Good afternoon, everyone, and thank you for the invite. This is our first attending this conference, and it is really exciting, especially listening this morning to Charlie talking about copper and gold and where you see the future, and I fully agree with that. What I am going to show to you today is in Aeris, you can get exposure to both.
We are already a producer and see a pathway to go from 40,000 ton copper equivalent production out of two mines within three to five years, get that to 80,000 tons of copper equivalent production. These are just the normal disclaimer, but the key is we got two operating assets. We got the Tritton copper mine in New South Wales. Tritton produced about 24,000 tons of copper metal and included in the production is about 10,000 oz of gold and 200,000 oz of silver.
At a copper equivalent level, it produced around 28,000 tons of copper equivalent in FY 2026. We also got the Cracow Gold Mine. Cracow last year did about 40,000 oz. We are looking at a 40,000-oz producer out of Cracow. Both those operations, of course, generated good cash. You will see some of the results.
Clearly for us, the focus is on growth and extending those mine lives. Both of those mines, for those who do not know, has been in operation for over 20 years. So it is long-life assets and with substantial growth opportunities.
As we just heard, we bought Peel Mining, and some of you in this room has become Aeris shareholders through Peel Mining. We also got two projects. We got the Jaguar copper-zinc mine in WA, which is in care and maintenance, and we will touch on that a little bit more.
Then we have got the Stockman Project in Victoria, which we are working on a feasibility study. In FY 2026, we set ourselves out some specific goals, and it was clearly for us in growing the assets life, delivering on the operational assets, specifically Tritton and Cracow, new project startups on both of those. We divested our smaller assets.
We had a small copper mine, which we finished mining in some tenements in Northern Queensland, which we sold. We made a clear strategy to drop the care and maintenance cost on Jaguar to the bare minimum and basically start to look at exploration.
On the balance sheet side, we had AUD 40 million in debt. That is repaid, so we got zero debt on the balance sheet. We had a bit of gold hedging, which ran out in June, so we are currently unhedged.
Really where we see as a result of all of those, a snapshot for 2026, we produced 23,000 tons of copper, nearly 50,000 oz of gold, 42,000 tons copper equivalents. On the balance sheet side, an EBITDA of AUD 290 million, nearly AUD 300 million, and a cash and receivables of AUD 200 million.
This business has never been in the position it is been currently. With the strong balance sheet, operations delivering, and some of the previous speakers talked about multiples on EBITDA. You can look at that EBITDA, and then you look at the market cap currently around AUD 750 million, AUD 770 million, and you can do your own calculations between 4x and 10 x EBITDA. One of the things as well, we started to use tax losses.
We still got AUD 264 million in tax losses left, so we haven't paid tax for the last two years, and we don't intend to pay that much for the next few, well, probably the next year or so. Small board, strong management team, and clearly you can see Bell Potter, Jefferies, Ord Minnett, all of the analysts following us, and their estimates is significantly higher than the current share price. You'll see where we're going.
A little about Tritton. Tritton's got a 1.8 million ton process plant. It has got a 10 million ton reserve. That reserve has increased in the last month or the last 12 months with the drilling we've done from a 2 million ton reserve in FY 2024 to 10 million tonnes, and you'll see the slide coming up.
For us, it was all the focus on keep delivering and improving the position where you can put a 10-year mine plan out for Tritton at around 30,000 tons of copper metal. This is sort of the graph. You can see there in December 2024, we had 2.4 million tonnes.
Through mining and through drilling, we put about AUD 25 million of exploration dollars across the business in FY 2026, and we could see the material results we got out. We could see the big increase on Constellation. That is a deposit we discovered six years ago and is now in production. It started off mining there about a month ago.
Then we heard earlier we bought Peel Mining, and it was really all about securing that 10-year mine plan for Tritton by adding strong copper resources to the portfolio, and you can see that significant growth from 2- 10 million tonnes.
This whole plan for moving to a long-life asset, you can see there all the different assets we own. You can see how much is in reserve and how much is resource, and you can see the difference between the 10 million tonne reserve and the 33 million tonne in resource. Historically, we had a very good conversion between reserves and resource. It's purely due to lack of drilling.
For a period of about five years till the last year and a half, we did not do a lot of drilling at Tritton, and it's only the last year we did 77,000 m of drilling, focusing on extensions of the current mines and the Constellation deposit, which seen the results. So we're very confident that that 10 million tonne reserve will substantially increase over a period, and you can see there in that map.
Typically, we will mine 2-3 mines at any time to fill the 1.8 million tonne process plant. Currently, we're mining the Budgerygar deposit, we're mining Avoca Tank, and we're mining Murrawombie open pit. The future of Tritton lies in the Constellation deposit. What you see there in that photo, that's just the Murrawombie pit. We'll mine a million tonnes by November 2026.
A big stockpile will sit on the ROM pads ready to be processed for FY 2027, so strong tonnes already delivered by November. It is all about getting Constellation into production. Constellation is the future. The mine plan you see there is a two-year open-cut mine that pre-strip started about a month ago now.
We have already done the first 10 m, 15 m, and it will be in ore production by the third quarter next year, otherwise by March, and then in full production in fourth quarter FY 2027, so the last quarter this year. That mine plan is two years open cut. That, as it is saying there, is a 10-year underground mine. The mine will average production around 750,000 tons from the one deposit.
It is still open at depth, where not one of our deposits at Tritton is actually closed off, and you will see in a slide coming up. So between Constellation and Mallee Bull, which is a new acquisition, we see that more than 2/3 of the mill will be filled from two big deposits, both with more than 10 years in life.
Mallee Bull is already 7 million in resource. You can see the reserve there, 2.7. We are working on a bigger ore conversion in reserves. That was the first stab we did when we bought it on 1 July, so not a lot of work has gone into it. The development timeframe for Mallee Bull is three years to ore production. Most of that timeframe is going into approvals. We already have an approval to start the exploration decline, so we can start that. We will start that probably in 18 months.
As we time the ore production and the approval process to start the same. We see that when Mallee Bull and Constellation is both in production, Tritton can do 30,000 tons of copper metal with gold and silver on top. This is sort of just giving you an indication. These are all the different deposits. It is historical mines or mines which are currently being mined. So we are currently mining the Avoca Tank deposit.
We are mining the Budgerygar deposit. We put a lot of exploration drilling into both of those in FY 2027, and you can see there each one of those deposits is still open. It is just drilling. Tritton, down on the left, and your right and your left-hand side is already 1.3 km deep. It is all open, and there is no reason why any of those other assets, other mines, cannot go the same.
This is just an example. So Avoca Tank on the left-hand side, that is when we started mining it with a 700,000 ton reserve. The drilling we have done in the last 12 months has increased and doubled the strike length of that by, it was 80 m, it is now 160 m, and all of that, it is the highest-grade deposit on the property over 2% copper or 2.5% copper, and that will be mined in the future.
It just shows you drilling brings those resources in. The same goes with Budgerygar. Again, on the left-hand side, that is when we started it. With the drilling we have done, you can see how that has grown, and it is still open. I guess what we are saying is those two bigger deposits, Constellation and Mallee Bull, will be the key deliverables, but these assets will help to fill the mill with good quality grade.
If we look at Cracow is a gold mine. It is in Queensland, near Theodore. It is about an hour's drive from Theodore , in the town of Cracow. A very good 700,000 ton process plant, well-looked after, low capital, basically no rust on the plant. It is a very good little mine. Not little, a mine. Currently do about 40,000 oz.
The real opportunity for us, and it has always been the big challenge for Cracow, we bought this mine from Evolution six years ago, and we said there is four years life. Now after six years, we are basically saying the same, but we are now starting to say is we think we can put a 5-10 year mine plan around Cracow by focusing on the right-hand side of that image, you see an old open pit sitting on the property, which is related to historical mining.
In the 1930s, it was mined at 10 g a ton. Everything less than 10 g was basically left behind. In the 1980s, one of the miners put an open cut over the top of those old workings, mined 2.4 million tonnes at 4.5 g a ton gold. We look at it, we say, well, you can do a bigger cutback. You can also take it north and south.
We just launched, we are nearly finishing up a 14,000 m drill program to confirm the historical results, and we have got a very strong view that you can put another 200,000 - 300,000 - 400,000 oz of gold into a mine plan by bringing this into production. Now, that will materially change Cracow with a historical two-year reserve position to a five-plus year mine life once this has been confirmed and the mine plan is put in place.
On the exploration side, you can see in that image there, you can see the Western Vein Field. This is where all the historical production has come from. Then you have got Golden Plateau, the small on the right-hand side. There is already 850,000 oz mined out of just that little area.
Those two, the plant is basically the middle of that, so the process facility is within 2 km away. Really, the real upside from an exploration point of view is that Southern Vein Field. Never been tested, never been drilled. We have done all the science. We have got the drill targets. We are negotiating with the landowners to get access to drill that. The view is you can easily find another Western Vein Field in that southern area. Now, what does that mean?
Between Western Vein Field and Golden Plateau, it will give us enough time to drill that, and if you find something, bring it into production without a slowdown, without production having to stop because you have got enough time to drill it out. On the projects, I will just touch briefly on those. Stockman, it is in Victoria.
It has got a 17 million tonne resource on it. Copper equivalent grades over 3.5% copper. It has got a 10-million-tonne reserve on it, similar grades. The feasibility study is underway, and we will announce that in the next few months and give the market a view.
Current share price will have no value for Stockman, and it is purely because it has been in the portfolio. We bought it four years ago. We just have not spent enough time to pull it together. The focus now is between As I said earlier, we have got a pathway to 80,000 tons.
We can get to 50,000 tons copper equivalent by getting Tritton to 30,000 tons in the next three years. Cracow doing 40,000- 50,000 oz. Bringing Stockman online gives you an additional 25,000 tons copper equivalent production, which pushes you closer to that 75,000, 80,000 tons. We got the Jaguar mine.
Jaguar was a mine. We bought it. It was in production. Zinc price came off by 30%. We needed to invest more money. The resource wasn't big enough to fill the mill, and we made a decision to put in care and maintenance. It was a tough decision at the time, and those who followed the share price would have seen the share price came down quite a bit and is slowly itself way back up. But what we have now is basically Jag is an exploration play. We're both focusing on both base metal drilling.
There's eight base metal targets. We've drilled one hole in each. We did down-hole EM. We're waiting for the results back. But when you look on the right-hand side, it sits in gold country. It's between Thunderbox, King of the Hills. There were some gold explorers earlier who's got tenements around this.
There's 62 km of greenstone belt sitting ready for gold exploration, which has never been done before. I guess FY 2027, it's about life extensions. We will come out with those new life-of-mine updates. It is about keeping the balance sheet, investing the capital, and using the balance sheet and the cash flow from operations to grow this business to, as I said, to that 50,000, 80,000 tons copper equivalents in the next three to five years. Thank you very much