Aeris Resources Limited (ASX: AIS) is a mid-tier base and precious metals producer with a copper-dominant portfolio. The company operates several mining assets across Australia, including the Tritton Copper Operations in New South Wales, where the Constellation deposit is located. With a strong exploration pipeline, Aeris is positioning itself as a key player in Australia’s copper supply landscape.
The March 2025 update to the Mineral Resource Estimate for the Constellation deposit marks a significant milestone. Aeris has upgraded the total resource to 7.6 million tonnes at grades of 2.01% copper and 0.66g/t gold. This update follows the completion of 91 additional drill holes, most of which were part of an infill program targeting the conversion of Inferred resources to Indicated.
As a result, the Indicated Resource category increased to 5.3 million tonnes, now hosting 94kt of copper and 112koz of gold. This transition to Indicated status lays a strong foundation for the upcoming feasibility study and a maiden Ore Reserve declaration. Additionally, the deposit remains open down-plunge, with ample potential for further resource growth.
One of the most impactful outcomes of the update is the improved open pit potential at Constellation. The open-pit resource now totals 4.7Mt at 1.9% copper, a 46% increase from the previous estimate. Of this, 3.2Mt is high-grade feed, expected to grade above 2.5% copper and 0.8g/t gold, making it a valuable input for the nearby Tritton processing facility.
The revised mine plan incorporates high-grade zones previously regarded as complex, leading to operational efficiencies and potential cost reductions. These upgrades significantly enhance Tritton’s mine life and may shift the long-term strategy of the operation toward a combined open pit and underground development.
With gold currently trading near all-time highs, the improved gold grades in the Constellation deposit (averaging 0.66g/t) significantly enhance the economic outlook. Further strengthening the project’s profile, metallurgical tests revealed an 83% gold recovery from primary ore, up from 50% in previous Tritton deposits.
Metal price assumptions used in the MRE—USD $10,337/t for copper, USD $2,797/oz for gold, and USD $33.67/oz for silver—reflect robust market conditions. These figures, combined with high recovery rates, support a strong value proposition for potential investors.
Aeris is currently advancing a detailed feasibility study for both open pit and underground operations. Expected to conclude in Q2 FY26, the study will underpin a maiden Ore Reserve and pave the way for a final investment decision. The company has already lodged the Environmental Impact Statement (EIS), and mining lease approvals are anticipated within calendar year 2025.
With a high-quality resource, simplified mine planning, and favorable market dynamics, the Constellation deposit is poised to become a key driver in Aeris’ future growth. As the company prepares for its next phase, investors will be closely watching progress on approvals and feasibility outcomes.
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