AERIS RESOURCES LIMITED — Capital/Financing Update 2018

Sep 24, 2018

Not for release to US wire services or distribution in the United States

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25 SEPTEMBER 2018

ASX/MEDIA RELEASE

AERIS RESOURCES LIMITED (ASX:AIS)

Successful Completion of Placement and Institutional Entitlement Offer

HIGHLIGHTS:

• Successful completion of Placement and Institutional Entitlement Offer to collectively raise approximately $28.4 million

• Strong support from existing shareholders and a number of new high quality institutional and sophisticated investors introduced to the register

• Fully underwritten Retail Entitlement Offer to raise approximately $6.7 million to be completed over the next three weeks

Established Australian copper producer Aeris Resources Limited (ASX:AIS) ( Aeris or the Company ), is pleased to advise of the successful completion of its placement ( Placement ) and institutional component of its 1 for 2.1 accelerated non-renounceable entitlement offer ( Institutional Entitlement Offer ) which closed on Friday, 21 September 2018 and raised a total of approximately $28.4 million at $0.20 per share.

The well-supported Placement of approximately 42.0 million shares raised approximately $8.4 million, with several institutions adding to the depth and quality of the Company’s share register.

The Institutional Entitlement Offer raised approximately $20.0 million and had strong support from existing institutional and sophisticated shareholders, including $7 million from the Company’s largest shareholder, Special Portfolio Opportunity V Limited ( SPOV ), a subsidiary of a fund managed by PAG. The institutional shortfall was placed to existing shareholders and new institutional and sophisticated investors. The Company will issue 99,889,405 shares under the Institutional Entitlement Offer.

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The Company will proceed to allot and issue the shares in respect of the Placement and Institutional Entitlement Offer (including the institutional shortfall bookbuild) on Monday, 1 October 2018, with those shares anticipated to commence trading on the ASX on Tuesday, 2 October 2018.

Aeris’ Executive Chairman, Andre Labuschagne, said:

“This has been an excellent result. The Company had strong demand from new and existing investors for the institutional component of the Entitlement Offer and the Placement. Proceeds of the equity raising will be used for debt reduction and accelerating exploration activities at Tritton and Torrens.”

Retail Entitlement Offer

The fully-underwritten retail component of the entitlement offer seeks to raise approximately $6.7 million through a 1 for 2.1 non-renounceable entitlement offer at $0.20 per share ( Retail Entitlement Offer ).

The Retail Entitlement Offer will open at 9.00am (Sydney time) on Friday, 28 September 2018 and close at 5.00pm (Sydney time) on Tuesday, 9 October 2018.

The Retail Entitlement Offer is open to all shareholders of the Company who have a registered address in Australia, New Zealand, United Kingdom, Singapore or Hong Kong as at 7.00pm (Sydney time) on the record date of Tuesday, 25 September 2018 ( Eligible Retail Shareholders ).

The Prospectus and the accompanying personalised entitlement and acceptance form ( Application Form ) for the Retail Entitlement Offer is expected to be sent to Eligible Retail Shareholders on Friday, 28 September 2018 and will contain instructions on how to apply. The Prospectus is also available on the Company’s website at http://www.aerisresources.com.au/investor-centre/prospectus.html.

Eligible Retail Shareholders are encouraged to carefully consider the full details of the Retail Entitlement Offer as contained in the Prospectus, including the risks of investment contained therein, before making a decision to invest.

Application Forms and payments are due by no later than 5:00pm (Sydney time) on Tuesday, 9 October 2018. Trading of shares issued under the Retail Entitlement Offer is expected to commence on Wednesday, 17 October 2018.

The Company expects its trading halt to be lifted from market open today and for trading in its ordinary shares to recommence on an ex-entitlement basis. New shareholders in the Company from today will not be entitled to participate in the Retail Entitlement Offer.

The Company wishes to thank its institutional and sophisticated shareholders for their ongoing support and encourages Eligible Retail Shareholders to consider and participate in the Retail Entitlement Offer.

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Additional Information

Treadstone Resource Partners acted as strategic and financial advisor and HopgoodGanim acted as legal advisor to the Company.

Bell Potter Securities Limited and Euroz Securities Limited acted as Joint Lead Managers, Joint Bookrunners and Joint Underwriters to the transaction. The Retail Entitlement Offer is subunderwritten by SPOV.

For further information please visit www.aerisresources.com.au or contact:

Aeris Resources Limited

Robert Brainsbury

CFO and Company Secretary Tel: +61 7 3034 6200

ENDS

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