Thank you for joining the Aeris Resources June quarter results presentation. In a few moments, Aeris Resources Executive Chairman, Andre Labuschagne, will present the results for the June quarter. At the end of the presentation, Andre will take questions during a Q&A session. You can submit written questions throughout the duration of the call using the Q&A function at the bottom of your Zoom screen. We will also open the floor to verbal questions. To ask a verbal question, please indicate that you would like to speak by using the Raise Hand function at the bottom of your Zoom screen. With housekeeping settled, I will now hand over to Executive Chairman Andre Labuschagne, who will begin the presentation. Andre?
Good afternoon, everyone, thank you for joining this, this presentation on such short notice. We are well aware that this is extremely short notice, but the reason why we're pushed along is the fact that we also have communications at the operation which need to happen today, and everyone needs to be on the same page. What we'll be doing today, we'll talk about the fourth quarter, we'll look at the guidance, but also look at the operational actions and the balance sheet actions we've taken over the last month or so. Starting with the highlights for quarter four. There was a significant improved production, specifically from Tritton.
It has been the best production for them for the quarter, also June month has seen various records where they produced more than 178,000 tons of ore delivered to the plant, which is the highest since we joined this business in 10 years and produced over 2,400 tons of copper for the month. We've seen the investment we made over the last two years, and we kept on talking about Budgerygar, Venture and Avoca Tank coming online. Those investments are now starting to pay off, those operations in FY 2024 will start to step up significantly. We'll see much better production from Tritton in FY 2024. The Cracow mine performed according to plan. They had a very strong gold quarter, 30,800 ounces of gold.
Mount Colin performed against the mine plan, they achieved their, their operating plan. Unfortunately, there was an incident at the ore treatment facility, and the tons which were planned to be treated in June was only treated in July. We ended up with a significant stockpile at the Mount Colin mine at the end of the financial year. The challenging operation, as you would have seen if you had time to look at the quarterly, was obviously the Jaguar mine. It was impacted by various seismic events during the quarter. It did in the last six months, really, and that stopped us from mining some of the high-grade areas, but also forcing review of the strategy on how, how do we move Jaguar forward.
As of today, we have decided to put the Jaguar mine in care maintenance for at least the next 12 months. We'll talk a lot more detail about that and the reason for it, but, you know, the benefit of having a portfolio of assets, you can do this because the best value you can have to show this by optimizing these mines and, and come out in a, in a much bigger and better, better operation. We'll go into a bit more detail. From operating costs and capital, we, we well achieved within our guidance for FY 2023. As always, there's a lot of focus on specifically on, on capital and costs. Sitting right into the Jag. Why are we putting Jaguar in care maintenance? Really comes down to preserving that 8 million tons in resource.
There's 8 million tons of resource between 4 ore bodies currently, or 4, 4 ore bodies at over 3% copper equivalent grades. So there's a lot of tons, there's a lot of value sitting there. What we've seen through the seismic events and the low zinc price, as most of you would know, zinc is probably the lowest it's been in two or three years. And the escalation we've seen, we think it's better to just put this mine in care and maintenance. What we've seen through the seismicity has slowed the production.
If you're going to start your development to get down to Turbo, and keep that going, you're going to see lower production in FY 2024, which means you're making an operating loss while you're still investing, and we don't believe that's a smart way to extract those resources at a loss for FY 2024. We believe there's a much better plan, to start to work through how do we make a better mine out of that or better business out of those mines. There's a few more slides I'll talk through. Just sort of a little bit of background. I mean, when we bought the Jag mine, we only bought it for the value of the Turbo deposit, which we thought will be about a two-and-a-half-year mine life.
Now that we're in there, we know there's three other deposits, one which is the old Jaguar mine, which we're busy pumping out. The whole aim is, is how do we build a bigger business using those other resources when we bring it back online? What we've also done, as part of this, to make sure we have a controlled closure of the Jaguar mine, while we're going to invest a bit of money or quite a bit of money into the Cracow tailings dam lift. We have renewed or upsized our working capital facility to AUD 50 million through Washington H. Soul Pattinson, our major shareholder, and we will cancel the current AUD 20 million with ANZ.
That is all to make sure that we can do a proper closure, treat people and creditors with respect, and make sure we, we set it up so that you can start it back, back up. That facility, you can see there, there's a detail. It's an AUD 50 million, two year facility. It's a BBSY plus 11%. People will say, "Well, that's a high interest." Yes, it is, but there's no dilution to shareholders, in any form in this facility. A lot of the new debt which we've seen in the industry in the last few months, all add warrants and credit notes to it.
We believe, although it's higher interest, it is a good outcome for us, and it gives us capacity to really close the Jaguar mine and set the business up for the future. On the guidance side for FY 2024, even though we're closing Jaguar, we're pretty close to what we've achieved this year with Jaguar. Really, the big increase, as you would see, is on the copper side, where Tritton will see significant increase in production with both Avoca Tank and Budgerygar stepping up in FY 2024 production. We, on the cost side, as always, a lot of focus on cost and capital, then you can see from those, we're forecasting around 40,000-50,000 tons of copper equivalent production at a group level.
We have included the detail for the different operations in an announcement which we sent out today. You're welcome to have a look at those. We'll touch on those in the presentation going forward. How does the business look? The Cracow mine will do around 45,000 ounces of gold this financial year. Tritton will do between 19,000 and 24,000 tons. Remember last year we did 17, a significant step up for Tritton. Mount Colin will do more or less the same as what he did in FY 2023. As we'll go through a bit more detail, Mount Colin has got 12 months generating good cash and has set the business up to grow in that region. Various projects now. The Barbara deposit, we'll talk through that.
We see the Jag mine now going forward as a project, which will have a start-up within once we've done the feasibility and plans. Then the Stockman project remains one of our key projects in the business going forward. I thought we'll touch base just on the different operations, both from what they've done, what's ahead as FY 2024 look, but also just a little about how do we see the future of each operation. As you all know, if you've been in the, in the share price for FY 2023, it's been a very challenging period for, for Tritton. The underperformance or, or low production of 17,000 tons of copper was significantly lower than forecast. The investments are done now. The Budgerygar ventilation shaft is in and operating.
Avoca Tank vent shaft raise bore is done. We're busy putting the vent shaft on. Those two mines will now build up to full production in FY 2024, and you can see a significant step up on the operational side for Tritton. At the Tritton mine, obviously, you can see the photo there. It's a relief. It took us 12 months to get that raise bore in with all the challenges the guys had, but that vent shaft is up and running. The model for Tritton is basically, we're mining Tritton at depth in this slide, if you look down there. The highest grade, and then Budgerygar will now step up production and, and increase production during this, this financial year to, to around 200,000-300,000 tons annually. At the Avoca Tank mine is the other one.
There you can see the grades going at 2.5% copper. Now, remember, we've been mining around 1.3%-1.4% copper on average. I think 2.5% copper coming in is where the, where the increased production for FY 2024 will, will sit. We've also, through the latest grade control drilling, discovered a new gold lens. What we're also seeing is, where we've currently drilled, those the reconciliation to the resource is actually significantly higher in grade than what the resource grade was when we got in. We're seeing some 3%-4% coppers coming in, in the production profile, in FY 2024 out of Avoca Tank. The next big project, Constellation. We haven't spoken much about Constellation the last 12 months.
We have allowed a significant amount of money to drill more holes, to define the ore body a bit better, to, to look at it at depth. Also where we identified the stand-up zone, basically sitting on the edge there. We will drill holes starting this quarter and trying to define that. If that stand-up zone remains in the ore body, it will significantly change the economics of Constellation. We're busy with the feasibility study. The current model is an open pit mine with an underground mine. That should be finished off in this calendar, in this quarter we're in. We will be moving forward with all the permitting so we can bring this mine into production as quickly as we can, because this is where what's on the biggest value will come in the long run for Tritton.
Just touching on the exploration. We know that through the model of using EM surveys, we discovered Constellation in this northern part of the tenement package. We've done another round of EMs. We've identified 14 new targets. We're busy toothing them, and we will do some drilling targeting some of those targets in this, this financial year. When you see these things, when you look, they do come in clusters. Where you got one, you got more, and we do believe in and around this area, there's definitely a high likely opportunity to find another Constellation or another ore body, which can be economical. As you can see on that slide, all those grade, Avoca Tank, Budgie, Clutton, Budgerygar, all of them are still open at depth. It is all come down to the economics of the grade of those ore bodies. The Cracow Mine.
Cracow, we have made a decision, as you can see there, production-wise, it, it is our best performing operation productivity-wise. The guys have done a really good job to get control of the grade in FY 2023 and achieve what they set themselves out to do. We have made the decision to invest another AUD 18 million to lift the tailings dam and give us another three year capacity in Cracow. Really, the reason for that is coming down to, if you look at those little map on the right-hand side, we're currently mining the Western Vein field. This mine has been going for a long time and never really had more than two to three years of reserves.
What we're seeing in, in the current workings, there's quite a few new targets that have been identified, which we will test, and that will extend the mine life within the current area where we mine in the Western Vein field. We also discovered, or not discovered, started drilling the Golden Plateau deposit. What we plan, planning this year is to do an exploration drive and then drill the ore body out in FY 2023 to start to set it up for mining from FY 2024 onwards. We're targeting. We already identified 62,000 ounces in a mineral resource. Now, this can significantly increase, especially as we do that exploration drive, and you can drill at the right angles.
There's a lot of confidence that where we've got all these structures now that we're seeing quite good grades wherever you find those intersections. There's the, the potential game changer. That's Southern Vein field. If you look at this little map over here, you see the Western Vein field, that's where we're currently mining. Already mined 2.5 million ounces. Golden Plateau already mined 1 million ounces. Just in that area, already 3.5 million ounces has been discovered and ore mined. This Southern Vein field, we know it's under cover. It's got all the right signatures to host another large deposit. You can see there, historically, like, the wall shoot and the ground shoot, you know, it's small, but it's high grade, 1 million-plus pounds ore bodies.
Brad and the team are very excited to spend time and effort to see if these ore bodies or these structures extend further south on the tenement package. Mount Colin, I always talk about this photo. It's a small footprint. The model there is you mine it, you truck it currently to Ernest Henry, and you get paid for your copper. Really simple model, we're using a contractor. From an environmental rehabilitation point of view, you don't have a tailings dam, you don't have a lot to cost to close this mine down and then move to the next one. In terms of this year's guidance, we're looking at, at between 8,000 and 10,000, around 9,000 tons of copper, quite a bit of gold in it. As I said, pretty simple, truck it to Ernest Henry.
We had 100,000 tons of stock sitting on stock posit in this entry at the end of the financial year. Then, we will start to look at how do we close Mount Colin out. Currently, there's about 12 months, 15 months left for Mount Colin. You can see there the, the mine plan on the right-hand side, that's just for information, really. With harvesting cash coming out of there, there's no more capital to be spent, then it is just taking that opportunity with those regional malls, then starting to look at, we got quite a large tenement package. How do we manage that going forward? The whole, the whole challenge or the whole aim here is to use this asset or to get a springboard to the future operations or opportunities in the region.
As we said many times, we're trying to build a pipeline of projects in North Queensland. The next one we are focusing on is the Barbara project. It has been mined before. It was treated at Mount Isa. It's known as an open pit. We've done a resource update in the last quarter. There's 2.2 million tons at 2%. That's a doable project, so we're doing the feasibility study, and the aim would be is you go Mount Collin, and while we still finish off Mount Collin, you get your approvals, and as your approvals is Once you get your approvals, you start Barbara as the next project for North Queensland. Let's have a, let's have a look at Jag.
The Jaguar mine, the two quarters, two halves, was in the first half, we did 15,000 tons of zinc, and the second half, we did 7,000 tons of zinc. That was impacted by various, as we said, the stresses and the seismic events, but also the lack of development and the getting skills to do fast development to get down to Turbo. This year, we have got very little production. Really, the aim is, we already started today talking to the crews, the mine will stop mining in August, so we're harvesting the final stopes, and then we will process what we've got in stocks and then go into a care and maintenance program. This is the opportunity.
The strategic plan at a co-concept level is to build a 10-year mine, push the current mill, which we do about 500,000 tons through it, which has got a capacity of more than 600,000 tons. Push the mill up to 650,000 tons by mining more than one deposit. The Bentley mine hosts the Turbo deposit. The Jaguar mine was an underground mine, which was mined before they started Bentley. When they discovered Bentley, they basically left what's there in Jag, because of the grades at Bentley and moved to Bentley. We already started, started to pump the Jaguar mine out because it's full of water, and that will keep going. We'll keep going with that during care and maintenance.
The plan would be then to mine Bentley and Jag at the same time, push the mill to 650,000 tons, and you've got grades sitting around 3-3.5% copper equivalents by putting that through, and you'll make good money. Then you go to Teutonic Bore, which is an open pit cutback. The Triumph deposit is already approved to be mined, and then there's obviously exploration ground. In those four deposits, there's 8 million tons, roughly around 3% copper equivalent, with 1.1 copper and 5.6 zinc. We tend to get quite good silver grade as well. Really it's about sitting down, doing the feasibility study to say: How do we do this? How do we make sure the plant can deal with 650?
How do we time the deposit to come into production at the same time, that you don't have this piecemeal effect while you're trying to get to the one, you lose money on the one while you're trying to do the other one? I think just a coordinated approach in restarting this business will have a significant benefit to all of us and shareholders in, in the way forward. There's an example. The Bentley mine is still 3.1 million tons sitting there, actually at about 3.5% copper. You can see what has happened in this last six months. The seismic event was in the Bentayga area, which was our high-grade stopes. We couldn't get back in there to mine those stopes, and we had a few events in this area as well.
The analysis has been done, why it happened, so we understand that, and, and that will become part of the new mine plan going forward. This Turbo deposit, which is 32 million tons, is still the biggest or largest lens discovered within this ore body. A lot of value is sitting there for us to look in the future. The Jaguar mine, as I said, they basically walked away from it. We updated the mineral resource in the last quarter. There's already 800,000 tons at 2.2% copper with good zinc. That is a pretty good, good result. If you can start to mine these two mines at the same time, which be a huge benefit to the business. The dewatering is underway.
We expect to be able to get to the vent intake by December, then we can assess the work to do in rehabilitation to get this mine back up and running. That will then form part of that study we will do going forward. The exploration. This mine sits within a 25 million-ounce gold field. The sediments are very highly prospective for gold. Then there's quite a few targets identified for base metals. While we're in care and maintenance, we will still do a bit of work around exploration, see where the opportunities, and start to talk to our neighbors, who's gold miners, to see how do you extract some value for the gold you will have on this sediment package. The Stockman project.
I know we have said previously to the market, we will put a study out by the end of June, so in July. It is taking a bit longer. The guys are doing an amazing job to understand this asset, to look at metallurgical recovery, so we did a few more holes to test the recoveries. A lot of work has been done to look at the footprint of the asset. The mining engineers has relooked at the mine plan in various different ways to ensure we can do it cost-effective. We're really spending a lot of time focusing on those, look at the logistics, and we still will give the market update in quarter two, FY 2024. This is a great project. It's got 10 million tons at nearly 3% copper equivalent recovered.
It is one of the best projects we have. It will produce around 30 odd thousand tons of copper annually or copper equivalent annually at this mine. The approval processes are all underway. As I've said before, we already got a mining lease, we already got the approvals for a tailings dam. It's all the miner approvals, which is, is part of this process, is also continuing, and we have got a few approvals during the quarter. These are just a few features. The spine footprint is significantly smaller. You can see it's not huge underground mines. It's basically on the side of a hill, so not a lot of capital spent to get declines to the ore bodies, and, and they're not far apart in terms of where they sit.
At a corporate level, we ended up the quarter with AUD 39.5 million between cash and receivables. That was one of the reasons why we did start to talk about putting more working capital in the business, because a lot of this is, it's just movement in capital with all the stocks we have. FY 2023, we did spend a lot of capital while we were not necessarily doing that well. That working capital facility is, is in place as of this afternoon, and, and we still unhedge in the business going forward. I guess that sort of summarizes where we are. FY23 was a challenging year.
We've seen significant improvements at the operations, and really, the benefit of having a portfolio of assets allow us not to keep mining Jag at a loss, but rather plan for it to be mined in an economical fashion going forward. Thank you very much. I'll open the floor for discussion, for questions, if anyone wants to ask any questions.
Thanks, Andre. I'd like to remind attendees that they can submit questions using the Q&A function or raise hand function at the bottom of their Zoom screens. We will give callers a few moments to get their questions in. Andre, we can see that Adam has a verbal question they'd like to ask. Adam, I'm going to turn your mic on now. Is that working for you?
Yep. Can you hear me?
Yes, Adam, I can. How are you doing?
Yeah, good, good, good. Thanks, Andre. Maybe just one on starting on Jag. I might have missed it. I've not the chance to go over the detail, but just maybe the cost to go into care and maintenance?
Yeah.
Is there going to be a, maybe a, you know, an operational standby cost, moving forward?
Yeah, sure.
-for FY 2024, and how should we think about that? you know, the stuff like dewatering that you're talking about.
Yeah. The, the, redundancy cost is around AUD 8 million, Adam. That's the redundancy. There's also credit to final payments of creditors, just to close the books on the creditors, that's around AUD 10 million-AUD 15 million. Then, in terms of holding costs, it's about a AUD 4 million annual holding cost for, for, for Jaguar. That includes the pumping.
That was, that was a annual cost, was it?
That's an annual, annualized cost.
Okay.
Once, once it's in proper care and maintenance. And the way we structure it is to the team we're keeping there in care maintenance, can also assist with some of the work around the rehab to be done for the, the Jaguar mine.
Sure. Makes sense. On, on Cracow, just on the tailings dam. Just wondering if you could talk through, is it fully permitted for the raise? If it's not, just wondering how much capacity have you got left for the raise?
It is, it is fully permitted, it's already underway, and it will be in place by December. With that in mind, basically by the, the timing coast, basically, you've nearly run out of space and the new one is up and running. All the permits in place, the work is already underway, as we speak, with the aim to have it done by December.
Sure. Thanks. I'll hang it on. Thanks.
Thank you very much, Adam.
Thank you, Adam, for your question. I'm going to mute you now. Andre, Paul also has a question. Paul, I've unmuted you. Just checking that that worked.
Yep. How you going, Andre?
Good. How are you doing?
Not too bad. A few questions here. Just firstly, at Jag, which ore headings specifically, I know you sort of touched on it briefly, but just which ore headings specifically are being cut off because of this seismic event?
Let me just jump back to that slide. I think I stopped sharing it. I'll just share it again, I think will help the, giving you a bit more. Can you see that, Adam?
I, I can see the, the front page. Just can't see the actual slide with the-
Oh, let me just... Yep, there you go. When you look at this, that Bentayga, can you see that slide?
Yeah.
The Bentayga area, at the bottom of Bentayga, those stopes down there, which was quite high-grade stopes, is the ones we can't get to currently. It's not sterilized. The guys already worked out another plan to come around the other way and, and get back in. The key was to understand the reasons for the seismic events, 'cause if you don't know what happens, you can't go back in. That is now better understood. There is a plan in place. We're not gonna do it, though, before we put in care and maintenance. We'll come back and get it when we, when we come back online. There was a few down the bottom, but that was just delays. It wasn't, didn't block it, it was just delayed in some of the stopes.
Yeah. I presume that Bentayga was the bulk of your-
Yes
FY 2024 plan then? Yeah.
Correct. Especially the last quarter.
Yeah. Then anything specific? I know you're sort of doing the work to understand what caused it, but what's different now to, to what previous owners were going through?
Look, it's always a seismic active mine, you always manage seismicity, which is induced by mining. It's really just understanding it and what has happened in this case, that in Bentayga, we didn't mine there for four weeks, and we had the seismic event, which, you know, when that sort of thing happened, it, it's a no-go. You, you just can't get back in there. The others are just being managed, sometimes it just happens that you need to clean the floor up before you can go back in and just let you delay some of the production. That's a pretty normal thing for this mine. It's always been pretty active.
There's no difference in mining methodology or anything like that?
We are gonna look at, when we get back up. That's the beauty of actually doing two mines, because you can take the pressure off mining too many tons out of the, out of the Turbo deposit. Because as, as soon as you start to put pressure on stoping, you know, you induce it much easier. The idea now is to say, "Well, you don't need to put mine 600,000 tons out of Bentley. You can do 400 out of Bentley and 200 out of Jag," and that takes that pressure off.
Yep. No, understood. Then just at Cracow, seems like growth capital there is, is quite high.
Yep.
Sort of, I presume that's, and you touched on it, just largely tailings related.
That's largely tailings related, but also.
Yeah
-exploration.
Yeah, but given, given the current sort of mine life of that asset, could you maybe just, just talk about the decision on why you're progressing there and, and, sort of putting Jag on care and maintenance and, and maybe not the other way around? I understand the seismic issues, but.
Yeah.
was there, was there an option to do it the other way around?
Well, not, not really. I mean, Jag has been done because in FY 2024, when you're trying to get down to Turbo, you just don't produce enough ore to be a sustainable business. At Cracow, we've identified and have enough confidence in the current resource and new areas identified, plus Golden Plateau, to at least have. We'll have more than three years of life. There will be another decision in three years' time. We go again. You look at the history of the Cracow mine. It's always had two or three years, as long as you're willing to spend exploration AUD. We plan, in the budget, a significant money to keep exploring both greenfields and brownfields, because that Southern Vein zone is quite important for us.
A lot of focus on Golden Plateau to bring that in production. We, we're confident that there's enough resources to turn that into reserves and actually mining inventory for, for, for Cracow.
Yeah. Right. Then just on the, the funding package, can you maybe just outline what sort of process you went through in deciding to go down that avenue? I mean...
Sure.
Was, was it a competitive process? Were there other options? Can you maybe just go through that?
Look, we, as a board, we looked at quite a lot of various options, you know, in this market. We looked at various debt options. Timing was an issue, because once we made the decision that we should really consider the Jag care and maintenance, we had to get that in place to be able to go down that route, because it is quite a bit of working capital to close these mines down. We had various discussions. We had various discussions with potentially raising equity or a combination, but as you guys would have seen, I mean, the equity market is just not there, and we shouldn't raise money if the price is at these levels.
We've seen significant discounts in the last raisings, which has been done, and a lot of the other debt has got all these other structures on warrants and stuff. The relationship with, with Soul Patts, I mean, they wanna help us to grow the business, and, and, and they were willing to move fast to get things in place and make sure we get the... as quickly as we can. One of the things is, once you've made the decision, things need to go in care and maintenance, you need to be open and honest with your workforce throughout that process. There was an element of timing using working with Soul Patts. They are second ranking, so they're still behind ANZ, who hold our bonds.
The board has gone through all the different options and believe that this is the best option for us right now to, progress with this AUD 50 million facility.
Yep. No dramas. Then just last one from me, just Constellation. In terms of any of that growth capital, is, is any of that earmarked for Constellation?
Yes
what should we think about there as well for-
There's a AUD 10 million planning price to spend on Constellation this calendar year. There will be significantly more drilling, to, you know, get that ore body to a 10 million ton ore body. That's what we're trying to get to. Understand, upgrade the quality, and then that standup zone. If that standup zone works, economics change significantly. A big drilling program, feasibility study is underway, and we will start to talk about how do we move that forward. The environmental programs to get approvals, that has started, we want to get that in place as quickly as we can.
FY 2023, we didn't spend a lot of money on Constellation because we spent money on Avoca Tank and Budgeryga , but in FY 2024, we allowed $10 million for Constellation.
Yep. No, understood. Thanks, Andre. That's passed on.
Thanks, Paul. Appreciate it.
Thank you, Paul, for your questions. I'm going to mute you now. Andre, we have a written question from Mark.
Mark is asking: Are you comfortable the circa AUD 80 million in existing cash receivables, plus the new debt facility, will be enough to fund CapEx programs in FY 2024 and Jag closures?
Absolutely. That is, the number has been derived from making sure there's enough capacity and spare working capital in the business to achieve that outcome.
Thank you, Andre. We have a final question from Athish. Athish is asking:
What steps are being taken to provide improved guidance as we miss cost and/or production guidance in the last eight quarters?
Athish, that's a fair, fair, I guess, a fair criticism. Look, we a lot more confident this financial year, really, because the uncertainty and de-risking of the Tritton mine is done, in our view, with Avoca Tank now wind chart in development there. The stocks we can see in front of us looks pretty good. We've got Budgerygar in production, wind chart running. Those high-grade deposits are coming in. The team has done an amazing job to, while we struggled in FY23, with all those different things, to actually find other areas to mine. And we've seen June has come through quite well, and July, we had a significant better than, than planned start. A lot of the guidance last year, the underperformance was driven by Tritton, and then the Jag one became the different issues.
We, we've been looking very careful on what to put out as guidance as well. What we've done is quite-- we're quite confident that the numbers we've got out there will be achievable. We've made some structural changes within the business, leadership and, and, and other ways we're running the business going forward as well.
Thank you, Andre. We'll wait about 15 seconds to see if any final questions come through.
All right. Well, thank you, everyone. My apologies for doing this on a Wednesday afternoon at 4:00 P.M. It was just important for us to get the news out, make sure we deal with our workforce out at Jag in the proper way, in a respectful way, and then leaving this till tomorrow was not appropriate for us to do. Thank you very much, and appreciate your time.
Thank you, Andre. That brings us to the end of our Q&A call. Thank you for joining Aeris Resources' June quarter results presentation. We'll see you next time.
Sorry, can we just, just hang on?
Yeah, sure.
We had one more question from Daniel.
Oh, thank you.
Daniel, I just saw it pop up. I'll, I'll deal with it when, while we're on. Daniel's question is:
We've seen significant shareholder loss in the last 12 months. Are you confident that you have the right plan in place to turn this business around to create shareholder value?
Daniel, this has been a tough decision for us to, you know, to, to put people's livelihood on at risk at Jag. You're closing mines down. I think the right thing to do is, and it's appropriate for us, to preserve those resources and make sure we can mine it profitable. I think we've got the right plan, we've got the right people to execute, we've got the right team in place, and we've got the right support. I am very confident that, you know, we can't drive the market. We can't.
You, you get up in the morning and the U.S. is down, and you know your price is going down. I think from where we sit, we've got a plan, we've got a strategy, we've got good mines and good projects going, going forward, and I think, we know where we're going. I hope that answers the question.
Thank you so much.
All right.
If no final questions, we'll end here. Thank you again for joining, and we'll see you next time.
Thank you very much, everyone.