I will just touch on the Stockman project as well. As you can see, two operating mines. We produced 42,000 tn copper equivalent last year, and we can see that profile extending. As I said, 2026 was for us a transformational year. It is a year where we had clear focus on life extension at the operations, and you will see when I present, we also did an M&A transaction where we bought a nearby exploration company called Peel Mining Limited, and that will be fed into the Tritton mill and that will extend the life of Tritton. In the last 12 months, we repaid our debt, so we are debt-free. Just at a high level, the last financial results as of June, we had AUD 200 million cash and receivables. We had AUD 285 million EBITDA, and the Peel acquisition was closed on 1 July.
It is a very strong balance sheet, and can see the growth profile as we move into delivering some of these projects. That was one too quick. Just quickly, the corporate overview. Trading around AUD 700 million in market cap. Cash was AUD 165 million, receivables was the rest. We still got some tax losses, AUD 264 million. We used about AUD 200 million last financial year with the taxable profits we made. You can see the share price touched AUD 0.70 six months or so ago. When the war started, that started to come off. Also we had a major shareholder called Washington H. Soul Pattinson and Company at 32%. They have sold down to below 5% during that period as well. You can see how the share price has responded in the last few months.
That was on the back of the good FY 2026 results, but also people can start to see the Tritton life coming together. Tritton got a 1.8 million tonne process plant. Typically, we will feed that plant with two to three mines, both underground or open cut. In the last three months, we have announced a significant reserve upgrade. You can see it used to be in 2024, there was a 2.4 million tonne reserve at Tritton. It is now 10 million tonnes. That is a combination of our current owned Constellation deposit, which were discovered six months ago, which is now in production, and the Mallee Bull acquisition has helped us to get to that 10 year. That is about a six-year reserve life. On top of that, there is 33 million tonnes in resource.
You can clearly see that potential, where you can see on the left-hand side there, how much of the resource is not being converted, and the only reason for that is we have not drilled it. Some of the slides coming up, you will see the drilling we have done in the last 12 months has significantly improved the position. On the image on the right-hand side, you can see our tenement package, quite a large tenement package. We currently mine the Murrawombie open pit mine, the Avoca Tank underground and Budgerygar underground mine, and that fills them all. We have just started a month ago. The future really sits with the Constellation deposit. Constellation currently, that is a 12-year mine life, two years open cut, 10 years underground, and it is open. So we clearly believe that that will be a 15+ year mine life.
It will produce about 750,000 tonnes annually. If you look at that mineral resource, it is nearly 9 million tonnes at 2% copper and 0.6 gold. Tritton currently produces about 10,000 ounces of gold on top of the copper. When you start to think about Tritton in a 10-year profile, this Constellation deposit is the key baseload deliverable for Tritton. It will be in production by March. We will see tonnes of it going through the mill. By the June quarter, we will see significant production coming out of it with grades above 2% copper. That combined with the new acquisition, that is Mallee Bull. That is a deal we just finished off in July. It has already got a reserve of 2.7 million tonnes at 2.4% copper, so good copper grades and good gold grades. We see that will come into production in the next three years.
It will take us approvals of roughly two-and-half to three years to get that underway. We already got approval to do an exploration decline. We can go already 400 m down before we can start ore. The idea is in 18 months, we will start the decline and then go underground post the approval or start mining ore once we get approvals. Mallee Bull combined with Constellation, both of those will have 10+ year mine lives, will deliver about 1.2- 1.3 million tonnes to the process facility. When you look at Tritton on the exploration side, last year, we have put about AUD 25 million in exploration across the group, and the key focus was drilling at Tritton and drilling at Cracow. Drilling at Tritton was really focused on the Avoca Tank deposit and the Budgerygar deposit.
You can see there, each one of those mines are the historical mines or current mines is open at depth. The only reason it has not extended is because of drilling. The drilling focus, as I said, was the Avoca Tank and Budgerygar , and you can see in this slide what was the results. In December 2024, the slide on the left-hand side was the size of the reserve at the time, and it was 700,000 tn at over 2.5% copper. 12 months of drilling, you can see that reserve or resource has nearly doubled. Doubled in strike, but also down-dip extensions. That is still not closed off, it is just a lack of drilling which has shown that. This year, we are converting most of that resource to a reserve, and the mining will continue into the future.
That is just typical of, that was the ore body before we started drilling in the last 12 months. The right-hand side, you can see the size where it sits and the quality of resource due to drilling has stepped up from inferred to indicated, and also significantly bigger in size. When you think about Tritton and you think about where does it go in the next three years, you can see two good baseload assets in production. The assets like Avoca Tank and Budgerygar will add additional tonnes to fill the mill. Clearly, all of these grades are now tending to that 2%, 1.5%- 2% grades, specifically the two larger assets sitting at roughly around 2%. We see Tritton getting to that 30,000 tn in a three-year window with a 10-year plan.
The market still do not get that. We intend to, by February, put an updated life of mine plan out which will indicate this life. When you look at our Cracow Mine, Cracow is in Queensland. Very different setup. It is a 700,000 tn process facility. It is producing about 40,000 oz of gold. The plant is in a very good condition. Low capital intensity across the mine. Really, we see the opportunity of where Cracow had normally had only two years in reserves, that we can publish a six-plus year mine life. That goes on the back of that picture on the right-hand side, you can see there is a small open pit mine there which has been mined in the 1980s. This is sort of the image of Golden Plateau.
What we are doing there is, this was mined in the 1930s at 10 g/t underground. There was a lot of tonnes left behind, which was below 10 g/t . In the 80s, someone put that small open pit mine over the top. They mined 2.4 million tonnes at 4.5 g/t . We intend to do the same, doing a bigger open cut but also look at underground mining. The drill program we will finish off in the next few months indicates that what we expect to be there is there. We will start to work through a mine plan. We believe there is anything between 200,000 oz and 400,000 oz in that Golden Plateau deposit. The idea is to put a mine plan around it and start mining that.
As part of the life of mine updates in February, this will form part of the Cracow update with a six-plus year mine life. That then allows us. Basically, you can see there in that image, you have got the Western Vein Field, which all the mining has been coming out of for the last 20 years. The Golden Plateau deposit, the plant sits sort of roughly between those two, so it is within one or two kilometers from the plant. What it allows us is the greenfields exploration. The southern part of the tenement package has never been explored for gold. The geologists see that as some of their best exploration ground in the company. The view is that if you do discover something in the Southern Vein Field, it is potentially as big as the Western Vein field.
For us, a clear focus on how do we start drilling there. This year, we are planning to start drilling that Southern Vein Field. We think the Golden Plateau and Western Vein field timeline of production allows you to get a mine up and running if you do discover something in that Southern Vein Field going forward. Just touching on the two projects in the company. First up, Stockman. Stockman is in Victoria. As you can see there, it has already got a 17 million tonne resource of over 3% copper equivalent grades. We are planning to put a 1 million tonne per annum process plant up, doing about 25,000 tn copper equivalent production out of the plant. The feasibility study is underway, currently looking at around a 15-year mine life, with extensions on top of that.
The study will come out early in the new year for an update to the market on the way forward for Stockman. I do get a lot of questions on Stockman about it is in Victoria, can you get mining lease? Can you get all your approvals? Actually, the project is already approved at a mining lease, already got environmental approvals. There is a lot of approvals already in place, and we do not see any reason why it should not be granted. This is an image of the Jaguar mine. That mine, as I said earlier, was in production. We bought it, ran it for 12 months. Zinc price came off by 30%. We needed to get to the next deposit. We made a decision to stop mining because the next deposit was not big enough to fill the mill.
We took a view that let us explore and make sure we start a mine with more than 10 years in life, and that is what we then kicked off. The next slide, you will see where is the option value and the opportunities for Jag going forward. On the left-hand side, those are the base metal targets. We are busy drilling those out. We have drilled a hole in each one of them. We did downhole EM. We are waiting for the results to then target which one we want to take further. On the right-hand side is actually, it is in gold country. When it was drilled originally, they discovered base metals first and started a base metal mine, of course. But the gold was never really been tested. We are planning to, each one of those yellow blocks is gold anomalies.
It is in 62 kilometers of greenstone belt, and we are planning to start drilling there for gold in this financial year. We have allocated some money. That is between two major gold miners in Northern Star and Genesis. If you do find a multimillion-ounce ore body there, it would be interesting to see the results of that.
I guess, where do we go in 2027? It is all about the life of mine, execution on projects, Constellation coming into production in the second half of FY 2026 or FY 2027, publishing those 5-10 year mine lives for the two operations. We keep on looking at simplifying our portfolio, so we have done some work during the year. We sold a small copper mine in FY 2026, or not a copper mine, it was a copper mine which we finished, but the tenements. Jag, it is now in the lowest cost.
It costs us about AUD 2.5 million on care and maintenance. That is an exploration opportunity. Finishing of Stockman will come in the next three months. Again, we are putting AUD 25 million-AUD 30 million into exploration across the group. The success we had in 2026, we can see the same success for 2027. As I said earlier, the balance sheet is clean. There is no debt in the business. We are just trying to look at how do we optimize the strategies going forward. To close off, I think for us, when you look at Aeris Resources and you put it in a window, where do you want to be in three years and where do you want to be in five years? Organically, we can go from the current 42,000 tn of copper equivalent production to 55,000 tn.
To get to 55,000 tn, you will start up Constellation and Mallee Bull and Tritton will get to 30,000 tn, and Cracow can get to that 50,000 oz. Those two will deliver the first target in three years. In a five-year window, Stockman can be up and running, and you can hit that 80,000 tn copper equivalent production between the three operating assets. Organically, well set to deliver on those targets. As you would have seen, and as I discussed, we have always looked at opportunities to grow the business organically, but also through M&A, and we have done so. Six years ago, we only had the Tritton copper mine, and what is on that map is where we are today. I guess that sort of summarizes us. Quite interesting, a lot happening. In this copper and gold price environment, it materially changes where we are planning to take the business.
Thanks, Richard.
Great. We have time for one question if anybody has one in the audience. Maybe I will just close off here. In terms of next steps, you did mention you are targeting feasibility study potentially on the project in 2027. How do you think about the timeline once that is out in terms of the next stages of development?
Yeah. The Stockman project, we are planning to put a study out soon, fairly early in calendar 2027. A lot of work has already been done, so it is quite a good quality study. Within 12 months, we would aim to have an FID on it so that we can start the project and call it in 18 months, you will start to look at can you construct it and start construction with the aim that it comes into production in four years' time, would be our view.
Then in terms of partners and financing the project, I guess that will be something to evaluate once the feasibility study is done.
Yeah. So look, once we get the feasibility study out, we will start to look at the funding options. There is various options available, with the market cap where it sits at AUD 700, zero debt in the business. It has got already a 12-year reserve life on it, so it has got a strong reserve backing. There is various, quite a few options to fund it through off-take arrangements, debt or other structures.
Great. Well, we will leave it there. Thank you.
Thank you, Richard. Thanks, everyone.