AERIS RESOURCES LIMITED — Interim / Quarterly Report 2022

Oct 27, 2021

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September Quarter Activities Report Presentation

28 October 2021 Presented by Andre Labuschagne

Aeris – Q1 FY2022 Activities Report Presentation

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Important notice and disclaimer

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 forwardlooking 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.

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Aeris – Q1 FY2022 Activities Report Presentation

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FY21 Highlights Transformational year

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Aeris – Q1 FY2022 Activities Report Presentation

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Highlights of Q1, FY2022

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Cracow Tritton

• 14,691oz @ AISC of $1,951/oz

• 4,534t Cu @ AISC of A$4.73/lb

• Monthly milling throughput record achieved in August – 58,514 tonnes

• $50m being spent in FY22 to develop three new production sources.

• Tailings Storage Facility No.2 commissioned

• Contract awarded for Avoca Tank decline development and work started

• Exploration continued – 3 rigs drilling underground and 2 on surface

• Constellation strike extended to 300m

• Exploration in the under-explored northern half of tenement package underway

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Corporate

• Closing cash and receivables $75m

• PAG repaid in July, debt free after 9 years

• New $35m contingent instrument facility and $20m working capital facility with ANZ

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Aeris Resources

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ESG
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Aeris – Q1 FY2022 Activities Report Presentation

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ESG

Safety

• Slight improvement in LTIFR in 12 months

• Zero LTI recorded at Tritton:

• 1 LTI recorded at Cracow:

• Minor burns received, operator returned to work

Environment

• No environmental incidents

Covid-19

• Measures to manage remain in place

• Restrictions in NSW impacting Tritton but being managed

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• Continue to review and update according to Government guidelines

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Aeris – Q1 FY2022 Activities Report Presentation

Our Sustainability Approach

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Aeris seeks to operate in a sustainable manner that creates value now and into the future. The way we conduct our business and the decisions we make every day contribute towards achieving sustainable outcomes.

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We believe through operating our business in this manner we will achieve our sustainability goals.

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Inaugural FY21 Sustainability Report released on 27 October. Demonstrates Aeris’ commitment to transparency, integrity, and sustainable performance.

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Aeris – Q1 FY2022 Activities Report Presentation

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Highlights

Tritton :

• Production lower than planned due to reduced tonnes and grade from Tritton and COVID-19 restrictions flowing through to available manning levels

• Development of Avoca Tank commenced

• AISC increased from $3.95/lb - $4.30/lb to $4.10/lb - $4.45/lb due to historically high sea freight rates

• Guidance for FY22: 21kt - 22kt @ AISC $4.10/lb – $4.45/lb

Cracow :

• Ore production was in line with previous quarter and plan

• Gold grades were below previous quarter due to mining sequence

• Tailings dam No.2 commissioned in August

• Guidance for FY22: 67koz – 71koz @ AISC $1,550/oz – $1,600/oz

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TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR	TRITTON PRODUCTION SUMMARY UNIT DEC 2020 QTR MAR 2021 QTR JUN 2021 QTR SEP 2021 QTR
ORE MILLED	TONNES 370,897 382,054 393,511 369,000
MILLED GRADE	Cu (%) 1.66% 1.47% 1.55% 1.29%
TOTAL COPPER PRODUCED	TONNES 5,845 5,270 5,828 4,534
COST SUMMARY
ALL-IN SUSTAINING COSTS		A$M 36.6 46.4 60.1 47.3
		A$/lb 2.85 4.00 4.68 4.73
GROWTH CAPITAL / EXPLORATION		A$M 0.7 1.3 3.2 9.7
ALL-IN COSTS		A$M 37.3 47.7 63.3 57.0
		A$/lb 2.90 4.12 4.93 5.70
CRACOW PRODUCTION SUMMARY		UNIT	DEC 2020 QTR	MAR 2021 QTR	JUN 2021 QTR	SEP 2021 QTR
ORE MILLED		TONNES	160,446	137,652	159,719	167,832
MILLED GRADE		g/t	3.80	3.85	4.19	3.04
TOTAL OUNCES PRODUCED		oz	18,011	15,548	19,889	14,691
COST SUMMARY
ALL-IN SUSTAINING COSTS		A$M	27.2	25.4	29.6	30.8
		A$/oz	1,567	1,557	1,568	1,951
GROWTH CAPITAL / EXPLORATION		A$M	4.5	5.6	10.3	2.3
ALL-IN COSTS		A$M	31.7	31.0	39.9	33.1
		A$/oz	1,827	1,899	2,115	2,096

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Aeris Resources

Tritton Copper Operations

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Aeris – Q1 FY2022 Activities Report Presentation

Known deposits – conceptual development plans

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Mine / Deposit FY 2022 2023 2024 2025 2026+
Tritton U/G
Murrawombie U/G Drill
Tritton - Budgerygar
Avoca Tank Develop
Murrawombie O/P
Constellation Produce
Kurrajong
Budgery
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Tritton - South Wing

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• 1) Development timeline is conceptual only. Final development plans and timelines depend on a number of factors including results of internal feasibility studies, detailed mine design, market forces, approvals, availability of capital, amongst others.

• 2) Aeris is yet to announce Mineral Resource estimate at the Constellation and Kurrajong deposits and has made certain assumptions regarding these deposits in producing this conceptual plan. Ultimately, final development plans for these projects are subject to concluding various processes including undertaking metallurgical testing, permitting, native title and cultural heritage, access arrangements as well as internal mine planning and feasibility processes. This slide does not constitute a Production Target for the purposes of the Listing Rules or the JORC Code.

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Aeris – Q1 FY2022 Activities Report Presentation

Tritton Copper Operations - Avoca Tank Mine Development

• Development contract for decline access awarded

• Work commenced

• First ore targeted Q4, FY23

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Aeris – Q1 FY2022 Activities Report Presentation

Tritton Copper Operations – Constellation Deposit

Spectacular results

• 45km North-East from Tritton – within trucking distance of Tritton mill

• 60 diamond holes drilled to date – majority intersecting copper sulphide mineralisation[(6)]

• High grade results reported near surface and at depth

• Drilling has traced mineralised system 850m down plunge[(3)]

• Latest drilling increased strike from ~200 to ~300m[(4)(5)]

• Two EM plates traced a further 300m down plunge[(4)]

• Near surface mineralisation provides potential open pit opportunity

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• Mineralisation remains open down plunge

• 3) Aeris ASX announcement “Constellation Continues To Shine” dated 27 May 2021

• 4) Aeris ASX announcement “Constellation Footprint Continues To Grow” dated 10 June 2021

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• 5) Aeris ASX announcement “Constellation update” dated 3 August 2021

• 6) Aeris ASX announcement “Constellation Drilling Program update” dated 13 October 2021

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Aeris – Q1 FY2022 Activities Report Presentation

Tritton Copper Operations Constellation Deposit – RC drilling

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• Assays received from 103 Reverse Circulation (RC) holes

• Assay results returned for a further 11 diamond drill holes, all of which returned high grade copper intersections including:

  • TAKD019[(7)] – 48.7m @ 2.56% Cu, 1.21g/t Au, 6.2g/t Ag (from 140.3m)

  • TAKD022[(8)] – 17.9m @ 3.21% Cu, 5.7g/t Ag (from 230.0m)

  • TAKD023[(8)] – 4.95m @ 3.06% Cu, 0.71g/t Au, 3.2g/t Ag (from 358.2m)

  • TAKD018[(7)] – 16.7m @ 2.99% Cu, 0.87g/t Au, 6.0g/t Ag (from 255.3m)

  • TAKD021[(7)] - 13.1m @ 2.77% Cu, 0.95g/t Au, 4.9g/t Ag (from 136.9m)

• Near surface high grade copper mineralisation intersected over a 300m strike length

• RC drill campaign completed

• Diamond drilling continues – targeting near surface infill drilling and down dip

• Maiden Mineral Resource estimate expected in December quarter

• 7) Aeris ASX announcement “Constellation Drilling Program Update” dated 8 September 2021 8) Aeris ASX announcement “Constellation Drilling Program Update” dated 13 October 2021

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Aeris – Q1 FY2022 Activities Report Presentation

Tritton Copper Operations – Budgerygar Deposit

• Two underground drill rigs undertaking resource definition drilling and three surface geotechnical holes

• By quarter end a total of 33 resource definition drill holes have been completed – 40m x 40m drill spacing, appropriate for conversion to Indicated Mineral Resource

• Significant results[(9)] :

• BDEL021 – 1.05m @ 6.42% Cu (1.05m true thickness)

• BDEL029 – 3.3m @ 5.75% Cu (3.1m true thickness)

• BDEL030 – 0.7m @ 5.24% Cu (0.7m true thickness)

• BDEL013 – 6.75m @ 4.63% Cu (4.2m true thickness)

• BDEL038 – 16.25m @ 4.56% Cu (16.25m true thickness)

• BDEL032 – 10.35m @ 3.97% Cu (7.2m true thickness)

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• Mining to commence in Q4, FY22

9) ASX announcement “Quarterly Activities Report – September 2021” dated 28 October 2021

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Aeris – Q1 FY2022 Activities Report Presentation

Tritton Copper Operations – Murrawombie Deposit

• Underground diamond drill program underway to test hanging wall lodes – 40m x 40m drill spacing, appropriate for conversion to Indicated Mineral Resource

• Assay results received during quarter include[(10)] :

• MWGC630 – 4.0m @ 3.67% Cu (2.6m true thickness)

• MWGC630 – 3.2m @ 2.63% Cu (1.5m true thickness)

• MWGC631 – 10.2m @ 2.36% Cu (6.0m true thickness)

• MWGC631 – 25.5m @ 2.33% Cu (6.0m true thickness)

• MWGC591 – 7.45m @ 2.24% Cu (2.8m true thickness)

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10) ASX announcement “Quarterly Activities Report – September 2021” dated 28 October 2021

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Aeris Resources

Cracow Gold Operations

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Aeris – Q1 FY2022 Activities Report Presentation

Cracow Gold Operations - Accelerating Exploration

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Near Mine

• Push mill to 650kt p.a.

• Focus on increasing UG mine life

• Review old areas and cut-off grades

• Multiple targets to be tested

• 3 drill rigs operating in FY22

• $9m budget for FY22

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Resource updates

New Spaces

• Prioritising targets

• Roses Pride +260% [(11)]

• Drilling underway at Ballymore and

• Klondyke Royal +324% [(12)]

• Boughyard

• Drilling underway at Golden Plateau

• Magnetic survey done for Boughyard

• Ore Reserves replaced and Mineral Resources increased[(13)]

• $4m budget for FY22

• Two surface drill rigs operating

11) Aeris announcement “Roses Pride Mineral Resource Update” dated 6 January 2021 12) Aeris announcement “Significant Increase to Klondyke Royal Mineral Resource” dated 22 April 2021 13) Aeris announcement “Mineral Resource and Ore Reserve Estimate June 2021 Cracow” dated 3 August 2021

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Aeris – Q1 FY2022 Activities Report Presentation

Cracow Gold Operations Exploration of brownfield target areas

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SOVEREIGN
Drill target – tested / testing
Drill target – not tested.
First pass testing
TIP
BALLYMORE scheduled FY22
CROWN
DEEPS
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Aeris – Q1 FY2022 Activities Report Presentation

Cracow Gold Operations – Roses Pride RC drilling

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• An infill resource definition RC drill program commenced at the Roses Pride deposit in the previous quarter. The program continued in the current quarter with the completion of a further 21 drill holes (29 in total). Significant assay intersections include [(14)] :

o RPS060 - 4m @ 5.18g/t Au (true thickness 1.3m)

• RPS072 - 5m @ 3.54g/t Au (true thickness 1.8m)

o RPS078 - 14m @ 2.36g/t Au (true thickness 4.8m)

14) ASX announcement “Quarterly Activities Report – September 2021” dated 28 October 2021

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Aeris – Q1 FY2022 Activities Report Presentation

• Cracow Gold Operations Exploring in new spaces – looking for the next big discovery Prospectivity review completed. Revision of priority targets. ● Cracow South-West  Identified as a potential analogue of the Western field mineralised system (~2Moz) [(15)] • Structures with potential to host mineralisation identified from 2D seismic surveys and intersected from limited drilling completed in the area

• • Within 5km of current mine infrastructure

• ● Ballymore • Prospective structure along southern margin of the current mining footprint • Limited historical drilling returned encouraging results • Evidence of epithermal vein textures / anomalous pathfinder elements

• • Drilling scheduled in FY22 from current underground workings

• ● 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 Cracow goldfield

• Geological understanding and drill targeting has been refined following completion of a drone magnetic survey (December 2020)

• 15) 2Moz of gold discovered to date on the Cracow tenement package includes historically mined and current reported Minerals Resource

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Aeris Resources

Corporate

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Aeris – Q1 FY2022 Activities Report Presentation

Corporate – Debt free after more than 9 years

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(A$ Million)	June 2021 Qtr	Sept 2021 Qtr			Unit	Dec 2022 Qtr	Mar 2022 Qtr	Jun 2022 Qtr
Useable cash	97.4	72.0		Copper Hedging:
Tritton – copper concentrate receivables	8.5	3.0		Zero premium options:	Tonnes	1,650	1,650	1,650
Cracow – gold/silver dore receivables	-	-		Strike price of put options	A$/t	11,900	11,900	11,900
Useable cash and receivables	105.9	75.0		Strike price of call options	A$/t	12,900	12,900	12,900

Debt

• Remaining PAG debt repaid in July 2021

• ANZ provided facilities:

• A$35m Contingent Instrument Facility;

• A$20m Working Capital Facility; and

• FX and gold unsecured hedging lines.

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Aeris – Q1 FY2022 Activities Report Presentation

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M&A remains a focus

Aeris Resources M&A strategy

• Pursue strategic M&A opportunities that add value, complement existing portfolio and transform Aeris into a midsized, mining company

• Leverage Aeris’ existing operational expertise to create value

• Key focus on copper and gold opportunities

• Commodities  Gold and Copper Location  Australia  Offshore – Risk reward

• Project stage  Producing operation with established infrastructure

• Development ready

• Bolt-on exploration

• Size and  Ongoing opportunity to upgrade portfolio potential  Exploration upside  Cash generative

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Aeris Resources

Summary

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Aeris – Q1 FY2022 Activities Report Presentation

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Summary

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FY21

• Transformational year

• Operations deliver against expectation

• Significant exploration success

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FY22
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Tritton guidance 21-22kt Cu @ AISC between $4.10/lb and 4.45/lb

• Transformation from survival to growth

• Accelerating exploration – $15m in FY22

• $50m placement

• Debt Free

• Ongoing focus on M&A

Cracow guidance 67-71koz @ AISC between $1,550/oz and 1,600/oz

• $13 million allocated to exploration in FY22

• Tailings dam commissioned mid August

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Ongoing focus on M&A

Aeris Resources

Thank you

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