Thank you for joining the Aeris Resources September quarter results presentation. In a few moments, Aeris Resources Executive Chairman, André Labuschagne, will present the results for the September quarter. At the end of the presentation, André will take questions during the 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 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 André Labuschagne, who will begin the presentation. André?
Thank you. Good morning, everyone, and welcome to the Aeris Resources quarterly results presentation. Just going through the normal disclaimer. I'm pleased to talk you through this quarter's results. Every mine in the business has performed according to budget or better, and as we go through, I'll just talk through each one of the operations. So at Cracow, they've been consistently producing over the last 18 months, and once again, this quarter, they achieved their budget and from both production and costs. At Tritton, as everyone know, FY 2023 for Tritton was quite a challenging year with the startup of Avoca Tank and Budgerygar delays, specifically on Budgerygar.
As of this quarter, those mines are in production, although the ramp-up of those mines will mainly start to make a bigger impact in quarter three and four as they establish more and more operating stopes. But Tritton overachieved on the internal budget on all levels and are still forecasting to achieve on the upper end of their production guidance as the Avoca Tank and Budgerygar production steps up. At Mt Colin, the team did a really good job. They achieved the tons, the mining tons, and grade and production. Although there's a sequencing of the processing, which will happen on the 2nd of July—of November, which is the next one, which will trigger then the next round of revenue. At the Jaguar mine, that is now officially in Care and Maintenance.
The guys did an amazing job to produce significantly more zinc and copper for the quarter, although we have kept the mine open a bit longer, so there is some costs which are offset by additional revenue, but the mine is now officially in care and maintenance. We'll talk a little bit more in detail. On the Stockman Project, the feasibility study is nearly done. We will come out with an announcement in this quarter around the results from that study. Stepping into the highlights for the quarter, as I said, you know, copper equal production of 12,900 tons, at all sustaining cost of AUD 5.44. That is better than budget for the internal target, and more or less in line with the last quarter. The key improvements was the drilling at Constellation.
We are back in the drilling, and as we see the mineralization, some of you would have seen the results of the drilling with some spectacular intersections in the bottom of, of the Constellation deposit, and we'll get into a bit more details with them. The cash receivables increased to AUD 43.9 million from, but at the end of the quarter. Going into the different operations, as I said, Tritton on all levels, outperform on the internal targets, and slowly we'll step up in the next two, three, quarter two, three and four as Avoca Tank and Budgerygar comes in production. What we are seeing at Avoca Tank is significantly better grades than what we originally thought. And we will, we will bring some, another resource update out of Avoca Tank.
We've installed the Jameson Cell in the process plant, which was commissioned this quarter. That's all driven, trying to get a better concentrate grade. So as you improve the concentrate grade, you save yourself a lot of cost on in haulage and actually smelting, and that will result in once it's up and running at full capacity, the payback on that is less than six months. We've talked about the higher grade at Constellation, and as you can see on that slide, all the costs and capital is within and better than the last quarter at all within the internal targets. We look at Avoca Tank, that mine is now up and running. There's a lot of work being put into high-speed development, so we can get more and more stopes in line.
The grade which we're seeing, as I said earlier, +2.5%. The grade control drilling we're doing too, from a resource reserve point of view, seeing some significantly better grades, and we will bring in a new resource estimate in the next few weeks. We've also seen that it does extend the depth. As we get deeper into it and establish this mine, we will start to do more resource drilling to extend the resource down plunge. This has been the success. Constellation, as everyone knows, is a 7 million tonne, 1.85% copper resource already. That drill hole, we drilled number 95 at 25 meters at 3.81% copper, plus really good gold grades, has been the best intersection we've had in that sulfide area down the bottom.
The feasibility study, which was working on an open pit and then an underground mine, is nearly complete, and we will bring that out to market for people to understand the value of this. As we draw this out, we're also gonna draw it in quarter three and four to improve the confidence in the resource, but also to test a stand-up zone to the right-hand side of that image, which if that is and does continue down plunge, would make a significant impact on the financials of this potential mine going forward.
So in FY 2024, specifically in the H2 , we will put a lot more drilling in, specifically around the top end of that resource, to work on the stand-up zone and also the confidence of the resource. At Cracow, as I said earlier, Cracow has been our top performer in terms of consistency over the last 18 months to two years. The guys keep on achieving what they set themselves out to do. We've done 12,700 ounces this quarter, at AUD 2,398 per ounce, all-in sustaining costs. The operation, we are investing in a new tailings dam. I was there last week.
The process of that tailings dam is about a month ahead of plan and on budget, and that will result in a better production performance in the Q2 than what was originally internally forecasted. Very pleasing to see how they, they have responded to get that in place within six months. The very interesting part of the work they're doing currently is to look at the near mine exploration within that Western Mine Field. Some of these targets are new areas where we, where we are trying to establish new resources. For example, in this area, if you can see on the screen where I'm showing, we, we expect there's some intersections in and around this area which potentially show that there's another lens going between those two ore bodies sitting down there.
The drilling is currently targeting in those areas, and also the potential offset of this zone coming up, which you can see that offset, but there's also potential offset for that ore body. So there is potential for some significant additions to the resource. And then, as we've been saying, this mine, as long as you're willing to explore it, has always continued to find more and more resources, and every year, we manage to replace what we mine. We also keep the focus, of course, on that Southern Mine Field, which we discussed before, to keep looking for new targets going further south from this or from the western mine field, to keep looking for another big tracker or top deposit, going forward.
At Mt Colin, Mt Colin has got basically FY 2024 left. They've done 2,400 tons of copper, better than the last quarter. Mining costs and capital, all within plan. The rescheduling of the ore process and this has resulted in 18,000 tons less processed than the original forecast. At the end of the quarter, we had 70,000 tons sitting on stockpile, and the next process run, as I said earlier, will be on the second of November, so within this quarter, we, we, we... The Barbara deposit is shaping up really well. The studies are underway, feasibility study is underway for us to restart or go underground at Barbara. You can see 2.2 at 2% copper with gold.
It's been mined before and treated at MIM. That resource remained open, so the idea is once Mt Colin is done, that we will relocate to mine Barbara in a similar way that Mt Colin was run. That is already on a mining lease. We just need approvals for a restart. Jaguar, I must compliment the team who is not in the company anymore. They've done an amazing job to keep the focus and safely shut down the Jaguar mine. And we're very proud team who actually delivered significantly more copper, or zinc and copper, more production in the last quarter or last few months, which were planned. There was a big focus on getting the stopes, which were there, out on time and on budget.
So they have done a significantly better job than what we originally had in the guidance to get production. Now, the mine is now in care and maintenance, and it's really pleasing to know that most of the people who work for us had jobs to go to before they left. And that just helps, you know, with from my personal point of view, when you go through these processes. So on the care and maintenance, there's about a team of eight people who's left. We also kept some geologists to keep the exploration focused, but we'll continue as part of this care and maintenance program to keep pumping or dewatering the Jaguar mine. So as I would have said before, the restart of the Jaguar mine or the Jaguar complex would revolve around running two mines at any time.
So the idea would be to run the Bentley mine, which has got the Turbo deposit, and restart the old Jaguar underground mine, and bring those into production at the same time. Fill your mill capacity of about 700,000 tons and produce 20,000 tons of copper equivalent production for a much longer period than what we originally thought. There are four deposits, all up to about 8 million tons of resource between the four, four different opportunities, but the first one will be to keep dewatering Jag, look at the rehabilitation required to restart. And as I speak, the guys are on site at Jag to start to look at the restart plans to get the studies underway and get the plans in place to restart the Jaguar mine.
We also, as I said earlier, kept geologists to ensure that we keep the focus on exploration. On the tenement package, there is some really exciting gold exploration targets. Like Heather Bore is one of the targets, which is close to Thunderbox. So we will be looking at doing a bit of gold exploration as part of looking at base metals while in care and maintenance, specifically to look at the tenement package and a lot of groundwork to create some new targets to do some drilling. The Stockman project in Victoria, the feasibility is progressing really well. We will update the market in this quarter. What we've done some metallurgical drilling to get some more for some more assays.
And the reason being, we believe that there's a much better processing option for this mine, and new technologies, like Jameson Cells and the Albion Process, would significantly, potentially improve the recoveries. And part of the drilling, which we've done for metallurgical test work, will also do test work specifically on those new technologies. So the approval processes are following the normal route, and pleasingly, I think the study which we will bring out would look very good. But there's some significant potential to improve this study and the outcome of that through new technology, specifically, as I said, the Albion Process and the Jameson Cells. On a corporate level, we've put a lot of focus in to stabilizing the business with a big focus on consistent operating performance.
We've made some changes at leadership, at general manager levels. We have taken Jeff, who was the general manager at Cracow, over the last 18 months or so. He is now the general manager at Tritton, and with specific focus on plan and deliver at the operational level. There's also been, in the same process, a reduction in the corporate cost as the closure of the mines and focus on cost savings. And as I said earlier, the cash and receivables has gone from AUD 29 million to AUD 43 million.
We have drawn down AUD 40 million of the AUD 50 million from Washington H. Soul Pattinson, and that was mainly focused on ensuring we the Jag closure is according to plan, and the funding of the redundancy costs, and making sure we can pay down all the creditors as and when required in Jaguar to ensure that there's a controlled closure of the mine for a restart within the next 12-18 months. That is the presentation, and I'm happy to take any questions from anyone on the presentation.
Thanks, André. I'd like to remind attendees that they can submit questions using the Q&A function or the raise hand function at the bottom of your Zoom screens. André, we do have a few written questions, so we'll just go through them now. Andrew has asked: How much do you think it would cost to develop the open pit at Constellation?
Andrew, it's a bit early days, but the pit is a very small pit. It's only gonna do about 1 million-1.2 million tons. So the cost, the capital cost and the pre-strip for it, only it starts literally at surface. The infrastructure costs associated with setting it up for a restart will include a small little heap leach, because there's some oxide, good grade oxides at the top, and then we'll take the balance to the process plant. It's hard to give you a, a firm number, but it's probably around AUD 30 million or AUD 40 million.
Thanks, Andre. We have a few questions from Nichelle. Nichelle is asking, first of all: What is your timeline to profitability and repayment of the WSP facility?
As this year is continuing, we're getting better grades out of Tritton. Tritton will start to deliver significantly better performance. The same with the Mt Colin mine, which will result in better, better performance and cash. The Washington H. Soul Pattinson facility is a 2-year facility, with a bullet, with a bullet payment after two years or can be extended by another 12 months. So the repayment of the facility itself is only due in two years' time, but we will work on repaying that facility or restructuring that facility within the next 12 months or so.
Wonderful. Nichelle's second question is: What is the Cracow tailings dam budget, and do you expect any other major CapEx at the existing mines?
So who was that from? I don't know.
Nichelle.
So the Nichelle, the Cracow tailings budget is around AUD 19 million. That includes AUD 4 million of our own costs, so the actual cost for contractor point of view is about AUD 15 million, and that will all be done with by the end of this calendar year. So by the end of December, the tailings dam will be in and operational. There is no other big capital spend at the existing mine, so we have started Avoca Tank, and Budgerygar will just be capital development to establish stopes, which is normal process. But there's no other specific big items for growth other than the exploration we will do at the Constellation deposit.
Wonderful. Last question from Nichelle is: When do you expect Tritton to break even on an AISC basis?
As these other mines, Avoca Tank and Budgerygar, step up in production, specifically quarter three and four, I believe that, that it will start in this quarter, but quarter three and four will definitely be an improved position.
Wonderful. We have a question from Magnus. Magnus is asking: What sort of zinc and copper price would you suggest a restart at Jaguar?
Look, even at today's spot prices, we would suggest a restart at Jag. Because one of the things we've seen, the Jaguar underground mine is higher copper grades than the Bentley mine, and at today's zinc and copper price, I do believe that will still be a good restart price for Jag. And if you look at the price index we're using, within that, I'm convinced that Jag will... If you step back from Jag, if Jag go, can go from 13 or 14 thousand ton copper equivalent to 20, and have a 7-year+ mine life, with not a big capital restart, it would be a project with very good returns.
But the important thing is you've got to start those mines at the same time and actually maximize your, your throughput through your process plant to make it a really good project.
Thank you, André. We have a written question from Andrew. Andrew is asking: Was the seismic activity near the Turbo lens or elsewhere at the Bentley deposit?
It was elsewhere at the Bentley deposit, so it's on the way to the. It's at the top end of—well, it's probably not top end. It is in the area where we mine, with the Turbo deposit further down to, I think, to the east. So it was not in the Turbo lens. But look, the thing is, as well, the Bentley mine has always had seismic activity and always managed the seismic activity. The seismic activity we had in the last six months was not new. It was just in areas which we don't have expected. If there was enough resources there to keep going, we probably would have gone through those and kept mining.
But it was just to get down to the Turbo lens would've resulted into a half of the production for about 12 months before you get to Turbo, which doesn't make sense at the time, and that's why we put in care and maintenance.
Thank you, André. We have a question from Peter. Peter is asking if you can please comment on AISC, which for September 2023 quarter was AUD 3,038 per ounce, versus September 2022, which was AUD 2,841 per ounce, versus September 2021, which was AUD 2,096 per ounce, and September 2020, which was AUD 1,321 per ounce.
So really, Peter, what you're asking is why has cost, all-in sustaining unit costs, gone from AUD 1,300 two years ago to where it is today at AUD 3,000? And the real answer is, it is all driven by grade. In 2021, without recalling, without seeing the numbers, I would suggest we would have produced close to 70,000 ounce-80,000 ounces of gold. Where we're now forecasting around 48,000 ounces of gold. So it's really driven by lower grade. As we're moving out of those high-grade stopes, we've seen a drop in grade. So production, in terms of tons, is still where it was. And then the—so it's, most of it will be driven by the ounces produced.
And also, of course, over the last two years, the inflation environment we've been operating in, specifically around power, fuel, and labor costs, has also crept up on us. But I would, without seeing the numbers in front of me, it will absolutely mostly have been affected by lower actual ounces produced, and all of that driven by grade.
Thank you, Andre. We have another written question from Adam, who is asking: How long until the Jaguar concentration receivables will be converted to cash? Are there any restrictions for AIS drawing down the additional AUD 10 million in debt from the WHSP facility?
Adam, your first question, we have now received the money after the quarter end. So that money has been received for the Jaguar receivables. No, there's nothing holding us other than normal approval processes to draw down the additional AUD 10 million.
Thank you, André. We have another question from Nichelle. Nichelle is asking: Will you be looking for a partner to develop the Stockman project?
Nichelle, we'll definitely look at all options to finance the Stockman project, and one of them would be to bring in a partner to do the development as partner. There is quite a few companies who's interested in talking to us about financing or becoming partners within the development of Stockman. But that decision has not been made till, and we'll only make it once we have the study complete.
Thank you, André. We can see that Paul has a verbal question they'd like to ask. Paul, I'm going to turn your mic on now. Is that working for you?
Yep. Can you hear me all right?
Yeah, Paul. How are you doing?
Hey, Andre. Thanks, thanks for taking my questions. I had a few from myself here, if I may. Firstly, on exploration spend, that's sort of running a little bit lower than the quarterly run rate for guidance. Can we-
Mm.
Sort of expect that to increase in the coming quarterlies? And then, I guess, where will the focus be there at Tritton? Is that gonna be on resource infill, and down-dip drilling there at Avoca, or is it gonna sort of be a bit more focused on Constellation?
Paul, firstly, yes, we will see an increase in exploration in the quarters coming. We only had one drill rig out of Constellation. The cost for most of the exploration drilling would be for Constellation, where we're gonna drill and do infill drilling at the top end. We'll be doing a few more deep holes, but also then test that stand-up zone. So there's a lot of money going in that, and we're also doing the normal drilling at both Avoca Tank and Budgerygar, to ensure that we get to understand the resource a bit better as we mine them. But from a growth point of view, most of the exploration would be focused on drilling at Constellation.
Yeah, no, understood. And then just secondly, a couple of questions here on, on cash flow. I think the first one has sort of already been answered there with the Jaguar receivables, but just on, on trade payables, I mean, that was at AUD 121 million at the end of June. Now you've paid a bit of that down this quarter.
Yeah.
Are you able to sort of disclose what that trade payables figure is at the end of September?
So trade pay-
Do you have it there?
Trade payables, in terms of payables on creditors, is standing at AUD 64 million at the end of the quarter.
Yeah, that's great. And then, just on, the Washington H. Soul Pattinson facility, is there any sort of covenants there that we should be aware of?
Look, it's just the normal ones which we had in the announcement. So there's the EBITDA covenants, and then asset covenants, but they're all pretty standard. The only one which we managing on a, you know, on a quarterly basis is the EBITDA covenants, and to ensure we achieve that. But those are the key ones. There's nothing, there's no real big ones which is out of the ordinary.
Yeah, great. No, that, that's it from me. Thanks very much, André.
Thanks, Paul.
Thank you, Paul. André, we have another verbal question from David. David, I've unmuted your mic. Is that working for you?
I don't know. You tell me.
Hey, David? Oh, he's back on mute.
Sorry.
There you go. Sorry, David.
You got me?
Yep. How you doing?
Great. Yeah, well, thanks so much, André. Well, thanks very much.
Okay.
I must admit, a little better after just seeing that working capital balance. Yeah, I had a similar question to Paul on that, and that's, that, that's below where I thought it might have been, to be honest. So, I don't know if it's worth advertising that at all, but, I think that's a, that's a, that's a, desirable improvement over the position at the end of June, so that's sounds good. So look, I, so, so a couple questions other than that, and you kind of touched on this earlier. You know, Tritton, costs, you know, the, tracking at the sort of very sort of top end of guidance.
Yep.
And I think, you know, there was a question about that, and it sounded to me like you were saying, you know, it's its grades that is probably gonna be the key driver of bringing those costs down. But are there, you know, other sort of unit costs or levers coming down as well? Like, will we see the sustained capital maybe drop off a bit on... And I wouldn't necessarily expect that at this stage, but, you know, is it just the grade and those absolute dollar costs are gonna kind of stay on the same, or are there other sort of revenues for, you know, other waves to pull on the cost of Tritton?
Yeah, look, there is, there's definitely always a focus on cost, David. First answer is yes, we'll see production increase on the back of more and more stopes coming online from Avoca Tank and Budgerygar. So that's definitely a drive to better improve production over the quarters coming, specifically three and four. And then on the cost side, there's a big review underway at the mine around the structures of the operation, the allocation of equipment, the allocation of people across the different mines, because as this mine has moved from only mining two mines, Tritton and Murrawombie, it's now mining three mines-
Yeah
W ithin Tritton. So making sure we reestablish those and not just add more people into the system. So there's those, but there's also general cost savings. We review the capital on a quarterly basis and reforecast all that to make sure we only do what we need to do. So I think at this stage, it's all within guidance, and at the top end of production, and obviously on the lower end of cost is what we're forecasting.
Okay, so additional production, dirt, and the grades creeping up over the course of the year-
Yeah.
sound like the main driver.
The more you can, there's a lot more focus now on Avoca Tank and bringing that into production as fast as we can, because-
Is that because those grades are mining higher than you expected?
We're mining 2%, we're mining 2% grades in there currently.
Yeah, right.
You know, so getting those grades would make a huge difference.
Okay. So, I mean, you mentioned that the grades coming out of there are higher than you expected, so that's sort of-
Yeah.
Resulted in a bit of a shift in priority, from at an operational sort of level.
Correct.
Okay. All right, good. And then just a couple of questions on study timings. Well, or Constellation, firstly. Yeah, you mentioned the study is on the way. How's the sort of notional kind of timeline for studies and if you-
Yeah
Year production for Constellation?
Well, their production, I'll hold up a little, but, they look, the study is nearly complete. We will aim to have it either late this quarter or early in the next quarter out in the market. We're just going through the different stages. Do you do it all in one? Do you start underground at the same time as you do open cut? How do you manage the capital allocation for that? Look, it will make a big difference. That, that 1 million tons or more than 1 million tons we'll get from the open pit, will come in a very short space of time with pretty good grades of, I think, around two, 2% copper. So that will make a big difference in terms of your overall production profile for Tritton.
Cool. Okay, so, all right, so we'll see this study in the next...
Yeah.
S ort of four months or so.
Yeah.
Four months, perhaps. And again, Stockman, I mean, you did mention again earlier.
Yeah
A nd you said we'd be getting an update on the study this summer, but that didn't sound like the completion of the study, or have I kind of misinterpreted that?
No, look, I think you're right. We will come out with a study, which is a base case study, which will assume normal flotation circuits, as per the original plan, which is looking good in any way. But we do believe there's the results of some of the work which has been done to date, that you're working to—if you replace your flotation circuit with an Albion circuit and add Jameson cells in, can give you, you know, potentially another 10% recovery on from both zinc-
Mm.
Copper and drop your cost, because the biggest cost for that will be power. So if you can drop that power cost down by having a smaller footprint and better processes, would make it a spectacular project. So we will update the market, but that will take another six months to just finish off those specific test work. And if that then comes up, that will be when we'll bring out the final study.
When the update comes out, then that'll be sort of the base case study.
Yeah.
We'll see that this quarter, is that correct?
Correct.
And then, six months for-
Yeah.
... more sort of an optimized kind of study.
Yeah.
That circuit is looking like the smaller footprint, lower power consumption and 10% higher recoveries. Is that correct? Read that correctly?
That is, that is sort of the current thoughts we have, so-
Okay.
It will make a massive difference if that is-
Yeah, that's some good swing factors there.
That's big swing factors, and it's worth reviewing it with the detail. So we have got Glencore Technology, which works on the Albion and Jameson cells, now involved on the test work, and designs of those specific equipment.
Okay. All right, that's all from me, André. Thank you very much.
All right. Thanks, David.
Thank you, David. André, we have another verbal question from Tim. Tim, I'm going to ask you to talk, does that work for you? Tim?
Oh, let me talk. Is that working now?
Yeah.
Yep, it's working. How are you doing?
Good day, André. Thanks for taking the questions. Most of mine were answered. The previous one was pretty thorough with a few questions. The specific ones I had were, with the Avoca Tank really looking good and about two years worth of ore already in it, just confirming that we can, just from a stoping in the drive and all the machinery, that we can actually run on 100% Avoca Tank ore, as our ore at this point in time, or does it need, you know, some degree of blending with lower grades?
Look, what we do at Tritton, so we mine currently the Tritton Underground mine, which is we call it Tritton Deep. We're mining Budgerygar, and we're mining Avoca and Murrawombie. So between those four mines, we basically put about 120,000 tons to the mill monthly, of which Avoca Tank is about 30,000 tons. So it all gets blended, but the overall blended grade goes up. That's how it works. You don't just put Avoca Tank through because it's not enough. The mill is a 1.8 million ton capacity mill, so you try to keep that full by mining those other ore bodies.
Okay. Yeah, I think that answers that. So I heard 3% in the previous answer, which again-
Yeah.
... was very, yeah, you know, very, very encouraging because, doing all the research, it's 2.5-2.8, but you looked at the actual mappings, and-
Yeah. There's areas which comes out really high and there is his own results, so we are getting-
You could guarantee that.
Yeah.
Yeah.
There's grades coming out.
Yeah. And sort of relating to that in terms of it, so that then extends out the overall mine life of the suite at Tritton. I know you may not want to answer this, but if you had an absolute crystal ball with Constellation, and you know, this is pie in the sky, but do you see the first truck rolling down a haul road in two years time or five years time, or somewhere in the middle of that sort of thing?
It's not five years, but it's potentially two or less.
Well, that's again from a total mine life of the Tritton Suite.
Yeah.
That means you're then adding that ore in-
Correct.
Well before you sort of getting to the bottom of the barrel at-
Yeah.
The mine site, so. Okay, thank you very much. That answers my question.
All right, thanks, Tim.
Thank you, Tim. André, we've had another written question come through from Karen. Karen has shared that they are just a small investor and are a little concerned that the share price keeps going down. When in the future do you anticipate it increasing and a return on investment being achieved?
Karen, that's a challenging question. Yes, the share price keeps going down and under pressure. Look, I can't tell you when it would increase. All I can tell you, this quarter we've achieved exactly what we've said we wanna do, or what we set ourself to do, and that's the best we can do as a business, is quarter on quarter, achieve our guidance and achieve what we say. And then hopefully, the market will start to look after it. I think, historically, FY 2023, as everyone who's been a shareholder know that it was quite a disappointing 12 months. But, this quarter has been a significant improvement from all operations, and we have a high level of confidence that we will achieve our guidance as we said today.
You know, the share price is driven by market sentiment, and as I said, we will be focusing on delivering quarter-on-quarter results.
Thank you, André. We have our last question for this morning. Nichelle is asking: have you investigated the gold mines of Avoca, and is there a meaningful resource?
Look, Nichelle. The gold mines are not the biggest focus for us right now. It is about the copper. The copper already got good gold in. There's work being done on it, and there will be more exploration around it, but right now, the biggest focus for us is to make sure we get the copper with the gold out of the business as quickly as we can.
Thank you, André. That brings us to the end of our Q&A call. Thank you for joining the Aeris Resources September quarter results presentation. We'll see you next time.
Thank you, everyone, and appreciate your time.