AERIS RESOURCES LIMITED — Investor Presentation 2021

Mar 8, 2021

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Maintaining the Momentum

Euroz Hartleys Institutional Conference 2021

• 9 March 2021

Presented by: Andre Labuschagne

Important notice and disclaimer

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

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

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

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

2

Compliance statements

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Tritton Copper Operations Production Targets Cautionary Statement

The presentation includes references to a Production Plan (Production Targets) for the Company’s Tritton Copper Operations. The Production Targets referred to in this presentation are based on:

• Proved Ore Reserve 20%

• Probable Ore Reserve 58%

• Indicated Mineral Resource 22%

The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the Production Target.

The Ore Reserve and Mineral Resource estimates underpinning the Production Targets were prepared by a Competent Person in accordance with the JORC Code 2012, with the exception of the Indicated Mineral Resource estimate for the Budgery Deposit. The Indicated Mineral Resource estimate for the Budgery Deposit has been prepared by a Competent Person in accordance with the JORC Code 2004 and has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Cracow to Life of Mine Cautionary Statement

The Aeris FY21 to FY22 Cracow Life of Mine ( LOM ) plan is a Production Target that contains 68% Ore Reserve, 22% Inferred Mineral Resource and 10% Exploration Target (weighted by ounces). The Inferred Mineral Resource and Exploration Target material are associated with mineralised structures that contain Measured and/or Indicated Mineral Resource and represent the sparsely drilled sections of each mineralised structure. Intrinsically, the lower confidence Inferred Mineral Resource and Exploration Target material does imply a higher risk of conversion to Ore Reserve. However, the Cracow Goldfield has been in continuous production from 2004 during which time has a proven history of converting Inferred Mineral Resource and Exploration Target material to Ore Reserve.

3

The transformation in the last 8 months

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H1 results
Constellation Discovery
Acquisition of Cracow
$40M equity raise
4
AIS Share price as at business close 5 March 2021
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The transformation in the last 8 months

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Comparison H1 Dec 19 vs 20 Cash from Revenue $m Operating Net profit $m Share price Market cap $m activities $m 3.4c 19 108 6 -29 214 72 46 12c 236 +99% +1,204% +260%

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Net debt $m
37
11
-70%
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5

Aeris’ experience with Cracow acquisition and growth

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Plan to Grow

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Integration

• Complete integration:  People

• Systems

• Aeris Culture

• ● Communicate to all stakeholders

• ● Continue to deliver

• Stabilise

• ● Standardise systems and processes where value added

● Challenge paradigms and identify improvements

• Leverage buying power

• ● Optimise balance sheet

• Reduce debt

• Hedge to provide certainty

● Review growth strategies – reset if needed ● Update organic growth plans and implement:

• Exploration

• Update LOM Plans

• Continue assessing external growth opportunities:

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●
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• Bolt-ons

• Trade Sales

• Mergers

• Update Company strategy

Completed in first 3 months

…..all with a focus not to lose Aeris culture and the way we do business

6

Highlights – Busy 8 months

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• Acquisition and integration completed

Cracow

• Produced 36koz Au @ AISC $1,484/oz

• Updated Roses Pride resource[1]

• Started construction of new tailings dam

 Aggressive exploration underway

Tritton

• Produced 11,889t Cu @ AISC $3.08/lb

• Started Budgerygar decline  Discovered Constellation deposit

• Raised funding for Cracow acquisition

Corporate

• Accelerated debt repayment ($17.5) since 1 July

• Net debt $10.9m – down by $48.1m since 1 July  Sold Yandan (non-core)

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

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Cracow Gold Operations

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Cracow Gold Operations

A highly cash flow generative mine which is transforming the company

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

• Acquired from Evolution Mining in July 2020:

• ─ A$60m cash paid at completion

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

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

• Produced more than 1.4 Moz over its life with a consistent production history of over 15 years

• Initial two-year production target of 127koz – 137 koz[(2) ] – targeting a horizon of +5 years

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Cracow production profile (koz)

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●
FY21F production of 70 – 75 koz [(2) ] high margin gold
ounces at AISC of A$1,525oz – A$1575/oz.
95 93 91 89 90 88
81
● Significant opportunities available to unlock value over 70 – 75
the next 12 months 57 -62
●
Cracow is a great fit for Aeris:
─
Right size
─
Right commodity
FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F FY22F
─
Upside potential (exploration and operational)
(1) Net value royalty is defined as the gross revenue less C1 direct cash cost, multiplied by 10%.
(2) See Compliance Statements on Slide 3. 9
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Immediate priorities for Cracow

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• FY21 Guidance - 70koz to 75koz Au @ AISC A$1,525 – A$1,575/oz

• Operational ●

• Delivery Repay A$30m Acquisition Debt Facility by end FY21 ● Maximising cashflows (~A$280m in available tax losses)

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●
Improve mine and mill productivity – processing plant already
Immediate Sweat Assets demonstrating that it can better nameplate capacity
priorities Harder ● “Fill the Mill” – stockpiles of 900kt @ ~1g/t available as ‘top up’
●
Drive cost synergies across Aeris – shared services and systems
●
A$13m exploration budget over first 2 years of ownership:
―
Increasing confidence of known mineralisation by drilling -
Extend Mine Roses Pride, Klondyke / Royal and Golden Plateau
Life ― Near mine conceptual targets - Killarney Extensions / Kenneth
/ Roses Pride Deeps
―
Exploration in ‘new spaces’ looking for the next big discovery
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• Improve mine and mill productivity – processing plant already demonstrating that it can better nameplate capacity

• Near mine conceptual targets - Killarney Extensions / Kenneth / Roses Pride Deeps

• Exploration in ‘new spaces’ looking for the next big discovery

10

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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

11

Cracow near mine exploration – Golden Plateau

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• ~850koz previously mined from Gold Plateau – both open pit and underground

• Large mineralised system which remains open down plunge

• Currently validating historical workings and drill hole database

• Planned drill program testing shallow extensions to known mineralisation Q4 FY21

• Targeting updated Mineral Resource in Q4 FY21

• Drilling program targeting deeper down plunge extensions in FY22

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12

Exploring in new spaces – looking for the next big discovery

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• Ballymore

• ─ Recently identified structure along southern margin of the current mining footprint

• ─ Limited historical drilling returned encouraging results:

  • ─ Evidence of epithermal vein textures

  • ─ Anomalous pathfinder elements including gold

• North West (NW) Corridor

• ─ Outcropping epithermal quartz veining and alteration

• ─ Anomalous pathfinder elements from rock chip sampling

• ─ +1.5 km of untested strike within prospective lithology

• 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 2.5 – 3.0 Moz Cracow goldfield[1]

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(1) 2.5Moz – 3Moz discovered to date in Cracow Goldfields and includes historically mined and current reported Mineral Resource

13

Cracow Greenfields (new space)

Western Field

Exploration – new space

• Planned drilling of Ballymore north target changed from surface to underground

• Cost neutral

• Reduces drill risk (+1,000m surface holes vs 300m U/G holes)

• Drilling planned to commence late Q4 FY21

Resource definition drilling

• Targeting extensions to Sovereign and Royal shoots (denoted by red boxes)

• Significant intersections from Sovereign drilling include:

• SVU123 2.4m @ 2.4g/t Au

• – SVU125 1.8m @ 4.3g/t Au

• – SVU129 4.5m @ 2.8g/t Au

• Yet to receive assay results from Royal drilling

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Tritton Copper Operations

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Tritton Copper Operations A consistent producer with upside

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• 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 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:

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

Tritton production profile (kt)

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

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with good gold grades [[(2)]]
● Project pipeline available for further life extensions 30 30
26 27 27
● Recent exploration success at Constellation demonstrates 23 23 25 23.5-24.5
upside
FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21F
(1) 750kt of copper discovered to date on the Tritton tenement package includes historically mined and
current reported Mineral Resource 16
(2) Estimated tonnages of the Tritton and Murrawombie deposits package includes historically mined and
current reported Mineral Resource
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• (1) 750kt of copper discovered to date on the Tritton tenement package includes historically mined and current reported Mineral Resource

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

Tritton Life of Mine Plan (LOM)

4 year LOM with multiple options to extend

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Aggressive focus on extending mine plan from:

• Tritton and Murrawombie

• Developing Budgerygar via access from Tritton

• Prioritizing higher grade Avoca Tank U/G into production

• Open Pits:

• Murrawombie - after underground mining

  • Budgery - drilling to upgrade confidence for future production

• Commence phase 2 drilling program at recently discovered Constellation deposit

• Expedite Kurrajong (Exploration Target of 3 – 4 Mt @ 1.5% – 2% Cu) drilling to Mineral Resource status and concept study

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• The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. With additional drilling there is potential to increase the size of the Exploration Target and define a higher grade (+2% copper).

• Focus on technology to further enhance LOM opportunities

Existing copper metal inventory:

• Ore Reserve: 5.7 Mt @1.5% Cu[(1)]

• • Mineral Resource: 17.5 Mt @ 1.5% Cu[(1)]

(1) As at 30 June 2020 – see slides 32 – 33 for breakdown.

17

Life of Mine extensions - Tritton and Budgerygar

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Life of Mine extension opportunities

Tritton Deposit:

• Mineralisation open at depth

• Commenced drill program testing down plunge potential

• South Wing – adjacent to Tritton orebody – further drilling planned

Corridor between Tritton and Budgerygar:

• Prospective - limited drilling

Budgerygar Deposit:

• Exploration drive from Tritton has commenced

• Drilling program scheduled to upgrade Mineral Resource status

• Mineralisation open down dip

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18

Murrawombie – brownfields exploration

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• Geologically performing better than expected

• Minerailsation open at depth and to the north

• Recent drilling continues to intersect high grade mineralisation, including:

• ─ 14.60m @ 2.43% copper (true thickness approx. 7.8m) MWGC514; and

• ─ 9.55m @ 2.54% copper (true thickness approx. 7.2m) MWGC516

• Exploration drilling planned for FY21:

• ─ 2 deep holes from surface testing 300m below current workings

• ─ Testing down plunge extensions of current Mineral Resource

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19

Greenfields Exploration Activities in FY21

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Constellation

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

• Drilling commenced in mid-November 2020

Avoca Tank

• Two drill holes planned in second half of FY21 testing down dip extensions below Mineral Resource

Geochemistry Sampling Program

• Systematic geochem sampling program to commence across tenement package

• Looking for geochemical signatures associated with mineralised systems

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20

Tritton Copper Operations – Constellation Deposit discovered

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Spectacular results

• Multiple bedrock EM conductors

• Drilling commenced in November

• High grade copper intersected[1]

• Supergene and primary copper

• Open along strike & down plunge

• Downhole EM completed on 6 holes

• Detected conductive body

  • (sulphide) below current drilling

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• Approval received for a further 20 diamond holes and 60 RC holes

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

• 1 Refer to ASX Announcement “Further high grade copper intersected at Constellation” dated 20 January 2021 1 Refer to ASX Announcement dated 9 March 2021

21

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

22

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 massive sulphides from 40m below surface

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

• Downhole EM survey identified 2 plates

• Follow-up drilling planned (RC campaign)

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

23

An exciting path forward with multiple value catalysts in FY21

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Potential Catalysts	FY21 Quarter 2	FY21 Quarter 3	FY21 Quarter 4
Exploration Drilling at Cracow	 Roses Pride Deeps	Klondyke Deeps Kenneth Golden Plateau	Roses Pride / Sterling Ballymore Golden Plateau
Exploration Drilling at Tritton	 Constellation	Tritton Deeps Murrawombie Deeps Constellation	Avoca Tank Constellation
Mineral Resources at Cracow	 Roses Pride	Klondyke / Royal	Golden Plateau
Updated Life of Mine Plans		Tritton	Cracow
$7.5m quarterly payments off Cracow Debt Facility			
Budgerygar Exploration Drive		
Budgerygar Resource Drilling			

Always looking for growth through M&A: focussing on copper and gold

24

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
that adds 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
● Key focus on copper and gold
opportunities Mining method  Underground and open pit mining consistent with current skills
Mine plan  At least 2-3 years with exploration upside
Historic
 History of delivery or potential to extract value through skillset
ownership
25
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Summary

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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

27

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Thank You

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Appendix

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Tritton – reported Mineral Resource

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Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)	Tritton tenement package (30 June 2020)(1)(2)
Project	Cut-off (%Cu)	Measured	Indicated	Inferred	Total Resource
		Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)
Tritton	0.6	3,800 1.5 56	700 1.4 10	2,600 1.2 31	7,100 1.4 97
Tritton (pillars)	0.6	- - -	140 2.2 3	- - -	140 2.2 3
Murrawombie	0.6	- - -	3,900 1.6 62	1,200 1.1 13	5,100 1.5 75
Budgerygar	0.8	- - -	- - -	2,300 1.5 34	2,300 1.5 34
Budgery	0.5	- - -	1,700 1.1 19	280 0.9 3	2,000 1.1 22
Avoca Tank	0.6	- - -	770 2.9 23	130 1.0 1	900 2.6 24
Stockpile Total	-	11 1.4 0 3,800 1.5 56	- - - 7,300 1.6 120	- - - 6,500 1.3 82	11 1.4 0 17,500 1.5 250

Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)	Other projects (30 June 2020)(1)(2)
Project	Cut-off (g/t Au)	Measured	Indicated	Inferred	Total Resource
		Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)	Tonnes (kt) Cu grade (%) Au grade (g/t) Cu metal (kt) Au metal (koz)
Yandan Total	-	- - - - - - - - - -	- - - - - - - - - -	4,000 - 2.4 - 300 4,000 - 2.4 - 300	4,000 - 2.4 - 300 4,000 - 2.4 - 300

Tritton – reported Ore Reserve

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Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)	Tritton tenement package (30 June 2020)(1)(2)(3)(4)
Project	Type	Cut-off (%Cu)	Proven	Probable	Total Ore Reserves
			Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)	Tonnes (kt) Cu grade (%) Cu metal (kt)
Tritton	Underground	1.2	1,200 1.5 17	1,100 1.6 17	2,200 1.6 34
Murrawombie	Underground	1.2	- - -	1,100 1.7 19	1,100 1.7 19
Murrawombie	Open Pit	0.5	- - -	1,600 0.9 14	1,600 0.9 14
Avoca Tank	Underground	1.2	- - -	700 2.5 18	700 2.5 18
Stockpile Total			11 14 0 1,200 1.5 17	- - - 4,500 1.5 68	11 1.4 0 5,700 1.5 86

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.

• (3) Mineral Resources are quoted as INCLUSIVE of the Ore Reserves Estimate.

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

(4) 31

(2) Cut-off grades vary between deposits and are selected based on economic analysis. They are not a break-even cut-off.

Cracow – Mineral Resource and Ore Reserve

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Cracow (30 June 2020) [(1)]
Gold grade
Tonnes (Mt) Gold metal (koz)
(g/t)
Ore Reserve
Proven 0.28 5.2 46
Probable 0.27 4.9 43
Total 0.55 5.1 89
Mineral Resource [(2)]
Measured 0.20 7.8 53
Indicated 0.69 5.9 130
Inferred 1.40 2.6 120
Total 2.30 4.0 300
(1) Full details of the Cracow Mineral Resource and Ore Reserve are provided in the report entitled Annual Mineral Resources
and Ore Reserves Statement released on 12 February 2020 and available to view at www. evolutionmining.com.au. 32
(2) The reported Mineral Resource does not include the updated December 2020 Roses Pride Mineral Resource figures2) The reported Mineral Resource does not include the updated December 2020 Roses Pride Mineral Resource figures
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(2) The reported Mineral Resource does not include the updated December 2020 Roses Pride Mineral Resource figures2) The reported Mineral Resource does not include the updated December 2020 Roses Pride Mineral Resource figures

Cracow – Roses Pride Mineral Resource Update

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December 2020 Roses Pride Mineral Resource1	December 2020 Roses Pride Mineral Resource1	December 2020 Roses Pride Mineral Resource1	December 2020 Roses Pride Mineral Resource1	December 2020 Roses Pride Mineral Resource1	December 2020 Roses Pride Mineral Resource1
Resource Category	Tonnage (kt)	Au (g/t)	Ag (g/t)	Au metal (koz)	Ag metal (koz)
Measured	-	-	-	-	-
Indicated	104.1	4.7	2.1	15.6	7.0
Inferred	73.0	4.5	2.2	10.5	5.1
TOTAL	177.1	4.6	2.2	26.1	12.1

June 2020 Roses Pride Mineral Resource	June 2020 Roses Pride Mineral Resource	June 2020 Roses Pride Mineral Resource	June 2020 Roses Pride Mineral Resource	June 2020 Roses Pride Mineral Resource	June 2020 Roses Pride Mineral Resource
Resource Category	Tonnage (kt)	Au (g/t)	Ag (g/t)	Au metal (koz)	Ag metal (koz)
Measured	0.2	17.3	-	0.1	-
Indicated	4.2	13.1	-	1.8	-
Inferred	21.6	7.7	-	5.4	-
TOTAL	26.1	8.7	-	7.3	-

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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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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