Aeris Resources (ASX:AIS) has issued production guidance for FY27 that remains broadly steady year on year, while significantly ramping up capital investment in growth projects and exploration driven by the development of its Constellation copper project in New South Wales. The guidance comes as copper producers globally accelerate project pipelines to position for forecast long-term demand growth tied to electrification, grid expansion, and renewable energy infrastructure.

The Australian copper and gold producer expects FY27 output of 22,000–27,000 tonnes of copper, 42,000–51,000 ounces of gold, and 130,000–160,000 ounces of silver — figures broadly in line with FY26 levels.

Growth Capital Nearly Doubles

The company's growth capital budget is projected to increase to $170–$210 million, up from $102 million in FY26. The increase primarily reflects construction activities and waste stripping at the Constellation open pit, which is the centerpiece of Aeris's near-term growth strategy and represents one of the larger copper development initiatives currently underway among ASX-listed mid-tier producers.

Exploration expenditure is also set to rise to $29–$35 million, compared with $17 million in the prior year, with major drilling programs planned across the company's operating assets. The step-up in exploration spending mirrors a broader sector trend, with copper explorers increasing budgets amid persistent global supply constraints and declining ore grades at existing operations.

Care and maintenance costs are forecast to drop sharply to $3–$4 million, down from $12 million in FY26, as activities at the Jaguar operation are limited to essential works only.

Tritton Operations: Grading Challenges Early, Recovery Later

At the Tritton operation, copper production is expected to remain between 22,000 and 27,000 tonnes. However, lower ore grades in the first half of FY27 are anticipated to weigh on output as the mill processes material from the Murrawombie open pit alongside the Budgerygar and Tritton underground mines.

The company expects a production rebound in the second half, when sulphide ore from the Constellation open pit begins reaching the mill in late Q3. The timing of this transition — from lower-grade stockpiled material to fresh Constellation ore — will be a key operational milestone, as it determines whether the company can sustain its production guidance through the year. By the final quarter of FY27, approximately 45% of mill feed is projected to come from high-grade supergene and primary ore sourced from Constellation, which should lift overall feed grades.

Growth capital at Tritton will primarily fund infrastructure development and capitalised waste stripping at Constellation. Additional allocations are directed toward a tailings dam lift, electrical works, and studies at the Mallee Bull project.

Aeris also plans to continue an aggressive resource definition drilling campaign at Tritton, aimed at converting the large inferred mineral resource defined in FY26 into indicated resources for future ore reserve consideration. Surface greenfields exploration is additionally planned across the company's tenement package in pursuit of another Constellation-style discovery.

Cracow: Lower Grades Expected to Weigh on Gold Output

At the Cracow gold operation, production is forecast to decline year on year due to lower expected grades, despite mining and processing volumes remaining comparable to FY26.

The company intends to increase exploration spending at Cracow by more than 50%, extending drilling at the Golden Plateau project beyond the 14,000 metres committed in FY26. A third underground drill rig will be added to target new high-grade ore shoots at the Western Vein Field. Sustaining capital at Cracow will also rise as underground equipment is upgraded to support a longer mine life.