Aeris Resources Limited (ASX: AIS) is a mid-tier Australian miner focused on base and precious metals, with a copper-centric portfolio. The company’s operations include the Tritton Copper Operations in New South Wales, where its Constellation deposit has recently undergone a significant Mineral Resource Estimate (MRE) upgrade. This marks a key development in Aeris’ broader exploration and production strategy.
Resource Expansion and Exploration Outcomes
In March 2025, Aeris released a major update to the MRE for the Constellation deposit, now totalling 7.6 million tonnes at 2.01% copper, 0.66g/t gold, and 2.5g/t silver. The update reflects data from 91 additional drill holes, largely part of an infill drilling program to upgrade the resource classification.
The result is a substantial jump in Indicated Resources to 5.3Mt, hosting 94,000 tonnes of copper and 112,000 ounces of gold. This transition from Inferred to Indicated significantly de-risks the asset and lays the groundwork for a maiden Ore Reserve as part of the company’s ongoing feasibility work.
Encouragingly, the deposit remains open down-plunge, leaving room for further exploration and resource additions in future updates.
Strategic Implications for Tritton Operations
A major highlight of the updated resource is the enhanced open-pit potential. The open-pit portion now stands at 4.7Mt at 1.9% Cu, representing a 46% increase from the previous estimate. Notably, 3.2Mt of this resource grades over 2.5% Cu and 0.8g/t Au, qualifying as high-grade ore suitable for the Tritton processing mill.
These high-grade zones, previously considered geologically complex, are now being incorporated into the revised mine plan. The shift is expected to improve operational efficiency, reduce unit costs, and extend Tritton’s mine life, potentially reshaping the operation into a hybrid open pit and underground mining model.
Economic Value and Metallurgical Performance
Constellation’s updated resource comes at a time of strong copper and gold market conditions, with gold near all-time highs. The deposit’s average gold grade of 0.66g/t improves its economic appeal, particularly with gold recovery rates improving to 83% from earlier 50% benchmarks at other Tritton deposits.
Metal price assumptions used in the study include USD $10,337/t for copper, USD $2,797/oz for gold, and USD $33.67/oz for silver. Combined with improved recovery, these figures point to a strong value case for future development and investment.
Feasibility Study and Forward Outlook
Aeris is advancing a detailed feasibility study covering both open-pit and underground scenarios. The study is expected to conclude in Q2 FY26, supporting the declaration of a maiden Ore Reserve. Simultaneously, the Environmental Impact Statement (EIS) has been submitted, and mining approvals are anticipated during 2025.
Backed by a high-grade, growing resource base and improving technical metrics, Constellation is fast becoming a cornerstone growth asset for Aeris. As the company works through feasibility, permitting, and investment stages, the project will remain a focal point for shareholders and copper market watchers.