AERIS RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

Quarterly Activities Report | For the period ended 30 September 2020

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Quarterly Activities Report For the period ended 31 March 2021

MARCH QUARTER HIGHLIGHTS

About Aeris Resources

CRACOW GOLD OPERATIONS:

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 FY21 Aeris is targeting copper production at Tritton of between 22,500 tonnes and 23,500 tonnes and gold production at Cracow of between 70,000 ounces to 75,000 ounces.

• Gold production of 15,548 ounces @ AISC of A$1,557/oz

• Roses Pride Mineral Resource upgrade – 260% increase in gold ounces

• Klondyke – Royal Mineral Resource upgrade – 324% increase in gold ounces

TRITTON COPPER OPERATIONS:

• Copper production of 5,270 tonnes @ AISC of A$4.00/lb

• Constellation deposit continues to grow. Significant assay results include:

• TAKD006 - 5.85m @ 4.60% Cu, 0.96g/t Au, 8.4g/t Ag from 200.10m

• TAKD010 – 24.6m @ 1.45% Cu, 0.49g/t Au, 3.0g/t Ag from 297m

• Approval received for 60 RC drill holes, which will focus on EM plates around TAKD002

• Budgerygar exploration decline completed and resource drilling program commenced

CORPORATE:

• Cash and receivables of A$55.8m

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 F +61 7 3034 6290

info@aerisresources.com.au www.aerisresources.com.au

• Net debt of positive A$0.2m

• Further copper hedging undertaken

FY21 GUIDANCE:

• Cracow gold production of 70koz to 75koz @ AISC between A$1,525/oz and A$1,575/oz

• Tritton copper production revised down to between 22.5kt and 23.5kt @ AISC between A$3.60/lb and A$3.75/lb

Aeris Resources Limited ABN 30 147 131 977 Aeris Resources Limited 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: info@aerisresources.com.au T: +61 7 3034 6200 F: +61 7 3034 6290

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aerisresources.com.au

Quarterly Activities Report | For the period ended 31 March 2021

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Q3 FY2021 Quarterly Activities Report

Group Safety, Environment and Community

There were two lost time injuries (LTI) and one reportable environmental incident across the Group during the quarter.

The two LTIs were at the Tritton Copper Operations:

• At the Murrawombie mine, a loader tasked with stope backfilling in remote operation fell into a stope, with the operator still on board. The operator received major but non-life-threatening injuries. Incident investigations are in progress using an external expert. No clear cause has been established.

• The second LTI was associated with the same incident; an employee involved in the emergency response action has suffered post incident psychological trauma.

Safety management systems are under review as a result of the significant incident.

At Cracow, a groundwater trigger level was exceeded. There was no impact to operations and investigations are underway.

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12 Mth LTIFR and Lost Time Injuries
7 3
6
5
2
4
3
1
2
1
0 0
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
No of LTI's
12 Month LTIFR
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• *12 Mth LTIFR and no. of LTI’s notes the combined results of both the Tritton and Cracow operations

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 travel, adjusting work arrangements for site and corporate teams and increased communication to our workforce and partners.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Tritton Copper Operations (NSW)

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PRODUCTION SUMMARY UNIT JUN 2020 SEP 2020 DEC 2020 MAR 2021
QTR QTR QTR QTR
ORE MINED TONNES 386,950 411,595 378,439 369,965
MINED GRADE Cu (%) 1.70% 1.58% 1.69% 1.41%
ORE MILLED TONNES 418,242 411,341 370,897 382,054
MILLED GRADE Cu (%) 1.71% 1.56% 1.66% 1.47%
RECOVERY Cu (%) 93.38% 94.00% 93.76% 92.97%
TOTAL COPPER PRODUCED TONNES 6,672 6,044 5,845 5,270
COST SUMMARY
MINING A$M 21.2 22.1 21.7 23.4
PROCESSING A$M 7.3 6.4 6.3 6.9
SITE G&A A$M 4.0 4.1 4.3 4.3
TC/RC’S & PRODUCT HANDLING A$M 8.9 7.5 5.9 6.3
BY-PRODUCT CREDITS A$M (6.3) (6.9) (4.9) (5.8)
ROYALTIES A$M 1.5 1.5 1.9 1.8
CORPORATE G&A [1] A$M 1.2 1.0 0.9 0.8
INVENTORY MOVEMENTS A$M 5.4 0.7 (9.5) (1.8)
CAPITAL DEVELOPMENT A$M 1.9 3.5 4.6 5.1
SUSTAINING CAPITAL [2] A$M 2.1 4.6 5.4 5.4
SUSTAINING EXPLORATION A$M - - - -
A$M 47.0 44.5 36.6 46.4
ALL-IN SUSTAINING COSTS [3]
A$/lb 3.23 3.33 2.85 4.00
GROWTH CAPITAL /
A$M 0.5 0.3 0.7 1.3
EXPLORATION
A$M 47.5 44.8 37.3 47.7
ALL-IN COSTS [3]
A$/lb 3.26 3.35 2.90 4.12
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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 Copper Operations production of 5,270 tonnes was lower compared to the previous quarter (5,845 tonnes) and primarily relates to lower ore grades at both Tritton and Murrawombie.

Tritton Underground Mine (Tritton)

Tritton ore production was 258kt @ 1.21% copper, compared to 233kt @ 1.43% copper in the previous quarter.

The partial failure of a critical stope blast and a paste back-fill line blockage, both of which occurred in the previous quarter, impacted on stope extraction sequence in the March quarter, resulting in lower than planned copper grades. Productivity was impacted by equipment availability and labour turnover – steps have been taken to address both issues.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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The Budgerygar development drive was completed during the quarter. A resource definition drilling campaign has commenced using two underground diamond drill rigs on double shift.

Murrawombie Underground Mine (Murrawombie)

Murrawombie ore production of 112kt @ 1.86% was lower than the prior quarter (146kt @ 2.12%) but in-line with plan. Lower than plan equipment availability had a short run impact and actions have been taken to rectify.

Ore Processing

Ore processed during the quarter at 382kt was higher than the previous quarter (371kt) due to higher opening stockpiles. A planned shutdown resulted in 48 hours downtime during the quarter.

Copper recovery of 92.97% for the quarter was lower compared to the previous quarter (93.76%) due to the lower copper head grade.

Costs

All-In Sustaining Costs (AISC) for the quarter at A$4.00/lb were higher than the previous quarter (A$2.85/lb) and were mainly due to the lower than planned copper production and inventory movements. YTD AISC is A$3.36/lb Cu.

Mining costs were higher in the quarter due to increased cement costs from higher paste filling activities and higher than planned mobile equipment maintenance costs.

Outlook

FY21 copper production guidance at Tritton Copper Operations has been revised to between 22,500 tonnes and 23,500 tonnes at an AISC of between A$3.60/lb and A$3.75/lb. The partial failure of a critical stope blast and a paste back-fill line blockage, both of which occurred in the December 2020 quarter, has resulted in stope extraction occurring out of sequence and lower than planned copper grades in the March and June 2021 quarters.

Exploration continues at the Constellation deposit with approval received during the quarter for 60 RC drill holes. From mid-April there will be three rigs (2 Diamond and 1 RC) drilling at Constellation.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Cracow Gold Operations (QLD)

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PRODUCTION SUMMARY UNIT SEP 2020 DEC 2020 MAR 2021
QTR QTR QTR
ORE MINED TONNES 139,706 134,534 129,910
MINED GRADE g/t 4.70 4.40 4.11
ORE MILLED TONNES 144,972 160,446 137,652
MILLED GRADE g/t 4.65 3.80 3.85
RECOVERY % 93.29% 91.93% 91.36%
TOTAL OUNCES PRODUCED oz 20,237 18,011 15,548
TOTAL GOLD SOLD & ACCRUED oz 21,246 17,248 16,288
COST SUMMARY
MINING A$M 9.0 11.3 8.3
PROCESSING A$M 5.4 5.6 5.8
SITE G&A incl selling costs A$M 3.2 3.1 3.1
BY-PRODUCT CREDIT A$M (0.5) (0.4) (0.4)
ROYALTIES A$M 3.2 2.2 2.1
CORPORATE G&A [1] A$M 1.0 1.0 0.5
INVENTORY MOVEMENTS A$M 0.4 - 0.5
CAPITAL DEVELOPMENT [2] A$M 4.5 3.1 4.2
SUSTAINING CAPITAL A$M 0.9 1.3 1.3
SUSTAINING EXPLORATION A$M - - -
A$M 27.1 27.2 25.4
ALL-IN SUSTAINING COSTS [3]
A$/oz 1,282 1,567 1,557
GROWTH CAPITAL / EXPLORATION A$M 0.8 4.5 5.6
A$M 27.9 31.7 31.00
ALL-IN COSTS [3]
A$/oz 1,321 1,827 1,899
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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

Cracow Underground MIne (Cracow)

Cracow ore production of 130kt, whilst slightly lower than the previous quarter (135kt), was in-line with plan. Mining activities included the establishment of ladderways and vent rises to open higher-grade sequences for the remainder of FY21.

Cracow gold grade @ 4.11 g/t was lower than the previous quarter (4.40 g/t) due to sequencing. It is expected that the grade variation will continue into the following quarters. The long-term plan being developed is expected to show more grade variation from period to period than historically, as extending mine life is now being targeted whilst balanced against short-run high production grades. Previously the strategy has been to optimize the mine plan to maximise near-term gold grades – Aeris’ strategy since acquiring Cracow has been to find the economic balance on gold grade versus mine life extension through maximizing extraction of the Mineral Resource.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Ore Processing

Ore milled of 138kt was lower than the previous quarter (160kt) due to lower crusher and mill availability. The crushing circuit produced lower than expected crushed ore due to wet weather impacting ROM stocks and an unplanned crusher shutdown.

Gold recovery was slightly lower at 91.36% compared to the previous quarter (91.93%) due to increased volumes of lower grade stockpile material being processed during the quarter.

Costs

All-In Sustaining Costs (AISC) for the quarter at A$1,557/oz were lower than the previous quarter ($1,567/oz). Lower gold production and increased mine development were offset by lower mining costs. YTD AISC is A$1,453/oz.

Tailings Storage Facility No.2

During the quarter, construction continued on a new tailings storage facility at Cracow (TSF No.2) – see photos below. Cracow is currently discharging tailings into Tailing Storage Facility No.1 (TSF No.1) which will soon reach its capacity. Wet weather had a small impact on the construction progress with expected completion due mid-July 2021. Estimated total cost of TSF No.2 is approximately $14 million.

Figure 1 – Cracow TSF No.2 under construction

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Figure 2 – Cracow TSF No.2 under construction

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Outlook

FY21 gold production guidance at Cracow Gold Operations is between 70,000 to 75,000 ounces at an AISC of between A$1,525/oz and A$1,575/oz.

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

Exploration drilling is on-going targeting both brownfields and greenfields exploration targets.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Exploration and Project Development

EXPLORATION – TRITTON COPPER OPERATIONS

The Tritton tenement package covers 2,330 km[2] 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 (totalling 678 km[2] ) covering a majority of the northern half of the tenement package, on-ground exploration has focused on activities within this area. The northern half of the tenement package, until recently, has not been subject to modern exploration and remains largely under-explored.

During the quarter an application for an additional exploration licence was submitted to the NSW Department of Mining, Exploration and Geoscience. The application is for ground located immediately north of the Exley Prospect and 10km north-west of the recently discovered Constellation Deposit. The ground has several geological features which are considered important regional vectors associated with copper mineralisation within the region. The application is expected to be granted in the June quarter.

Constellation Deposit

The Constellation Deposit is located approximately 45 kilometres north-east of the Tritton processing plant. The deposit was first detected via AEM survey and followed-up with ground 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 ten additional diamond drill holes completed, with a majority intersecting copper sulphide mineralisation[2][3][4] . A summary of the results from each drill hole completed during the quarter is included below in Table 1.

Assay results have been received for drill holes TAKD007, TAKD009 and TAKD010. Drill hole TAKD007 returned a significant assay interval of 24.6m @ 1.45% Cu, 0.49g/t Au, 3.0g/t Ag, including:

• 13.26m @ 2.00% Cu, 0.70g/t Au, 3.9g/t Ag and;

• 2.6m @ 2.19% Cu, 0.62g/t Au, 5.5g/t Ag.

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

2 ASX Announcement “Further high-grade copper intersected at Constellation” 20th January 2021

3 ASX Announcement “Constellation deposit continues to grow” 9th March 2021

4 ASX Announcement “Constellation deposit update” 22nd April 2021

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Quarterly Activities Report | For the period ended 31 March 2021

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Table 1: Summary of drill holes completed within the quarter at the Constellation deposit.

Hole ID	Results & description
TAKD005	2.6m @ 6.10% Cu, 0.99g/t Au, 11.0g/t Ag. Diamond drill hole TAKD005 was designed to intersect the larger EM plate, 80 metres along strike (south) from TAKD003 (27.1m @ 1.61% Cu).
TAKD006	5.85m @ 4.60% Cu, 0.96g/t Au, 28.6g/t Ag. Diamond drill hole TAKD006 was designed to intersect the larger EM plate, 80 metres along strike (south) from TAKD001 (19.95m @ 2.41% Cu).
TAKD007	24.6m @ 1.45% Cu, 0.49g/t Au, 3.0g/t Ag Diamond drill hole TAKD007 was designed to intersect the larger EM plate 80 metres down plunge from TAKD003.
TAKD008	Diamond drill hole TAKD008 was designed to test the continuation of mineralisation 80m down plunge from TAKD007. The drill hole deviated considerablyfromplan and was abandoned at 39.40 metres downhole.
TAKD009	0.7m @ 2.58% Cu, 0.61g/t Au, 6.9g/t Ag Diamond drill hole TAKD009 tested the upper extents of the larger MLTEM plate 80 metres up plunge from TAKD001. A 5m wide fault zone was intersected at the target depth. Contained within the fault zone is a fault bounded massive sulphide interval.
TAKD010	25.0m @ 0.66% Cu, 0.71g/t Au, 1.1g/t Ag Drill hole TAKD010 tested the northern extents of the sulphide horizon along strike from drill holes TAKD001 and TAKD003. The intersection is interpreted to be close to the northern margin of the mineralised system.
TAKD011 Assay pending	Diamond drill hole TAKD011 intersected the larger MLTEM plate 80 metres down plunge from TAKD005. The drill hole passed through an approx. 1.8m thick semi massive sulphide interval from 346.6m down hole.
TAKD012 Assay pending	Diamond drill hole TAKD012 intersected the larger MLTEM plate 160m down plunge from TAKD07. The drill hole passed through an approx. 10m thick sulphide interval from 436m down hole.
**TAKD013 **	Diamond drill hole TAKD013 was designed to test the continuation of mineralisation 80m down plunge from TAKD012. TAKD013 deviated away from the planned target zone and consequently did not intersect the projected sulphide horizon.
TAKD014 Assay pending	Diamond drill hole TAKD014 intersected the larger MLTEM plate 80 metres down plunge from TAKD012. The drill hole passed through an approx. 19m thick sulphide interval from 475.6m down hole.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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The mineralised interval reported from TAKD007 is the down plunge continuation of the high-grade copper intervals reported previously from TAKD001 and TAKD003 (Figure 3). All three drill holes intersected a thick sulphide package in excess of 20m. It is likely these intersections represent the thickest part of the mineralised system.

Figure 3 – Cross section through the Constellation Deposit.

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Drill hole TAKD009 targeted the mineralised system 80m up-plunge from the discovery hole TAKD001. A 0.7m thick massive sulphide lens was intersected within a bounding fault zone at the target horizon. Further work is required to determine the fault orientation and what impact the fault zone may have on mineralisation continuity further up-plunge toward TAKD002. Assay results for TAKD009 from the massive sulphide lens reported:

 0.7m @ 2.58% Cu, 0.61g/t Au, 6.9g/t Ag.

Drill hole TAKD010 tested the northern extents of the sulphide horizon along strike from drill holes TAKD001 and TAKD003. The drill hole intersected a broad zone of erratic stringer and disseminated chalcopyrite with only minor amounts of pyrite. TAKD010 returned an assay interval of 25.0m @ 0.66% Cu, 0.71g/t Au and 1.1g/t Ag including:

 7.0m @ 1.43% Cu, 1.77g/t Au, 2.4g/t Ag.

The absence of banded and massive sulphide textures and minimal pyrite may indicate the sulphide intersection from TAKD010 is close to the northern margin of the mineralised system.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Figure 4 – Plan view over the Constellation deposit showing the location of completed drill holes and the modelled EM bodies.

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Murrawombie Deposit

At the Murrawombie Deposit, underground drilling continued testing the 111, 113 and 115 hangingwall (HW) lodes. A total of 54 grade-control and resource delineation drill holes were completed within the quarter. Drilling increased the strike length and down-plunge extents to the 113 and 115 mineralised lodes. Whilst some assay results are still pending, significant assay results received to date include:

• 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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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Figure 5 – Long section view of the Murrawombie deposit showing pierce points through lodes 111, 113 and 115.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Tritton – Budgerygar Corridor

Development of an exploration access drive from the Tritton decline toward the Budgerygar deposit was completed in the March quarter. By quarter end two diamond drill rigs were mobilized to site and the first drill hole was in progress. The initial drill program is targeting the upper extents to the modelled Budgerygar system. A more detailed summary will be provided in the June quarter.

Figure 6 – Long section view of the Tritton and Budgerygar deposits showing the current drill target (red shaded rectangle) and the exploration access drive from Tritton to Budgerygar.

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Drill target
window
Exploration
access drive
Tritton deposit
Budgerygar
deposit
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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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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 has budgeted to spend $13 million on exploration activities over the first two years of ownership, on both greenfields and brownfields exploration.

Key exploration activities undertaken during the quarter included:

• Roses Pride Mineral Resource update;

• Klondyke – Royal Mineral Resource Update; and

• Underground resource definition drilling.

Roses Pride Mineral Resource Update

An updated Mineral Resource estimate for the Roses Pride deposit was completed during the quarter (refer to ASX Announcement “Roses Pride Mineral Resource Update” dated 6[th] January 2021). The updated Mineral Resource represents a 260% increase in total contained gold ounces compared to the previously reported Mineral Resource (December 2019). The updated Mineral Resource contains 177,000 tonnes at 4.6 grams per tonne gold for 26.1 thousand ounces of gold.

The updated Mineral Resource is based on a combination of additional drilling data and an alternate reporting schema. Further drilling is planned in the June quarter to continue drill testing the Roses Pride mineralised system.

– Klondyke Royal Mineral Resource Update

An updated Mineral Resource estimate for the Klondyke – Royal deposits was completed during the quarter (refer to ASX Announcement “Significant increase to Klondyke - Royal Mineral Resource” dated 22[nd] April 2021). The updated Mineral Resource represents a 324% increase in total contained gold ounces compared to the previously reported Mineral Resource (December 2019). The updated Mineral Resource contains 341,000 tonnes at 3.6 grams per tonne gold for 39.5 thousand ounces of gold.

The increased Mineral Resource inventory is based on a combination of a revision of the geological information, change in reporting criteria and additional mineralisation included from the June 2020 drill program.

Further drilling is planned in the June quarter at the Klondyke – Royal deposits. The drill program will be designed to complete infill drilling at each deposit.

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Quarterly Activities Report | For the period ended 31 March 2021

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Underground resource definition drilling

Resource definition drilling in the March quarter focused on testing extensions to known mineralised systems at the Royal and Sovereign deposits. Drilling at the Royal deposit successfully tested down plunge extensions to the mineralised structure mined previously. Drilling intersected gold mineralised over a 130m strike window (Figure X below). All intersections occured outside of the reported Mineral Resource footprint. Significant intersections include:

• RSU526 - 4.55m @ 9.4g/t Au (2.8m true thickness)

• RSU530A - 4.55m @ 3.5g/t Au (2.9m true thickness)

• RSU528 - 6.75m @ 2.6g/t Au (4.4m true thickness)

• RSU532 – 6.95m @ 2.1g/t Au (4.2 true thickness)

Figure 7: Long section view showing drill hole intersections from recent resource delineation drilling at the Royal deposit.

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Drilling completed at the Sovereign Deposit focused on testing the northern extents of the Inferred Mineral Resource. In total ten drill holes were completed, all of which intersected the main mineralised structure and an adjoining splay fault. Significant intersections include:

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

• SVU125 - 2.1m @ 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)

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Further drilling is planned at both the Royal and Sovereign deposits to continue testing extensions to the mineralised system along the margins and outside currently reported Mineral Resource.

Figure 8: Long section view showing drill hole intersections from recent resource definition drilling at the Sovereign deposit.

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Quarterly Activities Report | For the period ended 31 March 2021

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EXPLORATION – TORRENS

The Torrens Project (EL6407), a joint venture between Aeris Resources (70% interest) and Kelaray Pty Ltd (a wholly owned subsidiary of Argonaut Resources NL), is exploring for iron-oxide copper-gold (IOCG) systems in the highly prospective Stuart Shelf region of South Australia. The Torrens Project is located on Lake Torrens, near the eastern margin of South Australia’s Gawler Craton and lies within 50 kilometres of Oz Minerals’ Carrapateena deposit and BHP’s Oak Dam West discovery, and 75 kilometres from BHP’s Olympic Dam mine.

No on-ground exploration activities were completed at the Torrens Project during the quarter. Data collected from the passive seismic survey was processed and finalised.

Figure 9: Map showing location of EL 6407 (The Torrens Project).

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Corporate

Cash

At the end of the March quarter, Aeris had useable cash and receivables of $55.8 million, a decrease of $3.5 million compared to the previous quarter.

(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

Aeris made its third repayment of A$7.5 million on the A$30 million Tranche C Acquisition Bridging Facility on 16 March 2021, two weeks ahead of the scheduled payment date of 1 April 2021.

Aeris also made a voluntary US$2.5 million repayment on the Tranche B Facility on 16 March 2021.

Debt balances as at 31 March 2021:

Debt	Maturity	US$m Balance	A$m Balance1
Tranche A	1 July 2023	23.4	30.8
Tranche B	1 July 2023	6.5	8.6
Tranche C	1 July 2021	-	7.5
TOTAL		29.9	46.9

1 US$ debt converted to A$ equivalent at FX 0.7602

Net debt (A$ equivalent debt less useable cash) as at 31 March 2021 was a positive A$0.2m.

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Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

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Gold and Copper Hedging

The outstanding hedging profile of the Group as at 31 March 2021 is shown in the table below:

		JUN	SEP
		2021	2021
	Unit	QTR	QTR
Gold Hedge Hedge price Copper Hedge Hedge price Copper Zero Premium Option Collars: Strike price of Put Options Strike price of Call Options	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

On 15 February 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$10,000/t; and

• The strike price of the call options is A$11,100/t.

The hedges will cover the period February to July 2021 in scheduled monthly deliveries of approximately 667 tonnes (4,000 tonnes in total).

Authorised for lodgment by: Andre Labuschagne Executive Chairman

ENDS

19

Aeris Resources Limited

Quarterly Activities Report | For the period ended 31 March 2021

==> picture [88 x 46] intentionally omitted <==

For further information, please contact:

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

Media:

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

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.

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Quarterly Activities Report | For the period ended 31 December 2020

==> picture [88 x 46] intentionally omitted <==

APPENDIX A:

Table 2 – Collar details for Murrawombie drill holes completed during the quarter targeting the HW lodes.

==> picture [442 x 596] intentionally omitted <==

----- Start of picture text -----

Hole ID Northing [1] Easting [1] RL Dip Azimuth [1] Depth (m)
MWGC540 10117.405 5885.898 4712.50 6.9 109.5 50.6
6
MWGC541 10116.189 5885.783 4712.22 -14.6 110.1 65.5
2
MWGC542 10115.533 5885.667 4712.10 -8.8 93.1 86.3
8
MWGC543 10115.597 5885.541 4712.77 1.0 62.0 59.5
4
MWGC544 10103.588 5856.609 4732.86 18.8 127.4 40.3
MWGC545 10105.125 5857.094 4732.91 19.5 84.1 40
2
MWGC546 10106.245 5857.985 4731.33 -9.1 65.8 75
1
MWGC547 10106.925 5858.248 4731.89 1.6 57.0 65
8
MWGC548 10106.183 5857.362 4732.98 19.3 59.8 44.6
6
MWGC549 10135.057 5877.438 4673.74 35.9 103.4 90
MWGC550 10134.661 5877.063 4672.35 17.5 117.0 110
MWGC551 10134.741 5877.238 4671.75 5.4 112.3 119.9
3
MWGC552 10,135.53 5,877.37 4,671.9 8.3 90.0 115.0
MWGC553 10,135.95 5,877.60 4,672.2 13.0 80.0 17.7
MWGC553A 10,135.87 5,877.55 4,672.2 13.0 80.0 115.0
MWGC554 10,136.43 5,877.56 4,672.9 25.6 70.0 105.0
MWGC555 10,136.85 5,877.65 4,672.3 14.8 62.4 125.0
MWGC556 10,135.45 5,877.31 4,671.5 0.2 93.0 130.0
MWGC557 10,135.60 5,877.38 4,672.3 89.5 17.1 101.65
MWGC558 10,135.90 5,877.50 4,672.8 25.7 82.3 100.0
MWGC559 10,136.15 5,877.39 4,671.6 2.6 74.9 134.7
MWGC560 10,136.49 5,877.55 4,672.0 10.5 68.6 125.0
MWGC561 10,136.90 5,877.61 4,671.6 3.9 62.0 145.0
MWGC562 10,136.86 5,877.55 4,671.9 10.0 60.4 135.0
MWGC563 10,135.90 5,877.37 4,671.1 -16.6 81.7 209.7
MWGC564 10,135.27 5,877.42 4,671.1 -12.4 98.5 185.0
MWGC565 10,190.02 5,832.69 4,695.6 -24.8 86.9 320.3
MWGC566 10,190.20 5,832.50 4,696.2 -17.1 85.1 269.6
MWGC567 10,190.31 5,832.37 4,696.1 -23.4 80.7 330.0
MWGC568 10,190.66 5,832.18 4,696.1 -17.8 73.3 290.0
MWGC569 10,135.42 5,883.55 4,650.7 3.8 108.8 139.5
MWGC570 10,135.84 5,883.57 4,650.5 -0.7 101.7 155.0
MWGC571 10,136.23 5,883.68 4,650.7 3.4 94.0 145.0
MWGC572 10,136.58 5,883.63 4,650.5 1.2 85.9 155.0
----- End of picture text -----

Aeris Resources Limited

21

==> picture [442 x 279] intentionally omitted <==

----- Start of picture text -----

MWGC573 10,136.96 5,883.69 4,650.7 4.1 77.4 150.0
MWGC574 10,137.40 5,883.52 4,650.5 1.2 69.6 160.0
MWGC575 5883.432 10138.061 4650.53 0.0 57.3 182.2
8
MWGC576 5883.561 10138.014 4650.76 5.4 58.1 165.0
9
MWGC577 5872.46 10118.424 4650.85 -25.7 94.1 310.0
7
MWGC578 5872.46 10118.424 4650.85 -20.8 96.5 260.0
7
MWGC579 5872.46 10118.424 4650.85 -25.5 102.8 305.0
7
MWGC580 5872.46 10118.424 4650.85 -23.9 110.8 315.0
7
MWGC581 5872.46 10118.424 4650.85 -19.2 113.5 265.0
7
MWGC582 5872.46 10118.424 4650.85 -25.3 116.6 350.0
7
MWGC583 5871.412 10115.197 4650.89 -2.2 117.6 195.0
9
MWGC588 5883.118 10136.09 4648.87 -2.3 116.4 215.0
9
MWGC589 5883.118 10136.09 4648.87 -21.1 91.4 260.0
9
MWGC590 5883.118 10136.09 4648.87 -29.3 89.6 335.7
9
MWGC591 5883.118 10136.09 4648.87 -23.7 81.9 275.0
9
MWGC592 5883.118 10136.09 4648.87 -28.0 81.2 325.0
9
----- End of picture text -----

1Easting and northing coordinates are reported in Murrawombie mine grid. Azimuth values are transposed to the Murrawombie mine grid.

Table 3 – Significant drill hole intersections through the various Murrawombie mineralised zones from drill holes completed during the quarter or assay results received during the quarter.

==> picture [446 x 297] intentionally omitted <==

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Length True thickness Cu grade
Hole ID From (m) To (m) Lode
(m) (m) (%)
MWGC540 40.00 41.00 1.00 0.8 0.72 113
MWGC541 49.25 55.00 5.75 5.5 0.47 113
MWGC542 41.25 56.00 14.75 12.0 1.70 113
MWGC542 71.30 79.90 8.60 4.6 0.94 115
MWGC543 39.60 48.65 9.05 5.3 1.76 113
MWGC546 62.00 70.65 8.65 5.1 3.38 113
MWGC549 57.40 68.80 11.40 11.4 1.77 113
MWGC549 74.00 80.10 6.10 6.0 2.71 115
MWGC550 96.15 97.50 1.35 1.2 4.29 115
MWGC551 103.10 109.50 6.40 6.1 1.09 115
MWGC552 74.15 91.70 17.55 16.0 0.65 113
MWGC552 99.00 103.30 4.30 4.0 1.53 115
MWGC553A 73.20 91.00 17.80 14.2 2.25 113
MWGC553A 98.45 102.30 3.85 3.8 1.82 115
MWGC554 assays not received -
MWGC555 assays not received 115
MWGC556 assays not received 115
MWGC557 assays not received 115
MWGC558 assays not received 115
MWGC559 80.40 103.00 22.60 14.7 1.06 113
MWGC559 106.10 114.25 8.15 5.6 1.41 115
----- End of picture text -----

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==> picture [446 x 371] intentionally omitted <==

----- Start of picture text -----

MWGC560 assays not received 115
MWGC561 assays not received 115
MWGC562 assays not received 115
MWGC563 assays not received 115
MWGC564 assays not received 115
MWGC565 assays not received 115
MWGC566 assays not received 115
MWGC567 assays not received 115
MWGC568 assays not received 115
MWGC569 assays not received 115
MWGC570 assays not received 115
MWGC571 assays not received 115
MWGC572 assays not received 115
MWGC573 assays not received 115
MWGC574 assays not received 115
MWGC575 assays not received 115
MWGC576 assays not received 115
MWGC577 assays not received 115
MWGC578 assays not received 115
MWGC579 assays not received 115
MWGC580 assays not received 115
MWGC581 assays not received 115
MWGC582 assays not received 115
MWGC583 assays not received 115
MWGC588 assays not received 115
MWGC589 assays not received 115
MWGC590 assays not received 115
MWGC591 assays not received 115
MWGC592 assays not received 115
----- End of picture text -----

• Significant drill intersections are based on a 0.5% Cu cut-off and can include up to 3.0 metre of internal dilution.

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APPENDIX B:

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

Section 1 - Sampling Techniques and Data

==> picture [448 x 590] intentionally omitted <==

----- Start of picture text -----

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 1.0 metre intervals. HW and FW
intervals are taken as close to 1.0 metre.
Drilling 1. Drilling results reported are via diamond drill core (NQ
diameter).
techniques
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 collected
sample
on average at 1 metre intervals, with a minimum sample
preparation length of 0.4 metre and a maximum length of 1.4 metre.
----- End of picture text -----

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==> picture [448 x 646] intentionally omitted <==

----- Start of picture text -----

Criteria Commentary
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.
Quality of assay 1. All samples are sent to ALS Laboratory Services at their
data and Orange facility.
laboratory tests 2. Samples are analysed by a 3 stage aqua regia digestion
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 Tritton are
referenced in a local 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 30 metres or
shorter intervals if required.
Data spacing 1. Drill spacing at the Murrawombie deposit is spaced
and distribution between 20 metres to 80 metres down plunge. Drillhole
spacing along strike is similarly varied ranging between 20
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==> picture [448 x 328] intentionally omitted <==

----- Start of picture text -----

Criteria Commentary
metres to 80 metres.
2. The drill spacing at Murrawombie is appropriate to assess
the potential size and grade of a mineralised system to an
Inferred and Indicated Mineral Resource status.
Orientation of 1. All drillholes are designed to intersect the target at, ideally
data in relation to right angles. However, the limited drill locations available
does mean that for some drillholes the intersection angle
geological to mineralisation is more acute.
structure
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.
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Murrawombie and Tritton 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.
Exploration done by other parties	1. Regional exploration was 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 discoveryof oxide copper

26

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==> picture [448 x 626] intentionally omitted <==

----- Start of picture text -----

Criteria Commentary
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.
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 1. All historical assay results reported represent length
aggregation weighted composited assays. Compositing was applied to
intervals which nominally exceeded 0.5% Cu with a
methods
maximum of 3.0 metres 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 with additional drilling
planned to test the extents of the mineralised system
further.
----- End of picture text -----

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Aeris Resources Limited

APPENDIX C:

Table 4 – Collar details for drill holes completed during the quarter targeting the Royal and Sovereign deposits.

==> picture [442 x 511] intentionally omitted <==

----- Start of picture text -----

Hole ID Northing Easting RL Dip Azimuth Depth (m)
SVU124 [1] 6344.404 1224.779 1944.325 15.2 135.8 161.6
SVU125 [1] 6344.405 1224.800 1944.995 25.0 135.8 122.7
SVU126 [1] 6344.257 1224.388 1944.947 26.9 148.0 128.6
SVU127 [1] 6343.995 1224.079 1944.163 14.2 158.3 125.7
SVU128 [1] 6344.045 1224.071 1944.801 24.0 158.0 128.7
SVU129 [1] 6344.115 1224.039 1945.354 33.4 158.5 140.7
SVU130 [1] 6344.259 1223.973 1945.911 39.8 156.8 151.0
SVU131 [1] 6344.622 1224.626 1945.982 40.1 135.9 146.0
SVU132 [1] 6344.449 1224.342 1946.216 43.0 147.8 152.9
SVU133 [1] 6344.696 1225.170 1943.194 -19.7 123.6 128.9
SVU134 [1] 6344.562 1224.897 1943.877 3.2 135.3 141.0
SVU135 [1] 6344.243 1224.398 1943.530 -8.9 158.2 141.0
SVU136 [1] 6344.953 1225.63 1944.514 14.1 124.0 146.5
RSU525 [1] 4806.569 768.689 1841.078 40.9 88.9 239.9
RSU526 [1] 4805.905 768.745 1841.269 41.1 101.8 247.9
RSU527 [1] 4806.323 768.700 1840.914 37.2 95.6 223.8
RSU528 [1] 4805.626 768.544 1840.722 35.9 109.8 240.0
RSU529 [1] 4805.856 768.775 1840.52 32.3 103.7 218.0
RSU530 [1] 4805.416 768.387 1840.516 33.8 115.1 17.9
RSU530A [1] 4805.403 768.392 1840.321 31.3 115.8 222.0
RSU531 [1] 4805.787 768.683 1840.170 28.2 105.2 203.9
RSU532 [1] 4805.020 767.731 1839.886 26.8 132.3 243.2
RSU533 [2] 4804 767 1838 27.0 119.2 219.1
RSU534 [2] 4804 767 1838 21.9 127.1 213.2
RSU535 [2] 4804 767 1838 41.1 96.1 239.7
RSU536 [2] 4804 767 1838 36.9 102.0 239.2
RSU537 [2] 4804 767 1838 39.3 76.3 143.8
RSU537A [2] 4804 767 1838 38.9 77.0 252.0
RSU538 [2] 4804 767 1838 27.3 85.5 201.0
----- End of picture text -----

1Easting and northing coordinates are reported in Klondyke mine grid. Azimuth values are transposed to the Klondyke mine grid.

2 Planned easting and northing coordinates are reported in Klondyke mine grid. Azimuth values are transposed to the Klondyke mine grid.

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Table 5 – Significant drill hole intersections through the Royal and Sovereign deposits.

==> picture [444 x 463] intentionally omitted <==

----- Start of picture text -----

Length True thickness Au grade
Hole ID From (m) To (m)
(m) (m) (g/t)
SVU124 94.5 96.0 1.5 1.5 1.9
SVU125 99.8 101.85 2.15 1.8 4.3
SVU126 98.2 106.65 8.45 7.5 1.8
SVU127 105.3 111.1 5.8 5.3 1.1
SVU128 95.1 97.8 2.7 2.2 7.5
SVU128 108.9 113.2 4.3 3.1 2.1
SVU129 117.8 123.45 5.65 4.5 2.8
SVU130 121.1 129.0 7.9 5.1 3.9
SVU131 120.2 122.3 2.1 1.5 2.5
SVU132 124.3 131.4 7.1 4.5 2.4
SVU133 111.74 112.63 0.89 0.9 0.1
SVU134 93.0 93.7 0.7 0.7 1.5
SVU134 115.9 118.5 2.6 2.5 0.4
SVU136 105.0 108 3 2.6 1.4
RSU525 216.85 217.55 0.7 0.4 4.6
RSU526 67.8 69.4 1.6 1.6 0.6
RSU526 216.45 221 4.55 2.8 9.4
RSU527 200.2 203.15 2.95 2.0 1.9
RSU528 213.45 220.2 6.75 4.4 2.6
RSU529 69.8 71.05 1.25 1.2 2.6
RSU529 127.5 129.2 1.7 1.1 11.1
RSU529 192.8 197.15 4.35 3.2 1.0
RSU530A 196.45 201 4.55 2.9 3.5
RSU531 73.7 74.95 1.25 1.3 0.1
RSU531 115.5 115.9 0.4 0.3 2.3
RSU531 176.95 179.15 2.2 1.6 0.3
RSU532 132.1 132.55 0.45 0.3 3.1
RSU532 214.05 221 6.95 4.2 2.1
RSU533 184.3 191 6.7 3.5 2.0
RSU534 180.5 191 10.5 7.6 0.9
RSU535 209.5 221 11.5 5.5 1.8
RSU536 Assays not received
RSU537 Assays not received
RSU538 Assays not received
----- End of picture text -----

• Significant drill intersections are based reporting the entire structure irrespective of Au grade. The structure is primarily defined by logged quartz percent.

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APPENDIX D:

JORC Code, 2012 Edition – Royal and Sovereign resource definition drill programs Table 1

Section 1 - Sampling Techniques and Data

==> picture [448 x 564] intentionally omitted <==

----- Start of picture text -----

Criteria Commentary
Sampling Drilling
techniques 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 1. Drill holes are completed via diamond drilling (NQ2 diameter).
techniques
Drill sample 1. Core recoveries are recorded by the drillers on site at the drill
rig. Core recoveries are checked and verified by an Aeris
recovery
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 core is logged by an Aeris employee or a fully
trained contract geologist.
2. All diamond core is geologically logged, recording lithology,
vein quantity/texture/mineralogy, alteration and weathering.
----- End of picture text -----

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----- Start of picture text -----

Criteria Commentary
3. All geological and sample data is captured electronically
within LogChief Software and uploaded to Aeris Resources
licenced Datashed database.
4. All diamond drill core is 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 collected in
techniques a consistent manner. Half core samples are cut via an
automatic core saw, and half core samples are collected on
and sample
average at 1 metre intervals, with a minimum sample length
preparation 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.
Quality of 1. All samples are sent to ALS Laboratory Services at their
Brisbane facility for sample preparation. Sub 3kg samples are
assay data
pulverised to 85% passing 75 microns. If samples are greater
and laboratory
than 3kg they are split prior to pulverising.
tests
2. Au assaying is via a 50g fire assay charge (Au-AA26) using a
AAS finish. Au assaying is completed at ALS Townsville
laboratory. Ag assaying is completed at the Brisbane
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).
The frequency rate for each QA/QC sample type is 5%.
Verification of 1. Logged drillholes are reviewed by the logging geologist and
sampling and a senior geologist. All geological data is logged directly into
Logchief software at the core processing facility. The
assaying
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 1. Drill hole collar locations are surveyed via a qualified surveyor.
data points 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
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Criteria Commentary
Mineral Resource reporting.
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 1. The drill holes are resource definition in nature testing the
and margin of current Mineral Resource or extensions beyond the
Mineral Resource. Drill spacing is completed on an initial
distribution
nominal first pass 40m x 40m. Drill spacing will vary depending
on the results / interpretation obtained from the initial drill
program.
Orientation of 1. All drillholes are designed to intersect the target at a high
data in relation angle to the interpreted structure.
to geological 2. Each drillhole completed has not deviated significantly from
structure the planned drillhole path.
3. Drillhole intersections through the target zones are not biased.
Sample 1. Samples were collected by company personnel and
security delivered to the laboratory via a transport contractor.
Audits or 1. Data is validated when uploading into the companies
reviews Datashed database.
2. No formal audit has been conducted.
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Royal and Sovereign resource definition drill programs Table 1 Section 2 - Reporting of Exploration Results

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 programs reported in this announcement are located within ML80089. ML80089 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

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Criteria	Commentary
	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 porphyry type mineralisation, focusing on 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

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Criteria Commentary
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 1. All relevant information pertaining to each drillhole has been
information provided.
Data 1. Reported significant intervals are reported within the entire
aggregation logged structure. Logged quartz percentage is the primary
criteria used to define the structure extents. Au mineralisation
methods
at Cracow can be variable and as such is not used as primary
criteria in defining reportable intersections.
Relationship 1. Drillholes have been designed to intersect the mineralised
between structure at a high angle.
mineralisation 2. As a generalisation drillhole intersections through the
widths and mineralised structure at an acute angle (~30-60°).
intercept 3. The reported intersection widths define the entire mineralised
lengths structure.
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 1. There is no other relevant substantive data to report.
substantive
exploration
data
Further work 1. Further drilling is planned targeting the Sovereign and Royal
deposits.
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