2230 GMT - Aeris Resources looks cheap to Ord Minnett in an increasingly more expensive sector. Sentiment toward base metals has improved, supported by strengthening commodity prices. Aeris trades on an enterprise value-to-Ebitda multiple of 2x, well below the 3.7x multiple of peers, analyst Paul Kaner says. It adds the miner's balance sheet, featuring some A$165 million in cash and no debt, is supporting elevated investment in FY27. That positions the business for future growth. "At spot prices, we forecast FY27 free cash flow of A$69 million (9% yield), increasing to A$243 million (31% yield) in FY28 as Constellation comes online," Ord Minnett says. "In our view, continued operational delivery in FY27 should drive greater market recognition of this FY28 earnings and cash flow uplift." It retains a buy call on the stock.