Announcement PDF Quarterly Activities Report | For the period ended 30 June 2023 Quarterly Activities Report For the period ended 30 June 2023 Highlights • Copper equivalent production of 13.1kt for the quarter and 51.5kt for full year • Group operating and capital costs within or below revised guidance for full year • Tritton had best quarter for FY23, with 5.4kt of copper produced – higher grade and tonnes from Avoca Tank. Avoca Tank and Budgerygar to ramp up across FY24 • Cracow had strong production quarter. Met FY23 production and cost guidance • Mt Colin tonnes mined for quarter on plan but copper production delayed by thirdparty toll processor, resulting in large stockpile of mined ore at quarter end • Updated Mineral Resource at Barbara deposit and maiden mineral resource at Kurrajong deposit. Study on potential underground mine at Barbara to commence • Seismic events at Jaguar severely impacted production during the quarter – FY24 operating plan options for Jaguar are under review Sep-22 Dec-22 Mar-23 Jun-23 Total FY23 Rev. Guidance /mmhrs 2.06 2.06 2.03 1.33 1.66 N/A Copper produced kt 6.8 6.7 6.0 7.9 27.4 28 - 32 Zinc produced kt 8.1 7.3 4.2 2.9 22.5 24 - 29 Gold produced koz 13.8 13.9 15.4 16.5 59.6 60 - 78 Silver produced Moz 0.4 0.2 0.1 0.1 0.9 1.1 - 1.3 Cu eq production kt 14.2 13.1 11.1 13.1 51.5 53 - 63 Mining A$M 60.2 66.5 65.0 67.5 259.2 229 - 277 Processing A$M 26.3 25.5 28.0 24.8 104.6 98 - 120 Site & G&A A$M 18.4 15.0 16.4 19.7 69.4 69 - 83 TC/RCs A$M 7.5 11.7 10.3 10.2 39.6 37 - 45 Product handling A$M 11.5 12.0 5.0 7.5 36.0 41 - 49 Sustaining A$M 19.3 19.0 16.5 27.8 82.7 75 - 95 Growth A$M 10.1 11.9 15.6 7.1 44.7 39 - 51 Exploration A$M 4.8 3.9 2.9 3.4 15.0 16 - 23 Projects inc. Stockman A$M 0.5 2.3 0.9 2.7 6.3 9 - 11 AISC A$M 147.6 156.3 143.7 176.5 624.1 N/A AISC $/lb Cu eq 4.72 5.42 5.87 6.11 5.50 N/A Unit LTIFR Operating Costs Capital Costs Aeris Resources Limited 1 Group Safety, Environment and Community Aeris recorded one lost time injury during the June quarter bringing the Q4 12 month rolling LTIFR to 1.66 1. The Total Recordable Injury Frequency Rate (TRIFR) for Aeris at the end of the June quarter was 12.5. Early injury prevention programs are now imbedded into our sites’ injury management processes, ensuring that management of injuries and consultations with medical personnel are completed within the first critical 24 hours. The development of the Aeris Risk Management Framework has been completed and approved by the Audit and Risk Committee. There were no Significant Environmental Incidents recorded in the June quarter. Figure 1 – Group LTIFR 3 2 No of LTI LTIFR 1 0 1 One additional LTI has also been retrospectively recorded for the March quarter 2 Tritton Operations (NSW) Key points for quarter: • Copper production of 5.4kt Cu at AISC of A$5.68/lb • Increased contribution from the high-grade Avoca Tank and Budgerygar mines • Operating costs in line with plan and lower on a unit basis due to higher metal production • Growth capital declined quarter on quarter as Avoca Tank and Budgerygar development was completed • Significant de-risking events for FY24 production occurred with raisebores at Budgerygar (30 June) and Avoca Tank (22 July) being completed Production Summary Unit Sep 22 Dec 22 Mar 23 Jun 23 Qtr Qtr Qtr Qtr FY23 Total FY23 Rev. Guidance Ore Mined tonnes 309.2 333.2 333.2 393.8 1,369.4 N/A Mined Grade Cu (%) 1.27% 1.31% 1.24% 1.57% 1.36% N/A Ore Milled tonnes 314.7 330.6 334.5 372.6 1,352.4 N/A Milled Grade Cu (%) 1.26% 1.31% 1.25% 1.53% 1.34% N/A Recovery Cu (%) 95.20% 93.8% 93.9% 95.3% 94.6% N/A Copper Produced kt 3.8 4.1 3.9 5.4 17.2 17 - 18 Gold Produced koz 1.1 1.1 1.0 1.4 4.6 5-7 Silver Produced koz 26.7 39.0 29.6 39.3 134.6 160 - 200 Mining A$M 25.1 26.7 25.9 32.7 110.4 106 - 129 Processing A$M 8.1 7.4 7.6 7.5 30.6 29 - 35 Site & G&A A$M 5.3 5.0 4.1 5.1 19.5 20 - 24 TC/RCs A$M 3.0 2.7 4.0 4.7 14.4 13 - 16 Product Handling A$M 4.4 4.0 2.4 3.9 14.7 17 - 20 By-Product Credit A$M (3.4) (2.8) (4.6) (4.5) (15.3) N/A Royalties A$M 0.6 1.5 1.4 1.3 4.8 N/A Corporate G&A1 A$M 0.7 0.7 0.7 0.5 2.6 N/A Inventory Movements A$M 3.6 (5.2) 0.0 0.4 (1.2) N/A Sustaining Capital2 A$M 10.1 9.7 10.0 16.4 46.2 43 - 52 A$M 57.5 49.5 51.5 68.1 226.7 N/A A$/lb 6.89 5.52 5.96 5.68 5.98 N/A Growth Capital A$M 9.3 10.4 13.8 5.6 39.1 37 - 45 Exploration A$M 1.4 0.5 1.3 2.4 5.6 6-7 A$M 68.2 60.5 66.5 76.1 271.3 N/A A$/lb 8.17 6.75 7.71 6.35 7.15 N/A Cost Summary All-In Sustaining Costs3 All-In Costs3 1. Includes Share Based Payments 2. Includes sustaining capital, capitalised mine development and financing payments (Principal and Interest) on leased assets 3. All-In Sustaining and All-In Costs are based on copper produced 3 Operations Total ore mined for the quarter was strong at 393.8kt. Production was primarily from the Tritton and Murrawombie underground mines with an increased contribution from the higher grade Avoca Tank and Budgerygar mines in June. These higher grade ore sources also resulted in an average mined copper grade of 1.57%. Raise boring of the Budgerygar ventilation shaft was completed at the end of the quarter and with the fan now installed, the Budgerygar production rates are scheduled to increase across FY24. The raise boring of the ventilation shaft at Avoca Tank was completed on 22 July. Completion of the ventilation shafts significantly derisks production from these ore sources for FY24. Figure 2 – Completed Budgerygar ventilation shaft The Tritton mill continued to perform well with Q4 FY23 mill throughput and copper recovery being the highest in FY23. The Jameson cell installation is progressing well with commissioning scheduled for Q1 FY24 – installation of the Jameson cell is expected to improve the copper grade in concentrate across FY24. Improved copper grade in concentrate results in cost benefits from lower treatment and refining charges and product handling costs. Payback on the capital investment in the Jameson cell is expected to be less than 12 months. Feasibility work also continued on the Constellation Project during the quarter. 4 Costs All-in-sustaining costs reduced quarter on quarter to A$5.68/lb, driven by improved ore production rates and higher copper production. Growth capital for the quarter decreased as the underground access development for Avoca Tank was completed. Tritton finished the financial year with operating and capital costs in line with FY23 guidance. Greenfields Exploration During the quarter, assay results were received from the three hole diamond drill program completed at the 5M7 prospect in the prior quarter. The drill program targeted evidence of sulphide mineralisation down-dip from recent multi-element surface geochemistry and shallow low-grade copper mineralisation reported from historical RC drilling completed in the 1990s. All three diamond drill holes completed in the prior quarter intersected sulphide mineralisation at or near the target horizon. The best intersection was returned from drill hole TEXD003, reporting 0.86m @ 1.29% Cu, 0.18g/t Au and 7g/t Ag. Data collected from the drill program is currently being processed and interpreted. 5M7 is still considered a prospective target and geological work is ongoing. Figure 3 – Plan View of the 5M7 prospect highlighting the multi-element geochemical anomalism and completed drill holes 5 On-ground assessment of the 14 priority airborne electromagnetic (VTEM) targets identified from the 2022 VTEM survey commenced during the quarter. The assessment includes completing moving loop electromagnetic (MLTEM) traverses across each anomaly to confirm whether the VTEM response is associated with a bedrock conductor or noise/conductive cover related. The MLTEM survey program will continue in the current quarter. Figure 4 – Tritton Tenement package including priority targets (VTEM) in the northern most extent. 6 Cracow Operations (QLD) Key points for quarter: • Best quarter for the year with gold production of 13.8koz on increased ore mined and ore grades. Full year gold production of 48.2koz was within guidance • Q4 all-in sustaining costs of $2,187/oz, driven by higher gold sales and good cost management • Total operating and capital costs for FY23 within revised full year guidance Sep 22 Dec 22 Mar 23 Jun 23 Qtr Qtr Qtr Qtr kt 127.1 147.7 147.8 g/t 2.63 2.60 Ore Milled kt 154.6 Milled Grade g/t 2.31 Recovery % Gold Produced koz Gold Sold FY23 Total FY23 Rev. Guidance 152.7 575.3 N/A 2.82 2.92 2.75 N/A 170.4 168.6 173.3 667.0 N/A 2.28 2.65 2.74 2.50 N/A 90.1% 88.3% 90.6% 90.7% 90.0% N/A 10.4 11.0 13.0 13.8 48.2 48 - 59 koz 10.1 10.8 13.3 13.6 47.8 N/A Mining A$M 11.7 14.5 15.1 15.8 57.1 46 - 56 Processing A$M 6.0 6.2 7.2 6.7 26.1 23 - 28 Site & G&A A$M 3.0 2.7 2.5 3.2 11.4 12 - 14 By-Product Credit A$M (0.2) (0.3) (0.3) (0.3) (1.1) N/A Royalties A$M 1.4 1.6 2.1 2.2 7.3 N/A Production Summary Unit Ore Mined Mined Grade Cost Summary Corporate G&A1 A$M 0.5 0.5 0.5 0.4 1.9 N/A Inventory Movements A$M (0.3) (2.0) 0.0 (0.2) (2.5) N/A Sustaining Capital2 A$M 3.8 2.7 2.6 2.1 11.2 9 - 13 A$M 25.9 25.9 29.7 29.8 111.3 N/A A$/oz 2,567 2,397 2,229 2,187 2,326 N/A Growth Capital A$M 0.9 0.7 1.2 1.5 4.3 2-5 Exploration A$M 2.0 1.4 0.7 0.4 4.5 5-8 A$M 28.8 28.0 31.6 31.7 120.1 N/A A$/oz 2,855 2,593 2,372 2,328 2,511 N/A All-In Sustaining Costs3 All-In Costs3 1. Includes Share Based Payments 2. Includes sustaining capital, capitalised mine development and financing payments (Principal and Interest) on leased assets 3. All-In Sustaining and All-In Costs are based on gold sold Operations Cracow performed well for the quarter with very strong ore production of 152.7kt at gold grade of 2.92g/t Au. Development rates were above plan, improving access to mining areas. The mill also performed well, processing the increased mined ore and additional stockpiled material. Recovery of 90.7% was in line with plan. Total gold production was 13.8koz for the quarter and 48.2koz for FY23. 7 Costs All-in sustaining costs were lower quarter on quarter driven by higher gold sales and steady costs. Total operating and capital costs for the full year were within revised FY23 guidance ranges. Exploration – Southern Vein Field Greenfield exploration activities were focused on the Southern Vein Field, a 5km x 4km corridor located directly south of the current mine infrastructure. The Southern Vein Field is considered the priority greenfield exploration search space at the Cracow Operation. The prospective geology, with the potential to host new gold deposits at the Southern Vein Field, is overlain by several hundreds of metres of post-mineralisation cover. This area has been underexplored but is considered to hold very significant conceptual potential for new high-grade gold discoveries. The Company has been considering a range of different remote sensing geophysical methods to assist with interpreting the regional structural architecture and stratigraphic units. A trial magnetotelluric geophysical survey and subsequent in-fill survey were completed over the Southern Vein Field between 2021 and 2022. Results from the surveys were encouraging, aiding in the interpretation of a broad-scale structural lineament interpretation. An alternate geophysical method was sought to assist with generating robust geological interpretations for first-pass drill testing. The Company trialed an ambient noise tomography (ANT) geophysical technique, which maps density contrasts below the surface. Density differences at Cracow could relate to different rock units and/or structures, both of which are important controls on mineralisation at the known Cracow goldfield. The ANT survey was completed over the Southern Vein Field during the quarter. Data outputs have been received, enabling a preliminary interpretation to commence (Figure 5). A series of structural lineaments have been interpreted from the dataset, which is highly encouraging. The ANT and MT datasets will be used in conjunction, as the primary tools to identify prospective areas with the potential to host gold mineralisation. Target areas defined from the geophysical surveys would form the basis for a first-pass drill program at the Southern Vein Field. 8 Figure 5 – Plan View of the Cracow goldfield showing an output from the ANT survey over the Southern Vein Field, including preliminary structural lineaments interpreted from the survey. 9 North Queensland Operations (QLD) Key points for quarter: • Copper production of 2.0kt at AISC of A$4.71/lb, impacted by processing delays at toll processor, Ernest Henry Mining (EHM) • Ore stockpiled at EHM at quarter end available for processing was over 100kt • Operating and capital costs for FY23 were within or below revised full-year guidance ranges • Updated Mineral Resource estimate released for the Barbara project – study to commence on potential underground mine Sep 22 Dec 22 Mar 23 Jun 23 Qtr Qtr Qtr Qtr kt 110.7 94.6 116.7 104.1 Production Summary Unit Ore Mined Mined Grade FY23 Total FY23 Rev. Guidance 426.1 N/A Cu (%) 2.30 2.56 2.70 2.02 2.39 N/A Ore Milled kt 98.9 82.2 76.2 105.6 362.9 N/A Milled Grade Cu (%) 2.17 2.12 2.28 2.18 2.18 N/A Recovery Cu (%) 94.0% 88.5% 90.2% 86.2% 89.8% N/A Copper Produced kt 2.0 1.5 1.6 2.0 7.1 8-9 Gold Produced koz 1.1 1.0 0.9 0.9 3.9 4-5 A$M 11.0 10.6 11.3 10.7 43.6 40 - 48 Cost Summary Mining Processing A$M 5.0 4.6 4.5 5.5 19.6 20 - 25 Site & G&A A$M 1.7 1.5 1.2 2.9 7.3 6-7 TC/RCs A$M 1.1 1.5 2.4 1.5 6.5 5-6 Product Handling A$M 1.2 0.8 0.5 1.8 4.3 5-6 By-Product Credit A$M (3.1) (2.8) (1.1) (3.8) (10.8) N/A Royalties A$M 1.0 1.1 0.7 1.5 4.3 N/A Corporate G&A1 A$M 0.3 0.3 0.4 0.3 1.3 N/A Inventory Movements A$M (2.0) (1.5) (5.2) 0.1 (8.6) N/A Sustaining Capital2 A$M 0.9 0.1 0.0 0.0 1.0 2-3 A$M 17.1 16.3 14.6 20.6 68.6 N/A A$/lb 3.84 4.79 4.23 4.71 4.38 N/A A$M 0.2 1.5 0.4 0.2 2.3 3-4 A$M 17.3 17.8 15.0 20.8 70.9 N/A A$/lb 3.89 5.24 4.34 4.76 4.52 N/A All-In Sustaining Costs3 Exploration All-In Costs3 1. Includes Share Based Payments 2. Includes sustaining capital, capitalised mine development and financing payments (Principal and Interest) on leased assets All-In Sustaining and All-In Costs are based on copper produced 3. Operations Ore mined was in line with plan although grade was lower due to scheduling of lower grade stopes in the mining sequence. Ore milled was significantly below budget due to the scheduled processing run at EHM schedule for June being deferred until Q1 FY24. As a result of the toll processing delays, Aeris held an ore stockpile of over 100kt at EHM at the end of the quarter. 10 Costs All-in sustaining costs were higher quarter on quarter at A$4.71/lb. Operating and capital costs for FY23 were within or below the revised full-year guidance ranges. Approximately 86kt of stockpiled ore at EHM was pre-sold (provisional payment received) at the end of the quarter and will be processed in Q1 FY24. Exploration An updated Barbara Mineral Resource Estimate (MRE) was completed during the quarter 1. The reported Barbara MRE totals 2.2Mt at 2.0% Cu and 0.2g/t Au for 45kt Cu metal and 12koz Au metal. The updated MRE incorporates results from the recent resource definition drill program completed at the deposit in the prior quarters. Mineralisation at Barbara has been traced approximately 700m along-strike with 400m vertical extent in the deepest southern portion of the deposit and remains open downplunge. There remains significant potential to increase the MRE with further drilling. Table 1: June 2023 Barbara Mineral Resource 2345 JUNE 2023 MINERAL RESOURCE ESTIMATE Resource Category Cut-off grade Measured Indicated Inferred Total $100 NSR Tonnage (kt) Cu (%) Au (g/t) Ag (g/t) Cu metal (kt) Au metal (koz) Ag metal (koz) - - - - - - - 1,980 2.0 0.2 3.3 40 11 210 260 1.8 0.1 3.5 5 1 30 2,230 2.0 0.2 3.4 45 12 240 Figure 6 – Long section view looking east showing the current Barbara Mineral Resource estimate displaying Cu grade estimates and drill hole intercepts. 1 Refer to ASX announcement “Barbara Mineral Resource Update” dated 28th June 2023. 2 Dr Andrew Fowler MAusIMM CP (Geo) takes Competent Person responsibility for this Mineral Resource Estimate in accordance with the JORC Code (2012). 3 The cut-off grade applied to the MRE has been derived from the Net Smelter Return (NSR) calculation. 4 The Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic extraction at the cut-off grade. 5 Numbers may not sum due to rounding. 11 Jaguar Operations (WA) Key points for quarter: • Zinc production of 2.9kt Zn at AISC of A$6.21/lb with seismic events severely impacting mining activities • All-in sustaining costs high on reduced metal production • FY24 operating plans for Jaguar are under review Production Summary Unit Sep 22 Dec 22 Mar 23 Jun 23 Qtr Qtr Qtr Qtr FY23 Total FY23 Rev. Guidance Ore Mined tonnes 127.7 107.9 98.0 69.0 402.6 N/A Mined Grade Zn 7.55% 6.73% 4.45% 3.91% 5.95% N/A tonnes 117.0 124.1 98.2 93.3 432.6 N/A Milled Grade Zn 7.84% 6.70% 5.03% 3.64% 5.97% N/A Recovery Zn 87.9% 87.9% 85.7% 85.0% 87.1% N/A Zinc Produced kt 8.1 7.3 4.2 2.9 22.5 24 - 29 Copper Produced kt 1.0 1.1 0.5 0.5 3.1 3-5 Gold Produced koz 1.2 0.8 0.6 0.4 3.0 5-7 Silver Produced koz 312 206 109 91 718 900 - 1,100 Mining A$M 12.4 14.7 12.7 8.3 48.1 37 - 44 Processing A$M 7.3 7.3 8.6 5.1 28.3 26 - 32 Site & G&A A$M 8.4 5.8 8.6 8.5 31.3 31 - 38 TC/RCs A$M 3.4 7.5 3.9 4.0 18.8 19 - 23 Product Handling A$M 5.9 7.2 2.1 1.8 17.0 19 - 23 By-Product Credit A$M (16.6) (34.4) (12.7) (9.7) (73.4) N/A Royalties A$M 2.0 2.0 0.7 0.4 5.1 N/A Corporate G&A1 A$M 0.7 0.7 0.6 0.7 2.7 N/A Inventory Movements A$M (1.8) 9.2 0.6 11.3 19.3 N/A Sustaining Capital2 A$M 4.5 6.5 4.1 9.2 24.3 21 - 27 A$M 26.0 26.6 29.3 39.6 121.5 N/A A$/lb 1.47 1.65 3.14 6.21 2.45 N/A Growth Capital A$M 0.0 0.8 0.5 0.1 1.4 0-1 Exploration A$M 1.2 0.4 0.6 0.4 2.6 2-4 A$M 27.2 27.8 30.5 40.1 125.5 N/A A$/lb 1.53 1.73 3.26 6.29 2.53 N/A Ore Milled Cost Summary All-In Sustaining Costs3 All-In Costs3 1. Includes Share Based Payments 2. Includes sustaining capital, capitalised mine development and financing payments (Principal and Interest) on leased assets All-In Sustaining and All-In Costs are based on zinc produced 3. 12 Operations Ore mined for the quarter at 69.0kt was significantly lower than plan and the previous quarter. As disclosed in the ASX release “FY23 Production Guidance Update” dated 7 July 2023, Bentley has experienced three separate mining induced seismic events in the lower levels of the mine in recent months. These seismic events delayed production and required a cessation of operations in the Bentayga mining area. Mined grades for the quarter was impacted by the exclusion of the high-grade Bentayga stopes. The operating strategy for Jaguar, including safe sustainable production rates at the Bentley mine is currently under review. Costs All-in sustaining costs were high on a unit cost basis driven by lower metal production. Inventory movement costs were also high as mined ore stockpiles were utilised. Operating and capital costs for FY23 were within revised full-year guidance ranges. Note: Maintenance costs were included in the Site & G&A section in the guidance calculation, but actual reported maintenance costs are included in the Mining and Processing costs. Greenfield Exploration During Q4 FY23, surface exploration at the Jaguar Operation focused on an extensive re-assay campaign of approximately 2,500 historical bottom-of-hole (BOH) air-core (AC) drill holes along the known prospective volcanic hosted massive sulphide (VHMS) trend. The re-assay program was designed to improve the understanding of geochemical vectors associated with VHMS deposits. In tandem with this project, the recently acquired gravity data combined with ongoing detailed regional mapping is providing an improved understanding of the geology along the prospective corridor. The initial focus has been an 8 km strike corridor between the Jaguar and Triumph deposits. Within this area, 21 gravity anomalies have been 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. The newly acquired geochemistry and gravity datasets, coupled with a regional mapping exercise, collectively highlight significantly greater prospectivity along the known VHMS prospective corridor than previously interpreted. Figure 7 below displays the gravity and geochemical anomalies along the northern half of the current focus area, between the Teutonic Bore and Triumph deposits. 13 Figure 7 – Plan view showing gravity and geochemical anomalies along the prospective VHMS trend between the Teutonic Bore and Triumph deposits. Note that the underlying image is a reprocessed gravity (1VD) image incorporating recently acquired infill gravity data with existing broader spaced data. 14 Brownfield Exploration - Bentley Mine At the Bentley Mine, underground resource definition and grade control drilling continued throughout the quarter. Resource definition drilling focused on extending the known high-grade Bacalar and Flying Spur Deeps massive sulphide lenses 1. Drilling results at the Bacalar lens continued to intersect high-grade mineralisation, including: o 23BUDD012 9.3m @ 2.04% Cu, 7.56% Zn, 65g/t Ag, 0.74g/t Au (7.5m2) o 23BUDD013 18.6m @ 1.80% Cu, 6.85% Zn, 75g/t Ag, 1.49g/t Au (15.6m2) o 23BUDD019 3.0m @ 6.35% Cu, 1.04% Zn, 143g/t Ag, 1.35g/t Au (2.8m2) The drill program has defined the extent of the Bacalar lens at 70m along strike and 120m down-plunge. The Java Deeps massive sulphide lens footprint has grown considerably since the initial three holes reported last year. The Java Deeps massive sulphide lens is high tenor, rich in zinc, copper, silver and gold and is up to 3m true thickness, striking up to 100m across and 140m down plunge. It remains open at depth. High-grade mineralisation intersected from recent drilling includes: o 23BUDD026 2.9m @ 2.22% Cu, 11.5% Zn, 343g/t Ag, 6.57g/t Au (1.4m2) o 23BUDD030 1.7m @ 1.66% Cu, 20.5% Zn, 443g/t Ag, 3.66g/t Au (1.1m2) o 23BUDD033 3.9m @ 2.35% Cu, 13.5% Zn, 165g/t Ag, 1.80g/t Au (1.1m2) Figure 8 – Long section looking east showing the massive sulphide Bacalar lens and drill hole intersections. 1 Refer to ASX announcement “Drilling Update at Jaguar Operations – High Grade Intersections at Turbo Lens and Java Deeps Target” dated 26th July 2022. 2 True thickness (m) 15 Figure 9 – Long section looking east showing the massive sulphide Java Deeps lens and drill hole intersections. Stockman Project (VIC) Key points for quarter: Feasibility study and permitting activities continued during the quarter, including: ― Drilling at Wilga and Currawong ore bodies to provide fresh ore for additional metallurgical testing ― Granting of surface water permits by Southern Rural Water ― Updated biological management plans submitted ― Mining License extension approved by Earth Resources Regulator. Aeris expects to be in a position to update the market on feasibility results in the September quarter. 16 Other Projects Canbelego Joint Venture (Aeris 30%) Aeris, through subsidiary Tritton Resources Pty Ltd, holds a 30% interest in the Canbelego Project (EL 6105) in NSW, a joint venture (JV) with Oxley Resources (70% interest), a subsidiary of Helix Resources (ASX:HLX). Exploration activities and management of the exploration licence are undertaken by our JV partner. An updated Mineral Resource Estimate (MRE) for the Canbelego deposit was completed during the quarter. The reported Canbelego MRE totals 1.83Mt at 1.74% Cu for 32kt Cu metal 1 (Table 2). The updated MRE incorporates results from recent drill programs at the Canbelego deposit between 2021 to 2023, targeting extensions to the known mineralised system down-plunge and infill drilling within shallower levels of the known deposit. The Canbelego mineralised system has been traced 350m along strike and approximately 600m down-plunge. The deposit remains open at depth. Table 2: June 2023 Canbelego Mineral Resource 2,3,4 JUNE 2023 MINERAL RESOURCE ESTIMATE Resource Category Cut-off grade (Cu%) Tonnage (kt) Cu (%) Cu metal (kt) - - 100 1.28 1.3 282 1.21 3.4 377 1.23 4.6 - - - 241 1.81 4.4 1,211 1.88 22.8 1,453 1.87 27.2 - - - 341 1.65 5.6 1,494 1.75 26.1 1,830 1.74 31.8 Potential open pit (O/P) MRE Measured Indicated Inferred 0.3 Sub total (O/P) Potential underground (U/G) MRE Measured Indicated Inferred 0.8 Sub total (U/G) Total (Combined O/P & U/G) MRE Measured Indicated Inferred Total: O/P & U/G various 1 Refer to ASX announcement “Canbelego Resource Increases 77% in Contained Copper” dated 14th June 2023. 2 Numbers may not sum due to rounding. 3 Potential open pit MRE is reported down to the 240mRL at a 0.3% Cu cut-off grade. 4 Potential underground MRE is reported below 240mRL at a 0.8% Cu cut-off grade. 17 Torrens Joint Venture (Aeris 70%) During the quarter Aeris entered into an agreement to divest its interest in the Torrens Project to Keleray Pty Ltd, a subsidiary of Argonaut Resources NL in return for a 2.5% net smelter royalty. The transaction is subject to conditions precedent including ministerial approval of the tenement transfer. As a result of the transaction, the carrying value of Torrens will be fully written off, resulting in an impairment of $1.7 million. Corporate Cash and Receivables At the end of the quarter, Aeris had useable cash and receivables of $29.5m and a closing cash balance of $19.5m. Cash flow from operations was impacted by lower metal production and sales from Jaguar and Mt Colin. (A$ Million) Sep 2022 Qtr Dec 2022 Qtr Mar 2023 Qtr Jun 2023 Qtr Closing cash Jaguar - zinc concentrate receivable Mt Colin Cracow - gold dore Tritton - copper concentrate receivables 51.8 0.0 0.0 0.1 3.0 67.2 5.0 0.0 0.1 9.2 45.3 1.1 0.0 0.1 9.5 19.5 0.8 0.0 0.1 9.1 Useable Cash and Receivables 54.9 81.6 56.0 29.5 Sep Dec Mar Jun 2022 2022 2023 2023 Qtr Qtr Qtr Qtr Opening cash Cash flow from operations Cash flow from capital expenditure 138.1 11.7 (35.1) 51.8 20.9 (34.1) 67.2 15.0 (36.9) 45.3 18.5 (44.3) Net cash flow for acquisition of Round Oak (80.0) 28.7 0.0 0.0 Net proceeds from equity raise Closing cash 17.1 51.8 0.0 67.2 0.0 45.3 0.0 19.5 (A$ Million) Hedging The Company had no hedges in place at the end of the quarter. 18 Authorised for lodgment by: Andre Labuschagne Executive Chairman ENDS For further information, please contact: Mr. Andre Labuschagne Executive Chairman Tel: +61 7 3034 6200, or visit our website at www.aerisresources.com.au Media: Ayla Djonlagic Tel: 0402 763 968 About Aeris Aeris Resources is a mid-tier base and precious metals producer. Its copper dominant portfolio comprises four operating assets, a long-life development project and a highly prospective exploration portfolio, spanning Queensland, Western Australia, New South Wales and Victoria, with headquarters in Brisbane. Aeris has a strong pipeline of organic growth projects, an aggressive exploration program and continues to investigate strategic merger and acquisition opportunities. The Company’s experienced board and management team bring significant corporate and technical expertise to a lean operating model. Aeris is committed to building strong partnerships with its key community, investment and workforce stakeholders. References in this report to “Aeris Resources Limited”, “Aeris” and “Company” include, where applicable, its subsidiaries. Competent Persons Statement – Exploration Results The information in this report that relates to Exploration Results is based on information compiled by Mr Brad Cox. Mr Cox confirms that he is the Competent Person for all Exploration Results 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. Specifi