AERIS RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

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March 2021 Quarterly Presentation

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29 April 2021

Presented by: Andre Labuschagne

Important notice and disclaimer

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

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

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

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

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Highlights Summary

Production

• Cracow - 15,548oz Au @ AISC $1,557/oz

• Tritton - 5,270 tonnes Cu @ AISC $4.00/lb

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• Constellation continues to grow:

Discovery

• Traced 500m down-plunge

• ― Approval for 60 RC holes

• 3 drill rigs now on site

LOM focus

Strong cash position

• Klondyke - Royal and Roses Pride Mineral Resource updates

• Cracow

• Tritton Budgerygar drilling underway Tritton LOM plan update underway

• Cash and receivables of $55.8m

• Debt continues to reduce - A$7.5m paid early and voluntary payment of US$2.5m

• Net debt positive $0.2m – down $59m since 1 July

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Safety and Environment

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•
2 LTI’s recorded at Tritton:
12 Mth LTIFR and Lost Time Injuries
― 7 3
Loader fell into stope
― Trauma related to incident 6
•
Independent review underway 5
2
•
Safety management system 4
under review as a result
3
1
2
Covid-19
1
•
Measures in place to manage
0 0
• No incidents recorded Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
No of LTI 12 Mth LTIFR
•
Continue to review and update
according to Government
guidelines
4
No of LTI's
12 Month LTIFR
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Community and Sustainability

New bus service to Cobar

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Cracow new local apprentices intake

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Construction of Cracow No.2 tailings dam underway

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Production and Cost Summary

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Tritton :

• Lower Cu grades at Tritton UG:

• changed stope sequencing resulted in lower grades

• Murrawombie UG on plan

• March Qtr AISC @ $4/lb impacted by lower Cu tonnes (YTD $3.36/lb)

• Guidance revised: 22.5kt - 23.5kt @ AISC $3.60/lb – $3.75/lb

	TRITTON	UNIT	JUN	SEP 2020	DEC	MAR
	PRODUCTION SUMMARY		2020	QTR	2020	2021
			QTR		QTR	QTR
	ORE MILLED	TONNES	418,242	411,341	370,897	382,054
	MILLED GRADE	Cu (%)	1.71%	1.56%	1.66%	1.47%
	TOTAL COPPER PRODUCED	TONNES	6,672	6,044	5,845	5,270
	COST SUMMARY
	ALL-IN SUSTAINING COSTS GROWTH CAPITAL / EXPLORATION	A$M A$/lb A$M	47.0 3.23 0.5	44.5 3.33 0.3	36.6 2.85 0.7	46.4 4.00 1.3
	ALL-IN COSTS	A$M A$/lb	47.5 3.26	44.8 3.35	37.3 2.90	47.7 4.12

p y lower Cu tonnes (YTD $3.36/lb) • Guidance revised: 22.5kt - 23.5kt @ AISC $3.60/lb – $3.75/lb	GROWTH CAPITAL / EXPLORATION A$M ALL-IN COSTS A$M A$/lb	0.5 47.5 3.26	0.3 44.8 3.35	0.7 37.3 2.90	1.3 47.7 4.12
Cracow: • Tonnes and ounces in-line with plan	CRACOW PRODUCTION SUMMARY ORE MILLED	UNIT TONNES	SEP 2020 QTR 144,972	DEC 2020 QTR 160,446	MAR 2021 QTR 137,652
• Processing impacted by wet weather	MILLED GRADE TOTAL OUNCES PRODUCED	g/t oz	4.65 20,237	3.80 18,011	3.85 15,548
• Further de-bottlenecking underway	COST SUMMARY
• Guidance unchanged: 70koz – 75koz @ AISC $1,525/oz – $1575/oz	ALL-IN SUSTAINING COSTS GROWTH CAPITAL / EXPLORATION	A$M A$/oz A$M	27.1 1,282 0.8	27.2 1,567 4.5	25.4 1,557 5.6
	ALL-IN COSTS	A$M A$/oz	27.9 1,321	31.7 1,827	31.00 1,899
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Tritton Copper Operations – Constellation Deposit

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Spectacular results

• 45km North-East from Tritton

• 14 diamond holes drilled completed with majority intersecting copper sulphide mineralisation

• Traced 500m down plunge

• Mineralisation remains open down plunge and along strike (south)

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Tritton Copper Operations – Constellation drilling accelerated

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•
3 drill rigs now operating
•
RC program targeting shallow high
grade mineralisation
•
2 diamond drill rigs testing the larger
system and focused down plunge and
along strike to the south
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Tritton Copper Operations – Murrawombie extensions

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• Drilling testing hangingwall lodes

• Drilling increased strike length and down-plunge extents

• :

• Significant intersections

• MWGC546 – 8.65m @ 3.38% Cu (5.10m true thickness)

• MWGC549 – 6.10m @ 2.71% Cu (6.00m true thickness)

• MWGC550 – 1.35m @ 4.29% Cu (1.20m true thickness)

• MWGC553A – 17.80m @ 2.25% Cu (14.20m true thickness)

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• Open down-plunge and along strike

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Cracow Gold Operations - Exploration of brownfield target areas

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Drill target – tested / testing
Drill target – not tested
Cracow Resource updates:
•
Roses Pride Mineral Resource estimate increased gold ounces by 260% [1]
•
Klondyke-Royal Mineral resource update increased gold ounces by 324% [2]
•
Underground resource definition at Royal and Sovereign showing promise
refer to ASX Announcement “Roses Pride Mineral Resource Update” 6th January 2021th January 2021 January 2021 10
refer to ASX Announcement “Significant increase to Klondyke Royal Mineral Resource” 22 April 2021
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2 refer to ASX Announcement “Significant increase to Klondyke Royal Mineral Resource” 22 April 2021

1 refer to ASX Announcement “Roses Pride Mineral Resource Update” 6th January 2021th January 2021 January 2021

Cracow Gold Operations – Royal deposit

• Drilling intersected gold mineralisation over a 130m strike window

• All outside current Mineral Resource footprint

• :

• Significant intersections

• RSU526 - 4.6m @ 9.4g/t Au (2.8m true thickness)

• RSU530A - 4.6m @ 3.5g/t Au (2.9m true thickness)

• RSU528 - 6.8m @ 2.6g/t Au (4.4m true thickness)

• RSU532 - 7.0m @ 2.1g/t Au (4.2 true thickness)

• Further drilling planned outside current reported Mineral Resource

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Cracow Gold Operations – Sovereign deposit

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• Drilling focused on the northern extensions

• All ten holes completed intersected main mineralised structure

• :

• Significant intersections

• SVU128 - 2.7m @ 7.5g/t Au (2.2m true thickness)

• SVU125 - 2.2m @ 4.3g/t Au (1.8m true thickness)

• SVU130 - 7.9m @ 3.9g/t Au (5.1m true thickness)

• SVU129 - 5.7m @ 2.8g/t Au (4.5m true thickness)

• Further drilling planned outside current Mineral Resource

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Financials

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(A$ Million)	DEC	MAR
	2020	2021
	QTR	QTR
Useable Cash Tritton - Copper concentrate receivables Cracow – gold/silver dore receivables	45.5 13.8 -	47.1 8.7 -
Useable Cash and Receivables	59.3	55.8

Debt

• Third A$7.5m repayment made two weeks early

• Voluntary US$2.5m paid on Tranche B

• Total debt A$46.9m down from A$56.4m at end December 2020

• Net debt positive A$0.2m – down by A$59m since completion of Cracow acquisition (1 July 2020)

Hedging Gold Hedge Hedge price Copper Hedge Hedge price Copper Zero Premium Option Collars: Strike price of Put Options Strike price of Call Options Hedging		JUN	SEP
		2021	2021
	Unit	QTR	QTR
	Oz A$/oz TONNES A$/t TONNES A$/t A$/t	9,000 2,536.25 2,499 9,228.00 2,001 10,000.00 11,100.00	- - 833 9,228.00 667 10,000.00 11,100.00

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M&A strategy remains a focus

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• Pursue strategic M&A opportunities to add value, complement existing portfolio and transform Aeris into a mid-sized, multi-mine company

• Leverage Aeris’ existing operational expertise to create value where others cannot

• Focus on base and precious metals, particularly copper and gold opportunities

• Commodity  Gold and Copper  East coast Australia

• Location  Rest of Australia  Offshore – Risk reward  Producing operation with established infrastructure

• Project stage  Development ready  Bolt-ons  Opportunity to upgrade portfolio

• Size and  Exploration upside

• potential  Cash generative

• Mining method  Underground and open pit mining consistent with current skills Mine plan  At least 2-3 years with exploration upside Historic  History of delivery or potential to extract value through skillset

• ownership

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What makes Aeris different?

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Proven team with a consistent track record

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Diversified, strong free cash generation

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29 79
Cu Au
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Favourable gold / copper price exposure

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Financially robust, rapidly deleveraging

A unique platform to consolidate the landscape where others cannot

Primed to unlock value

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Competent Persons statement

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Competent Persons statement

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

Mr Cox has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically, Mr Cox is entitled to 1,102,035 Performance Rights issued under the Company’s equity incentive plan (details of which were contained in the Notice of Annual General Meeting dated 20 October 2020). The vesting of these Performance Rights is subject to certain performance and employment criteria being met.

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

Mr Sheppard has disclosed to the reporting company the full nature of the relationship between himself and the company, including any issue that could be perceived by investors as a conflict of interest. Specifically, Mr Sheppard holds 12,118,137 shares in Aeris Resources Limited and is also entitled to 5,102,015 Performance Rights issued under the Company’s equity incentive plan (details of which were contained in the Notice of Annual General Meeting dated 20 October 2020). The vesting of these Performance Rights is subject to certain performance and employment criteria being met.

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