Initially Jaguar and Mt Colin made profits in Dec 2022. It is only the subsequent events in 2023 that show the Round oak purchase to be a bad deal. And there were other problems at Aeris.
Low grade 1.3% Cu ore was mined at Tritton for 2 years in the 2022 and 2023 financial years because the development of Budgerygar and Avoca tank took longer than expected. There was over $100 million in capital expenditure at Tritton during those years and that money had to come from somewhere. So there would of still been a capital raise in 2022 even without Round oak. But if their was no Jaguar mine, Aeris could of avoided the 2023 capital raise at 11 cents. My guess is that the share price would probably be about 40 cents now if there was no round oak deal.
The future looks better now that the grade at Tritton has risen back to 1.9% Cu in the 2024 September quarter and Aeris gets closer to developing Constellation.
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