AERIS RESOURCES LIMITED — AGM Information 2020

Nov 25, 2020

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Maintaining the Momentum Annual General Meeting

26 November 2020

Important notice and disclaimer

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This presentation may contain certain statements and projections provided by or on behalf of Aeris Resources Limited ( Aeris ) with respect to the anticipated future undertakings. These forward-looking statements reflect various assumptions by or on behalf of Aeris.

Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Aeris which could cause actual results or trends to differ materially, including but not limited to price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial markets conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Aeris makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved.

Additionally, Aeris makes no representation or warranty, express or implied, in relation to, and no responsibility or liability (whether for negligence, under statute or otherwise) is or will be accepted by Aeris or by any of their respective officers, directors, shareholders, partners, employees, or advisers as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any interested party or its advisers. In furnishing this presentation, Aeris undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in Aeris.

2

Compliance statements

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Tritton Copper Operations Production Targets Cautionary Statement

The presentation includes references to a Production Plan (Production Targets) for the Company’s Tritton Copper Operations. The Production Targets referred to in this presentation are based on:

• Proved Ore Reserve 20%

• Probable Ore Reserve 58%

• Indicated Mineral Resource 22%

The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the Production Target.

The Ore Reserve and Mineral Resource estimates underpinning the Production Targets were prepared by a Competent Person in accordance with the JORC Code 2012, with the exception of the Indicated Mineral Resource estimate for the Budgery Deposit. The Indicated Mineral Resource estimate for the Budgery Deposit has been prepared by a Competent Person in accordance with the JORC Code 2004 and has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Cracow to Life of Mine Cautionary Statement

The Aeris FY21 to FY22 Cracow Life of Mine ( LOM ) plan is a Production Target that contains 68% Ore Reserve, 22% Inferred Mineral Resource and 10% Exploration Target (weighted by ounces). The Inferred Mineral Resource and Exploration Target material are associated with mineralised structures that contain Measured and/or Indicated Mineral Resource and represent the sparsely drilled sections of each mineralised structure. Intrinsically, the lower confidence Inferred Mineral Resource and Exploration Target material does imply a higher risk of conversion to Ore Reserve. However, the Cracow Goldfield has been in continuous production from 2004 during which time has a proven history of converting Inferred Mineral Resource and Exploration Target material to Ore Reserve.

3

Company snapshot

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ASX Code AIS
Market capitalisation Cracow Gold Operations
A$142m
(fully diluted) [1] Ownership 100%
Mine type U/G
Enterprise Value
(fully diluted) [1] A$170m Processing 570 ktpa CIP
FY21F Production 70 – 75 koz Au
FY21F AISC A$1,525/oz-A$1,575/oz
Net debt [2] A$28m Au Reserves [(3)] 550kt @ 5.1 g/t 89koz)
Au Resources [(3)] 2,300kt @ 4.0 g/t (300koz)
Tritton: 6,044t Cu @ AISC A$3.33/lb
Q1 Results
Cracow: 20,237oz @ AISC $1,282/oz
Commodity focus Copper and Gold
Cracow
Shareholding structure (fully diluted) Brisbane
Corporate Office
Torrens JV (70%)
Tudor Court
Tritton
19%
Other
shareholders
48%
SPOV (PAG)
11%
Torrens JV Tritton Copper Operations
Ownership 70% Ownership 100%
Management Mine type U/G
(incl. options) Location 75 km SE Olympic Dam (BHP) Processing 1.8 Mtpa
5% Institutions Geology Type IOCG
FY21F Production 23.5 – 24.5 kt Cu
17% Anomalous Zone 120 km [2] FY21F AISC A$3.60 – 3.75/lb Cu
Fully diluted shares: c.1,967 million Drill holes 10 Cu Reserves [(3)] 5,700kt @ 1.5% (86kt)
Mineralisation TD2 (246m @ 0.1% Cu) Cu Resources [(3)] 17,500kt @ 1.5% (250kt)
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(3) As at 30 June 2020 – also see slides 28 – 30 for further detail

(1) Based on share price of $0.072 per share on 25 November 2020 (2) As at 30 September 2020

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Aeris’ corporate history Following years of restructuring, Aeris is now primed to deliver high impact growth

Phase 3: Growth execution

Phase 2: Position for Growth (2018 – 2020)

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• Phase 1:

• Restructure

• (2013 – 2018)  Strategy defined – focus on copper and gold

• Pursuing organic and M&A opportunities

• Reviewed and conducted due diligence on multiple M&A targets (incl. CSA in 2018/19)

• Management team appointed in 2013 – inherited:  Continued to deliver at Tritton - ─ generating positive operating Over-leveraged balance sheet cashflows and mine life extensions

• ─ Under-performing assets bleeding cash

• ─ No clear corporate strategy

• Major turnaround undertaken:

• Acquisition of Cracow

• Balance sheet strength restored

• Pivot to active growth program:

  • ─ Strong, diversified cashflow generation supports rapid deleveraging and new organic growth projects

  • ─ Positioned to further consolidate copper / gold landscape

  • ─ Actively building a pipeline of copper and gold projects

• ─ Tritton operations stabilised, revitalised and transitioned to cashflow positive

• ─ Closed Mt Muro gold mine in Indonesia

• ─ Divested non core assets

• ─ Completed two financial restructures in 2015 and 2018

FY13 A$136M[(1)]

NET DEBT

Qtr1 FY21 - A$28M

(1) FY13 Debt includes Bank Loans, Other Loans and Deferred Revenue (outstanding balance of US$50 million silver advance payment facility).

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Cracow Gold Operations

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Cracow Gold Operations

A highly cash flow generative mine which is transforming the company

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• A high grade, low cost gold mine in Queensland, Australia with a proven operating history

• Acquired from Evolution Mining in July 2020:

• ─ A$60m cash paid at completion

• ─ A deferred cash payment of A$15m on 30 June 2022

• ─ 10% net value royalty from 1 July 2022 to 30 June 2027, capped at A$50m[(1)]

• Produced more than 1.4 Moz over its life with a consistent production history of over 15 years

• Initial two-year production target of 127koz – 137 koz[(2) ] – targeting a horizon of +5 years

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Cracow production profile (koz)

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 FY21F production of 70 – 75 koz [(2) ] high margin gold
ounces at AISC of A$1,525oz – A$1575/oz.
95 93 91 89 90 88
81
 Significant opportunities available to Aeris to unlock 70 – 75
value over the next 12 months 57 -62
 Cracow is a great fit for Aeris:
─
Right size
─
Right commodity
FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F FY22F
─
Upside potential (exploration and operational)
(1) Net value royalty is defined as the gross revenue less C1 direct cash cost, multiplied by 10%.
(2) See Compliance Statements on Slide 3. 7
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Cracow - first 4 months of ownership - exceeding our expectations

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Integration

• Well capitalised asset - no asset integrity issues emerged since taking ownership

• New management team in place

• Skilled and stable workforce – low turnover

• Teams well aligned with Aeris strategy

• Systems integration successfully completed

• Transition agreement with Evolution completed

• Successful drill campaigns at Roses Pride and Klondyke / Royal – targeting Mineral Resource estimates in next 3 months

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Immediate priorities for Cracow

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Operational
Delivery
Immediate Sweat Assets
priorities Harder
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• FY21 Guidance - 70koz to 75koz Au @ AISC A$1,525 – A$1,575/oz

• Repay A$30m Acquisition Debt Facility by end FY21

• Maximising cashflows (~A$280m in available tax losses)

• Improve mine and mill productivity – processing plant already demonstrating that it can better nameplate capacity

• “Fill the Mill” – stockpiles of 900kt @ ~1g/t available as ‘top up’

• Drive cost synergies across Aeris - A$1.2m already achieved

• Standardising systems across the Group

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Extend Mine
Life
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• A$13m exploration budget over first 2 years of ownership:

• Increasing confidence of known mineralisation - Roses Pride, Klondyke / Royal and Golden Plateau

• Near mine conceptual targets - Killarney Extensions / Kenneth / Roses Pride Deeps

• Exploration in ‘new spaces’ looking for the next big discovery

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Cracow – a prolific goldfield – Aeris re-invigorating exploration

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• Strong history of replenishing reserves and resources - remains a key focus for Aeris

• Cracow has produced more than 1.4 Moz of gold over its life since first production in 2004

• Depletion consistently replaced with a 3 to 5 year mine life maintained (when Evolution acquired the mine in 2011, the projected mine life at the time was 5 years)

• Explore aggressively – near mine underground targets, potential open pits and greenfields exploration

Cracow reserves replacement (koz)[(1)]

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300 143 205 166 231 230 241 273 260 260 248 190 192 245 187
89
(37)
(148)
(265)
(372)
(472)
(574)
(676)
(779)
(881)
(976)
(1,060)
(1,160)
(1,250)
(1,340)
(1,421)
(1,509)
FY05A FY06A FY07A FY08A FY09A FY10A FY11A FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A
Gold reserves Cumulative production
(1) Based on June year end.
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Rebuilding the Life Of Mine Plan – targeting a horizon of +5 Years

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Site Team challenged to develop a rolling 4 year plan from UG operations

• Explore around current and old workings - 1 U/G drill rig operating and another on the way

• Challenge all current paradigms - break all models and rebuild from scratch

• Multiple near-mine conceptual targets already identified and will be drilled in FY21:

• Sterling

• Kenneth

• Roses Pride Deeps

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Cracow near mine exploration - Roses Pride drilling delivers gold

• First drilling campaign already completed

• +400m strike length

• 44 of 48 drill holes intersected gold, including: ─ RPS003 19.0m @ 5.5 g/t Au (true width 10.1 m)

• ─ RPS025 15.0m @ 4.1 g/t Au (true width 6.1m)

• ─ RPS050 5.0m @ 5.3 g/t Au (true width 3.3m)

• ─ RPS054 10.0m @ 5.1 g/t Au (true width 4.7m)

• Mineral Resource estimate expected December 2020

• Further drilling planned to test depth extensions in second half of FY21

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Cracow near mine exploration – Klondyke / Royal

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Klondyke and Royal Deposits

Klondyke / Royal

• Recent shallow drilling indicates potential. Drill results include:

• KDS002 7.0m @ 11.6 g/t Au (true width 3.3m)

• KDS003 3.0m @ 3.1 g/t Au (true width 1.7m)

• KDS017 4.0m @ 2.9 g/t Au (true width 1.4m)

• KDS015 6.0m @ 2.5 g/t Au (true width 2.8m)

• Mineral Resource estimate expected February 2021

• Follow up drilling planned in second half of FY21

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Cracow near mine exploration – Golden Plateau

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• ~850koz previously mined from Gold Plateau – both open pit and underground

• Large mineralised system which remains open down plunge

• Currently validating historical workings and drill hole database

• Planned drill program testing shallow extensions to known mineralisation (Q3 FY21)

• Targeting updated Mineral Resource in Q4 FY21

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Exploring in new spaces – looking for the next big discovery

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 Ballymore

• ─ Recently identified structure along southern margin of the current mining footprint

• ─ Limited drilling returned encouraging results:

• ─ Evidence of epithermal vein textures

• ─ Anomalous pathfinder elements including gold

 North West (NW) Corridor

• ─ Outcropping epithermal quartz veining and alteration

• ─ Anomalous pathfinder elements from rock chip sampling

• ─ +1.5 km of untested strike within prospective lithology

 Boughyard

• ─ Large (~3.0 km x 1.5 km) alteration system open to south and west

• ─ Regional analogue to the alteration system spatially related to the 2.5 – 3.0 Moz Cracow goldfield[1]

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• (1) 2.5Moz – 3Moz discovered to date in Cracow Goldfields and includes historically mined and current reported Mineral Resource

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Tritton Copper Operations

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Tritton Copper Operations A consistent producer with upside

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• Established underground copper mine and 1.8 Mtpa processing plant in Western NSW, Australia

• ─ Operating since 2005 with >320 kt Cu produced

• Highly endowed region and tenement package

• ─ Nearby mines include CSA (Glencore plc), Peak and Hera Mines (Aurelia Metals Limited)

• ─ >750 kt copper discovered on tenements to date[(1)]

• Currently mining the Tritton and Murrawombie underground mines:

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• ─ Tritton is a >20 Mt copper dominant deposit[(2)]

Tritton production profile (kt)

• ─ Murrawombie is a >10 Mt copper dominant deposit with good gold grades[[(2)]]

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with good gold grades [[(2)]]
 High quality copper concentrate shipped from Port 30 30
26 27 27
Waratah (Newcastle) 23 23 25 23.5-24.5
 Stable, locally domiciled workforce and supportive
regional communities
FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F
(1) 750kt of copper discovered to date on the Tritton tenement package includes historically mined and
current reported Mineral Resource 17
(2) Estimated tonnages of the Tritton and Murrawombie deposits package includes historically mined and
current reported Mineral Resource
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(2) Estimated tonnages of the Tritton and Murrawombie deposits package includes historically mined and current reported Mineral Resource

(1) 750kt of copper discovered to date on the Tritton tenement package includes historically mined and current reported Mineral Resource

Tritton Life of Mine Plan (LOM) 4 year LOM with multiple options to extend

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Aggressive focus on extending mine plan from:

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• Tritton and Murrawombie extensions

• Developing Budgerygar via access from Tritton

• Prioritizing higher grade Avoca Tank U/G into production

• Potential Open Pits:

  • Murrawombie - after underground mining
• • Budgery - drilling to upgrade confidence for future production

• Expedite Kurrajong (Exploration Target of 3 – 4 Mt @ 1.5% – 2% Cu) drilling to Mineral Resource status and concept study

The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. With additional drilling there is potential to increase the size of the Exploration Target and define a higher grade (+2% copper).

• Greenfields exploration – “moving the exploration space” focused on discovering ‘Tritton-scale’ deposits (i.e. +10 Mt @ >2% Copper) in under-explored southern and northern sections of the tenement package

• Existing copper metal inventory: • Ore Reserve: 5.7 Mt @1.5% Cu[(1)] • Mineral Resource: 17.5 Mt @ 1.5% Cu[(1)]

(1) As at 30 June 2020 – see slides 28 – 29 for breakdown.

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Tritton – brownfields exploration (Tritton and Budgerygar)

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Life of Mine extension opportunities

Tritton Deposit:

• Mineralisation open at depth

• Commenced drill program testing down plunge potential

• South Wing – adjacent to Tritton orebody – further drilling planned

Corridor between Tritton and Budgerygar:

• Prospective - limited drilling

Budgerygar Deposit:

• Exploration drive from Tritton has commenced

• Drilling program scheduled to upgrade Mineral Resource status

• Mineralisation open down dip

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Murrawombie – brownfields exploration

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• Geologically performing better than expected

• Minerailsation open at depth and to the north

• Recent drilling continues to intersect high grade mineralisation, including:

• ─ 14.60m @ 2.43% copper (true thickness approx. 7.8m) MWGC514; and

• ─ 9.55m @ 2.54% copper (true thickness approx. 7.2m) MWGC516

• Exploration drilling planned for FY21:

• ─ 2 deep holes from surface testing 300m below current workings

• ─ Testing down plunge extensions of current Mineral Resource

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20

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Greenfields Exploration Activities in FY21

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Anomaly K

• Bedrock conductor identified initially from an airborne EM survey

• Anomaly extended beyond tenement boundary – additional tenement granted in June quarter

• Ground based EM recently completed and confirmed anomaly (approx. 150m below surface)

• Drilling to start in mid-November

Avoca Tank

• Two drill holes planned in second half of FY21 testing down dip extensions below Mineral Resource

Geochemistry Sampling Program

• Systematic geochem sampling program to commence across tenement package

• Looking for geochemical signatures associated with mineralised systems

21

Torrens JV

• Aeris holds a 70% interest and is manager of the Torrens Project through a JV with Argonaut Resources NL

• Torrens located on Eastern Gawler Craton IOCG corridor in South Australia, which hosts several large scale deposits and world class copper-gold operations:

• ─ Olympic Dam

• ─ Carrapateena

• ─ Prominent Hill

• Torrens Project contains a regionally significant coincident magnetic and gravity footprint (120 km[2] ):

• ─ Bigger footprint than Olympic Dam

• ─ In total 28 geophysical anomalies identified from latest geophysical survey

• Approval granted to drill up to 70 deep diamond drill holes

• Passive seismic survey planned for FY21

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An exciting path forward with multiple value catalysts in FY21

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Potential Catalysts	FY21 Quarter 2	FY21 Quarter 3	FY21 Quarter 4
Exploration Drilling at Cracow	Roses Pride Deeps	NW Corridor Kenneth	Sterling Ballymore
Exploration Drilling at Tritton	Anomaly K	Tritton Deeps Murrawombie Deeps	Avoca Tank
Mineral Resources at Cracow	Roses Pride	Klondyke / Royal	Golden Plateau
Updated Life of Mine Plans	Tritton		Cracow
$7.5m quarterly payments off Cracow Debt Facility			
Budgerygar Exploration Drive		
Budgerygar Resource Drilling			

Always looking for growth through M&A: focussing on copper and gold

23

Summary

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What makes Aeris different?

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Proven team with a consistent track record

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Diversified, strong free cash generation

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29 79
Cu Au
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Favourable gold / copper price exposure

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Financially robust, rapidly deleveraging

A unique platform to consolidate the landscape where others cannot

Primed to unlock value

25

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Thank You

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Appendix

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Tritton – reported Mineral Resource

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Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)
Project	Cut-off (%Cu)	Measured	Indicated	Inferred	Total Resource
		Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)
Tritton	0.6	3,800 1.5 56	700 1.4 10	2,600 1.2 31	7,100 1.4 97
Tritton (pillars)	0.6	- - -	140 2.2 3	- - -	140 2.2 3
Murrawombie	0.6	- - -	3,900 1.6 62	1,200 1.1 13	5,100 1.5 75
Budgerygar	0.8	- - -	- - -	2,300 1.5 34	2,300 1.5 34
Budgery	0.5	- - -	1,700 1.1 19	280 0.9 3	2,000 1.1 22
Avoca Tank	0.6	- - -	770 2.9 23	130 1.0 1	900 2.6 24
Stockpile Total	-	11 1.4 0 3,800 1.5 56	- - - 7,300 1.6 120	- - - 6,500 1.3 82	11 1.4 0 17,500 1.5 250

Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)
Project	Cut-off (g/t Au)	Measured	Indicated	Inferred	Total Resource
		Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)
Yandan Total	-	- - - - - - - - - -	- - - - - - - - - -	4,000 - 2.4 - 300 4,000 - 2.4 - 300	4,000 - 2.4 - 300 4,000 - 2.4 - 300

Tritton – reported Ore Reserve

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Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)
Project	Type	Cut-off (%Cu)	Proven	Probable	Total Ore Reserves
			Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)
Tritton	Underground	1.2	1,200 1.5 17	1,100 1.6 17	2,200 1.6 34
Murrawombie	Underground	1.2	- - -	1,100 1.7 19	1,100 1.7 19
Murrawombie	Open Pit	0.5	- - -	1,600 0.9 14	1,600 0.9 14
Avoca Tank	Underground	1.2	- - -	700 2.5 18	700 2.5 18
Stockpile Total			11 14 0 1,200 1.5 17	- - - 4,500 1.5 68	11 1.4 0 5,700 1.5 86

All Mineral Resource that is available for conversion to Ore Reserve has been evaluated and is included in the Ore Reserve estimate where it meets economic and other criteria.

• (3) Mineral Resources are quoted as INCLUSIVE of the Ore Reserves Estimate.

(1) Discrepancies in summation may occur due to rounding.

(4) 29

(2) Cut-off grades vary between deposits and are selected based on economic analysis. They are not a break-even cut-off.

Cracow – Mineral Resource and Ore Reserve

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Cracow (30 June 2020) [(1)]
Gold grade
Tonnes (Mt) Gold metal (koz)
(g/t)
Ore Reserve
Proven 0.28 5.2 46
Probable 0.27 4.9 43
Total 0.55 5.1 89
Mineral Resource
Measured 0.20 7.8 53
Indicated 0.69 5.9 130
Inferred 1.40 2.6 120
Total 2.30 4.0 300
(1) Full details of the Cracow Mineral Resource and Ore Reserve are provided in the report entitled Annual Mineral Resources
and Ore Reserves Statement released on 12 February 2020 and available to view at www. evolutionmining.com.au. 30
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Competent Persons statement

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Competent Persons statement

Mr Cox confirms that he is the Competent Person for all the Mineral Resource and Exploration Target estimates summarised in this Report and he has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Cox is a Competent Person as defined by the JORC Code, 2012 Edition, having relevant experience to the style of mineralisation and type of deposit described in the Report and to the activity for which he is accepting responsibility. Mr Cox is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM No. 220544). Mr Cox has reviewed the Report to which this Consent Statement applies. Mr Cox is a full time employee of Aeris Resources Limited.

Mr Ian Sheppard, confirms that he is the Competent Person for all the Ore Reserve estimates summarised in this Report and Mr Sheppard has read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition). Mr Sheppard is a Competent Person as defined by the JORC Code, 2012 Edition, having relevant experience to the style of mineralisation and type of deposit described in the Report and to the activity for which he is accepting responsibility. Mr Sheppard is a Member of The Australasian Institute of Mining and Metallurgy, No. 105998. Mr Sheppard has reviewed the Report to which this Consent Statement applies. Mr Sheppard is a full time employee of Aeris Resources Limited.

Mr Sheppard has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Mr Sheppard has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically Mr Sheppard has rights to 22,418,546 share options that were issued on 15 December 2015 that will vest over five years from the issue date and may be converted to shares over time when various conditions are met. All dollar figures are in Australian dollars unless otherwise indicated.

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