AERIS RESOURCES LIMITED — Capital/Financing Update 2021

Aug 2, 2021

ASX/MEDIA RELEASE

3 AUGUST 2021

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NEW PROJECTS TO EXTEND TRITTON MINE LIFE

• $50m being spent in FY22 to develop 3 new production sources:

• Budgerygar deposit – an extension of Tritton underground mine;

• Avoca Tank underground mine; and

• Murrawombie Pit cut-back

• Two year copper production guidance:

• FY22 21,000t to 22,000t

• FY23 22,500t to 23,500t

• $15m FY22 exploration program including:

• In-fill resource drilling programs at the high-grade Constellation and Kurrajong copper deposits;

• In-fill drilling program at the Budgery deposit, targeting maiden Ore Reserve;

• 570km[2] Aerial EM program in northern section of tenement package; and

• First pass drilling of multiple anomalies

• Company is well funded to invest in these life extension programs

• Highly prospective tenement package – there’s more copper to be found

Aeris Resources Limited ABN 30 147 131 977

Level 2, HQ South Tower, 520 Wickham Street, Fortitude Valley QLD 4006 Australia Post: Box 14, 520 Wickham Street, Fortitude Valley, QLD 4006 E : info@aerisresources.com.au T: +61 7 3034 6200 aerisresources.com.au

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Established Australian copper-gold producer and explorer , Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to provide an update on life of mine extension projects commencing in FY22 for the Company’s 100% owned Tritton Copper Operations (Tritton) in New South Wales.

Aeris’ Executive Chairman, Andre Labuschagne, said “We have always had confidence in the future of the Tritton Copper Operations. Apart from the Tritton and Murrawombie underground mines, we have an extensive pipeline of advanced projects, which we are now able to invest in to extend the mine life.”

“FY22 will see us develop three new production sources and undertake in-fill resource drilling programs on a further three projects, including the high grade Constellation and Kurrajong deposits.”

“We believe there’s more copper to be found on the Tritton tenement package. The recent discovery of the Constellation deposit has validated that view and having established infrastructure and processing capability reduces the time to production for new discoveries by years, and sometimes decades.”

“The fundamentals for copper into the coming years look very positive as the “decarbonisation” of the world accelerates. As an existing producer, we believe Aeris, through its Tritton Copper Operations, is well placed to leverage value from the looming copper supply deficit.”

Tritton Life-of-Mine update

Since Tritton commenced operations in 2005, the Tritton underground mine has been the mainstay source of ore feed for the processing plant (Tritton Mill). From 2016, the Murrawombie underground mine has been the supplemental ore source for the Tritton Mill.

Over the next few years production levels from both of these mines will reduce and new ore sources will be brought into production from our project pipeline (Figure 1). The development of the first three of these new mining projects is commencing over the course of FY22 at a cost of $50m:

• Budgerygar deposit – an extension of Tritton underground mine;

• Avoca Tank underground mine; and

• Murrawombie Pit cut-back

The Company is well funded to complete these programs.

Two year copper production guidance has been updated:

• FY22 21,000t to 22,000t; and

• ― FY23 22,500t to 23,500t.

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Figure 1: Tritton Copper Operations – mining projects pipeline

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Note: Orange arrows indicated targeted advancements in respective projects in FY22.

As the project pipeline is progressively converted into production sources, the operating model at Tritton will transition to hub-and-spoke, with multiple mines across the tenement package providing ore to the centralised Tritton Mill (Figure 2). Oxide ore discovered could be processed through the Murrawombie heap leach pads, which are still operational.

Having an established workforce, water and power infrastructure and operational processing capability means the time between discovery and mining of copper mineralisation on the Tritton tenement package is significantly reduced.

FY22 New Production Projects

The Budgerygar deposit is adjacent to the Tritton underground mine and will be accessed from the Tritton mine infrastructure.

Recent resource definition drilling has targeted the upper portion of the Budgerygar deposit between 5,200mRL to 5,000mRL to a nominal 40m x 40m drill spacing, appropriate for conversion to an Indicated Mineral Resource category. Geologically, the additional drill hole data supports the current geological interpretation of multiple stacked copper sulphide bodies. There is some additional faulting and dislocation of the mineralised systems which is typical for these deposit types as the drill density increases.

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The Avoca Tank deposit has an Ore Reserve[1] of 700kt @ 2.5% Cu and 0.8g/t Au and remains open down plunge. The Mining Lease application has been submitted and approval process is underway with construction of the access decline targeted to commence by the end of Q2 FY22. First production is schedule in Q1 or Q2 in FY23.

The Murrwombie Open Pit cut-back has an Ore Reserve[1] of 1,600kt @ 0.9% Cu and will be used as a supplemental ore source from FY23 onwards to “Fill the Mill”.

FY22 Exploration Activities

The Tritton tenement package covers 2,160km[2] in central western NSW. To date over 750,000 tonnes of copper, including the current Mineral Resource deposits, has been discovered within the southern half of the tenement package.

The northern half of the tenement package, until recently, has not been subject to modern exploration and remains largely unexplored. The discovery of the Constellation deposit in November 2020 demonstrates the prospectivity of this area. During FY22 $15m has been allocated to both early stage exploration activities ($7m) and in-fill resource drilling ($8m) on the Tritton tenement package:

• in-fill resource drilling campaigns will be conducted at the Constellation, Kurrajong and Budgery deposits. These drill programs will upgrade the geological understanding of each deposit so that they can also be scheduled into the Tritton life-of-mine plan:

• Constellation deposit – targeting initial Mineral Resource in Q3 FY22;

• Kurrajong deposit – targeting initial Mineral Resource in Q4 FY22; and

• Budgery deposit – targeting maiden Ore Reserve in Q4 FY22

• an airborne electromagnetic surveying program over 570km[2] of the northern section of the tenement package;

• a geochem auger sampling program; and

• initial drill testing of multiple anomalies.

Constellation and Kurrajong are priority exploration projects as drilling results to date at both deposits indicate potential for higher grade ore sources.

The Company is confident that the highly endowed Tritton tenement package has more copper awaiting discovery and looks forward to updating the market as it moves this exploration program forward in FY22.

1 See Appendix 2

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Figure 2 – Tritton tenement package and project pipeline

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This announcement is authorised for lodgement by:

Andre Labuschagne Executive Chairman ENDS

For further information, please contact: Mr. Andre Labuschagne Executive Chairman Tel: +61 7 3034 6200, or visit our website at www.aerisresources.com.au

Media:

Peta Baldwin Cannings Purple Tel: 0477 955 677 pbaldwin@canningspurple.com.au

About Aeris

Aeris Resources Limited (ASX: AIS) is a diversified mining and exploration company headquartered in Brisbane. The Company has a growing portfolio of copper and gold operations, development projects and exploration prospects. Aeris has a clear vision to become a mid-tier mining company with a focus on gold and base metals, delivering shareholder value.

Aeris’ Board and management team bring decades of corporate and technical expertise in a lean corporate structure. Its leadership has a shared, and highly disciplined focus on operational excellence, and an enduring commitment to building strong partnerships with the Company’s workforces and key stakeholders.

In FY22 Aeris is forecasting to produce between 21,000 and 22,000 tonnes of copper from its Tritton Copper Operation in New South Wales, and between 67,000 and 71,000 ounces of gold from its Cracow Gold Operation in Queensland.

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COMPETENT PERSONS’ STATEMENTS

Competent Person’s Statement – Mineral Resource

Mr Cox confirms that he is the Competent Person for all the Mineral Resource 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 and consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears. Mr Cox is a full time employee of Aeris Resources Limited.

Mr Cox 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 Cox is entitled to 1,836,725 Performance Rights issued under the Company’s equity incentive plan (details of which were contained in the Notice of Annual General Meeting dated 20 October 2020). The vesting of these Performance Rights is subject to certain performance and employment criteria being met.

Competent Person’s Statement – Ore Reserve

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 and consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears. 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. Specifically, Mr Sheppard holds 12,118,137 shares in Aeris Resources Limited and is also entitled to 5,102,015 Performance Rights issued under the Company’s equity incentive plan (details of which were contained in the Notice of Annual General Meeting dated 20 October 2020). The vesting of these Performance Rights is subject to certain performance and employment criteria being met.

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Appendix 1: Tritton Copper Operations Mineral Resource as at 30 June 2021

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June 2021
Tonnes (kt) Cu (%) Cu (kt) Au (g/t) Au (koz) Ag (g/t) Ag (koz)
Tritton Underground
Measured 3,500 1.3 45 0.1 11 3.6 400
Indicated 840 1.2 10 0.1 2 2.3 63
Total M + I 4,400 1.3 55 0.1 13 3.3 470
Inferred 2,400 1.1 27 0.1 11 4.2 330
TOTAL 6,800 1.2 82 0.1 24 3.6 800
Tritton Pillars (Recoverable)
Measured - - - - - - -
Indicated 70 2.0 1 0.3 1 11.7 27
Total M + I 70 2.0 1 0.3 1 11.7 27
Inferred - - - - - - -
TOTAL 70 2.0 1 0.3 1 11.7 27
Murrawombie
Measured - - - - - - -
Indicated 3,900 1.5 57 0.3 34 4.6 570
Total M + I 3,900 1.5 57 0.3 34 4.6 570
Inferred 610 1.4 9 0.3 6 4.2 82
TOTAL 4,500 1.4 65 0.3 40 4.5 660
Avoca Tank
Measured - - - - - - -
Indicated 770 2.9 23 0.9 21 15.6 390
Total M + I 770 2.9 23 0.9 21 15.6 390
Inferred 130 1.0 1 0.2 1 3.2 13
TOTAL 900 2.6 24 0.8 22 13.8 400
Budgerygar
Measured - - - - - - -
Indicated - - - - - - -
Total M + I - - - - - - -
Inferred 2,300 1.5 34 0.2 15 5.2 380
TOTAL 2,300 1.5 34 0.2 15 5.2 380
Budgery
Measured - - - - - - -
Indicated 1,700 1.1 19 0.1 7 - -
Total M + I 1,700 1.1 19 0.1 7 - -
Inferred 280 0.9 3 0.1 1 - -
TOTAL 2,000 1.1 22 0.1 8 - -
Stockpiles
Measured 27 1.3 0 - - - -
Indicated - - - - - - -
Total M + I 27 1.3 0 - - - -
Inferred - - - - - - -
TOTAL 27 1.3 0 - - - -
Total
Measured 3,600 1.3 45 0.1 11 3.5 400
Indicated 7,300 1.5 110 0.3 65 4.5 1,050
Total M + I 10,900 1.4 160 0.2 76 4.2 1,460
Inferred 5,700 1.3 73 0.2 33 4.4 810
TOTAL 16,600 1.4 230 0.2 110 4.2 2,260
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Notes:

(1) Mineral Resource cut-off grades, 0.6% Cu Tritton, 0.6% Cu Murrawombie, 0.6% Cu Avoca Tank, 0.8% Cu Budgerygar, 0.5% Cu Budgery

(2) Gold and silver grades have been reported for the FY2021 Mineral Resource Estimates at Tritton, Murrawombie, Avoca Tank, Budgerygar and Budgery (gold only). The Mineral Resource Estimate for Budgery does not include silver estimates. Consequently, silver grades and metal figures are omitted from the Total Reported Figures. (3) Discrepancy in summation may occur due to rounding.

Aeris confirms that it is not aware of new information or data that materially impacts the information in this announcement and all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed.

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Appendix 2: Tritton Copper Operations Ore Reserve as at 30 June 2021

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June 2021
Tonnes (kt) Cu (%) Cu (kt) Au (g/t) Au (koz) Ag (g/t) Ag (koz)
Tritton Underground
Proved 1,800 1.2 21 0.1 4 3.0 170
Probable 0 0.0 0 0.0 0 0.0 0
TOTAL 1,800 1.2 21 0.1 4 3.0 170
Murrawombie Underground
Proved 0 0.0 0.0 0.0 0.0 0.0 0.0
Probable 1,100 1.4 15 0.3 10 0.0 157
TOTAL 1,100 1.4 15 0.3 10 0.0 157
Murrawombie Open Pit
Proved 0 0.0 0 0.0 0 0.0 0
Probable 1,600 0.9 14 0.1 8 2.8 150
TOTAL 1,600 0.9 14 0.1 8 2.8 150
Avoca Tank
Proved 0 0.0 0 0.0 0
Probable 700 2.5 18 0.8 18
TOTAL 700 2.5 18 0.8 18
Stockpiles
Proved 27 1.3 0.4
Probable 0 0.0 0
TOTAL 27 1.3 0.4
Total
Proved 1,800 1.2 22
Probable 3,400 1.4 47
TOTAL 5,300 1.3 69
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Notes:

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

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

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

(4) 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. Ore Reserve annual update as announced on ASX 3 August 2021.

Aeris confirms that it is not aware of new information or data that materially impacts the information in this announcement and all material assumptions and technical parameters underpinning the estimates continue to apply and have not changed.

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