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Aeris Resources makes first Cracow debt repayment a month ahead of schedule

The strong performance from the company’s Cracow operations and high gold price has facilitated the early repayment.

Aeris Resources Ltd - Aeris Resources makes first repayment on Cracow debt facility a month ahead of schedule
The quarterly payments were scheduled to start on 1 October 2020

Aeris Resources Ltd (ASX:AIS) has paid the first quarterly repayment of A$7.5 million under its acquisition bridging facility for the Cracow Gold Project in Queensland a month ahead of the scheduled date.

Under the $30 million facility, the quarterly payments were scheduled to start on October 1, 2020.

The strong performance from the company’s Cracow gold operations and high gold prices have facilitated the early repayment.

"Strong cashflows"

Aeris executive chairman Andre Labuschagne said: “The high gold price and strong performance of the Cracow Gold Operation has provided the opportunity to make the first A$7.5 million repayment on the acquisition bridging facility a month early.”

Labuschagne said: “Operational delivery, mine life extensions and debt reduction are our priorities for FY21.

“Strong cashflows in the first two months of our ownership of Cracow has enabled this early debt repayment, whilst still maintaining financial flexibility to continue investing in our operations.”

in FY21 Aeris is forecasting to produce between 23,500 and 24,500 tonnes of copper from its Tritton Copper Operation in NSW and between 70,000 and 75,000 ounces of gold from its Cracow operation in Queensland.

Quick facts: Aeris Resources Ltd

Price: 0.085 AUD

ASX:AIS
Market: ASX
Market Cap: $161.25 m
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