Ann: Quarterly Activities Report - June Quarterly 2018, page-8

AIS currently has $29.8 million in cash. ( see Quarterly Report). This is enough to wipe out 75% of the current debt.
Aeris might not be able to reduce AISC further, but 12,000 tonnes of Cu was hedged earlier in the year so the current slump in prices wouldn't cause a significant change to the profit level.
Whatever way you want to look at it, AIS is significantly undervalued, plus there are several significant exploration targets which could result in a huge increase in share price. Significant hits at Torrens will result in a $1 + share price overnight.
The register is extremely tight with about 90% held by the top20, only 38 million shares available outside the top 20.
To accumulate 1 million shares now would be almost impossible.