements in the last quarter. You can see there Paul and the team, Paul is COO and Jason the site team has done a lot of work to improve the key drivers for production improvement underground. You can see diamond drilling has gone up, development has gone up, backfill has gone up, mine ore times has gone up. That is really a focus on people, discipline and planning and we see those results coming through. There is a significant improvement and also a lot more confidence in delivering from the underground mining.
Mara Pit, this is what I'm talking about. You can see where is the mill capacity. There will be underground tons for the first six months while we do the pre-strip but then you produce a lot of volume. Mara Pit towards the back end of FY2026. All these tons above this line will fall into production for FY2027. We will invest $15 million the first six months and returns come in the next six over nearly a 12 month period because that 900,000 t will be processed during FY2027. As I said, as we said before and as part of this we are closing the old heap leach pads. That in itself is a $8 million saving on costs and hopefully a reduction in the bonds as we move forward specifically around those old in spads Constellation. These are some of the concept designs the guys are working on.
You've got an option for a smaller pit. You've got an option which I believe is the one which will be closer to what we'll do, a larger pit some. You will have probably eight to well four to five years of open pit mining if you go for the bigger one and then you go underground. As we have said many times, some of the best draw results has been down the bottom and we know it continues. Once you start underground mining you will have a very long life asset just from Constellation as we bring it forward. Major capital spend will start in FY2026, environmental approvals or the approvals is all underway and we're confident that we will start to spend money and getting it ready in FY2027. It is one of the key assets.
If you look at a pit with 3.2 million t at 2.5% copper and 0.8 gram a tonne gold, it clearly shows you what it can deliver if you do a million tonnes annually. That's already 20,000 t of copper and 20,000 oz of gold in a production plant just from open pit mining at Cracow. Cracow is just one of those. It keeps on delivering. It had another great good year in FY2025. Slightly lower production, but we are processing more tonnes at a slightly lower grade. We do keep them all full with stockpiles as we mine them in FY2026 and 2027. Guidance, as you can see, there around 3,646 mine operation operating cost, sustaining capital, growth capital. There's a bit of capital we're spending. We do another tailings dam lift this year in the next few months. We are also spending quite a bit of exploration dollars.
Quite a lot more exploration dollars are actually going into doing force exploration on the exploration. This is what Brad Cox presented yesterday. I can't do as good a job as Brad, but I will take you through the high level of the opportunities we see on the exploration side in the assets. There's a budget 18 to 23. Most of it's on Tritton and Cracow, with a little bit on Jaguar, as I said, to test those targets. Then there's a small other expenditure. Clearly, most of those dollars are going into the different assets at Tritton. It's all about that resource extension and starting to look at Greenfield Exploration . This is sort of an interesting slide. These are all the different mines here. We currently are mining the Tritton underground mine, Budgerigar, and Avoca Tank. All these assets are open in depth.
You can see Tritton there is already 1.4 km deep. Budgerigar will drill this year. Mara, we know, extends, but we now got the pit running on Mara, and then northeast continues, and specifically Avoca Tank. Although it's a small little deposit, it is running. It is running at very high grades. I guess it clearly sort of shows you that we don't see any reason why most of those can't continue at depth, especially with Tritton. We're actually seeing the Tritton ore body changing slightly again at depth, which might be very interesting. These are sort of the plans. This is Avoca Tank. Current mine plan actually stops in nine months because we just don't have enough detail there. In the next two to three months, we will define the extensions of Avoca Tank and then bring that into the last three months in FY2026.
That is a potential to improve production. We did drill a hole 400 m deep and like Brad said yesterday, it is in for assaying. You can read in it yourself what we see in it. Obviously it did hit something. We clearly got a view that it extends this financing year. We drill this out so this becomes an indicated resource and then another inferred resource down the bottom. We got a clear direction going forward. The UPD, we're looking at further exploration up the ore body as well, Kutan and Bajiga. The interesting bit, you can see this is the mine which we've mined or the baseload mining before. Tritton always delivered that million t. It narrowed but it is opening up a bit. The structure is changing again. We're getting some really good 2+% copper hits down the bottom.
We got the southern veins, we got the area down the south, and we got Budgerigar down tip as well. These are the areas which we will drill out. By the end of FY2026, we should have those into a resource position which gives us a much stronger position in terms of that five-year plan I was talking about with a strong reserve backing. There's always the others, Kurrajong and Budgery. Kurrajong is a known deposit. Budgery is also a known deposit. Budgery needs a bit more work, hasn't really had justice to it. That is an area we will focus on once we've done the resource extensions of these other assets. We'll also start Greenfield Exploration in the second half. As we've said before, most of the exploration was down south.
We're now looking outside the structure and the guys are planning to auger and do geophysical surveys to start to look at that 10 million t ore bodies around 2% and start to change the exploration model from what we've done before o n the Greenfields side. A t Cracow, the clear focus for us is going to be the southern Wainfield. That is the highest likely opportunity for a large and potential repeat of the western Wainfield, although the western Wainfield continues to extend. The clear long life focus would be the southern Wainfield. The real exciting bit is actually the Golden Plateau opportunity. Golden Plateau, let me just move to the next slide. Golden Plateau has always been, when we looked at it, we looked at this underground opportunity. Historically, it was mined as an open pit. It was mined underground.
You can see those gray areas, but there was a small open pit mine which basically mined between the voids. Now this was mined in the 1930s and then again in the 1980s. That open pit mine delivered 2.4 million t at around 3.3 gram a tonne gold. The latest thinking process is, what about a cutback on this? Brad and the team are working this up. It's early days, but if this comes and works, there can be a substantial life increase for Cracow with mining this because there are some spectacular grades. You look at the potential grades sitting in there, this can become one of those opportunities at Cracow which can extend the mine life significantly. With an open pit mining opportunity, we will keep the market up to date.
It is for us and the site team a real exciting opportunity to find something which we know is there. It needs a plan and we need to work that through. Within the next few months, we'll have a firm view of the opportunity of Golden Plateau. At Jaguar, obviously the focus is on those VMS targets. Clearly, the work the guys have done is, there's the eight targets. We'll test them. $3.1 million allocated. It is an area which historically has been discarded as a real opportunity. With the work we've done, we've got no reason at the survey and the responses we got clearly show that there's really good opportunities for extensions or for new discoveries, specifically on the base metal side. Obviously, the gold is still the opportunity. That is purely an option opportunity.
You look at, there's Thunderbox, there's King of the Hills, there's Great Western which is also Northern Star and Wonder Underground in the area which we've got. There's clearly good targets sitting there and we will start to look at either, if we don't drill it ourselves, to do a joint venture on those so that we can get someone to spend some money and we keep some of the upside at least for the business as part of the gold exploration. That sort of summarizes it. You know this slide, I mean we've got the two operations looking strong, especially in these price environments, the development projects. We now have a clear plan on how we're going to deal with them. There's a clear improvement and a focus on exploration and extensions of resources. We're FY2026. Thank you very much. I'll take questions.
Let me just get out of this. David. David, I'll get you. Just give me a second. David. David, how you doing?
Good morning, André. Can you hear me okay?
Yeah, I can. Thanks.
Excellent. Thanks for the slides yesterday. Thanks for the presentation this morning. Just a couple of things to kind of clarify I suppose is firstly at Tritton, when was the last time I reckon Tritton would have seen 80,000 m of drilling? It's big uplift and you know, presumably increases that discovery potential pretty significantly.
I don't think in my time with Aeris or with Straits for 11 years we spent that much money on drilling, specifically resource extension drilling. We probably did that much, or close to that, when we drilled at a Constellation deposit. In terms of resource extensions, we haven't spent that much money or drilling in my 10, 11 years. Thank you.
On Constellation, you know, permitting, as I understand it, remains the critical path for getting up and running. What stage are the other work streams at for Constellation?
Look, the other work streams, the feasibility study is getting updated as you see there, the option studies, we should have that wrapped up in the next three months. The discussions with landowners is underway and then the roadworks. The big part of critical part for the open pit is the haul road. That is all in hand and should not be any issues. The clear direction is those three things: access to the land, the roadworks, and then the approval process.
Cool, thank you. Just on Cracow, taking a bit of a new lens to that Golden Plateau cycle and Plateau specifically. Not quite Golden Plateau just yet, but you just mentioned that the next three months is going to kind of clarify that for you guys. Will we be seeing, should we expect to see updates to the market, like resource updates or scoping studies? What is the kind of potential news flow timeline kind of look like for?
It's going to be an interesting one, David. Yes, we will update the market. The work, you've seen some of the work yesterday. Within the next few months, we will have a good internal view of the opportunity and we will communicate that with the market. I think it's really one of those, if it does work, it's a material change for the Cracow life and expected expectancy for Cracow going forward. We will share with the market. We just need to work out how do we declare a resource on it because of the age and the old drilling, how do we get it to an announceable project. I guess from that point of view.
Sure. Okay. Thank you. Finally, just on Stockman. You mentioned, and you referred to potentially seeking a partner there. Is that just purely funding or will you be looking for a partner that can sort of bring some, you know, technical experience to the table as well?
Quite a few of the people who spoke to me over the years will have technical skill sets as well. I think you would look for someone with technical skill set. You might have more than one. You know, there's offtake, obviously available, but they just bring finance or money to the table. There are some parties out there which we have had discussions with who's got very strong technical development teams. This is the sort of thing they do. We will see when we run the process. My preference would be with someone who's strong enough and also got technical capacity to assist.
Excellent. Thanks, André. I'll pass it on.
Thank you, David. I can't see any questions on the list. I don't know if there's any questions someone wants to ask. If someone wants to ask questions, just raise your hand on the raise hand button. Otherwise, we'll give it another minute and we will finish off. All right. I don't see any other questions. I don't see any other raised hands. Thank you everyone for joining the call. I really appreciate your attendance and we'll talk again. Thank you.