Aeris Resources: 4Q26 – Strong Leverage Supports Growth

研报英文原文证据摘录

Aeris Resources: 4Q26 – Strong Leverage Supports Growth

Australia | Metals & Mining

Aeris Resources EquityJulyResearch14, 2026

ESTIMATE CHANGE4Q26 – Strong Leverage Supports Growth

FY26 CuEq production of 42.1kt was within guidance, with Tritton copper RATING BUY

4% below its range and Cracow at MP. Near-term commodity strength PRICE AUD0.38^

and working-capital release drove a ~$50m build in cash and receivables PRICE TARGET | % TO PT AUD0.55 | +45%

to $202m, funding Constellation and Peel integration, although $135m 52W HIGH-LOW AUD0.70 - AUD0.18

FY27 growth capex tempers near-term cash conversion. Multiples remain FLOAT (%) | ADV MM (USD) 59.6% | 3.21

supported by commodity strength, while assigning limited value to longer- MARKET CAP AUD572.2M | $396.8M

dated portfolio optionality. Reiterate BUY, AUD0.55. TICKER AIS AU

^Prior trading day's closing price unless otherwise

noted.

Tritton and the growth pathway. Record ore mined of 616kt supported decade-high mill

throughput of 451kt (1.8Mtpa annualised), and 6.5kt Cu production, 4% below JEFe/VAe.

A 165kt ROM build lifted stockpiles to 232kt, providing FY27 mill cover. Murrawombie FY (Jun) CHANGE TO JEFe JEF vs CONS

transitioned to primary sulphide ore late in Q3, revised grade control increased FY26-27 2026 2027 2026 2027

contained copper mined by ~10%. $10-15m of Constellation infrastructure capex was REV +2% +3% +17% -2%

accelerated into Q4, with ~8m of pre-strip to first ore and supporting a Q1 FY27 start. Kurrajong, EPS -33% +12% -34% -3%

South Wing and Tritton Deeps form the subsequent feed pipeline.

2026 (AUD) 1Half 2Half FY

Peeling back South Cobar. The A$214m scrip acquisition of Peel adds Mallee Bull and Wirlong, EPS 0.05 0.04 0.08

containing 197kt Cu across 10.6Mt at 1.86% Cu.