AERIS RESOURCES LIMITED — Investor Presentation 2021

Jun 22, 2021

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Gold Coast Investment Showcase

23 June 2021 Presented by Andre Labuschagne

Aeris - Gold Coast Investment Showcase

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Important notice and disclaimer

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

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

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

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

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Aeris - Gold Coast Investment Showcase

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Our Business
Cracow Gold Operations
Ownership 100%
Mine type U/G
Processing 600 ktpa CIP
FY21F Production 70koz – 75 koz Au
FY21F AISC A$1,525/oz-A$1,575/oz
Au Reserves [(1)] 550kt @ 5.1 g/t (89koz)
Torrens JV
Au Resources [(1)] 2,300kt @ 4.0 g/t (300koz)
Ownership 70%
Location 75 km SE Olympic Dam (BHP)
Cracow
Geology Type IOCG
Anomalous Zone 120 km [2] Brisbane Corporate Office
Canbelego JV
Torrens JV (70%) (30%)
Tritton
Canbelego JV Tritton Copper Operations
Ownership 30%
Ownership 100%
Location 45km SW of Tritton
Mine type U/G
Geology Type Epigenetic structurally controlled
Processing 1.8 Mtpa
Anomalous Zone <2km
FY21F Production 22.5kt – 23.5 kt Cu
FY21F AISC A$3.60lb – $3.75/lb Cu
Cu Reserves [(1)] 5,700kt @ 1.5% (86kt)
Cu Resources [(1)] 17,500kt @ 1.5% (250kt)
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Our Business

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(1) See slides 26 – 30 for further detail

Aeris - Gold Coast Investment Showcase

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Market information
ASX Code AIS $50m placement
Constellation results
Market capitalisation [1] A$441m
Enterprise Value [1]
A$394m
Available Cash [2 ] A$73m
H1 results
Outstanding Debt [2, 3] A$26m Constellation discovery
Commodity focus Copper and Gold Cracow Acquisition
Shareholding structure (Issued Shares) as at 22 June 2021
Equity raise @ $0.03
Tudor Court
19.5%
Other
shareholders
44.5%
Institutions
34.2%
Management
(excl. options), 1.7%
Mgt also hold
Issued shares: c.2,207 million 47.2m Options (1) Based on share price of $0.20 per share on 22 June 2021
(2) As at 22 June 2021
(3) FX rate 0.755
4
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Aeris - Gold Coast Investment Showcase

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Transformation in last 12 months

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Comparison H1 Dec 19 vs H1 Dec 20
Cash from Operating
Share price Market cap $m Revenue $m Net profit $m Net debt $m
activities $m
3.4c
19 108 6 -29 37
214 72 46 11
20c 441
+99% +1,053% +260% -70%
1 Jun 20 Dec 19
Dec 20
22 June 21
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Aeris Resources

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Aeris - Gold Coast Investment Showcase

Tritton Copper Operations A consistent producer with upside

• Established underground copper mines and 1.8 Mtpa processing plant in Western NSW, Australia

• Operating since 2005 with >320 kt Cu produced

• Highly endowed region and 2,160km[2] tenement package

• Nearby mines include CSA (Glencore plc), Peak and Hera Mines (Aurelia Metals Limited)

• 750 kt copper discovered on tenements to date[(1)]

• Currently mining the Tritton and Murrawombie underground mines:

• Tritton is a >20 Mt copper dominant deposit[(2)]

• Murrawombie is a >10 Mt copper dominant deposit with good gold grades[(2)]

• Near term life extension projects underway or commencing in FY22

• Recent discovery of Constellation deposit demonstrates exploration upside

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Tritton production profile (kt)

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30 30
26 27 27
25
23 23 22.5-23.5
FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F
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• (1) 750kt of copper discovered to date on the Tritton tenement package includes historically mined and current reported Mineral Resources

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• (2) Estimated tonnages of the Tritton and Murrawombie deposits package includes 7 historically mined and current reported Mineral Resources

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Aeris - Gold Coast Investment Showcase
Tritton Copper Operations
An unrivalled project pipeline
Project Producing Development Ready Exploring Constellation
Avoca Tank
Tritton
Murrawombie
Murrawombie
Budgerygar
Budgerygar
Kurrajong
Tritton
Avoca Tank Processing Facility
South Wing
Murrawombie Open Pit
Constellation Budgery
Budgery
Kurrajong
Legend
South Wing Mineral ResourceAdvanced Exploration Project
Prospective trend
Volcanic complex 8
Exploration tenement
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Aeris - Gold Coast Investment Showcase

Tritton Copper Operations – there’s more copper to be found, $15 million allocated for FY22

• Exploration upside:

• Highly endowed tenement package (2,160km[2] ) – more than 750kt of copper discovered to date[(1)]

• Proven exploration strategy – Constellation discovery demonstrates it’s working

• 3 most recent discoveries (Avoca Tank, Kurrajong and Constellation) at Tritton Copper Operations all show good copper and gold grades

• New exploration tenements gives “new spaces” to explore – northern half of tenement package largely unexplored

• Regional geology characterised by clusters of deposits – keep looking around known orebodies

• Established processing facility provides strategic regional advantage for new discoveries

• EL application pending (140km[2] )

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(1) 750kt of copper discovered to date on the Tritton tenement package includes historically
mined and current reported Minerals Resource
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Aeris - Gold Coast Investment Showcase

Tritton Copper Operations Greenfields Exploration Activities in FY22

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Constellation

• Continue drilling at Constellation across FY22 targeting Maiden Mineral Resource estimates for open pit and underground

• Bedrock conductor identified initially from airborne EM survey and confirmed by ground based EM

Avoca Tank

• Two drill holes planned to test down dip extensions below Mineral Resource

Aerial EM Program

• Proven first pass exploration method – discovered Constellation

• Cost effective tool for exploring large areas quickly – to be used over northern half of Tritton tenement package

Greenfields Drilling Program

• First pass drill testing of multiple greenfields targets

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Aeris - Gold Coast Investment Showcase

Tritton Copper Operations – Constellation Deposit

• Spectacular results

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

• 24 diamond holes drilled to date – majority intersecting copper sulphide mineralisation

• High grade results reported near surface and at depth

• Drilling has traced mineralised system 850m down plunge[(1)]

• Latest drilling increased strike to ~200m[(2)]

• Two EM plates traced a further 300m down plunge[(2)]

• Near surface mineralisation provides potential open pit opportunity

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

(1) Aeris announcement “Constellation Continues To Shine” dated 27 May 2021

(2) Aeris announcement “Constellation Footprint Continues To Grow” dated 10 June 2021

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Aeris - Gold Coast Investment Showcase

Tritton Copper Operations Constellation Deposit – RC drilling

• Assays received from 22 Reverse Circulation (RC) holes (assays pending on a further 30 RC holes)

• Significant high grade copper intersections including:[(1)]

• 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)

• TAKRC010 - 42m @ 1.56% Cu, 0.92g/t Au, 1.7g/t Ag (from 31m)

• TAKRC006 - 30m @ 1.47% Cu, 0.46g/t Au, 1.5g/t Ag (from 92m)

• High grade copper mineralisation is thicker than expected within the oxide / supergene zones and remains open along strike to the south

• Approval received for an additional 19 RC holes to continue testing mineralisation along strike – awaiting approval for a further 21 RC holes

• Potential open pit for near surface mineralisation

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(1) ASX announcement “Exceptional Copper Assays From RC Drilling At Constellation” dated 8 June 2021

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Aeris Resources

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Aeris - Gold Coast Investment Showcase

Cracow Gold Operations A highly cash flow generative mine that has transformed the company

• A high grade, low cost gold mine in Queensland, Australia with a proven operating history

• Acquired from Evolution Mining in July 2020:[(1)(2)]

• A$60m cash paid at completion

• A deferred cash payment of A$15m on 30 June 2022

• 10% net value royalty[(3) ] from 1 July 2022 to 30 June 2027, capped at A$50m

• FY21F production of 70 – 75 koz[(4) ] high margin gold ounces at AISC of A$1,525oz – A$1,575/oz.

• Significant opportunities available to unlock value

● Cracow is a great fit for Aeris:

• Right size

• Right commodity

• Upside potential (exploration and operational)

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Cracow production profile (koz)
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95 93 91 89 90 88
81
70 – 75
57 -62
FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F FY22F
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(1) Aeris announcement “Aeris to Acquire Cracow Gold Mine From Evolution” dated 4 June 2020 (2) Aeris announcement “Aeris Completes Acquisition Of Cracow Gold Mine” dated 1 July 2020 (3) Net value royalty is defined as the gross revenue less C1 direct cash costs, multiplied by 10% (4) Aeris announcement “Quarterly Activities Report September 2020” dated 21 October 2020

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Aeris - Gold Coast Investment Showcase

Cracow Gold Operations – a prolific goldfield Aeris is re-invigorating exploration, $13 million allocated for FY22

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• Cracow has produced more than 1.4 Moz of gold over its life since first production in 2004

• Strong history of replenishing reserves and resources - remains a key focus for Aeris

• Depletion consistently replaced with a 3 to 5 year mine life maintained

 Accelerating Exploration – near mine underground targets, potential open pits and greenfields exploration

• Mineral Resource updates already for Roses Pride and Klondyke-Royal deposits

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Cracow reserves replacement (koz) [(1)]
300 143 205 166 231 230 241 273 260 260 248 190 192 245 187
89
(37)
(148)
(265)
(372)
(472)
(574)
(676)
(779)
(881)
(976)
(1,060)
(1,160)
(1,250)
(1,340)
(1,421)
(1,509)
FY05A FY06A FY07A FY08A FY09A FY10A FY11A FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A
Gold reserves Cumulative production 15
(1) Based on June year end
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Aeris - Gold Coast Investment Showcase

Cracow Gold Operations Accelerating Exploration

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Near Mine

• Push mill to 650kt

• Focus on increasing UG mine life

• Review old areas and cutoff grades

• Multiple targets to be tested

• 3 drill rigs operating in FY22

New Space

• Prioritising targets

• Drilling approved for Ballymore

• Gravity survey done for Boughyard

• $4m budget for FY22

Resource updates

• Roses Pride +260% [(1)]

• Klondyke Royal +324% [(2)]

• Resource updates at Royal and Sovereign pending

• Ore Reserve update Aug 2021

• $9m budget for FY22

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(1) Aeris announcement “Roses Pride Mineral Resource Update” dated 6 January 2021 (2) Aeris announcement “Significant Increase to Klondyke Royal Mineral Resource” dated 22 April 2021 16

Aeris - Gold Coast Investment Showcase

Cracow Gold Operations Exploration of brownfield target areas

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SOVEREIGN
Drill target – tested / testing
Drill target – not tested.
First pass testing
BALLYMORE TIP scheduled FY22
CROWN
DEEPS
• Two rigs increasing to three rigs
•
Increased FY22 budget to A$9M
• Multiple untested targets
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Cracow Gold Operations Exploring in new spaces – looking for the next big discovery

Prospectivity review completed. Revision of priority targets.

● Cracow South-West

• Identified as a potential analogue of the Western field mineralised system (~2Moz) [(1)]

• Structures with potential to host mineralisation identified from 2D seismic surveys and intersected from limited drilling completed in the area

• Within 5km of current mine infrastructure

● Ballymore

• Prospective structure along southern margin of the current mining footprint

• Limited historical drilling returned encouraging results

• Evidence of epithermal vein textures / anomalous pathfinder elements

• Drilling scheduled in FY22 from current underground workings

● Boughyard

• Large (~3.0 km x 1.5 km) alteration system open to south and west

• Regional analogue to the alteration system spatially related to the Cracow goldfield

• Geological understanding and drill targeting has been refined following completion of a drone magnetic survey 10 December 2020

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• (1) 2Moz of gold discovered to date on the Cracow tenement package includes historically mined and current reported Minerals Resource

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Aeris Resources
M&A
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M&A remains a focus

Aeris Resources M&A strategy

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

• Leverage Aeris’ existing operational expertise to create value

• Key focus on copper and gold opportunities

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

• Project stage  Producing operation with established infrastructure

• Development ready  Bolt-on exploration

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

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Aeris Resources

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Summary

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Highlights of the past 12 months

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Cracow Tritton
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• Acquisition and integration completed

• FY21 guidance 22,500-23,500t Cu @ AISC

• FY21 guidance 70,000-75,000oz @ AISC of between A$1,525/oz and A$1,575/oz

  • of A$3.60-A$3.75/lb

• Commenced development at Budgerygar deposit

• Klondyke/Royal, Roses Pride Mineral Resource updates

• Discovered Constellation deposit – drilling

• Started construction of new tailings dam

• continues

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Corporate
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• Repaid $48m in debt since 1 July 2020

• Sold Yandan gold project (non-core)

• $50m Placement in June 2021

• Net Debt positive $47m[1]

• Accelerating Exploration  Accelerating Exploration

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(1) As at 22 June 2021 22

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Aeris - Gold Coast Investment Showcase
What makes
Proven team with a
consistent track record
Aeris different?
Further value to unlock Diversified, strong free
cash generation
We Are
Aeris
A platform for growth Favourable gold / copper
price exposure
Financially robust, rapidly deleveraging
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Aeris Resources

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Thank you

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Aeris Resources

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Appendix A: Mineral Resource and Ore Reserve statements

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Tritton – Mineral Resource

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(1) Discrepancies in summation may occur due to rounding. (2) Mineral Resource cut-off grades: 0.6% Cu Tritton, 0.6% Cu Murrawombie, 0.6% Cu Avoca Tank, 0.8% Cu Budgerygar, 0.5% Budgery. Mineral Resource is reported on page 27 of the Aeris Resources Limited Annual Report 2020.

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Tritton – Ore Reserve

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• (1) Discrepancies in summation may occur due to rounding.

• (2)

(3)

(4)

Cut-off grades vary between deposits and are selected based on economic analysis. They are not a break-even cut-off. Mineral Resources are quoted as INCLUSIVE of the Ore Reserves Estimate.

• All Mineral Resource that is available for conversion to Ore Reserve has been evaluated and is included in the Ore Reserve estimate where it meets economic and other criteria. Ore Reserve is reported on page 34 of the Aeris Resources Limited Annual Report 2020.

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Cracow – Mineral Resource and Ore Reserve

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(1) Full details of the Cracow Mineral Resource and Ore Reserve are provided in the report entitled Annual Mineral Resources and Ore Reserves (2) The reported Mineral Resource does not include the updated December 2020 Roses Pride Mineral Resource figures Statement released on 12 February 2020 and available to view at www. evolutionmining.com.au. Mineral Resource also reported on page 31 of Aeris Resources Limited Annual Report 2020. Ore Reserve also reported on page 36 of Aeris Resources Limited Annual Report 2020.

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Cracow – Roses Pride Mineral Resource

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1 Full details of the December 2020 Roses Pride Mineral Resource are provided in the ASX Announcement “Roses Pride Mineral Resource Update” dated 6th January 2021.

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Cracow – Klondyke Royal Mineral Resource

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March 2021 Klond ke - Ro al Mineral Resource [(1)(2)]
y y
Resource Category Tonnage Au (g/t) Ag (g/t) Au metal Ag metal
(kt) (koz) (koz)
Measured - - - - -
Indicated 183.4 4.0 3.6 23.5 21.2
Inferred 158.0 3.1 2.1 15.9 10.4
TOTAL 341.3 3.6 2.9 39.5 31.6
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(1) Discrepancy in summation may occur due to rounding. (2) Mineral Resource is reported within a combined 1.5g/t Au cut-off and vein thickness ≥ 1.5m envelope.

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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 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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31