Announcement PDF Capital Raising Presentation Monday, 27 November 2023 Disclaimer IMPORTANT INFORMATION AND DISCLAIMER This Investor Presentation is dated [insert] and has been prepared, approved and authorised for despatch 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. This presentation has been prepared in relation to an equity capital raising by Aeris consisting of an accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Aeris to be made to eligible institutional and retail shareholders of Aeris (“New Shares”) under section 708AA of the Corporations Act 2001 (Cth) (“Corporations Act”) as modified by Australian Securities and Investments Commission (“ASIC”) Corporations (Non-Trading Rights Issues) Instrument 2016/84 and ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73 (“Entitlement Offer”) and placement of New Shares to certain ‘sophisticated’ and ‘professional’ investors (as defined by the Corporations Act) under section 708A of the Corporations Act ("Placement", and together with the Entitlement Offer, the "Offer") 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. Other market and industry data used in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Aeris nor its advisers or representatives have independently verified any such market or industry data provided by third parties or industry or general publications. No reliance should be placed on the information or opinions contained in this presentation, which are provided as at the date of this presentation (unless otherwise stated) and to the maximum extent permitted by law, Aeris has no obligation to update the information contained in this presentation. Not financial product advice or offer This presentation is not intended as, investment or financial advice (nor as tax, accounting or legal advice) and should not be treated as such. It is not a recommendation to acquire New Shares and has been prepared without taking into account the objectives, financial situation and particular needs of individuals. Nor is the presentation a prospectus, product disclosure statement or other offering document under Australian law (or any other law) but is simply to provide an overview to allow prospective investors to decide whether to carry out their own independent investigations and seek their own advice before making a decision whether to invest in Aeris. The retail offer booklet for the offer of new shares to retail shareholders under the Entitlement Offer will be available following its lodgement with ASX. Any eligible retail shareholder in Australia or New Zealand who wishes to participate in the Entitlement Offer should consider the retail offer booklet before deciding whether to apply under that offer. To the maximum extent permitted by law, Aeris and its officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence on the part of Aeris, its officers, employees and agents) for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. In making an investment decision, investors must rely on their own examination of Aeris including the merits and risks involved. An investment in securities is subject to known and unknown risks, some of which are beyond the control of Aeris. Prospective investors should have regard to Appendix B (Key Risks) of this presentation when making their investment decision. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Particularly, this presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States of America or any other jurisdiction in which such an offer would be illegal. The securities referred to in this presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States of America and may not be offered or sold, directly or indirectly in the United States of America or to any person acting for the account or benefit of a person in the United States of America unless the securities have been registered under the Securities Act (which Aeris has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities laws. Refer to Appendix C of this presentation for further details about international offer restrictions. 2 Disclaimer Investment risk All investments in securities are subject to known and unknown risks, including an investment in Aeris shares. Some of these risks are beyond the control of Aeris and its directors and officers, and Aeris does not guarantee any particular rate of return or level of performance. You should consider the risk factors outlined in Appendix B of this presentation when deciding whether or not to invest in Aeris. Cooling off rights do not apply to the acquisition of New Shares. Financial information All financial information set out in this presentation is expressed in Australian Dollars unless stated otherwise. Investors should be aware that certain financial measures included in this presentation are “non-IFRS financial information” under ASIC Regulatory Guide 230: “Disclosing non-IFRS financial information” published by ASIC and also “Non-GAAP financial measures” within the meaning of Regulation G under the US Securities Exchange Act of 1934 and are not recognised under the AAS or IFRS. Aeris believes the non-IFRS financial information and non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of Aeris. However, investors should note that the non-IFRS financial information and non-GAAP financial measures do not have standardised meanings prescribed by AAS or IFRS. Therefore, the non-IFRS financial information is not a measure of financial performance, liquidity or value under the IFRS and may not be comparable to similarly titled measures presented by other entities, nor should the information be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation. Any pro forma historical financial information contained in this presentation is provided for illustrative purposes only and does not necessarily indicate Aeris's future financial position and/or performance. Such information, which has not been audited or reviewed in accordance with the Australian Accounting Standards (“AAS”), have not been prepared in accordance with the disclosure requirements prescribed by the AAS, nor does it purport to be in compliance with any Australian or foreign rules or regulations (including Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)). Further, certain figures, amounts, percentages, estimates and calculations provided in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Past performance Investors should be aware that past performance, including past share price performance of Aeris and pro-forma financial information given in this presentation, provides no guidance as to (and should not be relied upon as an indicator of) the future financial performance of Aeris. None of the information made available to you under this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. Future performance and forward-looking statements This presentation contains certain ‘forward-looking’ statements, opinions and estimates, which are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties beyond the control of Aeris and its officers. This includes statements about market and industry trends, which are based on interpretations of current market conditions. Indications of, and guidance on, future earnings and financial position and performance and any synergies of the combined businesses following the Transaction are forward-looking statements. As are statements containing the words “expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions. Forward-looking statements are based on information available to Aeris as at the date of this presentation and should not be relied upon as an indication or guarantee of future performance. Except as required by law or regulation (including the ASX Listing Rules), none of Aeris, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Investors are strongly cautioned against placing undue reliance on forward-looking statements, especially considering the current economic climate and significant volatility, uncertainty and disruption caused by recent world events such as the COVID-19 pandemic and international hostilities and associated economic changes. 3 Disclaimer Disclaimer Since this presentation is the Company’s document, to the maximum extent permitted by law, Aeris and the Joint Lead Managers (Bell Potter Securities Limited and Jefferies (Australia) Pty Ltd) (otherwise referred to as the ‘Underwriters’) and each of their respective related bodies corporate, shareholders and affiliates, and each of their respective officers, directors, partners, employees, representatives, affiliates, agents, consultants and advisers (each a "Limited Party"): • • • expressly disclaim any and all responsibility and liability (other than liability that arises because of a Limited Party’s own fraud, negligence, or misconduct within the meaning of those terms under general law) for any direct, indirect, consequential or contingent loss or damage arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation; disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation; and do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation or that this presentation contains all material information about Aeris or the Offer or that a prospective investor or purchaser may require in evaluating a possible investment in Aeris or acquisition of shares in Aeris, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement. The Joint Lead Managers and their Limited Parties have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this presentation and do not make or purport to make, and has not verified, any statement in this presentation and there is no statement in this presentation that is based on any statement by any of those parties. Neither the Joint Lead Managers nor any of their Limited Parties accepts any fiduciary obligations owed to or relationship with any investor or potential investor in connection with the Offer or otherwise and, by accepting this presentation, each recipient expressly disclaims that they are in a fiduciary relationship with any of those parties. The Joint Lead Managers, together with their affiliates, are full-service financial institutions engaged in various activities, which may include trading, financing, financial advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary fees and expenses or other transaction consideration. In the course of these activities, the Joint Lead Managers and their affiliates may at any time for their own account and for the accounts of their clients make or hold investments in equity securities or other financial products of Aeris or their affiliates, and receive customary fees and expenses or other transaction consideration in respect of such activities. The Joint Lead Managers are acting as the joint lead managers, bookrunners and underwriters of the Offer and will receive fees and expenses for acting in this capacity. You acknowledge and agree that the eligibility of investors for the purposes of the Offer is determined by reference to a number of matters (including legal and regulatory requirements, logistical and registry constraints and the discretion of Aeris and the Joint Lead Managers), and each of Aeris and the Joint Lead Managers disclaim any duty or liability (other than liability that arises because of a Joint Lead Manager’s own fraud, negligence, or misconduct within the meaning of those terms under general law) in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law. The Joint Lead Managers may rely on information provided by or on behalf of institutional investors in connection with managing, conducting and underwriting the Offer without having independently verified that information and the Joint Lead Managers do not assume responsibility for the fairness, currency, accuracy, reliability or completeness of that information. The information in the presentation remains subject to change without notice. Aeris and the Joint Lead Managers reserve the right to withdraw or, where reasonable, vary the timetable for the Offer at any time. Material changes to the timetable will be disclosed on ASX as soon as practicable. Aeris has entered into an Underwriting Agreement in respect of the Offer to which only the Joint Lead Managers and the Company are a party (refer to Appendix D). JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC Code”). Investors outside Australia should note that while ore reserves and mineral resource estimates of the company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being “Ore Reserves” and “Mineral Resources” respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the “Canadian NI 43 - 101 Standard”); or (ii) Item 1300 of Regulation S-K, which governs disclosure of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or U.S. securities laws. 4 Disclaimer Mineral Resource and Ore Reserve Information This presentation contains Mineral Resource and Ore Reserve information which has been previously issued with the written consent of the Competent Person responsible for that information. This information and the Competent Person’s responsible for the information is as follows: Competent Person Estimates Angela Dimond Tritton, Murrawombie, Budgerygar, Avoca Tank and Budgery Mineral Resources Brad Cox Constellation, Lillymay and Stockman Project Mineral Resources Andrew Fowler Kurrajong, Mt Colin and Barbara Mineral Resources Jan Coetzee Tritton, Avoca Tank, Murrawombie underground and Budgerygar Ore Reserves Ian Sheppard Murrawombie pit Ore Reserve Paul Napier Cracow Mineral Resource Max McInnis Cracow Ore Reserve John Hamill Bentley, Triumph, Teutonic Bore and Jaguar Mineral Resources Benjamin James Jaguar Operations Ore Reserve Aaron Layt Mt Colin Ore Reserve John McKinstry Stockman Project Ore Reserve Aeris Resources confirms that: • • it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed; and the form and context in which each Competent Person’s findings are presented have not been materially modified. 5 Contents 1. Overview 2. Asset Overview and Business Update Production Assets Development Assets Corporate Strategy 3. Capital Raising Details Appendices Appendix A – Resources and Reserves Appendix B – Risk Factors Appendix C – International Offer Restrictions Appendix D – Underwriting Agreement Overview 2023 a transformational but challenging year with the platform set for 2024 and beyond 2023 overview ▪ 2024 onwards… Integration of the Round Oak business and commissioning two new mines at Tritton ✓ $30 million equity raising reduces balance sheet risk and provides improved financial flexibility ▪ Operational challenges at Tritton and Jaguar significantly impacted production and cash generation ▪ Washington H. Soul Pattinson (‘WHSP’) debt facility put in place in July to enable an orderly transition to care and maintenance of Jaguar and associated closure costs ✓ Equity raise supported by Aeris’ largest shareholder, Washington H. Soul Pattinson ▪ Extended periods between processing runs at Mt Colin and accelerated tailing storage facilities capital spend at Cracow has placed further stress on the balance sheet ✓ FY24 guidance maintained from three operating mines (Tritton, Cracow and North Queensland) Mt Colin tolling typically requires 3-4 months of working capital1 ✓ Significant copper inventory, valuable mine extensions, development projects and exploration upside 80 40 (40) 1. Oct-23 Sep-23 Aug-23 Jul-23 Jun-23 May-23 Apr-23 Mar-23 Feb-23 Jan-23 Dec-22 Nov-22 Oct-22 Sep-22 Aug-22 (80) Jul-22 Ore mined Ore processed (kt) (kt) 120 All mined tonnes are indicative and before stockpile survey adjustments. Ore stockpiles of 113kt at end of October 2023. ✓ Seeking to unlock long term value from multiple growth projects 7 Overview (cont.) Fully underwritten $30 million capital raising Capital raising ▪ $30 million capital raising: Fully underwritten Placement and Entitlement Offer, comprising: ̶ ▪ ▪ ~$13.9m Institutional Placement • 1 for 4.73, ~$16.2m Accelerated Non-Renounceable Entitlement Offer (‘ANREO’) Offer price of $0.11 per share representing: ̶ 21% discount to TERP as at Friday, 24 November 2023 ̶ 27% to last close of $0.15 as at Friday, 24 November 2023 Net proceeds from the capital raising to be used to provide: ̶ ▪ • General working capital and increased financial flexibility WHSP to take-up its full entitlement and sub-underwrite the entitlement offer up to an aggregate amount of $12.3m 8 Investment Highlights Copper focused production portfolio with high value development opportunities 1 2 Tier 1 located mining portfolio Diversified production from three operating assets 3 Weighted to copper – Critical to electrification FY24 production guidance FY24 Cu eq. production guidance1 North Queensland Cracow Jaguar North Queensland 23% Stockman 4 Set for growth Cu Tritton 55% Cracow 22% ▪ Tritton – Progress Constellation ▪ Cracow – Completion of TSF / Golden Plateau opportunity ▪ Jaguar – Restart opportunity at higher production rates and revenue enhancement ▪ Stockman – DFS underway, primary permits in place ▪ North Queensland – Barbara feasibility 1. 29 Tritton 5 30 Zn Copper Zinc 28 - 35 kt 1.2 – 1.5 kt 79 Au 47 Ag Gold Silver 48 - 60 koz 181 - 227 koz Strengthened financial position to deliver 2024 plan Debt Assets Equity Capital structure review Re-finance of existing debt facility Mine optimisation Focus on sustainable / profitable production and growth Copper equivalent calculations based on mid point of guidance excluding Jaguar using the following prices: Copper US$8,725/t, Zinc US$2,415/t, Gold US$1,930/oz and Silver US$23.5/oz. 9 1 Tier 1 Located Mining Portfolio Production Assets Development Projects Asset Tritton Cracow North Queensland Jaguar Stockman Ownership 100% 100% 100% 100% 100% Primary commodity Copper / Gold Gold Copper / Gold Copper / Zinc Copper / Zinc Mineral Resource1 371kt Cu @1.5% Cu 240koz Au @ 0.3g/t Au 526koz Au @ 3.3g/t Au 74kt Cu @ 2.2% Cu 26koz Au @ 0.3g/t Au 97kt Cu @ 1.2% Cu 455kt Zn @ 5.8% Zn 296kt Cu @ 2.0% Cu 623kt Zn @ 4.2% Zn Plant capacity 1.80 Mtpa 0.57 Mtpa N/A 0.60 Mtpa 0.80 – 1.00 Mtpa design FY24 production guidance Copper: 19 – 24kt Gold: 6 – 7koz Silver: 148 – 185koz Gold: 38 – 48koz Copper: 8 – 10Kt Gold: 4 – 5koz - - Tritton / Budgerygar, Avoca Tank, Constellation Western Vein Field, Golden Plateau Mt Colin, Barbara Bentley, Triumph, Jaguar, Teutonic Bore Currawong, Wilga Key deposits Next 12 months focus / catalysts 1. Constellation resource Resource extension drilling at Dewatering, Feasibility study, extension drilling and Western Vein Field Barbara feasibility exploration drilling, re-start final permitting and license permitting and Golden Plateau optimisation studies approvals Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the Refer to ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 18 Apr 2023, "Barbara Mineral Resource Update" dated 28 Jun 2023, "Correction - Jaguar Deposit Mineral Resource Update" dated 12 Jul 2023 and "Avoca Tank actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11. Mineral Resource Update" dated 25 Oct 2023. 10 2 Diversified Production From Three Operating Assets Tritton Cracow North Queensland Copper production (kt) Gold production (koz) Copper production (kt) 25 24 23 Aeris acquisition Aeris acquisition 88 Copper production (kt) 19 17 74 19 54 48 48 10 7 38 8 FY20 FY21 FY22 FY23 FY24 Guidance range Investment in new mines starting to pay off FY20 FY21 FY22 FY23 FY24 Guidance range Extending mine life through tailings dam investment and exploration FY20 FY21 FY22 FY23 FY24 Guidance range Cash harvesting; investigating follow on operation at Barbara Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11. 11 3 Weighted to Copper – Critical to Electrification Renewable and EV thematic driving demand… Global 2020 copper demand1 (Mt) …Limited copper exposure available from tier 1 jurisdictions2 Global 2040 forecast copper demand1 (Mt) 2022 global copper mine production (Mt) Other countries 17% Electrical / renewables 9.0 15.1 Electrical / renewables 1.3 Africa 14% 0.8 South America 37% Building and construction 6.2 Tier 1 12% ~22.0Mt 9.7 Building and construction 0.5 China 9% United States S-E Asia 4% Machinery & equipment 4.4 8.0 Machinery & equipment 2.3 Transportation 1. 2. 2.0 Consumer & general products 97.0 5.7 South America 36% Consumer & general products Canada Global Reserves (Mt) Other countries 26% Transportation Australia Central Asia 7% ~886Mt Tier 1 17% 44.0 7.6 4.7 Central Asia 9% S-E Asia China Africa 3% 6% 3% Source: International Copper Association March 2023, Copper – The Pathway to Net Zero, https://copperalliance.org/wp-content/uploads/2023/02/ICA-GlobalDecarbonization-202301-Final-singlepgs.pdf Source: United States Geological Survey, Mineral Commodity Summaries 2023 - COPPER Data Release, https://www.sciencebase.gov/catalog/item/63d1a36ed34e06fef150068f Australia United States Canada 12 4 Set for Growth FY23 was a year of transformation with FY24 expected to deliver on key milestones post the capital raising Last 12 months ▪ ▪ Round Oak integration ̶ North Queensland ̶ Jaguar ̶ Stockman Tritton transition to higher grade ore sources ̶ Avoca Tank commissioned ̶ Budgerygar ramping up ̶ Kurrajong Maiden Resource Constellation resource update and extension of mineralisation ̶ ▪ ▪ Next 12 months Cracow operating life extended ̶ Tailings Storage Facility construction commenced ̶ Maiden Mineral Resource for Golden Plateau Barbara resource update $30m capital raising Longer term Tritton ▪ Budgerygar and Avoca Tank production increases ▪ Updated Constellation resource ▪ Constellation feasibility ▪ Kurrajong, Budgery and South Wing exploration ▪ Murrawombie pit cut-back Cracow ▪ Golden Plateau exploration decline development and resource drilling ▪ Western Vein Field exploration ▪ Southern Vein Field exploration ▪ Mt Colin optimised for cash generation ▪ Barbara permitting ▪ Barbara Underground feasibility study and Final Investment Decision Jaguar ▪ Ongoing care and maintenance ▪ Restart feasibility – incorporating resource base from 4 deposits and mill enhancements ▪ Regional VMS target exploration ▪ Heather Bore gold anomaly / exploration ▪ Final Investment Decision upon supportive feasibility study and market conditions Stockman ▪ Definitive Feasibility Study update ▪ Metallurgical flowsheet update ▪ Final Investment Decision upon supportive feasibility study and market conditions North Queensland Note: 1) A$75M AUD/USD exchange rate of $0.669 applied (25 June 2023); 2) Issue of convertible notes subject to satisfaction of customary conditions, refer to slide 24 for further details on the convertible note; 3) The theoretical ex-rights price (“TERP”) is the theoretical price at which Jervois’ shares should trade at immediately after the ex-date for the Entitlement Offer based only on the last traded price and issuance of shares at the Offer Price under the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which Jervois shares trade immediately after the ex-date for the Entitlement Offer may be different from the TERP; 4) US Geological Survey (Cobalt Statistics), refer to slide 11. 13 5 Strengthened Financial Position to Deliver 2024 Plan Capital raising outcomes Post capital raising pro forma financial position ✓Reduced balance sheet risk Pre equity raise Post equity raise $21.9m1 Cash $50.5m2 Pro forma cash $18.1m3 Net debt $10.5m Pro forma net cash ✓Improve working capital flexibility ✓Assets optimised for cash generation Physical inventories ✓Progressing strategic growth initiatives Cash as at 30 September 2023 (unaudited). Net proceeds of Equity Raising of $28.6m ($30m less $1.4m for fees relating to the Equity Raise). Cash less WHSP $50m debt facility – balance drawn as at 30 September 2023 (unaudited). Net debt excludes trade creditors of $63.9m (unaudited) as at 30 September 2023. 113,080 Tritton concentrate stockpiles (dmt)5 1,080 Additional Information ▪ The reconciled Cu grade of Mt Colin ore toll processed through the toll processing facility in August 2023 was 1.99% as per the Final Concentrate Quality Determination Certificate provide by the toll processing facility ✓Maintained FY24 guidance 1. 2. 3. Mt Colin ore stockpiles (t)4 ▪ 4. 5. The copper content in Tritton copper concentrate as per the provisional sales invoice i