Aeris Resources slides on withdrawing FY23 EBITDA view after production miss

Aeris Resources

07/07/2023 05:28

(Updates shares, adds comments from Ord Minnett)
    ** Shares of Australia's Aeris Resources  AIS.AX  decline as
much as 17.4% to A$0.405, their lowest since Nov 9, 2022
    ** Copper-gold explorer withdraws FY23 EBITDA guidance of
A$50 mln to A$70 mln ($33.14 mln - $46.39 mln)
    ** Production at Jaguar mine in Queensland during Q4 has
been below plan; co also faced issues at its Mt Colin mine
    ** Brokerage Ord Minnett says missed guidance for Mt Colin
is "not a fundamental production issue, rather timing, with the
stockpile expected to be depleted next quarter"
        ** Brokerage has a price target of A$0.90 for AIS, rates
"buy" 
  
    ** Stock down 13.3% this year as of last close
    
($1 = 1.5090 Australian dollars)

 (Reporting by Harish Sridharan and Ayushman Ojha in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))