AERIS RESOURCES LIMITED - Interim / Quarterly Report 2021

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Quarterly Activities Report

For the period ended 30 June 2021

About Aeris Resources

Aeris Resources Limited (ASX: AIS) is a diversified mining and exploration company. 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 into 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.

Headquartered in Brisbane, Aeris operates the Tritton Copper Operations (Tritton) in New South Wales, and the Cracow Gold Operations (Cracow) in Queensland.

In FY2022, Aeris is targeting copper production at Tritton of between 21,000 tonnes and 22,000 tonnes and gold production at Cracow of between 67,000 ounces and 71,000 ounces.

Contacts: Andre Labuschagne Executive Chairman

Suite 22, Level 2 HQ South Tower 520 Wickham Street Fortitude Valley, Brisbane QLD 4006 T +61 7 3034 6200 [email protected]

www.aerisresources.com.au

JUNE QUARTER HIGHLIGHTS

CRACOW GOLD OPERATIONS:

June quarter production of 19,889 ounces at AISC of A$1,568/oz
FY21 production of 73,685 ounces at AISC of A$1,483/oz – costs beat guidance and production within guidance
Record monthly mill throughput achieved in May - 57,100 tonnes
324% increase to Mineral Resource at KlondykeRoyal deposit

TRITTON COPPER OPERATIONS:

June quarter production of 5,828 tonnes at AISC of A$4.68/lb
FY21 production of 22,987 tonnes at AISC of A$3.70/lb – both within guidance.
Constellation deposit continues to grow

CORPORATE:

Cash and receivables of $105.9m at quarter end
Successfully completed a $50.4m equity placement in June
A$20.5m voluntary debt repayment in June. Remaining debt (US$20m) repaid in July
Contingent Instrument and Working Capital Facilities entered into with ANZ during July

FY22 GUIDANCE:

Cracow gold production of 67koz to 71koz at AISC between A$1,550/oz and A$1,600oz
Tritton copper production of 21kt to 22kt at AISC between A$3.95/lb and A$4.30/lb

Aeris Resources Limited ABN 30 147 131 977

Level 2, HQ South Tower, 520 Wickham Street, Fortitude Valley, Brisbane QLD 4006 Australia Post: Box 14, 520 Wickham Street, Fortitude Valley, Brisbane, QLD 4006 Australia E: [email protected] T: +61 7 3034 6200 F: +61 7 3034 6290

Quarterly Activities Report | For the period ended 30 June 2021

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Executive Chairman’s Commentary on FY21

FY21 truly was a transformational year for Aeris Resources and FY22 has also started off on a positive note – yesterday we repaid the last of our senior debt facility, making the Company debt-free for the first time in more than 9 years.

Aeris started the year by completing the acquisition of the Cracow Gold Operations (Cracow) on 1 July. Cracow has been a great fit for Aeris and the Cracow site team have transitioned well into the Aeris “family”. Importantly, Cracow delivered gold production and AISC within our FY21 guidance range and provided strong cashflows for the Company.

We acquired Cracow because we believe there is good potential to extend mine life beyond the Ore Reserve / Mineral Resource base that existed at the time of acquisition. We continue to stand behind this belief and during the year updated the Mineral Resource estimates at the Roses Pride and Klondyke Royal deposits and also invested almost $15m in new tailings dam capacity.

In FY22 we are intending to spend $13m on exploration activities at Cracow on both brownfields and greenfields opportunities – an upgrade on our thinking at the time of acquisition, when we proposed spending $13m over the first two years of ownership.

Extending mine life at Cracow also means looking at things differently and over the last 12 months the site team have been challenging the paradigms across all aspects of the operation and we are seeing the benefits flow through. When we acquired Cracow our expectation for FY22 was to produce between 57,000 and 62,000 ounces of gold. That our guidance for this year has now been upgraded to between 67,000 and 71,000 is a testament to the enormous amount of work undertaken by our site team.

The Tritton Copper Operations (Tritton) had some operational challenges during the year but we were able to achieve the revised copper production guidance without changing our targeted AISC range. FY22 copper production guidance at 21,000 tonnes to 22,000 tonnes is consistent with our FY22 production target advised in June last year and whilst the AISC guidance has increased this year, compared to the FY21 result, it is largely driven by the lower production volumes.

We have always held the view there was more copper to be found on our tenement package at Tritton. In November 2020 this view was validated when the first drill hole (TAKD001) at Anomaly K (now called the Constellation deposit) intersected 19.95 metres of copper sulphide mineralisation grading 2.41% Cu, 0.64g/t Au and 4.6g/t Ag from 197.2m. Since that first intersection of copper mineralisation, drilling results at Constellation have exceeded expectations. The ongoing drilling program has now defined high grade mineralisation (oxide, supergene and sulphide) from within 5 metres of surface down plunge over 850 metres and along strike up to 200 metres. Importantly, mineralisation remains open along strike to the south and down plunge.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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The Constellation deposit is shaping up to be a significant discovery for Tritton and our priority is continuing drilling so that we have an initial Mineral Resource estimate in the March quarter of 2022. There are currently three drill rigs on site at Constellation.

Like Cracow, we are investing heavily in exploration at Tritton in FY22, with $15m budgeted.

We feel that the future for Tritton is bright and in FY22 we will be moving to underpin that future. The three most recent discoveries at Tritton - Avoca Tank, Kurrajong and Constellation all have higher copper and gold grades than are currently being mined. We see FY22 as a transitional year for Tritton whilst we look to accelerate our pipeline of development and exploration projects and bring them into our life of mine planning.

The past year has also been a watershed one on the corporate side. When the current Executive team started with Aeris (then Straits Resources) at the beginning of 2013 the Company had debt of almost US$150m, which was a significant impediment to growing the Company. During FY21 we repaid almost A$50m in debt and finished the year with around A$27m of senior debt remaining.

On 29[th] July we repaid the remaining senior debt and are now debt free. We have also brought Australia and New Zealand Banking Group (ANZ) on board as our senior banker and they have provided a A$35m Contingent Instrument Facility and a A$20m Working Capital Facility. These new facilities from ANZ, combined with our strong cash balances means Aeris has the financial capacity to continue to invest in growing and extending our businesses.

As always, delivering or bettering our cost and production guidance will be a high priority at both Cracow and Tritton. However, FY22 is also shaping up as a big year for mine life extension activities, including exploration, at both sites and I look forward to updating the market as further information becomes available.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Q4 FY2021 Quarterly Activities Report

Group Safety, Environment and Community

Two Lost Time Injuries (LTI) during the quarter; a fitter at the Cracow Mine suffered a lacerated hand whilst undoing a bolt to replace the cutting edge on a loader bucket; and a drilling offsider at Tritton suffered a finger injury handling drill rods.

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There were no environmental incidents at either Tritton or Cracow during the quarter.

COVID-19 Management and measures implemented

Aeris continues to regularly review, update, and communicate further COVID-19 measures as additional information becomes available. The current measures include limiting access to operational sites to essential personnel only, limiting travel, adjusting work arrangements for site and corporate teams and increased communication to our workforce and partners.

The COVID restrictions in NSW in July are having an impact on the Tritton Copper Operations labour availability. Employees not under constraints are assisting by working additional hours to help maintain mining activities. However, this solution is not sustainable for long periods, and fatigue management for individuals needs careful monitoring.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Tritton Copper Operations (NSW)

FY21 copper production of 22,987 tonnes at the Tritton Copper Operations was in line with revised guidance of 22,500 tonnes to 23,500 tonnes. Copper production for the June quarter of 5,828 tonnes increased by 11%, compared to previous quarter (5,270 tonnes), as a result of higher tonnes mined from both Tritton and Murrawombie and higher milled copper grade.

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PRODUCTION SUMMARY UNIT SEP 2020 DEC 2020 MAR 2021 JUN 2021 FY2021
QTR QTR QTR QTR YTD
ORE MINED TONNES 411,595 378,439 369,965 413,680 1,573,679
MINED GRADE Cu (%) 1.58% 1.69% 1.41% 1.55% 1.56%
ORE MILLED TONNES 411,341 370,897 382,054 393,511 1,557,803
MILLED GRADE Cu (%) 1.56% 1.66% 1.47% 1.55% 1.56%
RECOVERY Cu (%) 94.00% 93.76% 92.97% 94.27% 93.72%
TOTAL COPPER PRODUCED TONNES 6,044 5,845 5,270 5,828 22,987
COST SUMMARY
MINING A$M 22.1 21.7 23.4 28.0 95.2
PROCESSING A$M 6.4 6.3 6.9 7.2 26.8
SITE G&A A$M 4.1 4.3 4.3 4.8 17.5
TC/RC’S & PRODUCT
A$M 7.5 5.9 6.3 7.6 27.3
HANDLING
BY-PRODUCT CREDITS A$M (6.9) (4.9) (5.8) (5.5) (23.1)
ROYALTIES A$M 1.5 1.9 1.8 2.4 7.6
CORPORATE G&A [1] A$M 1.0 0.9 0.8 1.1 3.8
INVENTORY MOVEMENTS A$M 0.7 (9.5) (1.8) 1.4 (9.2)
CAPITAL DEVELOPMENT A$M 3.5 4.6 5.1 6.5 19.7
SUSTAINING CAPITAL [2] A$M 4.6 5.4 5.4 6.6 22.0
SUSTAINING EXPLORATION A$M - - - - -
ALL-IN SUSTAINING COSTS [3] A$M 44.5 36.6 46.4 60.1 187.6
A$/lb 3.33 2.85 4.00 4.68 3.70
GROWTH CAPITAL /
A$M 0.3 0.7 1.3 3.2 5.5
EXPLORATION
ALL-IN COSTS [3] A$M 44.8 37.3 47.7 63.3 193.1
A$/lb 3.35 2.90 4.12 4.93 3.81
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1 Includes Share Based Payments

2 Includes financing payments (Principal and Interest) on leased assets

3 All-In Sustaining and All-In Costs are based on copper produced

Tritton Underground Mine

Tritton Underground Mine ore production was 279kt at 1.51% copper and compared to 258kt at 1.21% copper in the previous quarter. The copper grade was higher, returning to expected levels. The stope mining sequence was adjusted by the team to achieve a more balanced grade profile.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Stope ore production performance stabilised and achieved plan. Stope backfilling rates were very high as a backlog of empty stopes were filled following the paste backfill reticulation system being un-blocked and returned to service late in the March quarter.

Development was a priority, in particular the extension of the access decline down to the 4040mRL sublevel. The 4040mRL sublevel is the extraction level for the next stoping blocks, a panel of 70m high stopes. Extraction from the 4040mRL will commence in FY22.

There was good progress on the development of the Budgerygar deposit, which is an extension of the Tritton Underground Mine. Two diamond drills are running on double shift, completing the resource definition drilling program from the exploration access drive.

The primary ventilation design for the commencement of mining at Budgerygar was finalised during the quarter.

Murrawombie Underground Mine

At the Murrawombie Underground Mine ore production of 134kt at 1.62% was higher than the prior quarter (112kt at 1.86% g/t). More stopes were available as the extraction sequence opened a new sublevel. Mined ore grade was in-line with the plan, with the stope sequence moving upwards through lower grade areas of the deposit.

An aggressive resource extension drilling program continued. Target areas are at depth and towards the northern hanging wall. Additional lenses of mineralisation are being identified from this drilling.

Ore Processing

Ore processed during the quarter at 394kt was higher than the previous quarter (382kt) due to higher mined tonnes. Copper recovery of 94.27% for the quarter was higher compared to the previous quarter (92.97%).

Costs

FY21 All-In Sustaining Costs (AISC) of A$3.70/lb was within guidance of A$3.60/lb to A$3.75/lb.

AISC for the quarter at A$4.68/lb was higher than the previous quarter, primarily due to increased mining and mining development costs and higher sustaining capital. Mining costs were higher in the quarter due to increased production, catch-up paste fill activities and higher mobile equipment maintenance.

Outlook

FY22 copper production guidance is between 21,000 tonnes and 22,000 tonnes at AISC between A$3.95/lb and A$4.30/lb.

Resource drilling will continue at the Budgerygar deposit during the next quarter.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Drilling continues at the Constellation deposit with three drill rigs operating. Drilling of the diamond tails is expected to be completed in the next couple of weeks before the RC drill rig re-commences testing the southern and western extents of the mineralised system near surface.

Approval for an additional 45 diamond drill holes has been received from the NSW Resources Regulator. The additional diamond drill holes will be used to initiate an in-fill resource definition drill program of the mineralised system immediately below the extent of the RC drilling. Drilling will also continue testing the deeper mineralised system focused on extensions along strike and down plunge

Cracow Gold Operations (QLD)

June quarter gold production was 19,889 ozs at AISC of A$1,568/oz.

FY2021 gold production was 73,685ozs, in-line with guidance of 70,000ozs to 75,000 ozs. AISC for FY21 at A$1,483/oz was better than the guidance range of A$1,525/oz to A$1,575/oz.

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PRODUCTION SUMMARY UNIT SEP 2020 DEC 2020 MAR 2021 JUN 2021 2021
QTR QTR QTR QTR YTD
ORE MINED TONNES 139,706 134,534 129,910 137,760 541,910
MINED GRADE g/t 4.70 4.40 4.11 4.72 4.49
ORE MILLED TONNES 144,972 160,446 137,652 159,719 602,789
MILLED GRADE g/t 4.65 3.80 3.85 4.19 4.12
RECOVERY % 93.29% 91.93% 91.36% 92.48% 92.30
TOTAL OUNCES PRODUCED Oz 20,237 18,011 15,548 19,889 73,685
TOTAL GOLD SOLD & ACCRUED Oz 21,246 17,248 16,288 18,910 73,692
COST SUMMARY
MINING A$M 9.0 11.3 8.3 9.6 38.2
PROCESSING A$M 5.4 5.6 5.8 6.5 23.3
SITE G&A incl selling costs A$M 3.2 3.1 3.1 3.3 12.7
BY-PRODUCT CREDIT A$M (0.5) (0.4) (0.4) (0.5) (1.8)
ROYALTIES A$M 3.2 2.2 2.1 2.4 9.9
CORPORATE G&A [1] A$M 1.0 1.0 0.5 1.5 4.0
INVENTORY MOVEMENTS A$M 0.4 - 0.5 (1.2) (0.3)
CAPITAL DEVELOPMENT [2] A$M 4.5 3.1 4.2 4.2 16.0
SUSTAINING CAPITAL A$M 0.9 1.3 1.3 3.8 7.3
SUSTAINING EXPLORATION A$M - - - - -
ALL-IN SUSTAINING COSTS [3] A$M 27.1 27.2 25.4 29.6 109.3
A$/oz 1,282 1,567 1,557 1,568 1,483
GROWTH CAPITAL / A$M 0.8 4.5 5.6 10.3 21.2
EXPLORATION
ALL-IN COSTS [3] A$M 27.9 31.7 31.00 39.9 130.5
A$/oz 1,321 1,827 1,899 2,115 1,770
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1 Includes Share Based Payments

2 Mine development includes 100% of UG mine development capital

3 All-In Sustaining and All-In Costs are based on gold sold and accrued

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Cracow Underground Mine (Cracow)

Cracow ore production of 138kt at 4.72 g/t increased compared to the previous quarter (130kt at 4.11g/t) and was positively impacted by the establishment of ladderways and vent rises in the prior quarter that provided access to highergrade stopes.

Mine development rates continued to be good, with two full jumbo crews engaged. This expenditure is developing new levels and access to deposit extensions. The mining team are responding to the challenge of extending mine life by developing narrower or lower grade stopes that would previously have been ignored.

Ore Processing

Ore milled at 160kt was an excellent performance. The milling team set a new monthly throughput record of 57,100 tonnes during May 2021.

Stocks of low-grade resources from historical open pit mining at the site are used to top up newly mined ore from the underground mine. Pre-crushing and screening of this material was during the quarter, and this assisted the high throughput rates.

Gold recovery was slightly higher at 92.48% compared to the previous quarter at 91.36%.

Costs

For FY21, AISC of A$1,483/oz was better than guidance of A$1,525/oz to A$1,575/oz.

AISC for the quarter of A$1,568/oz was slightly higher than the previous quarter ($1,557/oz) and was impacted by increased mining costs due to increased tonnes mined and higher sustaining capital.

Tailings Storage Facility No.2

Construction of a new tailings storage facility (TSF No.2) at Cracow continued during the quarter. At 30 June 2021 the construction is substantially complete and commissioning is targeted to occur in early August. Cracow is currently discharging tailings into TSF No.1, which will soon reach its capacity.

Outlook

FY22 gold production guidance at Cracow is between 67,000 ounces to 71,000 ounces at an AISC between A$1,550/oz and A$1,600/oz.

Aeris continues to review the long-term mine plan, targeting opportunities to increase ore production in line with the upgraded processing capacity.

Exploration will be accelerated for near mine underground targets, potential open pits and greenfields exploration. A prospectivtiy review has been completed resulting in a revision of priority targets.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Figure 1 – Drone imagery of TSF No.2 at Cracow on 28 June

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Exploration and Project Development

EXPLORATION – TRITTON COPPER OPERATIONS

The Tritton tenement package covers ~2,160km2 in central western New South Wales. To date over 750,000 tonnes of copper, including the Current Mineral Resource deposits[1] , has been discovered within the southern half of the tenement package.

Following the completion of two regional airborne electromagnetic (AEM) surveys over part of the northern half of the tenement package, on-ground exploration has focused on activities over this area. The northern half of the tenement package, until recently, has not been subject to modern exploration and remains largely under-explored.

Constellation Deposit

The Constellation deposit is located approximately 45 kilometres north-east of the Tritton processing plant. The deposit was first detected via an AEM survey and follow-up ground based moving loop (MLTEM) surveying. The MLTEM survey verified the EM response represented a legitimate bedrock conductor and identified two separate bedrock conductors.

Exploration activities continued at the Constellation deposit during the quarter with diamond drilling and RC drilling programs underway.

The RC drill campaign at the Constellation deposit, conducted on a nominal 20m x 20m spacing to 130m below surface, was designed to test the extents of shallow oxide and supergene copper mineralisation first identified from diamond drill hole TAKD002. To date, 52 RC drill holes have been completed, the results from which have delineated an extensive near surface oxide and supergene copper horizon which remains open to the south and west. Significant high grade copper intersections returned from the assay results include[2] :

TAKRC024 - 38m @ 3.72% Cu, 0.36g/t Au, 3.1g/t Ag (from 8m)
TAKRC025 - 47m @ 3.90% Cu, 0.96g/t Au, 5.6g/t Ag (from 11m)
TAKRC004* - 38m @ 2.91% Cu, 0.47g/t Au, 1.8g/t Ag (from 44m)
TAKRC003* - 10m @ 5.48% Cu, 0.83g/t Au, 3.7g/t Ag (from 40m)
TAKRC038* - 13m @ 8.64% Cu, 0.81g/t Au, 4.4g/t Ag (from 52m)
TAKRC019* – 11m @ 8.63% Cu, 0.75g/t Au, 9.5g/t Ag (from 39m)
TAKRC040* - 9m @ 8.20% Cu, 1.53g/t Au, 12.6g/t Ag (from 45m)
TAKRC030 - 11m @ 4.63% Cu, 0.79g/t Au, 7.6g/t Ag (from 61m)
TAKRC050* - 13m @ 4.11% Cu, 1.77g/t Au, 7.9g/t Ag (from 101m)

1 30 June 2020 Mineral Resource 17.5Mt @ 1.5% Cu for 250kt Cu metal

2 Refer to ASX announcements “Exceptional Copper Assays from RC drilling at Constellation” dated 8 June 2021 and “High Grade Copper Assays continue at Constellation” dated 6 July 2021

Drill hole intersected excessive water and was stopped in mineralisation. The drill hole will be extended via diamond drilling.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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The RC drill program has exceeded initial expectations. The program was initially targeting copper mineralisation in the vicinity of several small (<50m strike length) down hole EM (DHEM) plates. The mineralised system has now been traced 200m along strike with scope to extend further. The RC drill program will recommence in the September quarter.

Figure 2 – Plan view showing location of drill holes completed at the shallower end of the Constellation deposit.

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Diamond drilling has continued throughout the quarter with weather and COVID restrictions having a modest impact on drill productivity. The focus of diamond drilling has been on testing the extents to the mineralised system, principally along strike (south).

DHEM surveying was completed on two drill holes (TAKD012 and TAKD015) and identified two large (75m x 150m) moderate to strong conductance (1,500S to 2,000S) EM plates extending 300m down plunge from the deepest drill hole to date (TAKD015 – intersected an approximate 18m thick sulphide package). Both conductors are orientated parallel with the modelled mineralised system.

The key drivers of the size of mineral deposits within the Tritton tenement package is the strike and down plunge lengths. The Tritton deposit, which is between 25Mt to 30Mt, is the largest known deposit and has a maximum strike length of 300m and a down plunge length of approximately 2km (and still open). The next largest deposit, Murrawombie, is between 10Mt to 15Mt in size. Mineralisation at Murrawombie is defined within multiple stacked sulphide bodies with a maximum strike length of 300m and a down plunge length of approximately 1km (still open).

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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In comparison, from drilling data to date, Constellation has been traced 200m along strike and 850m down plunge. Including the modelled EM plates, the mineralised system is potentially continuous 1,150m down plunge. Importantly mineralisation remains open along strike (south) and down plunge.

Figure 3 – Plan view showing location of diamond drill holes completed at the Constellation deposit.

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Budgerygar Deposit

Diamond drilling continued throughout the quarter at the Budgerygar deposit, with two underground drill rigs completing sterilisation and resource definition drilling. The drill program has targeted the upper portion of the Budgerygar deposit between 5,200mRL to 5,000mRL. By quarter end a total of 45 drill holes have been completed. Resource definition drilling has targeted drilling 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.

There is a significant back log of drill holes that are awaiting assaying. Significant assay results returned during the quarter are included below:

BDEL006 – 2.15m @ 4.16% Cu (2.15m true thickness)
BDEL011 – 8.00m @ 2.28% Cu (6.0m true thickness)
BDEL011 – 4.40m @ 5.30% Cu (4.1m true thickness)
BDEL012 – 10.9m @ 1.97% Cu (5.5m true thickness)
BDEL014 – 3.9m @ 4.58% Cu (3.1m true thickness)

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Figure 4 – Long section view showing location of diamond drill holes completed or assays received within the quarter at the Budgerygar deposit.

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Murrawombie Deposit

At the Murrawombie deposit, an underground diamond drilling program continued testing the Hanging Wall (HW) lodes 111 to 115. A total of 13 resource delineation drill holes were completed within the quarter. Drilling increased the down plunge and strike length extents, particularly for lodes 112, 113 and 115. Whilst some assay results are still pending, significant assay results received during the quarter include:

MWGC603 – 31.5m @ 3.58% Cu (11.5m true thickness)
MWGC584 – 5.15m @ 2.17% Cu (2.3m true thickness)

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Figure 5 – Long section view showing location of diamond drill holes completed or assays received within the quarter at the Murrawombie deposit.

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Surface Auger Geochem

A hydraulic auger geochemical sampling campaign progressed during the quarter. The auger program collects samples for geochemical testing. Samples are collected from several metres below surface via a 4 wheel drive mounted auger rig. Assay results from the hydraulic auger samples will be used to identify geochemical signatures over our known deposits. This baseline data is then referenced when looking regionally for similar geochemical responses. Within the quarter, hydraulic auger samples were collected over the Constellation deposit and between the Tritton and Budgerygar deposits. Auger sampling will continue throughout FY22.

EXPLORATION – CANBELEGO JOINT VENTURE (AERIS 30%)

Aeris, through subsidiary, Tritton Resources Pty Ltd, hold a 30% interest in the Canbelego Project (EL 6105), a Joint Venture (JV) with Oxley Resources (70% interest), a subsidiary of Helix Resources (ASX:AIS). Exploration activities and management of the exploration licence are undertaken by our JV partner.

Within the exploration licence the most advanced project is the Canbelego deposit. Copper mineralisation at Canbelego occurs from surface to approximately 300m below surface. Copper mineralisation within the primary sulphide horizon is associated with chalcopyrite, forming a range of sulphide textures including disseminations, stringers, veins and semi to massive accumulations. The mineralised system remains open along strike (north and south) and down plunge.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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During the quarter, four diamond drill holes (CANDD001 to CANDD004) were completed, with a fifth in progress (CANDD005). DHEM surveying was completed on the first three drill holes. All four completed drill holes intersected copper sulphides, with several drill holes intersecting multiple mineralised lenses. The drill holes targeted interpreted high grade copper shoots based on previous drilling and re-modelled DHEM plates. Assay results were received for the first two drill holes and significant assay results include:

CANDD001 – 2m @ 3.07% Cu[3]
CANDD002 – 14m @ 4.22% Cu[3]

The completed DHEM surveys identified multiple moderate to strong off hole conductors. The orientation and dimensions of the modelled EM plates are supportive of copper mineralisation extending up-and-down dip from the current drilling footprint.

Figure 6 – Long section view showing the Canbelego deposit with drill hole pierce points.

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EXPLORATION – CRACOW GOLD OPERATIONS

Since Aeris took ownership of the Cracow Gold Operations at the beginning of July 2020, one of the key focuses is mine life extension. The Company is budgeting to spend $13 million on exploration activities in FY22, on both greenfields and brownfields exploration.

Key exploration activities undertaken during the quarter included:

Underground resource definition drilling;
Test down plunge extension along the Klondyke structure; and
Commencement of an RC resource definition drill program at the Roses Pride deposit.

3 Refer Helix Resources Limited ASX announcement “High Grade Copper Intercept and Drilling Updated” dated 23 June 2021

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Underground resource definition drilling

Resource definition drilling in the June quarter focused on testing extensions to the known mineralised systems at the Crown, Tipperary, Royal and Sterling deposits.

Drilling at the Crown deposit successfully intersected the mineralised structure down plunge beneath the current mined portion of the deposit. The preliminary drill program intersected the mineralised structure over a 200m strike length and up to 80m down plunge below current workings. Intersections occur within and below the reported Mineral Resource footprint. Significant intersections include:

CRU159 – 5.5m @ 15.92g/t Au (3.8m true thickness)
CRU161 – 7.15m @ 5.26g/t Au (4.4m true thickness)
CRU160 – 1.1m @ 12.86g/t Au (0.8m true thickness)

Figure 7 – Long section view showing location of diamond drill holes completed or assays received within the quarter at the Crown deposit.

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- Klondyke Down Plunge Extensions

The Klondyke mineralised structure hosts the Royal and Cracow deposits, which combined have produced approximately 800,000 ounces of gold via underground mining between 2004 to 2009. These orebodies were hosted by competent (rheologically brittle) andesite lava sequences of the Permian Camboon Volcanics. A thick, rheologically ductile volcaniclastic unit occurs below this favourable horizon and was believed to terminate in an economic ore shoot within a fertile structure.

Recent advances in stratigraphic definition at Cracow have highlighted the presence of a competent basaltic andesite unit below the thick volcaniclastic unit, indicating the potential for re-development of economic mineralisation down plunge from known orebodies.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Limited drilling within the underlying volcaniclastic unit has intersected veining along the Klondyke structure. Vein and geochemical vectors from those drill intersections indicate that fluids are still within the precious metal window conducive to low sulphidation epithermal mineralisation.

During the quarter an exploration drill hole (CRU171) was drilled from underground, targeting the Klondyke structure approximately 300m down plunge from previous drilling. The drill hole intersected the Klondyke structure at the interpreted position, with stockwork quartz veining developed along the structure. Based on quartz vein textures, wall rock alteration and geochemistry, the intersection is interpreted to be marginally below the low sulphidation epithermal window. The drill hole does indicate it is possible further mineralisation could develop beneath the known ore shoots. Along the Klondyke structure further drill targets have been identified and will be tested in FY22.

Roses Pride - Surface RC Program

During the quarter a surface RC drill program commenced at the Roses Pride deposit. The resource definition drill program is designed to complete infill drilling surrounding the previous drill campaign conducted last year, which led to the increase in the reported Mineral Resource at Roses Pride (See ASX Announcement “Roses Pride Mineral Resource Update” dated 6 January 2021). The drill program continues into the September quarter and will also test for extensions to the mineralised system further down plunge below the current drilling footprint.

A total of 8 RC holes were completed as part of the drill program. Assay results are expected to be returned in the September quarter.

Figure 8 – Long section view showing location of RC drill holes completed during the quarter at the Roses Pride deposit.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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CORPORATE:

Cash and Receivables

At the end of the June quarter, Aeris had useable cash and receivables of $105.9m, an increase of $50.1m compared to the previous quarter.

(A$ Million)	MAR	JUNE
	2021	2021
	QTR	QTR
Useable Cash Tritton - Copper concentrate receivables Cracow – gold/silver dore receivables	47.1 8.7 -	97.4 8.5 -
Useable Cash and Receivables	55.8	105.9

Debt

In June Aeris made a voluntary debt repayment of approximately A$20.5m, fully settling its debt obligations on Tranche B and Tranche C ahead of schedule. Tranche A was also reduced to US$20.3m.

During June Aeris also agreed with its financier, Special Opportunity V Limited (SPOV) (a subsidiary of a fund managed by PAG), a re-profiling of repayment commitments in FY22, lowering funding commitments during this period by almost A$6m:

Cash backing of the Contingent Instrument Facility for environmental bonding obligations, which has an outstanding balance of A$10.5m, will be accelerated and fully extinguished by early Q4 FY22, approximately 14 months ahead of the original schedule; and
Debt repayments on Tranche A in FY22 will be reduced from US$10m (US$2.5m per quarter) to a total A$2m, which will be paid at the end of Q4 FY22. The debt repayment profile for Tranche A in FY23 remains unchanged.

Debt balances as at 30 June 2021:

Debt	Maturity	US$m Balance	A$m Balance1
Tranche A	1 July 2023	20.3	26.9

1 US$ debt converted to A$ equivalent at FX 0.7518

During July the remaining SPOV debt was repaid.

Also during July the Company entered into an agreement with Australia and New Zealand Banking Group (ANZ) for it to provide:

A$35m Contingent Instrument Facility;
A$20 Working Capital Facility; and
FX and gold unsecured hedging lines.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Equity Placement

On 11 June 2021 Aeris announced that it had successfully completed a $50.4m equity raising by way of Institutional Placement. The Placement was conducted at $0.175 per share to various new and existing institutional and sophisticated investors.

The proceeds of the Placement will be used for:

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USE OF FUNDS A$
million
Accelerating exploration activities at Tritton and Cracow 28.0
Transaction costs associated with the Placement 2.5
General working capital 19.9
Total 50.4
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The new shares will rank equally in all respects with Aeris’ existing shares. As the Placement was conducted in accordance with the Company’s placement capacity under Listing Rule 7.1, shareholder approval for the issue of the new shares was not required. The shares were fully settled and issued on 18 June 2021.

Gold and Copper Hedging

On 13 July 2021, the Company entered into further unsecured A$ copper hedges with Macquarie Bank Limited. The hedges are through Zero net Premium Option Collars where Aeris buys puts and sells call options to form a collar structure with zero premium payable:

The strike price of the put options is A$11,900/t; and
The strike price of the call options is A$12,900/t.

The hedges will cover the period August 2021 to June 2022 in scheduled monthly deliveries of 550 tonnes (6,050 tonnes in total).

The hedge profile of the Group at 30 June 2021 is shown below:

		SEP	DEC	MAR	JUN
		2021	2021	2022	2022
	Unit	QTR	QTR	QTR	QTR
Existing Hedges Copper Hedge Hedge price Copper Premium Option Strike price of put options Strike price of call options Hedges Entered into July 2021 Copper Premium Option Strike price of put options	TONNES A$/t TONNES A$/t A$/t TONNES A$/t	833 9,228 667 10,000 11,100 1,100 11,900	- - - - - 1,650 11,900	- - - - - 1,650 11,900	- - - - - 1,650 11,900
Strike price of call options	A$/t	12,900	12,900	12,900	12,900

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Authorised for lodgment 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 [email protected]

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 Operations in Queensland.

References in this report to “Aeris Resources Limited”, “Aeris” and “Company” include, where applicable, its subsidiaries.

Competent Persons Statement – Exploration Results

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled by Bradley Cox, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Bradley Cox is a full-time employee of Aeris Resources. Bradley Cox has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Bradley Cox consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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APPENDIX A:

Table 1 – Collar details for Murrawombie Resource Definition drill holes completed during the quarter.

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Hole ID Northing [1] Easting [1] RL Dip Azimuth [1] Depth (m)
MWGC582 10114.285 5872.515 4649.28 -25.3 116.6 350
MWGC583 10114.267 5872.597 4649.98 -2.2 117.6 195
MWGC584 10114.133 5872.513 4649.53 -16.3 118.4 265
MWGC585 10113.81 5872.462 4649.68 -10.7 125.9 245
MWGC586 10113.803 5872.342 4649.46 -17.3 128.3 326.8
MWGC587 10113.588 5872.385 4650.28 3.7 130.4 180.2
MWGC602 10192.687 5831.025 4696.35 -13.7 66.1 271.7
MWGC603 10192.429 5831.035 4696.04 -22.0 72.9 316.8
MWGC604 10191.951 5831.345 4695.77 -28.4 84.9 362
MWGC630 10191.115 5831.898 4695.92 -26.5 78.7 330
MWGC631 10191.465 5831.684 4696.02 -24.0 70.0 280
MWGC632 10191.591 5831.64 4695.97 -26.0 66.7 300
MWGC633 10191.286 5831.669 4695.86 -31.5 73.8 346.1
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1Easting and northing coordinates are reported in Murrawombie mine grid. Azimuth values are transposed to the Murrawombie mine grid.

Table 2 – Significant drill hole intersections through the various Murrawombie mineralised zones from drill holes completed during the quarter or assay results received during the quarter.

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Length True thickness Cu grade
Hole ID From (m) To (m) Lode
(m) (m) (%)
MWGC555 35.00 40.10 5.1 3.5 2.56 115
MWGC557 27.10 38.10 11.0 9.8 2.58 108
MWGC557 68.00 81.20 13.2 11.8 1.55 110
MWGC558 63.20 71.70 8.5 8.0 2.54 110
MWGC558 83.30 86.00 2.7 2.5 2.28 115
MWGC559 97.20 103.0 5.8 8.0 1.84 110
MWGC560 104.90 109.00 3.9 3.3 1.81 115
MWGC561 127.40 131.30 3.9 2.8 3.63 115
MWGC563 172.10 185.10 13.0 7.3 2.53 115
MWGC565 147.90 159.30 11.4 4.7 2.91 112
MWGC566 166.40 170.20 3.8 2.2 3.11 114
MWGC566 198.20 204.90 6.7 4.1 2.08 115
MWGC567 162.50 175.10 12.6 4.8 2.29 112
MWGC567 260.80 274.10 13.3 5.1 2.77 115
MWGC568 175.20 177.20 2.0 1.0 3.63 114
MWGC568 228.00 231.70 3.7 2.0 2.46 115
MWGC572 134.40 142.00 7..6 5.4 2.30 115
MWGC575 96.70 97.60 0.9 0.5 1.81 112
MWGC577 265.80 271.80 6.0 2.3 2.22 115
MWGC582 assays not received 115
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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MWGC583 158.00 162.40 4.4 2.1 1.54 115
MWGC584 187.00 194.15 7.15 3.2 0.97 113
MWGC584 233.35 238.50 5.15 2.3 2.17 115
MWGC585 assays not received 115
MWGC586 assays not received 115
MWGC587 assays not received 115
MWGC602 218.30 223.00 4.7 2.2 1.48 115
MWGC603 185.00 216.50 31.5 11.5 3.58 112
MWGC603 265.80 277.00 11.2 6.0 0.96 115
MWGC604 assays not received 115
MWGC630 assays not received 115
MWGC631 assays not received 115
MWGC632 assays not received 112
MWGC633 assays not received 112
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Significant drill intersections are based on a 0.5% Cu cut-off and can include up to 3.0m of internal dilution.

Table 3 – Collar details for Budgerygar Resource Definition drill holes completed during the quarter.

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Hole ID Northing [1] Easting [1] RL Dip Azimuth [1] Depth (m)
BDEL002 20199.77 30509.446 5065.74 -1.0 293.1 292.0
BDEL003 20199.923 30509.82 5065.72 -2.9 300.7 282.0
BDEL004 20200.488 30509.431 5065.35 -4.8 307.0 260.3
BDEL005 20200.295 30509.552 5066.08 5.9 304.7 281.0
BDEL006 20198.709 30538.367 5066.33 3.8 327.0 290.8
BDEL007 20198.709 30538.367 5066.33 3.8 345.2 142.7
BDEL008 20198.709 30538.367 5066.33 12.6 318.8 310.0
BDEL009 20198.709 30538.367 5066.33 12.6 334.4 250.0
BDEL010 20198.709 30538.367 5066.33 11.7 348.7 172.6
BDEL011 20198.709 30538.367 5066.33 17.7 313.4 308.2
BDEL012 20198.709 30538.367 5066.33 18.2 326.5 330.0
BDEL013 20198.709 30538.367 5066.33 17.7 339.6 259.7
BDEL014 20198.709 30538.367 5066.33 22.1 320.4 330.0
BDEL015 20198.709 30538.367 5066.33 22.1 331.7 245.4
BDEL016 20198.709 30538.367 5066.33 24.8 316.1 335.3
BDEL017 20198.709 30538.367 5066.33 24.7 325.9 301.0
BDEL018 20198.709 30538.367 5066.33 24.3 336.2 87.9
BDEL018A 20198.709 30538.367 5066.33 19.0 336.2 250.0
BDEL019 20199.666 30509.255 5065.55 -6.0 289.9 240.0
BDEL020 20200.357 30509.734 5065.53 -33.0 292.6 170.0
BDEL021 20200.357 30509.734 5065.53 -33.0 320.9 159.0
BDEL022 20200.357 30509.734 5065.53 -30.2 337.6 193.0
BDEL023 20200.357 30509.734 5065.53 -21.7 308.2 176.5
BDEL024 20200.357 30509.734 5065.53 -21.9 326.8 203.6
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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BDEL025 20200.357 30509.734 5065.53 -21.4 337.6 241.0
BDEL026 20200.357 30509.734 5065.53 -11.8 317.3 203.0
BDEL027 20200.357 30509.734 5065.53 -12.5 327.7 218.5
BDEL028 20200.357 30509.734 5065.53 -3.2 310.2 243.4
BDEL029 20200.357 30509.734 5065.53 -4.3 320.5 246.8
BDEL030 20200.357 30509.734 5065.53 -6.5 329.3 254.5
BDEL031 20200.357 30509.734 5065.53 2.7 311.7 278.4
BDEL032 20200.357 30509.734 5065.53 0.3 321.4 287.1
BDEL033 20200.357 30509.734 5065.53 7.6 311.1 293.5
BDEL034 20200.357 30509.734 5065.53 6.9 318.1 317.5
BDEL035 20200.357 30509.734 5065.53 12.5 312.4 355.8
BDEL036 20198.709 30538.367 5066.33 -11.0 340.3 110.4
BDEL037 20198.709 30538.367 5066.33 -9.3 1.0 146.0
BDEL038 20198.709 30538.367 5066.33 -29.8 0.8 112.0
BDEL039 20198.709 30538.367 5066.33 -40.9 303.0 188.4
BDEL040 20198.709 30538.367 5066.33 -30.5 295.1 199.0
BDEL041 20198.709 30538.367 5066.33 -39.2 326.8 191.7
BDEL042 20198.709 30538.367 5066.33 -48.8 315.8 180.0
BDEL043 20198.709 30538.367 5066.33 -53.2 319.9 179.3
BDEL044 20198.709 30538.367 5066.33 -47.3 339.1 191.3
BDEL049 20139.847 30629.855 5066.70 2.0 334.9 229.6
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1Easting and northing coordinates are reported in Tritton mine grid. Azimuth values are transposed to the Tritton mine grid.

Table 4 – Significant drill hole intersections through the various Budgerygar mineralised zones from drill holes completed during the quarter or assay results received during the quarter.

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Length True thickness Cu grade
Hole ID From (m) To (m) Lode
(m) (m) (%)
BDEL002 200.20 206.00 5.80 4.5 0.51 FW
BDEL003 194.00 199.00 5.00 4.5 0.44 FW
BDEL004 181.25 185.00 3.75 2.1 1.83 FW
BDEL005 80.00 81.00 1.00 0.7 1.19 HW
BDEL005 251.60 252.00 0.40 0.3 0.94 FW
BDEL006 79.40 81.55 2.15 1.8 4.16 HW
BDEL007 assays not received HW
BDEL008 assays not received FW
BDEL009 146.00 153.00 7.00 6.0 1.02 HW
BDEL010 assays not received HW
BDEL011 165.00 173.00 8.00 6.0 2.28 HW
BDEL011 231.00 235.40 4.40 4.1 5.30 Central
BDEL011 294.00 296.00 2.00 2.0 1.53 FW
BDEL012 133.90 151.40 17.50 9.0 1.83 HW
BDEL012 161.00 171.90 10.90 5.5 1.97 HW
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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BDEL012 292.00 293.00 1.00 0.7 1.76 FW
BDEL013 assays not received FW
BDEL014 277.00 280.90 3.90 3.1 4.58 FW
BDEL014 290.50 307.00 16.50 14.0 0.96 FW
BDEL015 226.00 229.00 3.00 2.0 2.03 FW
BDEL016 194.90 198.95 4.05 2.4 1.14 HW
BDEL016 208.00 217.00 9.00 4.5 0.78 HW
BDEL016 235.00 237.60 2.60 2.2 1.36 Central
BDEL016 279.20 283.20 4.00 2.7 1.20 FW
BDEL016 292.20 315.00 22.80 13.0 1.07 FW
BDEL017 217.10 218.10 1.00 0.8 1.24 FW
BDEL018 assays not received -
BDEL018A assays not received FW
BDEL019 189.00 192.00 3.00 2.2 1.05 FW
BDEL020 assays not received FW
BDEL021 assays not received FW
BDEL022 131.80 133.80 2.00 1.5 1.82 FW
BDEL023 assays not received FW
BDEL024 assays not received FW
BDEL025 141.70 146.55 4.85 4.6 0.84 FW
BDEL025 150.00 151.00 1.00 1.0 2.78 FW
BDEL026 39.50 45.00 5.50 5.5 0.94 HW
BDEL026 55.50 61.00 5.50 5.5 1.03 HW
BDEL026 133.80 134.40 0.60 0.6 3.82 FW
BDEL026 143.90 150.00 6.10 5.5 0.62 FW
BDEL026 180.00 183.00 3.00 2.8 1.91 FW
BDEL027 assays not received FW
BDEL028 assays not received FW
BDEL029 assays not received FW
BDEL030 assays not received FW
BDEL031 assays not received FW
BDEL032 assays not received FW
BDEL033 assays not received FW
BDEL034 assays not received FW
BDEL035 assays not received FW
BDEL036 assays not received HW
BDEL037 assays not received HW
BDEL038 assays not received HW
BDEL039 assays not received FW
BDEL040 assays not received FW
BDEL041 assays not received FW
BDEL042 assays not received FW
BDEL043 assays not received FW
BDEL044 assays not received FW
BDEL049 assays not received -
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Significant drill intersections are based on a 0.5% Cu cut-off and can include up to 3.0m of internal dilution.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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APPENDIX B:

JORC Code, 2012 Edition – Murrawombie and Budgerygar Deposits Table 1

Section 1 - Sampling Techniques and Data

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Criteria Commentary
Sampling Drilling
techniques 1. All samples have been collected from diamond drill core.
2. Samples taken over a mineralised interval are collected
in a fashion to ensure a majority are 1.0m in length, whilst
the HW and FW sample are as close to 1.0m as possible.
Most samples are collected at 1.0m intervals. HW and FW
intervals are taken as close to 1m.
Drilling techniques 1. Drilling results reported are via diamond drill core (NQ
diameter).
Drill sample 1. Core recoveries are recorded by the drillers on site at the
drill rig. Core recoveries are checked and verified by an
recovery
Aeris Resources field technician and/or geologist.
2. Diamond drill core is pieced together as part of the core
orientation process. During this process depth intervals
are recorded on the core and checked against
downhole depths recorded by drillers on core blocks
within the core trays.
3. Historically core recoveries are very high within and
outside zones of mineralisation. Diamond core drilled to
date from the current drill program have recorded very
high recoveries and is in line with the historical
observations.
Logging 1. All diamond drill core is logged by an Aeris Resources
geologist. Drill core is logged to an appropriate level of
detail to increase the level of geological knowledge and
further the geological understanding at each prospect.
2. All diamond core is geologically logged, recording
lithology, presence/concentration of sulphides,
alteration, and structure.
3. All geological data recorded during the core logging
process is stored in Aeris Resources AcQuire database.
4. All diamond drill core will be photographed and digitally
stored on the Company network.
5. Core is stored in core trays and labelled with downhole
meterage intervals and drill hole ID.
Sub-sampling 1. All samples collected from diamond drill core are
techniques and collected in a consistent manner. Samples are cut via an
automatic core saw, and half core samples are
sample
collected on average at 1m intervals, with a minimum
preparation
sample length of 0.4m and a maximum length of 1.4m.
2. No field duplicates have been collected.
3. The sample size is considered appropriate for the style of
mineralisation and grain size of the material being
sampled.
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Criteria Commentary
Quality of assay 1. All samples are sent to ALS Laboratory Services at their
data and Orange facility.
2. Samples are analysed by a 3 stage aqua regia digestion
laboratory tests
with an ICP finish (suitable for Cu 0.01-1%) – ALS method
ME-ICP41. Samples with Cu assays exceeding 1% will be
re-submitted for an aqua regia digest using ICP-AES
analysis – ALS method ME-OC46. Au analysis will be
performed from a 30g fire assay fusion with an AAS finish
(suitable for Au grades between 0.01-100ppm) – ALS
method Au-AA22. If a sample records an Au grade
above 100ppm another sample will be re-submitted for
another 30g fire assay charge using ALS method Au-
AA25.
3. QA/QC protocols include the use of blanks, duplicates
and standards (commercial certified reference materials
used). The frequency rate for each QA/QC sample type
is 5%.
Verification of 1. Logged drillholes are reviewed by the logging geologist
sampling and and a senior geologist. All geological data is logged
directly into Aeris Resources logging computers following
assaying
the standard Aeris Resources geology codes. Data is
transferred to the AcQuire database and validated on
entry.
2. Upon receipt of the assay data no adjustments are made
to the assay values.
Location of data 1. Drillhole collar locations are surveyed via a qualified
points surveyor.
2. All drillhole locations at Murrawombie are referenced in
a local mine grid. The Murrawombie Mine Grid origin (0E,
0N) = 490306.92mE 6530140.69mN (AGD66). Grid North =
318.259 true. All drill hole locations at Budgerygar are
referenced in a local mine grid (Tritton Mine Grid). The
Tritton Mine Grid is rotated 8.423° to the west from AGD66
Zone 55 true north.
3. Quality and accuracy of the drill collars are suitable for
exploration results.
4. Downhole surveys taken during drilling are completed by
the drill contractor using a Reflex gyroscopic tool
measuring azimuth and dip orientations every 30m or
shorter intervals if required.
Data spacing and 1. Drill spacing at the Murrawombie deposit is spaced
distribution between 20m to 80m down plunge. Drillhole spacing
along strike is similarly varied ranging between 20m to
80m. Drill spacing at the Budgerygar deposit is spaced
between 40m to >80m down plunge and along strike.
2. The drill spacing at Murrawombie and Budgerygar is
appropriate to assess the potential size and grade of a
mineralised system to an Inferred and Indicated Mineral
Resource status.
Orientation of data 1. All drillholes are designed to intersect the target at,
in relation to ideally right angles. However, the limited drill locations
available does mean that for some drillholes the
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Criteria	Commentary
*geological* *structure*	intersection angle to mineralisation is more acute. 2. Each drillhole completed has not deviated significantly from the planned drillhole path. 3. Drillhole intersections through the target zones are not biased.
*Sample security*	1. Drillholes have not been sampled in their entirety. Sample security protocols follow current procedures which include: samples are secured within calico bags and transported to the laboratory in Orange, NSW via a courier service or with Company personal.
*Audits or reviews*	1. Data is validated when uploading into the Company AcQuire database. 2. No formal audit has been conducted.

Murrawombie and Budgerygar Deposits (current drill programs)

Section 2 - Reporting of Exploration Results

Criteria	Commentary
*Mineral tenement* *and land tenure* *status*	1. The Tritton Regional Tenement package is located approximately 45 kilometres north-west of the township of Nyngan in central western New South Wales. 2. The Tritton Regional Tenement package consists of 8 Exploration Licences and 3 Mining Leases. The mineral and mining rights are owned 100% by the Company. 3. The Murrawombie deposit is located within ML1280. ML1280 is in good standing and no known impediments exist. The Budgerygar deposit is located within ML1544. ML1544 is in good standing and no known impediments exist.
*Exploration done* *by other parties*	1. Regional exploration has been completed over the currently held tenement package by Utah Development Co in the early 1960’s to early 1970’s. Australian Selection P/L completed exploration throughout the 1970’s to late 1980’s prior to NORD Resources throughout the late 1980’s and 1990’s. This included soil sampling and regional magnetics which covered the Avoca, Greater Hermidale, Belmore and Thorndale project areas. Principally exploration efforts were focused on the discovery of oxide copper mineralisation. NORD Resources also completed some shallow reverse circulation (RC) drilling over the Avoca Tank Resource. Subsequent exploration efforts have been completed by Tritton Resources Pty Ltd with the drilling over a number of RC drillholes within the Greater Hermidale region in the late 1990’s similarly focused on heap leachable oxide copper mineralisation, prior to the acquisition of the Tritton Resources Pty Ltd by Straits Resources Limited in 2006.

Criteria

Commentary

Mineral tenement
and land tenure
status

1. The Tritton Regional Tenement package is located
approximately 45 kilometres north-west of the township
of Nyngan in central western New South Wales.
2. The Tritton Regional Tenement package consists of 8
Exploration Licences and 3 Mining Leases. The mineral
and mining rights are owned 100% by the Company.
3. The Murrawombie deposit is located within ML1280.
ML1280 is in good standing and no known impediments
exist. The Budgerygar deposit is located within ML1544.
ML1544 is in good standing and no known impediments
exist.

Exploration done
by other parties

1. Regional exploration has been completed over the
currently held tenement package by Utah Development
Co in the early 1960’s to early 1970’s. Australian Selection
P/L completed exploration throughout the 1970’s to late
1980’s prior to NORD Resources throughout the late
1980’s and 1990’s. This included soil sampling and
regional magnetics which covered the Avoca, Greater
Hermidale, Belmore and Thorndale project areas.
Principally exploration efforts were focused on the
discovery
of
oxide
copper
mineralisation.
NORD
Resources also completed
some shallow reverse
circulation (RC) drilling over the Avoca Tank Resource.
Subsequent exploration efforts have been completed by
Tritton Resources Pty Ltd with the drilling over a number of
RC drillholes within the Greater Hermidale region in the
late 1990’s similarly focused on heap leachable oxide
copper mineralisation, prior to the acquisition of the
Tritton Resources Pty Ltd by Straits Resources Limited in
2006.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Criteria Commentary
Geology 1. Regionally mineralisation is hosted within early to mid-
Ordovician turbidite sediments, forming part of the
Girilambone group. Mineralisation is hosted within
greenschist facies, ductile deformed pelitic to psammitic
sediments, and sparse zones of courser sandstones.
2. Sulphide mineralisation within the Tritton tenement
package is dominated by banded to stringer pyrite –
chalcopyrite, with a massive pyrite-chalcopyrite unit
along the hanging wall contact. Alteration assemblages
adjacent to mineralisation is characterised by an
ankerite footwall and silica sericite hanging wall.
Drillhole 1. All relevant information pertaining to each drillhole has
information been provided.
Data aggregation 1. All historical assay results reported represent length
methods weighted composited assays. Compositing was applied
to intervals which nominally exceeded 0.5% Cu with a
maximum of 3.0m internal dilution. No top cutting of
assay results was applied.
Relationship 1. Drillholes are designed to intersect the target horizon
between across strike at or near right angles. However, some drill
intersections have intersected mineralisation at shallow
mineralisation
angles and mineralised intersections are longer than the
widths and
true thickness.
intercept lengths
Diagrams 1. Relevant diagrams are included in the body of the
report.
Balanced 1. The reporting is considered balanced and all material
reporting information associated with the drill results has been
disclosed.
Other substantive 1. There is no other relevant substantive exploration data to
exploration data report.
Further work 1. Drilling will continue at Murrawombie and Budgerygar
with additional drilling planned to test the extents of
Murrawombie the mineralised system further. At
Budgerygar drilling is planned to continue in-fill drilling to
a nominal 40m x 40m spacing.
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APPENDIX C:

Table 5 – Roses Pride (RPS hole prefix) June 2021 RC drill program and Crown (CRU hole prefix) resource definition and exploration drill programs.

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Hole ID Northing [1] Easting [1] RL Dip Azimuth [2]
RPS057 7,668.36 2,222.03 2,300.0 -62 122.0
RPS058 7,644.00 2,184.26 2,301.0 -65 134.0
RPS059 7,645.61 2,185.45 2,301.0 -75 107.0
RPS060 7,611.05 2,146.38 2,297.0 -75 92.0
RPS061 7,631.71 2,173.98 2,301.0 -78 124.0
RPS062 7,631.71 2,173.98 2,301.0 -74 123.0
RPS063 7,563.57 2,074.24 2,287.0 -74 127.0
RPS064 7,563.57 2,074.24 2,287.0 -68 153.0
CRU157 738.56 5652.12 1794.4 -9.8 57.3
CRU158 738.59 5652.03 1794.7 -1.8 58.2
CRU159 738.34 5652.65 1794.7 -1.2 44.5
CRU160 738.41 5652.64 1794.5 -7.8 43.9
CRU161 738.179 5652.808 1794.46 -6.8 39.3
CRU162 738.82 5651.51 1794.3 -13.0 74.6
CRU163 738.76 5651.65 1793.8 -27.8 68.8
CRU164 738.51 5652.19 1793.8 -29.2 55.8
CRU165 738.46 5652.42 1794.0 -20.7 49.4
CRU166 738.14 5652.82 1794.0 -19.1 40.0
CRU167 738.71 5651.79 1794.2 -18.0 66.0
CRU168 738.48 5652.18 1794.1 -20.1 57.0
CRU169 738.29 5652.76 1794.2 -14.2 42.0
CRU170 738.75 5651.70 1794.5 -7.0 68.1
CRU171 532.00 5946.00 1542.0 -57.3 55.5
CRU172 813.51 5916.59 1905.0 -44.6 155.4
CRU173 813.13 5916.70 1905.0 -50.8 159.3
CRU174 813.90 5917.33 1905.0 -50.0 139.8
CRU175 813.69 5917.61 1904.9 -60.6 137.1
CRU176 814.33 5918.22 1904.9 -55.8 114.7
CRU177 817.87 5923.03 1905.5 -54.1 101.6
CRU178 817.47 5923.00 1905.4 -63.0 100.5
CRU179 737.85 5652.49 1793.3 -45.6 40.2
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1 Easting and northing coordinates are reported in Klondyke mine grid.

2 Azimuth values are transposed to the Klondyke mine grid.

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Table 6 – Significant drill hole intersections reported from drill holes completed during the quarter at the Crown deposit and Roses Pride Deposit.

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From Length True thickness Au grade
Hole ID To (m) Lode
(m) (m) (m) (g/t)
CRU157 11.8 12.2 0.4 0.33 5.18 Splay
CRU157 90.6 91.1 0.5 0.41 27.5 Baz Splay
CRU157 115.0 118.85 3.85 3.18 1.58 Crown
CRU157 120.1 123.9 3.8 3.14 1.42 Crown
CRU158 88.0 88.9 0.9 0.74 2.29 Splay
CRU158 110.3 121.15 10.85 8.97 1.63 Crown
CRU159 11.55 12.0 0.45 0.3 3.12 Baz Splay
CRU159 117.5 118.7 1.2 0.83 8.05 Crown
CRU159 123.0 128.5 5.5 3.83 15.92 Crown
CRU159 128.5 133.15 4.65 3.24 1.19 Stockwork
CRU159 133.15 136.2 3.05 2.12 2.72 Stockwork
CRU160 12.0 12.9 0.9 0.6 1.86 Baz Splay
CRU160 117.3 118.4 1.1 0.75 12.86 Crown
CRU160 126.0 138.1 12.1 8.34 3.28 Crown
CRU161 130.4 137.55 7.15 4.34 5.26 Baz
CRU161 146.25 154.4 8.15 4.98 2.22 Crown
CRU164 97.45 97.9 0.45 0.28 3.21 Baz
CRU164 129.25 136.2 6.95 5.21 1.02 Crown
CRU166 143.0 147.5 4.5 2.69 2.21 Baz
CRU166 154.1 155.75 1.65 0.98 7.84 Crown
CRU169 125.2 126.3 1.1 0.58 2.43 Baz
CRU169 137.6 145.8 8.2 5.29 1.48 Crown
CRU170 74.35 75.6 1.25 1.04 1.25 Baz
CRU170 106.55 108.95 2.4 2.15 1.49 Crown
CRU172 103.0 105.0 2 0.74 2.41 Baz
CRU172 118.9 128.8 9.9 4.09 1.43 Crown
CRU173 135.45 136.6 1.15 0.34 4.69 Baz
CRU173 149.3 161.8 12.5 4.38 1.48 Crown
CRU174 101.25 105.6 4.35 2.25 1.19 Stockwork
CRU174 105.6 118.45 12.85 6.63 2.59 Crown
CRU176 102.35 115.0 12.65 7.57 2.66 Crown
RPS057 Sampled. Assays not received. Roses Pride
RPS058 Sampled. Assays not received. Roses Pride
RPS059 Sampled. Assays not received. Roses Pride
RPS060 Sampled. Assays not received. Roses Pride
RPS061 Sampled. Assays not received. Roses Pride
RPS062 Sampled. Assays not received. Roses Pride
RPS063 Sampled. Assays not received. Roses Pride
RPS064 Sampled. Assays not received. Roses Pride
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Significant drill intersections are based on reporting the entire structure irrespective of Au grade. The structure is primarily defined by logged quartz percent.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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APPENDIX D:

JORC Code, 2012 Edition – Roses Pride and Crown Deposits Table 1

Section 1 - Sampling Techniques and Data

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Criteria Commentary
Sampling RC Drill Program
techniques 1. All samples have been collected via reverse circulation
drilling.
2. All of the samples are collected at 1 metre intervals.
Samples are collected from a cone splitter mounted
beneath the cyclone. 1m sample weights range from
2kg to 3.5kg.
3. Samples are sent to an independent and accredited
laboratory (SGS Townsville). Samples less than 3kg are
pulverised to a nominal 85% passing 75 microns. If sample
weights exceed 3kg they are split via a rotary splitter and
an approximate 3kg sub sample retained and pulverised.
After pulverisation a 50g sample is collected for fire assay.
4. The sample size and sample preparation techniques are
considered appropriate for the style of mineralisation.
5. Industry prepared standards are inserted approximately
1 in 20 samples.
6. The samples are considered representative and
appropriate for this type of drilling.
Underground Diamond Drill Program
1. All samples have been collected via diamond drilling.
2. A majority of the samples are collected at 1 metre
intervals. A majority of samples are full core samples. For
wider spaced drill holes half core samples are taken.
Sample weights range from 2 kg to 4kg depending on
sample length and half or whole core.
3. Samples are sent to an independent and accredited
laboratory (ALS Brisbane). Samples less than 3kg are
pulverised to a nominal 85% passing 75 microns. If sample
weights exceed 3kg they are split via a rotary splitter and
an approximate 3kg sub sample retained and pulverised.
After pulverisation a 50g sample is collected for fire assay.
4. The sample size and sample preparation techniques are
considered appropriate for the style of mineralisation.
5. Industry prepared standards are inserted approximately
1 in 20 samples.
6. The samples are considered representative and
appropriate for this type of drilling.
Drilling techniques 1. RC holes are drilled with a 5 ½ inch bit.
2. Diamond drill holes are completed via an NQ2 diameter.
Drill sample RC Drill Program
recovery 1. Sample recoveries from the RC drill program is
considered good. An assessment of recovery is made at
the drill rig during drilling and is determined via visual
observations of sample return to the cyclone and rotary
splitter.
2. Negligible water was encountered during the RC drill
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Criteria	Commentary
	program. When water was encountered sample recoveries remained high. 3. No sample bias was observed. Underground Diamond Drill Program 1. Core recoveries are recorded by the drillers on site at the drill rig. Core recoveries are checked and verified by an Aeris Resources field technician and/or geologist. 2. Diamond drill core is pieced together as part of the core orientation process. During this process depth intervals are recorded on the core and checked against downhole depths recorded by drillers on core blocks within the core trays. 3. Historically core recoveries are very high within and outside zones of mineralisation. Diamond core drilled to date from the current drill program have recorded very high recoveries and is in line with the historical observations.
*Logging*	1. All RC chips and diamond core are logged by an Aeris employee or a fully trained contract geologist. 2. Each metre interval is geologically logged, recording lithology, vein quantity/texture/mineralogy, alteration and weathering. 3. All geological and sample data is captured electronically within LogChief Software and uploaded to Aeris Resources licenced Datashed database. 4. All RC chip trays from the drill program are photographed and stored on the company’s network. Chip trays are stored onsite in a secure facility.
*Sub-sampling* *techniques and* *sample preparation*	RC Drill Program 1. RC sampling was carried out via a cone splitter beneath the rig cyclone. Samples were collected at 1 metre intervals. 2. Industry prepared independent standards are inserted approximately 1 in 20 samples. 3. The sample size is considered appropriate for the style of mineralisation and grain size of the material being sampled. Underground Diamond Drill Program 1. All samples collected from diamond drill core are collected in a consistent manner. Half core samples are cut via an automatic core saw, and half core samples are collected on average at 1 metre intervals, with a minimum sample length of 0.4 metre and a maximum length of 1.4 metre. For whole core samples the entire sample interval is collected. 2. Industry prepared independent standards are inserted approximately 1 in 20 samples. 3. The sample size is considered appropriate for the style of mineralisation and grain size of the material being sampled.

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Criteria	Commentary
*Quality of assay* *data and laboratory* *tests*	1. All samples are sent to SGS Laboratory Services at their Townsville facility for sample preparation. Sub 3kg samples are pulverised to 85% passing 75 microns. If samples are greater than 3kg they are split prior to pulverising. 2. Samples are assayed for Au and Ag. Au assaying is via a 50g fire assay charge (Au-AA26) using an AAS finish. Au assaying is completed at SGS Townsville laboratory. Ag assaying is also completed at the Townsville laboratory. A sample of 0.5g is collected and assayed using an aqua regia digest. 3. QA/QC protocols include the use of blanks, duplicates and standards (commercial certified reference materials used).
*Verification of* *sampling and* *assaying*	1. Logged drillholes are reviewed by the logging geologist and a senior geologist. All geological data is logged directly into Logchief software at the drill rig. The Logchief software is installed with Cracow specific logging codes. The data is systematically transferred to the Datashed database. Validation of the data is completed within Logchief and Datashed. 2. Upon receipt of the assay data no adjustments are made to the assay values.
*Location of data* *points*	1. Drillhole collar locations are surveyed via a qualified surveyor. Collar positions were surveyed using a differential GPS (DGPS). 2. All drillhole locations are referenced in the Klondyke mine co-ordinate system. The Klondyke mine grid is a transformation from MGA94 Grid. The Klondyke mine grid was created and maintained by onsite registered surveyors. 3. Quality and accuracy of the drill collars are suitable for exploration results. 4. Downhole surveys taken during drilling are completed by the drill contractor. Surveys are taken at approximately 20 metres down hole and at 30 metre intervals thereafter.
*Data spacing and* *distribution*	RC Drill Program 1. Drill spacing was designed to be a nominal 20 metres (strike) x 20 metres (down plunge). The drill spacing has taken into consideration previous drilling completed over the area. 2. The drill spacing is considered enough to understand the continuity of the mineralisation structure along strike and down plunge within the drilled footprint. Additionally the drill spacing is enough to provide some clarify on the potential degree of grade continuity between drillholes. This assessment is partially based on the current drill program and the understanding of mineralisation continuity elsewhere within the Cracow field since modern mining commenced in 2004.

Aeris Resources Limited

Quarterly Activities Report | For the period ended 30 June 2021

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Criteria Commentary
Underground Diamond Drill Program
1. The drill holes are resource definition in nature testing the
margin of current Mineral Resource or extensions beyond
the Mineral Resource. Drill spacing is completed on an
initial nominal first pass 40m x 40m. Drill spacing will vary
depending on the results / interpretation obtained from
the initial drill program.
Orientation of data 1. All drillholes are designed to intersect the target at,
in relation to ideally right angles. However, the limited drill locations
available does mean that for some drillholes the
geological structure
intersection angle to mineralisation is more acute.
2. Each drillhole completed has not deviated significantly
from the planned drillhole path.
3. Drillhole intersections through the target zones are not
biased.
Sample security 1. Samples were collected by company personnel and
delivered to the laboratory via a transport contractor.
Audits or reviews 1. Data is validated when uploading into the companies
Datashed database.
2. No formal audit has been conducted.
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Section 2 - Reporting of Exploration Results

Roses Pride and Crown deposits (current drill programs)

Criteria	Commentary
*Mineral tenement* *and land tenure* *status*	1. The Cracow Operation is located immediately west of the Cracow township in central Queensland. The Cracow Operation Exploration and Mining Tenement package comprises 3 EPMs and 18 MLs covered a combined area of approximately 889km2. 2. The Cracow Operation Exploration and Mining tenements are wholly owned by Aeris Resources wholly owned subsidiary, Lion Mining Pty Ltd. 3. The drill program reported in this announcement at and immediately north of the Roses Pride deposit is located within ML3229. ML3229 is in good standing and no known impediments exist.
*Exploration done by* *other parties*	1. The Cracow Goldfields were discovered in 1932, with the identification of mineralisation at Dawn then Golden Plateau in the eastern portion of the field. From 1932 to 1992, mining of Golden Plateau and associated trends produced approximately 850koz of Au metal. Exploration across the fields and nearby regions was completed by several identities including BP Minerals Australia, Australian Gold Resources Ltd, ACM Operations Pty Ltd, Sedimentary Holdings NL and Zapopan NL. 2. In 1995, Newcrest Mining Ltd (NML) entered into a 70 % share of the Cracow Joint Venture. Initially exploration was targeting porphyrytype mineralisation,focusingon

Criteria

Commentary

Mineral tenement
and land tenure
status

1. The Cracow Operation is located immediately west of
the Cracow township in central Queensland. The
Cracow Operation Exploration and Mining Tenement
package comprises 3 EPMs and 18 MLs covered a
combined area of approximately 889km2.
2. The
Cracow
Operation
Exploration
and
Mining
tenements are wholly owned by Aeris Resources wholly
owned subsidiary, Lion Mining Pty Ltd.
3. The drill program reported in this announcement at and
immediately north of the Roses Pride deposit is located
within ML3229. ML3229 is in good standing and no known
impediments exist.

Exploration done by
other parties

1. The Cracow Goldfields were discovered in 1932, with the
identification of mineralisation at Dawn then Golden
Plateau in the eastern portion of the field. From 1932 to
1992, mining of Golden Plateau and associated trends
produced approximately 850koz of Au metal. Exploration
across the fields and nearby regions was completed by
several
identities
including
BP
Minerals
Australia,
Australian Gold Resources Ltd, ACM Operations Pty Ltd,
Sedimentary Holdings NL and Zapopan NL.
2. In 1995, Newcrest Mining Ltd (NML) entered into a 70 %
share of the Cracow Joint Venture. Initially exploration
was targeting porphyrytype mineralisation,focusingon

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Criteria Commentary
the large areas of alteration at Fernyside and Myles
Corridor. This focus shifted to epithermal exploration of
the western portion of the field, after the discovery of the
Vera mineralisation at Pajingo, which shared similarities
with Cracow. The Royal epithermal mineralisation was
discovered in 1998, with further discoveries of Crown,
Sovereign, Empire, Phoenix, Kilkenny and Tipperary made
from 1998 up to 2008
3. Evolution was formed from the divestment of Newcrest
assets (including Cracow) and the merging of Conquest
and Catalpa in 2012. Evolution continued exploration at
Cracow from 2012 to early 2020.
4. Aeris Resources purchased the Cracow Operation
(including the exploration and mining tenements) in July
2020.
Geology 1. The Cracow project area gold deposits are in the Lower
Permian Camboon Andesite on the south-eastern flank
of the Bowen Basin. The regional strike is north-northwest
and the dip 20° west-southwest. The Camboon Andesite
consists of andesitic and basaltic lava, with
agglomerate, tuff and some inter-bedded trachytic
volcanics. The andesitic lavas are typically porphyritic,
with phenocrysts of plagioclase feldspar (oligoclase or
andesine) and less commonly augite. To the west, the
Camboon Andesite is overlain with an interpreted
disconformity by fossiliferous limestone of the Buffel
Formation. It is unconformably underlain to the east by
the Torsdale Beds, which consist of rhyolitic and dacitic
lavas and pyroclastics with inter-bedded trachytic and
andesitic volcanics, sandstone, siltstone, and
conglomerate.
2. Mineralisation is hosted in steeply dipping low
sulphidation epithermal veins. These veins found as
discrete and as stockwork and are composed of quartz,
carbonate and adularia, with varying percentages of
each mineral. Vein textures include banding (colloform,
crustiform, cockade, moss), breccia channels and
massive quartz, and indicate depth within the epithermal
system. Sulphide percentage in the veins are generally
low (<3%) primarily composed of pyrite, with minor
occurrences of hessite, sphalerite and galena. Rare
chalcopyrite, arsenopyrite and bornite can also be
found.
3. Alteration of the country rock can be extensive and zone
from the central veined structure. This alteration consists
of silicification, phyllic alteration (silica, sericite and other
clay minerals) and argillic alteration in the inner zone,
grading outwards to potassic (adularia) then an outer
propylitic zone. Gold is very fined grained and found
predominantly as electrum but less common within clots
of pyrite.
Drillhole information 1. All relevant information pertaining to each drillhole has
been provided.
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Criteria Commentary
Data aggregation 1. Reported significant intervals from the underground drill
methods program are reported within the entire logged structure.
Logged quartz percentage is the primary criteria used to
define the structure extents. Au mineralisation at Cracow
can be variable and as such is not used as primary
criteria in defining reportable intersections.
2. No assay results have been reported from the current
Roses Pride surface RC program. Assay results are
pending.
3. Reported assay results from the pre 2021 RC drill program
at Roses Pride represent length weighted composite gold
assays. Compositing was applied to intervals which
nominally exceed 1.0g/t Au. Reported intervals must be
a minimum length of 1.0m and can include a maximum
of 2 metres grading less than less than 1.0g/t Au
Relationship 1. Drillholes have been designed to intersect the
between mineralised structure at or near right angles. When
designing the drill program consideration of appropriate
mineralisation
drill pad locations and minimising land disturbance has
widths and intercept
impacted the ability for some drillholes to intersect the
lengths mineralised structure at right angles.
2. As a generalisation a majority of the drillhole intersections
through the mineralised structure at an acute angle (~30-
60°).
3. Care has been taken to report the true thickness of the
reported significant intersections.
Diagrams 1. Relevant diagrams are included in the body of the
report.
Balanced reporting 1. The reporting is considered balanced and all material
information associated with the drill results has been
disclosed.
Other substantive 1. There is no other relevant substantive exploration data to
exploration data report.
Further work 1. Assay results from both drill programs will be used to
update the geological models. At the completion of the
geological modelling process updated Mineral Resource
estimates will be completed.
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Aeris Resources Limited

AI assistant

AERIS RESOURCES LIMITED — Interim / Quarterly Report 2021

64347_rns_2021-07-29_7ac50647-9d47-4205-bc7d-17dec8eed606.pdf

Quarterly Activities Report

For the period ended 30 June 2021

About Aeris Resources

JUNE QUARTER HIGHLIGHTS

CRACOW GOLD OPERATIONS:

TRITTON COPPER OPERATIONS:

CORPORATE:

FY22 GUIDANCE:

Executive Chairman’s Commentary on FY21

Q4 FY2021 Quarterly Activities Report

Group Safety, Environment and Community

COVID-19 Management and measures implemented

Tritton Copper Operations (NSW)

Tritton Underground Mine

Murrawombie Underground Mine

Ore Processing

Costs

Outlook

Cracow Gold Operations (QLD)

Cracow Underground Mine (Cracow)

Ore Processing

Costs

Tailings Storage Facility No.2

Outlook

Exploration and Project Development

EXPLORATION – TRITTON COPPER OPERATIONS

Constellation Deposit

Budgerygar Deposit

Murrawombie Deposit

Surface Auger Geochem

EXPLORATION – CANBELEGO JOINT VENTURE (AERIS 30%)

EXPLORATION – CRACOW GOLD OPERATIONS

Underground resource definition drilling

- Klondyke Down Plunge Extensions

Roses Pride - Surface RC Program

CORPORATE:

Cash and Receivables

Debt

Equity Placement

Gold and Copper Hedging

ENDS

For further information, please contact:

Media:

About Aeris

References in this report to “Aeris Resources Limited”, “Aeris” and “Company” include, where applicable, its subsidiaries.

Competent Persons Statement – Exploration Results

APPENDIX A:

Table 1 – Collar details for Murrawombie Resource Definition drill holes completed during the quarter.

APPENDIX B:

Murrawombie and Budgerygar Deposits (current drill programs)

APPENDIX C:

APPENDIX D:

Section 1 - Sampling Techniques and Data

Section 2 - Reporting of Exploration Results

Roses Pride and Crown deposits (current drill programs)

More from AERIS RESOURCES LIMITED

AERIS RESOURCES LIMITED Interim / Quarterly Report 2021