Jefferies commends the comprehensive quarterly production of Australia’s Aeris Resources, which surpassed the financial services company’s forecasts.

The final production for Jaguar exceeded expectations, attributed largely to higher processed grades.

Jefferies maintains its ‘hold’ rating and a price target of A$0.20 per share.

However, the company asserts that increased capital expenditures in FY24’s first half and continued struggles in base metals could potentially strain Aeris' balance sheet moving forward.

Jefferies also mentioned several upcoming studies from Aeris' project set for release over FY24, suggesting these could offer upside potential.

Out of five analysts, three rate the stock as ‘buy’ and two as ‘hold’; their median price target is A$0.29 according to LSEG data.

Despite these endorsements, Aeris' stock has declined 67.3% this year, as of the latest closing.

Aeris Resources is an Australian entity engaged in mining and mineral extraction.