Aeris Annual Report 2022

FINANCIAL RESULTS
The consolidated entity recorded a profit after tax
for the financial reporting year to 30 June 2022 of
A$6.010 million, compared with a profit after tax for
the year ended 30 June 2021 of A$61.240 million.
The results for this financial year were influenced
by a number of key factors, which included:
• Revenue was A$386.587 million, compared
to A$431.290 million for the previous corresponding
period. This reflects the following two factors:
○ Revenue from the Tritton Copper Operations
was impacted by increased copper prices
received (A$12,931/t including the impact
of hedging) compared to the prior corresponding
period (A$10,413/t). These higher copper
prices were offset by lower copper production
of 18,581 tonnes compared to 22,987
for the prior corresponding period.
○ Revenue from the Cracow Gold Operations,
was impacted by lower gold production
53,920 ounces of gold compared to prior year
73,685 ounces of gold, offset slightly by increased
gold prices received (A$2,539/oz) compared
to the prior corresponding period (A$2,508/
oz), including the impact of hedging.
• Cost of goods sold increased to A$353.435 million
from A$337.895 million for the previous corresponding
period, with costs at both operations impacted
by general cost inflation and market pressures
that are impacting the whole industry;
• Transaction costs of A$1.951 million were recognised
for the year ended 30 June 2022 in relation
to the acquisition of the Round Oak Minerals Group;
• An impairment of A$4.4 million was recognised in
relation to the Torrens Exploration Project; and
• A loss of A$1.4 million was recognised for the year ended
30 June 2022 (30 June 2020: A$0.4 million) in relation
to a movement in the fair value of the investment in
Australian listed equities, held at fair value through
the profit or loss.
FINANCIAL POSITION
At 30 June 2022, the consolidated entity had a
positive net asset position of A$287.938 million
(30 June 2021: A$183.864 million). The June 2022
net asset position for the consolidated entity was
impacted by a number of key factors, including:
• Completion of the initial A$100 million of the fully
underwritten A$117 million equity raise to fund
the cash component of the consideration
of the acquisition of the Round Oak Minerals
Group, that completed on 1 July 2022. Please
refer to note 19 of the financial statements for
additional information regarding the impact on
the financial position of the consolidated entity;
• During the year ended 30 June 2022, the Company
repaid the remaining US$20 million (A$27.6 million)
senior debt provided by Special Portfolio Opportunity IV
(SPOV) (a subsidiary of a fund managed by PAG); and
• Payment of the deferred consideration
(A$15,000,000) on 30 June 2022 in connection
with the Cracow acquisition.
The consolidated entity’s net cash inflow from
operating activities during the financial year was
A$93.000 million, with net cash outflows from investing
activities of A$112.926 million and net cash inflows
from financing activities of A$60.901 million.
AERIS ANNUAL REPORT 2022
COVID-19 IMPACT
Since early 2020, the COVID-19 pandemic has disrupted
conventional working arrangements globally and created
unique risks and challenges across a variety of industries.
The level of infection of COVID-19 experienced in both
NSW and QLD is closely monitored by management and
requires increased diligence and quick response as we
continue to prioritise the health and safety of our workers
and assess the current impact on our operations.
Our current measures include, limiting access to
operational sites to essential personnel only, limiting travel,
adjusting work arrangements for site and corporate
teams and increased communication to our workforce
and partners. During the financial year, the number of
COVID-19 cases impacted activities at both Tritton and
Cracow as many employees and contractors either
tested positive for the virus, or were close contacts
and were required to isolate. This has resulted in lower
crew numbers, which impacted production and
maintenance activities during the financial year.
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