AERIS RESOURCES LIMITED — Interim / Quarterly Report 2021

Jan 27, 2021

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December 2020 Quarterly Presentation

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28 January 2021

Presented by: Andre Labuschagne Ian Sheppard (COO) Rob Brainsbury (CFO)

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

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Production

• Cracow 18,011oz Au @ AISC $1,567/oz

• Tritton 5,845 tonnes Cu @ AISC $2.85/lb

New Discovery

• Constellation - 3 EM plates identified

• First 3 holes: 19.95m @ 2.41% Cu[1] ; 3.55m @ 22.56% Cu[1] ; and 27.10m @ 1.61% Cu[2]

• Approval for additional 25 holes

• Cracow - Roses Pride resource update[3]

LOM focus

• New tailings dam underway

• Tritton - Budgerygar development and drilling - Avoca Tank project plan

Strong cash position

• Cash and receivables of $59.3m

• Second debt instalment (A$7.5m) paid early and voluntary payment of US$2m

• Net debt $10.9m – down by $48.1m since 1 July

1 Refer to ASX Announcement “High grade copper intersected at Constellation” dated 21 December 2020

2 Refer to ASX Announcement “Further high grade copper intersected at Constellation” dated 20 January 2021

3 Refer to ASX Announcement “Roses Pride Mineral Resource Update” dated 6 January 2021

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Safety

Safety and Environment

• No LTI’s recorded

• No reportable environmental incidents

• “Leading a Safe Culture” training program commenced

Covid-19

• Measures in place to manage

• No incidents recorded

• Continue to review and update according to Government guidelines

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Community and Sustainability

Naidoc week Nyngan

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Tritton new local apprentices intake

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Tritton contribution into Electric Mobile Equipment “TRITEV” Working with 3ME Technology

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Production and Cost Summary

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Tritton :

• Lower tonnes at Tritton UG:

• Stope blast partial failure delays critical stope

• Paste line blockage - now resolved

• Murrawombie UG excellent qtr

• Guidance unchanged: 23.5-24.5kt @ AISC A3.60/lb – A3.75/lb

	TRITTON PRODUCTION SUMMARY	UNIT	MAR 2020	JUN 2020	SEP 2020 QTR	DEC 2020
			QTR	QTR		QTR
	ORE MILLED	TONNES	390,690	418,242	411,341	370,897
	MILLED GRADE TOTAL COPPER PRODUCED	Cu (%) TONNES	1.68% 6,083	1.71% 6,672	1.56% 6,044	1.66% 5,845
	COST SUMMARY
	ALL-IN SUSTAINING COSTS3 GROWTH CAPITAL / EXPLORATION ALL-IN COSTS3	A$M A$/lb A$M A$M A$/lb	51.0 3.79 0.2 51.2 3.81	47.0 3.23 0.5 47.5 3.26	44.5 3.33 0.3 44.8 3.35	36.6 2.85 0.7 37.3 2.90

Cracow:	CRACOW PRODUCTION SUMMARY	UNIT	SEP 2020 QTR	DEC 2020 QTR
• Tonnes and ozs better than plan	ORE MILLED MILLED GRADE	TONNES g/t	144,972 4.65	160,446 3.80
• Processing team demonstrated	TOTAL OUNCES PRODUCED	oz	20,237	18,011
capacity at +600kt pa	COST SUMMARY
• Further de-bottlenecking underway	ALL-IN SUSTAINING COSTS3	A$M A$/oz	27.1 1,282	27.2 1,567
• Guidance unchanged: 70koz – 75koz	GROWTH CAPITAL / EXPLORATION	A$M	0.8	4.5
@ AISC A$1,525/oz – A$1575/oz	ALL-IN COSTS3	A$M A$/oz	27.9 1,321	31.7 1,827
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Tritton Copper Operations – Constellation Deposit discovered

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Spectacular results

• 3 Bedrock EM conductors identified

• Drilling commenced in November

• 1[st] hole intersected high grade copper[1]

• Drilling continued with great results

• Approval received for 25 more holes

• Next round of downhole EM in February

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1 Refer to ASX Announcement “High grade copper intersected at Constellation” dated 21 December 2020

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Tritton Copper Operations – Constellation Deposit

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TAKD001

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Spectacular results

• TAKD001[1] 19.95m @ 2.41% Cu, 0.64g/t Au, 4.6g/t Ag from 197.2m including;

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• 5.60m @ 1.43% Cu, 0.53g/t Au, 2.4g/t Ag

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• 7.55m @ 4.71% Cu, 0.99g/t Au, 9.2g/t Ag

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• TAKD003[2] 27.10m @ 1.61% Cu, 0.43g/t Au, 3.4g/t Ag from 233.90m including;

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TAKD003

• 6.30m @ 2.30% Cu, 0.47g/t Au, 4.8g/t Ag

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• 10.80m @ 2.37% Cu, 0.66g/t Au, 4.9g/t Ag

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• 1 Refer to ASX Announcement “High grade copper intersected at Constellation” dated 21 December 2020 2 Refer to ASX Announcement “Further high grade copper intersected at Constellation” dated 20 January 2021

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Tritton Copper Operations – Constellation Deposit

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TAKD002

TAKD002 targeting the smaller conductor

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TAKD002
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• intersected a 3.55 metre thick massive sulphide interval from 61.05 metres down hole

• 3.55m @ 22.56% Cu, 2.57g/t Au, 16.1g/t Ag[1]

• Downhole EM survey identified 2 plates

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1 Refer to ASX Announcement “High grade copper intersected at Constellation” dated 21 December 2020

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Cracow Gold Operations - Exploration of brownfield target areas

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• Cracow underground • Drilling at Kenneth target underway with encouraging results to date

• • Geological review done, near mine targets identified

• • Second drill rig in place to test near mine targets

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Cracow Gold Operations - Exploration

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• Updated Mineral Resource for Roses Pride:

• 260% increase in gold ounces to 26koz

• Total reported Mineral Resource of 177kt @ 4.6g/t Au for 26koz Au[1]

• Mineralisation remains open along strike

• Further drilling planned in first half of 2021

• Klondyke – Royal Mineral Resource due in Q1 CY21

Long section view showing the December 2020 reported Roses Pride Mineral Resource block estimate. Blocks are coloured by Au grade. Outline of previously reported Mineral Resource denoted by solid blue line.

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1 Refer to ASX Announcement “Roses Pride Mineral Resource Update” dated 6 January 2021

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Financials

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(A$ Million)	SEP	DEC
	2020	2020
	QTR	QTR
Useable Cash Tritton - Copper concentrate receivables Cracow – gold/silver dore receivables	41.7 22.4 -	45.5 13.8 -
Useable Cash and Receivables	64.1	59.3

Debt

• Second A$7.5m repayment made early

• Voluntary US$2 million paid on Tranche B

• Total debt A$56.4m down from A$70m

• Net debt A$10.9m – down by $48.1m since completion of Cracow acquisition

Hedging		MAR	JUN	SEP
		2021	2021	2021
	Unit	QTR	QTR	QTR
Gold Hedge Hedge price Copper Hedge	Oz A$/oz TONNES	9,000 2,536.25 3,166	9,000 2,536.25 2,499	- - 833
Hedge price	A$/t	9,165.84	9,228.00	9,228.00

Hedging

• Gold hedge $140/oz above current spot

• Copper hedge reducing allowing more exposure to current spot price

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M&A strategy remains a focus

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Aeris Resources Commodity  Gold and Copper
M&A strategy
 East coast Australia
Location  Rest of Australia
 Offshore – Risk reward
 Pursue strategic M&A opportunities to
add value, complement existing  Producing operation with established infrastructure
portfolio and transform Aeris into a Project stage  Development ready
mid-sized, multi-mine company
 Leverage Aeris’ existing operational Size and  Ongoing opportunity to upgrade portfolio
expertise to create value where others  Exploration upside
potential  Cash generative
cannot
 Focus on base and precious metals,
particularly copper and gold Mining method  Underground and open pit mining consistent with current skills
opportunities
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. Mr Cox is a full time employee of Aeris Resources Limited.

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. 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. 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 has rights to 22,418,546 share options that were issued on 15 December 2015 that will vest over five years from the issue date and may be converted to shares over time when various conditions are met. All dollar figures are in Australian dollars unless otherwise indicated.

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