Announcement PDF 2023 Annual Report WE ARE AERIS RESOURCES We are Aeris Resources Aeris Resources is a mid-tier base and precious metals producer. Our copper-dominant portfolio comprises of three operating assets, a mine on care and maintenance, a long‑life development project and a highly prospective exploration portfolio. Contents 2023 HIGHLIGHTS 2 EXECUTIVE CHAIRMAN’S LETTER 3 REVIEW OF OPERATIONS 4 TRITTON COPPER OPERATIONS 8 CRACOW GOLD OPERATIONS 12 NORTH QUEENSLAND OPERATIONS 14 JAGUAR ZINC/COPPER OPERATIONS 16 STOCKMAN PROJECT 20 OTHER PROJECTS 21 RESOURCES AND RESERVES 22 SUSTAINABILITY REPORT 26 DIRECTORS’ REPORT 66 FINANCIAL REVIEW 98 SHAREHOLDER INFORMATION 160 GLOSSARY 162 CORPORATE DIRECTORY 164 2023 HIGHLIGHTS Safety 1.7 LTIFR 27.4kt copper PRODUCED 59.6koz gold PRODUCED 22.5kt zinc 884koz silver PRODUCED PRODUCED $32.0 million $266.4 million ADJUSTED EBITDA NET ASSETS $59.3 million $149.8 million NET CASH FROM OPERATING ACTIVITIES INVESTED IN CAPITAL PROJECTS AND EXPLORATION 2 | 2023 ANNUAL REPORT EXECUTIVE CHAIRMAN’S LETTER To our valued shareholders, Notwithstanding the operational issues In FY2023, we are proud to report at Tritton and Jaguar, we achieved a significant improvement in our many milestones, setting the company safety performance as evidenced up for FY2024 and beyond. At Tritton, by the decline in both our Total the high-grade Avoca Tank mine was Recordable Injury Frequency Rate brought into production as scheduled and Total Lost Time Injury rates. On the Operationally we didn’t deliver as we and the delayed Budgerygar sustainability front, we adopted the had planned, with major production ventilation shaft was finally completed Global Reporting Initiative Standards issues at Jaguar and Tritton. in July 2023, enabling mining volumes for the first time, demonstrating our The approximate 9 month delay to ramp-up in FY2024. At our major commitment to greater transparency installing the ventilation shaft at the Tritton growth project, Constellation, and accountability. We have new Budgerygar mine at Tritton limited we released an updated Mineral also made positive steps towards access to higher grade ore, resulting in Resource that increased contained integrating sustainability into our significantly lower metal production. copper by over 160%. We also core business, from refreshing our released a maiden Mineral Resource governance structures to reviewing on the Kurrajong deposit, with drilling how we address sustainability in our indicating the potential to further grow operational planning and processes. The 2023 financial year has been challenging for our shareholders and employees, but we achieved a lot and have set the company up to grow. At Jaguar, lower production rates caused by seismic events and restricted operations in the lower levels of the mine, combined with the resource. I would also like to offer my sincere a declining zinc price and general At Cracow we released a maiden thanks to our employees across the cost inflation, severely impacted Mineral Resource and significant group who have worked tirelessly profitability and was projected to exploration target for the Golden through these challenging last continue into FY2024. Unfortunately, Plateau deposit. Golden Plateau offers 12 months. we had to make the tough, but the potential for near-term additional appropriate decision, to place the high-grade production. operation into care and maintenance Finally, to our shareholders, I understand FY2023 did not meet At our North Queensland operations, our expectations or yours. The Board, exploration activities focused on our management team and all employees Barbara Project, northeast of Mt Isa. are committed to delivering a greatly We strongly believe in the potential of A drill program was completed during improved FY2024. Jaguar and the considerable metal the year targeting mineralisation inventory already defined across below the old open pits. An updated four deposits. We are commencing Mineral Resource was released for feasibility studies into restart options Barbara and a feasibility study on a for Jaguar incorporating mining new underground operation will be from multiple deposits at increased prioritised in FY2024. to preserve the value of the in‑ground resource. production rates to match the capacity of the processing plant. We also continued work on the Stockman Feasibility Study and are targeting to finalise in early FY2024. André Labuschagne Executive Chairman AERIS RESOURCES | 3 Review of Operations FINANCIAL RESULTS During the year, Aeris completed the acquisition of Round Oak Minerals, taking the Company from two producing operations to four plus an advanced development project. Primarily due to operational issues, • Tritton revenue of $208.659 million Costs across the remainder of the and resulting lower than planned was lower than the prior company (Tritton and Cracow production during the year at the corresponding period operations and Corporate Office) Tritton Copper Operation and ($246.104 million) due to were impacted by inflationary Jaguar Zinc/Copper Operation, lower copper production pressures, higher power costs and the consolidated entity recorded (17,205t vs 19,032t) and lower higher copper treatment and a loss after tax of $139.754 million copper price received refining charges. for the financial reporting year to (A$11,045/t vs A$12,931/t); 30 June 2023, compared with a profit An impairment of $1.7 million was • Cracow revenue of $130.120 million recognised in relation to the Torrens compared to $140.480 million in Exploration Project, which has been FY2022, due to lower gold produced disposed of, pending satisfaction Revenue of $612.490 million, was 58% (48,221oz vs 53,920oz) partially offset of Conditions Precedent to the higher than the previous financial year by higher gold prices sale agreement. ($386.587 million) as a result of: (A$2,698/oz vs A$2,539/oz). • Contributions from the Mt Colin Cost of goods sold increased to after tax of $6.010 million in the prior corresponding period. operation ($107.688 million) and Jaguar operation ($166.007 million) compared to $0 for both operations in FY2022; $705.464 million from $353.435 million in the prior corresponding period due largely to the inclusion of the Mt Colin and Jaguar assets for the first time which contributed $303.5 million in FY2023. A loss of $1.375 million was recognised for the year ended 30 June 2023 (30 June 2022: loss of $1.4 million) in relation to a movement in the fair value of the investment in Australian listed equities, held at fair value through the profit and loss. FINANCIAL POSITION As at 30 June 2023, the consolidated entity had a net asset position of $266.369 million, compared to $293.497 million as at 30 June 2022. The 30 June 2023 net asset position for • Net cash outflows from investing • On 8 July 2022, the Company the consolidated entity was impacted activities of $184.129 million (including completed a share consolidation at by several key factors including: net cash outflows of $33.455 million the ratio of seven fully paid ordinary related to the cash component of shares into one fully paid ordinary the ROM acquisition); share. Performance rights were also • Completion of the remaining $17.1 million of the $117.1 million fully underwritten equity raise that was • On 1 July 2022, the Company issued conducted in association with the 162,781,913 fully paid ordinary shares Round Oak Minerals acquisition; in Aeris to an existing institutional • Cash inflows from operating activities during the financial year of $59.299 million; consolidated at the same ratio as the ordinary shares. shareholder, at $0.105 per share. The shares were issued as part of the equity raise associated with the Round Oak Minerals acquisition; AERIS RESOURCES | 5 SIGNIFICANT CHANGES AFTER THE BALANCE DATE On 2 August 2023, Aeris announced that it would be placing the Jaguar Zinc/Copper Operations (Jaguar) on care and maintenance in September 2023, due to forecast operating losses in FY2024. The Company will immediately commence feasibility work on restart options for the operation incorporating other known resources on the tenements. The Company also announced on 2 August 2023 that it had entered into a new $50 million, 2 year debt facility with its major shareholder, Washington H. Soul Pattinson (WHSP). The facility will assist in providing working capital liquidity for the Company’s FY2024 plans, including an orderly suspension of activities at Jaguar. The facility will replace the ANZ $20 million Working Capital Facility and have second ranking security to the remaining ANZ facilities. The ANZ Contingent Instrument Facility has been increased to $50 million and extended to 30 August 2024. On 7 August 2023, the Group completed a drawdown of $40 million on the WHSP facility. The WHSP and ANZ facilities are subject to financial covenants that include net tangible assets balance, a ratio of debt to EBITDA and an interest cover ratio. A breach of a financial covenant will result in an event of default. No other matter or circumstance has arisen in the interval between the end of the financial year and the date of this report that has significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial years. 6 | 2023 ANNUAL REPORT AERIS RESOURCES | 7 TRITTON COPPER OPERATIONS FY2023 HIGHLIGHTS 17.2kt of copper produced at AISC of $5.98/lb The high-grade Avoca Tank mine brought into production on-time Production from the Budgerygar deposit significantly delayed due to geotechnical issues installing the ventilation shaft Maiden Mineral Resource estimated for the Kurrajong deposit and updated Mineral Resource released for the Constellation deposit Operations The Tritton Copper Operations produced 17,205 tonnes of copper in FY2023. 1.37Mt of ore were mined, predominantly from the Tritton and Murrawombie underground mines, at an average grade of 1.36% Cu. The high-grade Avoca Tank mine geotechnical issues installing the The ventilation shaft was subsequently was brought into production in Q4 ventilation shaft. The delay accessing completed in July 2023 enabling as planned. Production from the ore from Budgerygar significantly production to ramp up in FY2024. Budgerygar deposit, part of the impacted copper production for Tritton mine complex, was delayed the year. by approximately 9 months due to UNITS FY2023 FY2022 FY2021 tonnes 1,369,364 1,488,120 1,573,679 % Cu 1.36 1.30 1.56 tonnes 1,352,424 1,500,463 1,557,803 % Cu 1.34 1.30 1.56 % 94.6 94.6 93.7 Concentrate produced DMT 90,880 89,879 111,905 Concentrate grade % Cu 18.8 20.5 20.4 tonnes 17,205 18,581 22,987 oz 4,582 4,312 7,228 Ore mined Grade mined Ore milled Grade milled Recovery Total copper produced Gold produced Approximately $39.1 million was invested in growth capital at Tritton over FY2023. This was mostly associated with the development of the new Avoca Tank and Budgerygar mines. A further $5.6 million was invested in exploration. 8 | 2023 ANNUAL REPORT Exploration Exploration activities at Tritton over FY2023 focused on extending known deposits and identifying greenfield targets for new resources. At the Constellation deposit, located Constellation remains a key development The northern portion of the Tritton 45km north of the Tritton mill, an project to extend the life of the Tritton tenement package, on which updated Mineral Resource was Operation. Environmental impact Constellation was discovered in late released. The Mineral Resource now studies and preliminary studies on open 2020, is considered highly prospective totals 6.7Mt at 1.85% Cu and 0.58g/t pit and underground mining options for further discoveries. During FY2023, an Au, an uplift from the previous resource progressed during the year and further airborne electromagnetic (AEM) survey by 102% in tonnage and 162% in resource definition drilling is planned was completed over these tenements contained copper metal. in FY2024. and 14 high-priority anomalies were The Constellation deposit remains open down plunge with several downhole electromagnetic (EM) modelled plates yet to be adequately tested. identified. Work commenced on ground-based EM surveys to further define targets for a subsequent drilling program. Tritton Project Constellation Deposit (oblique view looking northwest) AERIS RESOURCES | 9 Drilling was also undertaken on the Kurrajong deposit, located approximately 25km east of the Tritton processing plant. A maiden Mineral Resource was released totalling 2.2Mt at 1.7% Cu, 0.2g/t Au and 5g/t Ag for 37kt Cu metal, 13koz Au metal and 347koz Ag metal. High-grade copper is associated with massive sulphide lenses, of which three have been modelled and incorporated into the Mineral Resource estimate. The Kurrajong mineralised system remains open down‑plunge and drilling has intersected mineralisation 300m down plunge below the Mineral Resource including: • TKJD024W1: 17m @ 1.3% Cu, 0.2g/t Au and 4g/t Ag (17m true width) There remains significant potential to increase the Kurrajong resource with further drilling. At the Murrawombie deposit, an exploration hole (MWNM001) was drilled targeting down-plunge extensions below the current Mineral Resource footprint. Several highgrade copper lenses were intersected approximately 250m down-plunge of the known mineralisation. A downhole EM survey also defined multiple EM conductors positioned directly along strike from the drill hole. A follow up drill program is planned targeting the modelled EM plates at Murrawombie. At the Avoca Tank deposit, underground drilling intersected massive sulphide mineralisation 180m below the current Mineral Resource. Further drilling is planned in FY2024 to increase the Mineral Resource at the Avoca Tank deposit. 10 | 2023 ANNUAL REPORT Tritton tenements showing airborne EM targets AERIS RESOURCES | 11 CRACOW GOLD OPERATIONS FY2023 HIGHLIGHTS 48.2koz gold produced at AISC of $2,326/oz Maiden Mineral Resource of 62koz gold estimated at Golden Plateau Operations Cracow produced 48,221oz of gold in FY2023. Mined ore of 575kt was supplemented with stockpiles for total ore milled of 667kt. Mined grades steadily improved over the year (FY2023 average 2.75g/t Au) and reconciled well to the rebuilt geological model. UNITS FY2023 FY2022 FY2021 Ore mined tonnes 575,382 505,260 541,910 Grade mined g/t Au 2.75 3.26 4.49 Ore milled tonnes 666,978 663,912 602,789 Grade milled g/t Au 2.50 2.80 4.12 Recovery % 90.0 90.2 92.3 Gold produced oz 48,221 53,920 73,685 Gold sold oz 47,839 55,358 73,692 12 | 2023 ANNUAL REPORT Exploration Exploration activities during the year focused on drilling at the Golden Plateau deposit and drill testing of targets within the current mining area, the Western Vein Field. $4.5 million was invested in exploration at Cracow during FY2023. A drill campaign was completed at Golden Plateau is considered to Exploration was also conducted in the the Golden Plateau deposit during the be a potential near-term source of Southern Vein Field, a highly prospective first half of FY2023 targeting interpreted additional ore for the Cracow mill and 5km x 4km corridor located immediately high-grade north-south structures is a priority for exploration in FY2024. south of the current underground mine surrounding the historical workings. The potential quantity and grade of infrastructure. The prospective structures A maiden Mineral Resource estimate of 620kt at 3.1g/t Au containing 62koz Au metal was reported during the year. The reported Mineral Resource includes potential open pit and underground mineralisation. 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 In addition, an Exploration Target of result in the estimation of a Mineral 430kt – 1,000kt at 3g/t – 4g/t Au for Resource. The Exploration Target 60koz – 130koz of contained gold has been prepared and reported in has been defined for the Golden accordance with the 2012 edition of Plateau deposit, peripheral to the the JORC Code. Mineral Resource. which host gold mineralisation in the Western Vein Field are interpreted to continue under several hundred metres of cover in the Southern Vein Field. To gain an understanding of the geology beneath the cover sequences, magneto‑telluric (MT) and ambient noise tomography (ANT) geophysical surveys were undertaken. A series of structural lineaments were interpreted from the dataset, which is highly encouraging. Target areas defined from the geophysical surveys will form the basis for a first-pass drill program at the Southern Vein Field. Golden Plateau (Mineral Resource and Exploration Target) AERIS RESOURCES | 13 NORTH QUEENSLAND OPERATIONS FY2023 HIGHLIGHTS Copper production of 7.1kt and gold production of 3.9koz at AISC of $4.38/lb Cu Mined ore stockpiles of over 100kt on site ready for processing in FY2024 Updated Mineral Resource estimate released for the Barbara project Operations Mining operations at the Mt Colin mine produced 426.1kt ore in FY2024. Mined ore was trucked to Glencore’s Mt Isa Operations and Evolution Mining’s Ernest Henry Operations for processing. A total of 362.9kt of ore was processed As the mine is in its final years of In mid-FY2023, a severe weather during the year, producing 7.1kt production, minimal capital event in north Queensland impacted copper and 3.9koz gold. At the end development was undertaken. mining activities at Mt Colin and toll of the year, stockpiles of over 100kt of processing at Ernest Henry. mined ore remained at Ernest Henry for processing in FY2024. Ore mined Grade mined Ore milled Grade milled Recovery Copper produced Gold produced 14 | 2023 ANNUAL REPORT UNITS FY2023 tonnes 426,135 % Cu 2.39 tonnes 362,876 % Cu 2.18 % 89.8 tonnes 7,110 oz 3,852 Exploration Exploration activities in FY2023 focused on the Barbara deposit, located approximately 70km northeast of Mt Isa. The Barbara open pit copper mine An updated Mineral Resource of 2.2Mt There is significant potential to increase commenced production in March at 2.0% Cu and 0.2g/t Au containing the Mineral Resource with further 2019 with sulphide ore crushed and 45kt Cu metal and 12koz Au metal was drilling. In FY2024 Aeris will undertake trucked to Mt Isa for processing and estimated based on the new drilling. feasibility studies and permitting ceased operations in December 2020. Mineralisation at Barbara has been activities for a potential underground During FY2023 a 15 hole drill program traced approximately 700m along‑strike mining operation at Barbara. was undertaken to better define the with 400m vertical extent in the deepest mineralisation remaining below the southern portion of the deposit and old pits. remains open down-plunge. Barbara Mineral Resource by copper grade AERIS RESOURCES | 15 JAGUAR OPERATIONS FY2023 HIGHLIGHTS ZN CU AU Production of 22.5kt zinc, 3.1kt copper, 718koz silver and 3.0koz gold at AISC of $2.45/lb Zn Mining operations severely impacted by mining induced seismic events in the second half of the year and restricted development rates Decision made post year end to place the operation on care and maintenance pending feasibility study on restart options incorporating other ore sources Operations In FY2023 operations at the Bentley mine produced 402.6kt of ore, resulting in metal production of 22.5kt zinc, 3.1kt copper, 718koz silver and 3.0koz gold. Over the last two quarters, the mine Production was also impacted by The decision preserves the in-ground experienced three separate mining low development rates caused by value of the significant resources induced seismic events, which delayed congestion in the lower levels of the identified across the Jaguar tenements. production and required a cessation of mine and limited ventilation. In FY2024 Aeris will undertake a operations in the high‑grade Bentayga mining area. Post year end, the decision was made to suspend production and place Jaguar Operations on care and maintenance in September 2023. feasibility study on options to restart Jaguar at higher throughput rates by incorporating other known resources on the tenements. UNITS FY2023 tonnes 402,574 % Zn 5.95 tonnes 432,631 Grade milled % Zn 5.97 Zinc recovery % 87.1 Zinc produced tonnes 22,479 Copper produced tonnes 3,057 Gold produced oz 2,958 Silver produced oz 718,147 Ore mined Grade mined Ore milled 16 | 2023 ANNUAL REPORT Bentley mine design AERIS RESOURCES | 17 Exploration During the year, exploration activities were focused on the high-grade Turbo lens at Bentley and a review of greenfield targets along strike from known deposits. Resource definition drilling extended During the year, a re-estimation of the footprint of the Turbo mineralisation the remaining Mineral Resource at a further 200m along strike. An updated the previously operating Jaguar mine Mineral Resource estimate was was completed. A Mineral Resource completed resulting in 1.26Mt at of 0.8Mt grading 2.28% Cu, 4.66% Zn 1.82% Cu, 8.5% Zn, 0.72g/t Au and and 61g/t Ag was defined, comprising 47g/t Ag. This Mineral Resource was a high-grade remnant sills and pillars 23% increase in tonnage, 17% increase within the old mine workings as well as in copper metal and 39% increase in additional mineralisation outside the zinc metal compared to the previous mining footprint. estimate. The Turbo lens is now the second largest massive sulphide lens ever discovered at Bentley. Dewatering of the Jaguar mine commenced to enable a review of ground conditions for potential Grade control drilling at Bentley restart studies. The broader Jaguar extended the high-grade Java Deeps tenements are considered highly lens and also intersected a new prospective for both base metals massive sulphide lens, named Bacalar. and gold mineralisation. During the High grade drill intersections through year a regional gravity survey was the Bacalar lens include: completed to assist with identifying • 23BUDD009 – 15.8m @ 3.70% Cu, 6.06% Zn, 101g/t Ag, 1.61g/t Au (14.4m true width) • 23BUDD005 – 11.3m @ 1.95% Cu, prospective targets along with regional mapping, surface geochemistry and electromagnetic geophysics datasets. Approximately 2,500 historical bottom‑of-hole air-core (BOH AC) 12.1% Zn, 63g/t Ag, 0.85g/t Au drill holes were also re-assayed (10.6m true width) to improve the understanding of • 23BUDD013 – 18.6m @ 1.80% Cu, 6.85% Zn, 75g/t Ag, 1.49g/t Au (15.6m true width). geochemical vectors associated with volcanic hosted massive sulphide (VHMS) deposits. Bacalar has now been defined The initial focus has been an 8km 70m along strike and 120m down strike corridor between the Jaguar plunge, while Java Deeps has been and Triumph deposits. Within this defined 100m along strike and 140m area, 21 gravity anomalies have been down plunge. identified within prospective rock sequences, including two coincident gravity/BOH AC geochemistry anomalies. The geochemistry dataset has defined 19 anomalies (some new and others previously identified) with strike extents exceeding 100m. 18 | 2023 ANNUAL REPORT Targets identified on the Jaguar tenements AERIS RESOURCES | 19 STOCKMAN PROJECT The Stockman Project is an advanced copper and zinc development project located approximately 300km north‑east of Melbourne in the East Gippsland region of Victoria. It is an exciting long-life project with all primary approvals granted, including the Mining Licence which was extended this year by the Earth Resources Regulator. During FY2023, work continued on completing the definitive feasibility study initiated by Round Oak Minerals. Work streams included: • Resource and reserve reviews; • Updated mine designs • Updated capital and operating cost estimates; • Review of power and logistics solutions; • Development of an early works strategy and engineering packages. and schedules; • New metallurgical drilling to inform process flowsheet design; Stockman Process Plant Design 20 | 2023 ANNUAL REPORT Permitting of the operation was also progressed, with surface water permits granted by Southern Rural Water, vegetation clearing offsets registered and new biological management plans submitted to the regulator. Aeris continues to engage regularly with the local communities and has had strong support for the project. OTHER PROJECTS CANBELEGO JOINT VENTURE TORRENS JOINT VENTURE Aeris, through subsidiary, Tritton Resources Pty Ltd, holds The Torrens Project is a South Australian greenfield a 30% interest in the Canbelego Project (EL 6105), a joint exploration Joint Venture between Aeris Resources venture (JV) with Oxley Resources (70% interest), a subsidiary (70% interest) and Kelaray Pty Ltd (a wholly owned of Helix Resources (ASX:HLX). Exploration activities and subsidiary of Argonaut Resources NL). During the year management of the exploration licence are undertaken by Aeris entered into an agreement to divest its 70% joint our JV partner. venture interest to Kelaray in return for a 2.5% net smelter During the year, an updated Mineral Resource Estimate for the Canbelego deposit was completed. The reported Mineral Resource totals 1.83Mt at 1.74% Cu for 32kt Cu metal. royalty. The transaction remains subject to conditions precedent, including ministerial approval of the transfer of the tenement. The Canbelego mineralised system has been traced 350m along strike and approximately 600m down-plunge. The deposit remains open at depth. AERIS RESOURCES | 21 Resources and Reserves MINERAL RESOURCE ESTIMATES The Mineral Resources Estimates are reported in accordance with the guidelines of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The estimates are reported at 31 December 2022. BASE METALS GRADE CONTAINED METAL Project Category Tonnes (‘000) % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Tritton Measured 2,000 1.1 - 0.1 3 23 - 6 180 Indicated 11,300 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 - 236 2,990 Measured 450 1.2 6.9 0.7 77 6 31 10 1,110 Indicated 3,100 1.0 7.8 0.6 80 31 237 53 7,720 Inferred 3,700 1.1 4.0 0.3 57 41 150 43 6,910 Total Jaguar North Qld 7,200 1.1 5.8 0.5 68 78 416 106 15,750 Measured 600 3.0 - 0.5 - 18 - 11 - Indicated 1,600 2.3 - 0.2 3 36 - 12 140 Inferred 870 2.0 - 0.2 2 17 - 4 60 Total Stockman Grand Total Grand Total 3,060 2.3 - 0.3 2 72 - 26 200 Measured - ‑ - - - - - - - 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 4.2 1.1 38 296 623 520 18,280 Measured 3,000 1.6 1.0 0.3 13 47 31 27 1,300 Indicated 28,000 1.7 2.8 0.6 28 476 775 576 25,000 Inferred 19,000 1.5 1.2 0.5 18 291 235 288 10,900 Total 50,000 1.6 2.1 0.6 23 814 1,041 891 37,200 GOLD GRADE CONTAINED METAL Project Category Tonnes (‘000) % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Cracow 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 Notes: 1. M  ineral Resource figures are reported using a variety of cut-off grades (copper or gold) or NSR calculation best suited to each deposit. 2. D  iscrepancy in summation may occur due to rounding. 3. T ritton Mineral Resource includes Constellation Mineral Resource update on 18 August 2022 and Kurrajong Mineral Resource on 4 April 2023. AERIS RESOURCES | 23 ORE RESERVE ESTIMATES The Group Ore Reserve Estimates take account of changes to the Mineral Resource base at individual deposits due to new drilling information, updated metal prices, changes to cut‑off grades, mining depletion and changes to mine design. Ore Reserve Estimates are based on Mineral Resources classified as being either in the Measured or Indicated categories. The estimates are reported at 31 December 2022. BASE METALS GRADE Project Category g/t Au g/t Ag koz Au koz Ag Tritton Proved 450 1.3 - 0.1 3 6 - 1 40 Probable 3,560 1.4 - 0.2 5 49 - 28 598 Total 4,010 1.4 - 0.2 5 55 - 30 638 Jaguar North Qld Stockman Grand Total Tonnes (‘000) % Cu CONTAINED METAL % Zn kt Cu kt Zn Proved 90 1.4 8.7 0.8 74 1 8 2 225 Probable 1,060 1.5 8.3 0.6 45 16 87 21 1,534 Total 1,150 1.5 8.3 0.6 48 17 95 23 1,759 Proved 100 2.8 - 0.6 - 3 - 2 - Probable 290 2.3 - 0.4 - 7 - 3 - Total 390 2.4 - 0.4 - 9 - 5 - Proved - - - - - - - - - Probable 9,640 1.9 4.3 1.0 36 183 413 318 11,409 Total 9,640 1.9 4.3 1.0 36 183 413 318 11,409 Proved 640 1.6 1.3 0.3 13 10 8 5 265 Probable 14,540 1.8 3.5 0.8 28 255 500 371 13,541 Total 15,180 1.7 3.4 0.8 28 265 508 376 13,805 koz Au koz Ag 27 - GOLD GRADE Tonnes (‘000) % Cu CONTAINED METAL Project Category Cracow Proved 230 % Zn Probable 360 - - 3.5 - - - 41 - Total 590 - - 3.6 - - - 68 - -