Aeris Resources Limited has secured significant refinancing arrangements aimed at strengthening its balance sheet and supporting its growth initiatives. The company has executed a binding term sheet with Washington H. Soul Pattinson for a three‐year, US$60 million Guarantee Facility, replacing its existing US$50 million ANZ Guarantee Facility used for long-term environmental bonding. This move not only refines the company’s debt structure but also improves liquidity by releasing US$10 million in restricted cash, which will provide additional working capital. The refinancing includes an extension of an existing US$50 million term facility with Washington H. Soul Pattinson—currently drawn to US$40 million—until 31 August 2026. With the new arrangements, Aeris will not be required to make any repayments or provide cash backing for more than 12 months, thereby freeing up cash flow during its planned investments in growth initiatives like developing the Constellation project at Tritton and advancing exploration activities. Post-transaction, the company will have a proforma unrestricted cash balance of approximately US$32 million and overall liquidity of US$42 million when including undrawn debt. Key technical aspects of the new Guarantee Facility include an interest rate of 8.95%, quarterly cash backing obligations of US$3.5 million beginning from the fourth quarter after financial close, and an establishment fee of 3% of the facility limit. The facility is secured by a first-ranking general security deed over all Aeris Group assets, subject to ASX Listing Rule conditions or shareholder approval. Additionally, exit fees and a make whole fee apply under certain conditions, while the refinancing process remains contingent on final documentation execution, cancellation of the previous guarantee, and obtaining a necessary security waiver or shareholder approval. Aeris’ management considered an equity raise to repay the existing term facility and enhance working capital, but the Board determined that extending the current facility was more favorable given the current market conditions. The refinancing has been advised by BurnVoir Corporate Finance, and investors are invited to join a conference call hosted by Executive Chairman André Labuschagne to discuss the transaction further. The developments carry both bullish and bearish nuances. On the bullish side, the new Guarantee Facility positions Aeris for medium-term growth by improving liquidity, reducing near-term cash obligations, and securing a longer-dated environmental bond facility that supports ongoing operations and planned investments. However, bearish considerations include the relatively high interest rate of 8.95%, the added complexity of conditional exit and make whole fees, and potential uncertainties around obtaining the required security waiver or shareholder approval for the new arrangement.