Why are Aeris Resources’ (ASX:AIS) shares trading higher?

2 min read | November 14, 2022 01:52 PM AEDT | By Bhawna Gupta

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Why are Aeris Resources’ (ASX:AIS) shares trading higher? — Image source: © Max5128 | Megapixl.com

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Highlights

Aeris’ shares were spotted trading nearly 3% higher on the ASX today.

Aeris announced on 10 November that it will receive a working capital adjustment of AU$28.7 million.

Shares of materials company Aeris Resources Limited (ASX:AIS) were trading higher today (14 November).

At 12.32 PM AEDT, the company's shares were spotted 2.48% higher at AU$0.52 each on the ASX. However, this underperforms the ASX 200 Materials index, which was 3.34% up at 17,531.00 points at 12.33 PM AEDT.

This follows the announcement made by Aeris last week (on 10 November) about the working capital adjustment from the Round Oak transaction.

Aeris will receive a working capital adjustment of AU$28.7 million, the company stated in an ASX filing. The money is anticipated to be received within two business days and pertains to the Round Oak Minerals Pty Ltd (Round Oak) acquisition, which was completed on 1 July 2022. Even if some working capital matters still need to be resolved, neither party is anticipated to receive a sizable payout.

Data source: Company announcement dated 10 November 2022

Aeris Resources is a mid-tier producer of base and precious metals.

A look at Aeris' September quarterly report

Operations

Data source: Company announcement dated 31 October 2022

Corporate

Data source: Company announcement dated 31 October 2022

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