Diversified mining and exploration company Aeris Resources (ASX: AIS) is pleased to release its Annual Report for FY2021, ESG Summary and Notice of Meeting for the Company’s AGM, to be held on 25 November 11:00am (Brisbane time).
Writing in the annual report, Aeris executive chairman Andre Labuschagne said:
“You may have already heard me say that FY2021 was a truly transformational year for Aeris Resources, and I’m very happy to be saying it yet again!
“We started off (FY2021) with the Cracow acquisition which closed on 1 July 2020, followed up with the exciting discovery of the Constellation deposit at Tritton in November 2020 and in June 2021 we raised $50 million in a strongly supported institutional placement.
“The Cracow acquisition has been a great fit for Aeris. Extending the life of Cracow includes investing significantly into exploration and in the first 12 months of ownership we were able to replenish the Ore Reserve and increase the Mineral Resource by 30%.
“FY2022 has also started on a very positive note with Aeris paying down the final $27 million of our senior debt, leaving us debt free after more than 9 years.
“In FY2022, we will continue accelerating exploration with $13 million being budgeted. Additionally, we have just completed a new $14 million tailings dam, which shows our confidence in the future of Cracow.
“We feel that the future for Tritton is bright and in FY2022 we will be moving to underpin that future by committing $50 million on three new ore sources: the Budgery deposit, an extension of the Tritton underground mine; the Avoca Tank underground mine; and a cut back of the Murrawombie open pit.
“We are also budgeting to spend $15 million on exploration activities, including drilling programs at the Budgery, Kurrajong and Constellation deposits as we look to bring them into our life of mine planning.
“We have increased our focus in the sustainability space as well, with our first ever Environmental Social and Governance (ESG) Summary forming part of this Annual Report.
“The past year has been a watershed one on the corporate side. During FY2021 we repaid almost A$50 million in debt and finished the year with around A$27 million of senior debt remaining. On 29th July 2021 we repaid the remaining senior debt and are now debt free.”