Announcement PDF Q4 Results & Company Update 2 August 2023 Presented by: Andre Labuschagne Executive Chairman Disclaimer This investor presentation has been prepared by Aeris Resources Limited (“Aeris” or the “Company”). By attending an investor presentation or briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below. SUMMARY INFORMATION This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Aeris with the Australian Securities Exchange (“ASX”) in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. 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PRODUCTION TARGETS CAUTIONARY STATEMENT The Ore Reserve and Mineral Resource estimates underpinning the Stockman Production Targets were prepared by a Competent Person in accordance with the JORC Code 2012. The material assumptions on which the Production Targets are based is set out in Appendix C of the ASX Release of Aeris dated 28 April 2022 “Transformational Acquisition and Capital Raise” (Initial Report). Aeris confirms that all material assumptions underpinning the production targets in the Initial Report continue to apply and have not materially changed. The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the Production Targets. 2 Highlights for Q4 FY23 Copper equivalent production of 13.1kt for the quarter and 51.5kt for the full year Mt Colin mining to plan but affected by delays with third-party milling; large mined ore stockpiles at end of FY23 Tritton performed well – copper production of 5.4kt at improved tonnes and grades Seismic events severely impacted production at Jaguar forcing a review of the mining strategy Avoca Tank and Budgerygar mines online and ramping up production Decision made to place Jaguar on care and maintenance until feasibility study on restart options is completed Strong gold production from Cracow with 13.8koz Group operating and capital costs within or below revised guidance ranges for the full year FY23 3 Jaguar care and maintenance Preserving ~8Mt mineral resource1 for a future expanded Bentley mine mine Seismic events last quarter have forced a review of safe production rates Operation has also been impacted by cost inflation on key consumables and a weaker zinc price Reduction in near-term ore sources has made the operation financially unsustainable in FY24 Decision made to place Jaguar in care and maintenance effective September 2023 Photo? Expand text? Feasibility study will commence on restart options incorporating substantial resource base across 4 deposits Company maintains high conviction on medium term value opportunities at Jaguar Tenement package is highly prospective for not only further base metal discoveries but also gold 1. See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 and “Correction - Jaguar Deposit Mineral Resource Update” dated 12 July 2023 4 Upsize of working cap facility to $50 million New facility provided by WHSP replaces $20m ANZ facility Completely non-dilutionary for shareholders WHSP Facility Key Terms1 Facility Limit A$50 million Term 2 years with ability to extend for a further 1 year with consent of the Lender Interest Rate BBSY + 11% per annum (payable monthly) PIK Interest Interest may be capitalised and will accrue an additional 2% per annum Security Second ranking secured Establishment Fee 3.5% • 3.5% of the Facility Limit if paid during the first 12 months and 5 business days of the Term; • 5% of the Facility Limit if paid after 12 months and 5 business days and before18 months of the Term; • 8.5% of the Facility Limit if paid after 18 months of the Term. No associated offtakes, warrants or production royalties Ensures sufficient working capital liquidity to undertake an orderly shutdown of Jaguar whilst delivering on FY24 plans across its other operations Exit Fee Undrawn Commitment Fee 5% per annum Make Whole Fee Payable if any part is cancelled/ repaid within the first 12 months Covenants 1. Summary of key terms presented. For more detailed information, refer to ASX release “Corporate Update and FY24 Guidance” dated 1 August 2023 • Net Tangible Assets • Debt to EBITDA • Interest cover ratio 5 FY24 Guidance Group copper equivalent production of 40kt - 50kt, with minimal contribution from Jaguar, down from 51.5kt Uplift in copper production due to improved mine grades at Tritton Mt Colin forecast to produce at similar levels to FY23 Significant growth capital investment at Cracow for a tailings dam lift extending capacity by 3 years Maintaining focus on cost control across the business 1. 2. Based on average commodity pricing of Cu US$8,725/t, Zn US$2,415/t, Au US$1,930/oz, Ag US$23.45/oz Based on average commodity pricing of Cu US$8,274/t, Zn US$3,060/t, Au US$1,840/oz, Ag US$21.07/oz FY24 Guidance FY23A kt kt koz koz kt 28 - 35 1.2 - 1.5 48 - 60 181 - 227 27.4 22.5 59.6 884 40 - 501 51.52 Operating Costs Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 202 - 243 84 - 101 43 - 52 28 - 34 24 - 29 259 105 69 40 36 Capital Costs Sustaining Growth Exploration Projects $M $M $M $M 76 - 91 34 - 41 12 - 15 2-3 83 45 15 6 Group Production Copper Zinc Gold Silver Copper equivalent 6 Aeris Resources Australian mid-tier, base and precious metals miner Mt Colin Mine (100%) Mine Type FY24 Production Guidance U/G Cu, Au 8kt - 10kt Cu Cracow Operations (100%) Mine Type U/G Au FY24 Production Guidance 38koz - 48koz Au Barbara Project (100%) Mine Type Resource U/G Cu, Au 45kt Cu1 Jaguar Operations (100%) Care and Maintenance Mine Type Resource3 U/G Zn, Cu, Ag, Au 455kt Zn, 97kt Cu North Queensland Cracow Jaguar Tritton Stockman Project (100%) Mine Type Ave LOM Production Mine Life 1. 2. 3. U/G Zn, Cu, Au ~30ktpa Cu eq2 10 years Refer to ASX release “Barbara Mineral Resource Update” 28 June 2023. Refer to Appendix for copper equivalent production See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 and “Correction Jaguar Deposit Mineral Resource Update” dated 12 July 2023 Tritton Operations (100%) Stockman Mine Type FY24 Production Guidance U/G Cu 19kt - 24kt Cu 7 Tritton NSW Q4 results & FY24 guidance Challenging FY23; investments start to payoff in FY24 Q4 copper production of 5.4kt Cu at AISC of A$5.68/lb Increased contribution from the high-grade Avoca Tank and Budgerygar mines Q4 operating costs lower on a unit basis due to higher metal production Total capital and operating costs for the full year within FY23 guidance FY24 to see increased copper production as Avoca Tank and Budgerygar ramp-up Raise bores for ventilation shafts at Avoca Tank and Budgerygar now completed – de-risks FY24 plan FY24 Guidance FY23A kt koz koz 19 - 24 6-7 148 - 185 17.2 4.6 135 Operating Costs Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 113 - 136 31 - 37 22 - 27 19 - 23 16 - 20 110 31 20 14 15 Capital Costs Sustaining Growth Exploration $M $M $M 57 - 69 10 - 12 7-9 46 39 6 Tritton Operations Production Copper Gold Silver 9 Tritton mine (including Budgerygar) 2 year investment to improve grade Budgerygar vent shaft now complete – almost 12 months late due to geotechnical issues Budgerygar production to ramp-up over FY24 Higher grade ore from Budgerygar and Tritton in FY24 Murrawombie Underground Showing EM plates 250m below current resource All deposits open at depth Budgerygar vent shaft Refer to Group Mineral Resource and Ore Reserve Statement dated 18 April 2023 10 Avoca Tank mine Following up high-grade intersections 2.5% Cu and 0.8g/t Au ore from Avoca Tank (in production Q4 FY23) – geological model reconciling well to resource Grade control drilling / underground mapping materially improved geological understanding Production to ramp-up during FY24 New gold lens discovered Massive sulphides also intersected 180m below mineral resource in hole ATEL00521,2,3 1. 2. 3. Refer to ASX announcement “High Grade Copper and Gold Intersected at Avoca Tank” dated 10 January 2023 Refer ASX Announcement “Tritton Exploration Update” dated 30 January 2023. Cautionary Statement: In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available. 11 Constellation Deposit Potential future baseload feed for Tritton mill Located 45km northeast of the Tritton plant Mineral Resource1 of 6.7Mt at 1.85% Cu and 0.58g/t Au Large, higher grade resource1 from surface and open at depth Drill program to commence Q1 FY24 targeting additional Mineral Resource and improving resource confidence levels Defining “stand-up zone”, which could significantly improve underground mine design Mining study on underground, open pit and heap leach components due H1 FY24 Advancing EIS and permitting activities for a future mining operation 1. 6.7Mt at 1.9% Cu, 0.6g/t Au. Refer to ASX release “Group Mineral Resource and Ore Reserve Statement” 18 April 2023. 12 Exploration opportunities Multiple high conviction targets in highly endowed region Over 900kt1 Cu discovered to date, over 80% of which has been south of the Mitchell Highway Exploration focus shifted to underexplored northern tenements with over 100km of favourable stratigraphy Initial airborne EM (VTEM) survey led to Constellation discovery Follow-up VTEM survey has identified another 14 high priority anomalies Drill testing will commence on confirmed bedrock conductors 1. On the Tritton tenement package, including the current Mineral Resource 13 Cracow Queensland Q4 results & FY24 guidance Strong quarter with gold production of 13.8koz at AISC of $2,187/oz Total operating and capital costs for FY23 within revised full year guidance Capital investment in tailings dam lift in 1H FY24 to provide additional 3 years of capacity FY24 Guidance FY23A koz 38 - 48 48.2 Operating Costs Mining Processing Site G&A $M $M $M 50 - 60 26 - 31 12 - 15 57 26 11 Capital Costs Sustaining Growth Exploration $M $M $M 18 - 22 23 - 28 4-5 11 4 5 Cracow Operations Production Gold 15 Near mine exploration Small, high-grade resource additions at current mining area (Western Vein Field) Mature mining operation centred on the Western Vein Field (WVF) Cracow has a strong history of reserve replacement Potential for small, high-grade extensions to known ore shoots in WVF – multiple targets to be drilled in FY24 Targeting 20 -130koz Au resource additions from FY24 drill program 16 Golden Plateau Potential new mining area Historic mining area with potential for future underground operation 62koz Au Mineral Resource1 defined in FY23 Significant potential to add additional Mineral Resources with further drilling Developing exploration decline to improve drill access 1. Golden Plateau maiden resource of 620kt at 3.1g/t Au for 62koz Au. Refer to ASX announcement “Maiden Mineral Resource for Golden Plateau” dated 25 Jan 2023. 17 Southern Vein Field Could be the game-changer for Cracow Approx. 2.5Moz gold produced to date from the WVF and 850koz gold from Golden Plateau Structures with the potential to host WVF style ore shoots interpreted under cover in the Southern Vein Field Southern Vein Field has had very limited exploration to date Preparing foundation geophysical data sets to identify drill targets in FY24 Future drill program to target for high-grade ore shoots analogous to key WVF shoots, like Crown and Royal 18 Mt Colin North Queensland Q4 results & FY24 guidance Q4 copper production of 2.0kt at AISC of $4.71/lb Production impacted by toll processing delays at Ernest Henry Stockpiles of +100kt mined ore available for processing next quarter Operating and capital costs for FY23 were within or below full-year guidance FY24 guidance at similar levels to FY23 FY24 Guidance FY23A kt koz 8 - 10 4-5 7.1 3.9 Operating Costs Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 34 - 41 25 - 30 7-8 7-9 7-9 44 20 7 7 4 Capital Costs Sustaining Growth Exploration $M $M $M 0-0 0-0 0-0 1 0 2 North Queensland Operations Production Copper Gold 20 Nth Qld strategy Using Mt Colin as springboard for future opportunities in region Mt Colin Stope Plan Harvesting cash from Mt Colin mine to fund other group capital developments Toll treatment options with regional mills reduces capital and speeds up development times Large tenement package in highly prospective region to be explored Strategy to build a pipeline of operating mines in the region 21 Barbara project Potential follow-on operation to Mt Colin Updated resource of 2.2Mt at 2.0% Cu and 0.2g/t Au1 completed Resource remains open down-plunge Feasibility studies to be undertaken in FY24 on a potential underground operation Situated on a mining lease – can be brought into production quickly 1. Refer to ASX announcement “Barbara Mineral Resource Update” dated 28 June 2023 22 Jaguar Western Australia Q4 results & FY24 guidance Q4 zinc production of 2.9kt at AISC of $6.21/lb Seismic events and low development rates severely impacted mining activities All-in sustaining costs high on reduced metal production Decision made to place operation on care and maintenance to preserve in-ground value of substantial mineral resource2 (455kt Zn and 97kt Cu) Limited contribution to FY24 group production 1. 2. Cost guidance excludes $7.2M closure and $4.5M care and maintenance costs at Jaguar See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 and “Correction - Jaguar Deposit Mineral Resource Update” dated 12 July 2023 FY24 Guidance FY23A kt kt koz koz 0.2 - 0.3 1.2 - 1.5 0.2 - 0.3 33 - 42 3.1 22.5 3.0 718 Operating Costs1 Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 5-6 3-4 2-3 2-3 1-2 48 28 31 19 17 Capital Costs Sustaining Growth Exploration $M $M $M 1-2 1-2 1-2 24 1 3 Jaguar Operations Production Copper Zinc Gold Silver 24 Strategic plan Target 10 year mine plan at ~650kt processing capacity from two or more mines producing at any time Mineral Resource1 8Mt @ 1.1% Cu, 5.6% Zn, 1.3g/t Au and 215g/t Ag across 4 deposits: ̶ Bentley ̶ Jaguar ̶ Triumph ̶ Teutonic Bore New Mineral Resource estimate for Jaguar Mine1 Defined, fully permitted project at Triumph Significant copper resources remaining below the historic Teutonic Bore pit Excellent exploration potential for both base metals and gold 1. See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 and “Correction Jaguar Deposit Mineral Resource Update” dated 12 July 2023 Source: IGO Limited 25 Turbo development The future of the Bentley mine Current Bentley Mineral Resource of 3.1Mt at 1.3%Cu, 7.8%Zn, 0.8Au1 Turbo now the second largest lens ever discovered at the Bentley deposit and is still open at depth Decline from Bentley infrastructure to be redesigned to incorporate Bacalar and Flying Spur Deeps lenses Reviewing mining method considering recent seismic events within Bentley 1. Refer to ASX release “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 26 Jaguar mine Copper dominant restart opportunity Mineral Resource of 0.8Mt at 2.28% Cu, 4.66% Zn and 61g/t Ag1 Resource consists of high-grade remnant sills and pillars along with additional mineralisation outside the old mine workings Multiple targets for further exploration identified Dewatering underway to enable review of ground conditions in the decline 1. Refer to ASX release “Jaguar Deposit Mineral Resource Update” dated 12 July 2023 27 Other regional targets Tenements well known for base metals prospectivity but also hosts multiple gold targets Multiple new base metals VMS targets identified since acquiring in 2022 Tenement package also highly prospective for gold – regional endowment of +25Moz Heather Bore gold anomaly 13km from Northern Star’s Thunderbox operation 28 Stockman Project Victoria Q4 Activities High-grade, long life, Zn-Cu-Ag-Au development project Feasibility study progressed – market update due Q2 FY24 Metallurgical drilling at Wilga and Currawong – enabling updated met test work with fresh ore samples Surface water permits granted Updated biological management plans submitted Mining License extension approved by Earth Resources Regulator High grade ore reserve of of 9.6Mt at 2.9% Cu equivalent (recovered)1 PFS completed in 2019 on 10-year operation producing c.30ktpa Cu eq2 from two underground mines and conventional flotation plant 1. 2. Refer to Appendix for Reserves and copper equivalent calculation Refer to ASX announcement “Transformational Acquisition and Capital Raise” dated 28 April 2022 for the assumptions underlying the production target 30 DFS underway Process Plant Currawong Wilga 3.3 km 31 Corporate Closing cash and receivables of $29.5 million New $50m working capital facility to be provided by major shareholder, Washington H. Soul Pattinson. ANZ $20m Working Capital Facility to be cancelled. Unhedged (A$ Million) Sep 2022 Qtr Dec 2022 Qtr Mar 2023 Qtr Jun 2023 Qtr Closing cash 51.8 67.2 45.3 19.5 Jaguar - zinc concentrate receivable 0.0 5.0 1.1 0.8 Mt Colin 0.0 0.0 0.0 0.0 Cracow - gold dore 0.1 0.1 0.1 0.1 Tritton - copper concentrate receivables 3.0 9.2 9.5 9.1 Useable Cash and Receivables 54.9 81.6 56.0 29.5 32 Appendix Group Ore Reserves PROJECT CATEGORY TONNES (‘000) GRADE % Cu Tritton Cracow Jaguar North Queensland Stockman Grand Total As at December 2022. % Zn CONTAINED METAL g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Proved 450 1.3 0.1 2.8 6 1 40 Probable 3,560 1.4 0.2 5.2 49 28 598 Total 4,010 1.4 0.2 4.9 55 30 638 Proved 230 3.7 27 Probable 360 3.5 41 Total 590 3.6 68 Proved 90 1.4 8.7 0.8 74.3 1 8 2 225 Probable 1,060 1.5 8.3 0.6 45.2 16 87 21 1,534 Total 1,150 1.5 8.3 0.6 47.6 17 95 23 1,759 Proved 100 2.8 0.6 3 2 Probable 290 2.2 0.4 7 3 Total 390 2.4 0.4 9 5 Proved 0 0.0 0.0 0.0 0.0 0 0 0 0 Probable 9,640 1.9 4.3 1.0 36.0 183 413 318 11,409 Total 9,640 1.9 4.3 1.0 36.0 183 413 318 11,409 265 508 444 13,805 34 Group Mineral Resources PROJECT CATEGORY TONNES (‘000) GRADE % Cu Tritton Cracow Jaguar North Queensland g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Measured 2,000 1.1 0.1 3 23 6 180 Indicated 11,000 1.4 0.3 4 155 103 1,480 Inferred 12,000 1.7 0.3 4 191 129 1,330 Total 25,000 1.5 0.3 4 369 238 2,990 Measured 550 4.1 3 73 60 Indicated 1,900 4.0 4 241 240 Inferred 2,500 2.6 5 212 370 Total 4,900 3.3 4 526 670 Measured 670 2.7 20.5 1.2 273 12 41 10 1,575 Indicated 3,580 1.1 5.6 1.2 53 43 265 53 8,860 Inferred 3,790 1.3 6.7 0.6 94 43 151 43 6,960 Total 8,078 1.1 5.6 1.3 215 97 455 106 17,390 Measured 642 3.5 0.7 18 11 0 Indicated 2,717 2.3 0.3 3 36 12 140 Inferred 387 2.1 0.2 4 17 4 60 3,746 2.5 0.4 3 94 41 240 Measured 0 0 0 0.0 0 0 0 0 0 Indicated 12,400 2.1 4.3 1.0 39 254 538 408 15,630 Inferred 2,400 1.7 3.5 1.4 34 42 85 112 2,650 Total 14,800 2.0 4.20 1.1 38 296 623 520 18,280 856 1,078 1,431 39,570 Total Stockman % Zn CONTAINED METAL Grand Total As at December 2022 + updated Barbara Resource released 28 June 2023 and updated Jaguar Resource released 5 July 2023 35 Copper equivalent calculation RECOVERED CUEQ METAL PRODUCED CuEq Metal Recovered t = (Recovered Cu Metal t ×Cu Price $/t) +(Recovered Zn Metal t ×Zn Price $/t) +(Recovered Au Metal oz ×Au Price $/oz) +(Recovered Ag Metal oz ×Ag Price $/oz) Cu Price $/t Where each Recovered Metal is Contained Metal x recovery % RECOVERY FACTORS Zn Cu Ag Au Stockman 76.1% 80.5% 58.2% 19.9% With respect to CuEq metrics, forecast metal prices applied are as follows unless otherwise stated: BASE PRICE DECK CY 2026 CY 2027 2028+ Copper USD / lb 3.80 3.80 3.80 Silver USD / oz 21.00 21.00 21.00 Gold USD / oz 1,725 1,700 1,700 Zinc USD / lb 1.25 1.20 1.20 FX AUD:USD 0.72 0.72 0.72 36