Announcement PDF 17 JANUARY 2024 ASX/MEDIA RELEASE STOCKMAN PROJECT CURRAWONG AND WILGA DEPOSITS MINERAL RESOURCE UPDATES • Updated Mineral Resource Estimates (MRE) for the Currawong and Wilga deposits - based on revised geological interpretation and updated metallurgy/metal price assumptions % changes in current 2023 MRE compared with previous MRE Tonnes Contained copper metal Contained zinc metal Contained gold metal Contained silver metal Currawong +9% +14% +6% +5% +4% Wilga 0% -10% -14% -7% -10% Currawong/Wilga combined +7% +6% 0% +4% +1% Deposit • Currawong: - 11,300kt at 2.06% copper, 3.90% zinc, 1.10g/t gold and 38.4g/t silver, with >90% categorised as Indicated - Containing 232kt of copper metal, 439kt of zinc metal, 397koz gold metal and 13.9Moz of silver metal • Wilga: - 3,500kt at 2.16% copper, 4.29% zinc, 0.43g/t gold and 28.2g/t silver, with >90% categorised as Indicated - Containing 76kt of copper metal, 152kt of zinc metal, 48koz gold metal and 3.2Moz of silver metal • Significant potential to increase the Mineral Resource with additional drilling Aeris Resources Limited ABN 30 147 131 977 Level 6, 120 Edward Street, Brisbane QLD 4000 Australia E: info@aerisresources.com.au T: +61 7 3034 6200 aerisresources.com.au ABN 30 147 131 977 ABN 30 147 131 | Page1 977 Established Australian copper-gold producer and explorer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce an updated JORC 2012 Mineral Resource estimate for the Currawong and Wilga deposits, located within the Company’s 100% owned Stockman Project (Stockman or the Project) in Victoria. Aeris’ Executive Chairman, Andre Labuschagne, said “We are very pleased with how the Stockman Project is progressing. Since we acquired Stockman as part of the Round Oak Minerals acquisition in July 2022 our technical teams have significantly advanced the Project.” “The updated Mineral Resource estimates have reinforced our view when acquiring the Project that the geology for both the Currawong and Wilga deposits is well understood and robust. These updated estimates have also enabled us to optimise the mine plans for each deposit, particularly for Currawong.” Stockman Project Overview The Stockman Project is an advanced polymetallic development project located approximately 300km north-east of Melbourne in the East Gippsland region of Victoria. The Project contains the Currawong and Wilga deposits, which are the subject of this announcement, and the Bigfoot and Eureka satellite deposits. Bigfoot and Eureka are not discussed further in this announcement. Figure 1: Stockman Project tenement package 2|P a g e Currawong and Wilga Mineral Resource Estimate The updated MRE for the Currawong and Wilga deposits is primarily based on a revised geological interpretation, along with updated metallurgical and metal price assumptions. The Currawong and Wilga Mineral Resource Estimates collectively total 14,800kt at 2.09% Cu, 4.00% Zn, 0.94g/t Au and 36g/t Ag for 308kt of Cu metal, 591t of Zn metal, 445koz Au metal and 17.1Moz of Ag metal (Table 1, Figures 1-2). Table 1: 2023 Currawong and Wilga combined reported Mineral Resource with a NSR cut-off of USD100/t. Deposit Category Measured Indicated Currawong Inferred Total Measured Indicated Wilga Inferred Total Total Indicated Total Inferred Grand Total Tonnes ('000) 10,200 1,000 11,300 3,200 300 3,500 13,400 1,400 14,800 Cu (%) 2.15 1.24 2.06 2.16 2.12 2.16 2.15 1.45 2.09 Grade Contained Metal Zn Au Ag kt kt koz koz (%) (g/t) (g/t) Cu Zn Au Ag 4.06 1.14 40 219 415 374 13,000 2.32 0.68 26 13 24 22 900 3.90 1.10 38 232 439 397 13,900 4.57 0.45 29 69 146 46 3,000 1.69 0.22 21 7 6 2 200 4.29 0.43 28 76 152 48 3,200 4.18 0.97 37 288 561 420 16,000 2.17 0.57 25 20 30 25 1,100 4.00 0.94 36 308 591 445 17,100 Notes: 1. Dr Andrew Fowler MAusIMM CP(Geo) takes Competent Person responsibility for this Mineral Resource Estimate in accordance with the JORC Code (2012). 2. The cut-off grade applied to the MRE has been derived from the Net Smelter Return (NSR) calculations. The MRE metal prices used were Cu: USD 9,110/t, Zn: USD 2,660/t, Au: USD 1,870/oz, Ag: USD 23.50/oz 3. The Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic extraction at the cut-off grade specified and a selective underground mining method. 4. Numbers may not sum due to rounding. The previous MRE reported for the Currawong and Wilga Deposits on 18 April 2023, with an effective date of 31 December 2022 is provided in Table 2. 3|P a g e Table 2: 2022 Currawong and Wilga combined reported Mineral Resource with a NSR cut-off of USD100/t. Deposit Category Measured Indicated Currawong Inferred Total Measured Indicated Wilga Inferred Total Total Indicated Total Inferred Grand Total Tonnes ('000) 9,500 800 10,300 2,900 700 3,500 12,400 1,400 13,800 Cu (%) 2.00 1.40 2.00 2.10 3.80 2.40 2.05 2.50 2.10 Grade Contained Metal Zn Au Ag kt kt koz koz (%) (g/t) (g/t) Cu Zn Au Ag 4.20 1.20 42 194 397 365 12,800 2.00 0.50 23 11 16 12 600 4.00 1.10 40 204 413 377 13,400 4.90 0.50 31 60 141 43 2,800 5.60 0.40 34 25 37 9 700 5.10 0.50 32 85 177 52 3,600 4.34 1.02 39 254 538 408 15,600 3.69 0.45 28 36 53 21 1,300 4.27 0.96 38 290 591 429 16,900 Note: Refer to ASX Announcement “Group Mineral Resource and Ore Reserve Statement” dated 18th April 2023. The MRE for the Currawong and Wilga deposits has been estimated based on 489 surface and underground diamond drill holes from an acQuire database developed by ROM and maintained by Aeris Resources. The database underwent a thorough audit by Aeris before being accepted as input to this MRE update. All underground face samples and probing sludge holes were excluded from the MRE due to uncertainty in their locational accuracy, assay QAQC and/or sample quality. The MRE comprises in-situ massive sulphide, stringer sulphide and disseminated sulphide mineralisation in the Currawong and Wilga deposits. The MRE is considered to have reasonable prospects for eventual economic extraction by selective underground mining methods at the specified cut-off grade. The cut-off grade applied to the MRE has been derived from a Net Smelter Return (NSR) calculation. This approach is consistent with the Company’s protocols at each polymetallic deposit within the portfolio. The MRE for the Currawong and Wilga deposits contains Indicated and Inferred Resource categories. The Resource classification was developed in accordance with the JORC Code (2012) definitions, and considered the drill spacing, confidence in the interpretation in three dimensions (3D), the quality of the resulting grade estimate, the quality of the input data and the number of informing drill holes used in the estimate. The resulting Indicated category is approximately equivalent to ≤40 m × ≤40 m spaced drilling. The Inferred mineralisation has been interpreted from up to 80 m × 80 m spaced drilling, consistent with the geological understanding and interpreted continuity of the Currawong and Wilga deposits. 4|P a g e Figure 1 – Long section of the Currawong massive sulphide lenses displaying NSR. View north. Note the mineralised lenses are stacked. Note: Block model coloured by NSR, drill hole traces are black lines. Figure 2 – Long section of the Wilga massive sulphide lens displaying NSR. View North. Mined voids displayed as grey solids. Note: Block model coloured by NSR, drill hole traces are black lines. 5|P a g e Currawong and Wilga MRE Changes The material differences between the updated 2023 MRE and the previously reported MRE include an updated geological interpretation, revised metallurgical recovery assumptions, updated metal prices assumptions and the adoption of a revised and more conservative sterilisation protocol at the Wilga deposit. The 2023 revised metallurgical recovery assumptions incorporate non-linear grade-recovery algorithms to NSR calculations, with the algorithms created from past laboratory testwork results. The previous NSR calculations were based off global average recoveries and did not account for changes in mineralisation style or grade. The revised calculations allow for better description of individual block characteristics and are considered an improvement on the previous calculations. The net result is a modest increase in the combined total reportable MRE for most metals reported (refer to Table 3 and Figures 3-8) Table 3 Percentage changes in current 2023 MRE compared with previous 2022 MRE Deposit Tonnes Contained copper metal Contained zinc metal Contained gold metal Contained silver metal Currawong +9% +14% +6% +5% +4% Wilga 0% -10% -14% -7% -10% Currawong/Wilga combined +7% +6% 0% +4% +1% Figure 3 - Currawong tonnage changes between the 2023 and 2022 MREs. 6|P a g e Figure 4 - Currawong Cu metal changes between the 2023 and 2022 MREs. Figure 5 - Currawong Zn metal changes between the 2023 and 2022 MREs. 7|P a g e Figure 6 - Wilga tonnage changes between the 2023 and 2022 MREs. Figure 7 - Wilga Cu metal changes between the 2023 and 2022 MREs. 8|P a g e Figure 8 - Wilga Zn metal changes between the 2023 and 2022 MREs. Project History In the 1970s, Western Mining Corporation Limited (WMC) undertook extensive exploration at the Stockman Project, leading to the discovery of the Wilga (1978) and Currawong (1979) deposits. The Project changed ownership over the years, passing through Macquarie Resources Limited (Macquarie), Denehurst Limited (Denehurst), Austminex NL (Austminex), Jabiru Metals Limited (Jabiru), Independence Group NL (IGO), Round Oak Minerals Pty Ltd and finally, Aeris. Denehurst Limited, initially a 50% joint venture managing partner with Macquarie in 1991, eventually bought Macquarie’s 50% interest in 1995. Mining at the Project began at the Wilga high-grade Cu mineralisation in 1992, switched to high-grade Zn mineralisation in 1996, and finished later that year after extracting 955.6kt at a production grade of 6.04% Cu and 8.68% Zn. Denehurst went into voluntary receivership in 1998 and no further mining took place. Austminex acquired the Project from Denehurst's administrator, conducted a drilling program, and produced a feasibility study in 2001 but opted out of the Project that year. In 2003, a bushfire damaged the property, resulting in the loss of on-site paper records. The Victorian State government spent $5.8 million cleaning up the property, in the upper catchment of the Tambo River, by 2007. Jabiru acquired the project from the Victorian Government in July 2007, renaming it the Stockman Project. In 2011, IGO completed a takeover of Jabiru and updated the Wilga and Currawong Mineral Resource Estimates (MRE) in 2012, following an extensive diamond drilling program. 9|P a g e IGO entered into an agreement in June 2017 to sell the Project to CopperChem Limited (CCL), a subsidiary of Washington H. Soul Pattinson and Company Limited (WHSP). In 2018, CCL was renamed Round Oak Minerals Pty Ltd (ROM), becoming the managing entity of the Stockman Project. Aeris subsequently took ownership of the Project when it acquired ROM in 2022. Aeris published the ROM 2022 MRE in the Aeris Group Mineral Resource and Ore Reserve statement with an effective date of 31 December 2022 1 Exploration Prospectivity The Stockman project remains highly prospective for the discovery of further VMS deposits. The tenement package remains largely under-explored, with multiple surface geochemical and geophysical anomalies yet to be drill tested. At each of the four known deposits there remains significant potential to increase the mineralised footprint with further drilling, including downhole electromagnetic surveying, targeting extensions to known mineralisation and to define new sulphide lenses. Regional Geology The Wilga and Currawong Cu-Zn volcanic hosted massive sulphide (VHMS) deposits are found within a strongly deformed Ordovician-Silurian volcano-sedimentary sequence, arranged as a series of fault-bounded belts that trend north eastward. This volcano-sedimentary sequence is a component of the broader Lachlan Fold Belt, which spans New South Wales, Victoria, the Australian Capital Territory (ACT) and Tasmania. Unconformably overlying these rocks is a gently folded Devonian succession, encompassing the Snowy River Volcanics and the Mt Tambo Group. The Ordovician-Silurian sequence is also intruded by significant Silurian-age granitoid intrusions. The VHMS deposits are hosted within the Gibson's Folly Formation comprising lenticular lava flows composed of basalt, andesite, and dacite, along with associated volcaniclastic rocks, encased within a fine-grained turbiditic sedimentary package (Figure 9). The Gibson’s Folly Formation is upward of 500m thick. 1 Refer to ASX Announcement “Group Mineral Resource and Ore Reserve Statement” dated 18th April 2023. 10 | P a g e Figure 9 – Stockman Regional Geology 11 | P a g e Local Geology The Gibson’s Folly Formation includes basaltic to rhyolitic rocks with a continuous magmatic evolution trend. However, andesitic coherent and volcaniclastic rocks exhibit significant variability in Zr/TiO2 values and SiO2 content, likely influenced by magmatic differentiation and interaction with a quartz-rich silicic magma. Evidence supporting this hypothesis includes xenocrystic quartz in certain coherent andesitic units and silicic volcanic clasts within volcaniclastic rocks of andesitic composition. The Currawong and Wilga polymetallic deposits contain Cu-Zn-Pb-Au-Ag within pyritic lenses, enveloped by and laterally continuous with intensely altered zones (predominately chlorite +/- sericite). Geological events relevant to mineralisation include a basin-forming extensional event that formed the Cowombat Trough, the occurrence of dacitic to basaltic volcanics within the Gibson’s Folly Formation, and subsequent deformation and alteration post-ore deposition. The VHMS deposits formed via hydrothermal activity during the formation of the Cowombat Trough. The sulphide lenses are interpreted to form as sub-surface replacement deposits rather than exhalative accumulations on the sea floor. The rocks hosting mineralisation exhibit two distinct groups: pyrite-rich lithologies associated with massive sulphide lenses and less pyritic lithologies associated with alteration zones. Primary minerals include pyrite, sphalerite, chalcopyrite, galena, arsenopyrite, magnetite, quartz, calcite, and chlorite, forming various compositions and textures such as massive, layered, brecciated, or hydrothermally brecciated mineralisation. Massive pyrite, banded pyrite, sphalerite-banded pyrite, and pyrite with chalcopyrite and chlorite patches or bands characterise the primary rock types within massive sulphide pods. Sphalerite-rich bands, often deformed, align with larger-scale sulphide bodies, suggesting deposition or replacement layers. Chalcopyrite-rich massive sulphides with chlorite typically result from the replacement of pre-existing sulphides, occurring in bands parallel to stratigraphy or within veins. Magnetite, as an accessory mineral, co-precipitates with pyrite, forming lenses and pods that may undergo intense recrystallisation. Drilling and Sampling Various companies have conducted drilling at the Currawong and Wilga deposits, and nearby areas over the years, and a variety of drilling methods have been employed at the Project since the 1970s. Aeris notes the following: • Currawong: 237 holes for a total of 67,785m of drilling; and • Wilga: 277 holes for 28,674m of drilling, including 23 holes for 2,528m drilled from underground sites including: – Western Mining Corporation (WMC) drilling 107 holes between 1976 and 1984 to collect 47.6mm diameter (NQ) cores, and 36.4mm diameter (BQ) cores from deeper tails; 12 | P a g e – Macquarie Resources Ltd drilled 78 holes between 1986 and 1990 collecting 63.5mm (HQ) cores with NQ tails; – Macquarie also drilled 40 holes from underground sites collecting 35.6mm diameter (LTK46) cores; – Denehurst Ltd drilled 100 holes with a range of core diameters including LTK45, 50.6mm diameter (NQ2), BQ, 36.6mm diameter (BX) and BQ; – Austminex NL drilled 26 holes at Currawong in 2000 and 2001, sometimes using RC pre-collars. The core collected was triple tube 61.1mm diameter (HQ3) or 45.0mm diameter (NQ3) tails; – Jabiru Metals Ltd (JML) commenced drilling in 2008 using 85mm diameter (PQ) core for top-of holes, then HQ tails. Wedge holes were all drilled using a NQ2 core diameter; – Independence Group NL completed a further drill program of 46 holes in 2011 and 2012 prior to updating the Mineral Resource, mainly NQ2 diameter for definition work and HQ for metallurgical sample collection and geotechnical logging and testing; and – Round Oak Minerals Pty Ltd drilled an additional 16 drill holes at NQ2 diameter Ten IGO holes were drilled after the 2012 Mineral Resource estimate and ROM drilled 16 infill drill holes in 2021 over the Wilga and Currawong deposits. The additional drill hole information was designed to improve geological interpretation and confidence along with providing metallurgical information at Currawong. Results from the program contributed to an updated database and 3D geological interpretation modelling which formed the basis of the current MRE. Appendices A and B contain a list of the drill holes and significant intercepts used in the MRE. Details of pre-IGO/JML sample preparation are not known but are expected to have been consistent with industry practices in place at the time of the various drill programs. IGO/JML Sampling and Preparation: • A geologist marked out DD core for sampling intervals based on geological units, with intervals ranging from 0.1m to 1.5m, with a target interval of 1m; • Core samples were oven dried then crushed in a jaw-crusher with recent core crushed to a particle size distribution (PSD) <10mm; and • The jaw-crush lot was then pulverised to a PSD of 85% passing 75 microns. ROM Sampling and Preparation: • Core sampling intervals were based on geological boundaries varying between 10cm and 1.4m, with the majority 1m in length; • The samples were dried at 105C for a minimum of 5 hours. Core samples were crushed using an Essa JC2500 to produce a product of <6mm particle size. If 13 | P a g e the sample was >3kg, it was rotary split in a Boyd crusher to generate a sample <3kg and placed in an LM5 pulveriser; and • The pulverising stage generated an 85% passing 75 micron particle size sample. A pulp was taken from the bowl and the remainder of the sample removed and retained as a residue. Every 50th sample had an additional portion removed from the bowl and sieved at 75um to confirm quality of product. Similar to the drilling and sample preparation methods, the assay methods have varied over the years, however Aeris considers that they were conducted at reputable laboratories including the WMC internal laboratory, Amdel Frewville, Analabs, Classic Comlabs, Classic Thebarton, ALS Bendigo, Amdel Adelaide, and Genalysis Adelaide. A twin hole study completed by Aeris comparing the various drilling campaigns found bias between the older and newer campaigns and concluded that the older campaigns may have over-reported the lower copper grades (<0.6% Cu) and under-reported the higher copper grades above 2% Cu. This has been considered in the MRE Classification. Bulk Density There is a substantial amount of density data available which were collected by a variety of methods including pycnometer. The bulk density measured by water immersion and the specific gravity measured by pycnometer density data are comparable with each other, and all available density data was used for estimation. Mineral Resource Domains The Currawong deposit consists of eight spatially separate fault bound mineralised areas consisting of ten Massive Sulphide, five Stringer Sulphide, six Disseminated Sulphide and two Sheared Sulphide mineralised domains as follows (see Figures 10 and 11): • A area – consists of a single Massive Sulphide and three Stringer Sulphide domains located along the northern most margin of the deposit with moderate to steep dips to the north; • B area – a Massive Sulphide and two disseminated lenses located in the northeastern-most area of the deposit with moderate to steep dips to the north northwest; • B Lower area – a Massive Sulphide and two disseminated lenses within the stratigraphic footwall of the B lens located in the northeastern area of the deposit, with moderate to steep dips to the north northwest; • J area (two Massive Sulphide) and K area (two Massive Sulphide, one Disseminated Sulphide mineralised lens) – all dip moderate to steeply towards the northwest and have considerable horizontal widths to the mineralisation. 14 | P a g e These are in the central area of the Currawong deposit; • M area – immediately south of the J and K lens area, occurs as a massive, stringer and disseminated lenses located just south of the central deposit area with moderate dips to the north; • M Upper area – located in the southeast of the deposit area consist of a single, Massive Sulphide lens that dips moderately to the north, • M Lower area – located in the western and southwestern part of the deposit area and consists of a single massive and single stringer domain, dipping moderately to steeply towards the north; and • K HW Shear and Shear Zone - There were two sheared sulphide domains located amongst the central J and K areas. The Wilga deposit consists of a single, flat to moderately north dipping Massive Sulphide lens, with a central high grade (+10%) copper core, and a large high-grade (+3%) zinc zone (see Figures 12 and 13). There is also a much smaller high-grade zinc domain associated along the hangingwall of the Massive Sulphide lens. The stringer domain extends along the western margin, extending around the northern contact, before pinching out along the mid-eastern margin of the Massive Sulphide domain. The Massive Sulphide and stringer domain exhibits sound geological continuity. The Massive Sulphide exhibits good grade continuity, and while the grade continuity for the stringer is reasonable, it is more variable than that observed in the Massive Sulphide. In the immediate stratigraphic hangingwall and footwall of the Massive Sulphide lens are parallel disseminated mineralisation which is more fragmented/discontinuous than either the massive or stringer mineralisation. 15 | P a g e Figure 10 – Plan view of Currawong Mineral Resource domain wireframes and drill holes used to inform the MRE N Figure 11 – Perspective view (looking south-west) of Currawong Mineral Resource domain wireframes and drill holes used to inform the MRE 16 | P a g e Figure 12 – Plan view of Wilga Mineral Resource domain wireframes and drill holes used to inform the MRE. Mined voids displayed as grey solids. N Figure 13 – Perspective view (looking south west) of Wilga Mineral Resource domain wireframes and drill holes used to inform the MRE. Mined voids displayed as grey solids. 17 | P a g e Mineral Resource Estimation Aeris notes the following with respect to the estimation of grades and bulk density: • All modelling and estimation was completed using Datamine Studio Pro (v1.11.300). Both the Currawong and Wilga deposits used a block model with a parent cell size of 10mE by 5mN by 2.5mRL, which was derived from the available drill hole spacing in combination with kriging neighbourhood analysis; • As the mineralisation exhibited low coefficients of variation (CV) and skew, ordinary kriging was selected as the appropriate grade estimation technique. Composite samples on a nominally 1.0m length were used for estimation. The need for top cuts was assessed graphically and by referencing the impact on the CV. Of the 270 domain and element combinations, only 37 (two copper, eight lead, one zinc, one silver, seventeen gold, seven arsenic and one density combination) required a top cut; • All domain boundaries except for antimony were treated as hard boundaries. For antimony, the mineralised domain boundaries were treated as soft boundaries and only the mineralised waste boundary was treated as a hard boundary; • All estimates except antimony were estimated using the Datamine dynamic anisotropy (DA) function to control the search direction, which was orientated into the plane of the mineralisation; • All estimates used a three-pass search approach, with the first and second pass using 8 to 28 samples, and the third pass using 4 to 14 samples; • At the Wilga deposit, the Massive Sulphide and stringer domains used a primary search of 35m by 35m by 10m which was doubled in the second pass and then tripled in the third pass. The two Wilga deposit disseminated domains used a primary search of 35m by 35m by 12.5m, which was doubled in the second pass, and then tripled in the third pass; • For the estimation of antimony at the Wilga deposit, the search was orientated parallel to the antimony variogram, using a primary search of 50m by 50m by 20m, which was doubled in the second pass and tripled in the third pass. All Wilga deposit estimates, except antimony, employed a restriction of 4 samples per drill hole; • At the Currawong deposit, all domains except for the Massive Sulphide low grade sub-domains used a primary search of 35m by 35m by 7.5m, which was doubled for the second pass. The third pass used a maximum search distance of 125m by 125m by 26.75m. Domains at the Currawong deposit that were informed by consistently spaced drilling sections used a restriction of 4 samples per drill hole. Domains informed by either variably spaced and/or locally clustered drilling did not use a restriction on the number of samples per drill hole; 18 | P a g e • At Currawong, the Massive Sulphide low grade copper/zinc sub-domains used a primary search of 50m by 50m by 7.5m, which was doubled for the second pass. The third search pass used a search distance of 178m by 178m by 26.75m, with no restriction on the number of samples per drill hole; • All estimates at both deposits used block discretisation of 3X by 2Y by 2Z; • For the estimation of antimony at the Wilga deposit, the search was orientated parallel to the antimony variogram, and used a primary search of 50m by 50m by 20m, which was doubled for the second and then tripled for the third search pass; and • For the estimation of antimony at the Currawong deposit, the search was orientated parallel to the antimony variogram, and used a primary search distance of 150m by 135m by 75m, then 225m by 202.5m by 112.5m for the second pass and then 300m by 270m by 150m for the third pass. The final estimates were validated by comparing the proportion of the wireframe that the block model fills, comparing naïve, cell declustered and polygonal declustered statistics with the block model average grade, visual validation, and grade trend plots. There is good correlation for most domains and variables. The Competent Person considered the results of the validation were satisfactory for the resource classifications applied. Mineral Resource Classification The Currawong and Wilga Mineral Resources have been classified as Indicated and Inferred. The Mineral Resources has been reported in accordance with the guidelines of the JORC Code (2012) definitions, and was based on: • The drill spacing; • The confidence in the interpretation in three dimensions; • The quality of the resulting grade estimate; • The quality of the input data; and • The number of informing drill holes used in the estimate. Indicated Mineral Resource is defined by a nominal ≤40m × ≤40m. Inferred Mineral Resource is defined by a nominal ≤80m × ≤80m drill spacing. An overview of the MRE Classifications for the massive sulphide lenses are displayed in Figures 14 and 15. 19 | P a g e Figure 14 – Long section of Currawong massive sulphide lenses displaying MRE classification. View north. Note the mineralised lenses are stacked. Figure 15 – Long section of Wilga massive sulphide lens displaying MRE classification. Mined voids displayed as grey solids. View north. 20 | P a g e Cut-off Grade, Mining and Metallurgy The Mineral Resources are reported via a Net Smelter Return (NSR) cut-off, which is considered appropriate for underground mining methods and is in line with the reporting approach at other polymetallic deposits within the Company’s portfolio. Metal prices of USD9,110/t for Cu, USD2,660/t for Zn, USD1,870/oz for Au and USD23.50/oz for Ag and an FX rate of 0.70 have been used in the calculation of the NSR values. The recoveries used the Net Smelter Return calculation are derived from non-linear equations that are based on a range of laboratory test results and are dependent on mineralisation type, head grade and end-product quality (Cu concentrate or Zn concentrate). This announcement is authorised for lodgement by: Andre Labuschagne Executive Chairman ENDS For further information, please contact: Andre Labuschagne Executive Chairman Tel: +61 7 3034 6200 Stefan Edelman General Manager – Corporate Development investorrelations@aerisresources.com.au or visit our website at www.aerisresources.com.au 21 | P a g e About Aeris Aeris Resources is a mid-tier base and precious metals producer. Its copper dominant portfolio comprises three operating assets, a mine on care and maintenance, a long-life development project and a highly prospective exploration portfolio. 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. Competent Persons State