Announcement PDF Aeris Resources Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Aeris Resources Limited 30 147 131 977 For the half-year ended 31 December 2023 For the half-year ended 31 December 2022 2. Results for announcement to the market 31 Dec 2023 $'000 31 Dec 2022 $'000 $'000 Change % Revenues from ordinary activities Down 286,309 309,980 (23,671) (8%) Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA)* Up 44,573 24,226 20,347 84% Loss from ordinary activities after tax attributable to the owners of Aeris Resources Limited Down (18,761) (49,776) 31,015 (62%) Loss for the half-year attributable to the owners of Aeris Resources Limited Down (18,761) (49,776) 31,015 (62%) 31 Dec 2023 Cents 31 Dec 2022 Cents (1.9) (1.9) (7.2) (7.2) * Refer to the Directors' Report for a reconciliation of Adjusted EBITDA Earnings per share Basic earnings per share Diluted earnings per share Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The loss for the consolidated entity after providing for income tax amounted to $18,761,000 (31 December 2022: $49,776,000). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 28.8 4. Control gained over entities Not applicable. 1 Previous period Cents 38.6 Aeris Resources Limited Appendix 4D Half-year report 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current financial period. Previous period There were no dividends paid, recommended or declared during the previous financial period. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any) The financial statements were subject to review by PricewaterhouseCoopers and the review report is attached as part of the Interim Financial Report. 11. Attachments Details of attachments (if any) The Interim Financial Report of Aeris Resources Limited for the half-year ended 31 December 2023 is attached. 2 Aeris Resources Limited Directors' Report 31 December 2023 The Directors present their report, together with the consolidated financial report of the Aeris Resources Limited Group (‘consolidated entity’ or 'Group'), consisting of Aeris Resources Limited (‘Aeris’ or ‘Company’) and the entities it controlled at the end of, or during, the half-year ended 31 December 2023 (‘half-year’). DIRECTORS The following persons were directors of Aeris Resources Limited during the whole of the half-year and up to the date of this report, unless otherwise stated: Andre Labuschagne Michele Muscillo Colin Moorhead Robert Millner Sylvia Wiggins (resigned 31 December 2023) DIVIDENDS The directors do not recommend payment of a dividend for the period to 31 December 2023. No dividend was paid during the half-year. PRINCIPAL ACTIVITIES The principal activities of the consolidated entity for the half-year were the production, sale and exploration of copper, zinc, gold, and silver. Other than matters referred to in the “Significant Changes in State of Affairs” and “Operating Review” sections of this Directors’ Report, there were no other significant changes in those activities during the half-year. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS JAGUAR OPERATIONS AND NEW DEBT FINANCING On 2 August 2023, Aeris announced that it would be placing the Jaguar Zinc/Copper Operations (Jaguar) in Western Australia on care and maintenance, which took place in September 2023. Pre-feasibility activities commenced during the half-year, to review the scope definition and options to restart Jaguar, particularly focusing on increasing ore production rates; maximising mill throughput; improving metal recovery; and enhancing product quality. A care and maintenance team of 8 people are on site to manage ongoing activities including mine dewatering at the Bentley and Jaguar underground mines. The Company also announced on 2 August 2023 that it had entered into a new $50 million, 2-year Debt Facility (WHSP Facility) with its major shareholder, Washington H. Soul Pattinson (WHSP). The WHSP Facility provided working capital liquidity to enable the Company to deliver on its FY2024 plans, whilst also facilitating an orderly suspension of activities at Jaguar. The WHSP Facility replaced the ANZ $20 million Working Capital Facility and has second ranking security to the remaining ANZ facilities. The ANZ Contingent Instrument Facility has been increased to $50m and extended to 30 August 2024. Financial covenants apply to the WHSP Facility and 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. The Company complied with these ratios throughout the reporting period. COMPLETION OF EQUITY RAISE In November 2023, the Company undertook a $30 million fully underwritten equity raise, comprising a $13.9 million institutional placement and a $16.2 million accelerated non-renounceable entitlement offer. Net proceeds from the equity raise were used to provide general working capital and increased financial flexibility. This capital raise will support the three operating mines, following the successful transition of Jaguar onto care and maintenance, and to progress our key growth opportunities in the portfolio namely Stockman, Constellation, and Jaguar by providing additional working capital flexibility. 3 Aeris Resources Limited Directors' Report 31 December 2023 OPERATING REVIEW TRITTON COPPER OPERATIONS (TRITTON) Operations During the half-year Tritton produced 9,986 tonnes of copper, compared to 7,851 tonnes of copper in the prior corresponding period. Production during the half-year was impacted by skilled labour shortages; mining equipment availability and delayed ramp up of production from the Avoca Tank mine. The ramp-up of production from the Avoca Tank mine has been slowed due to increased grade control drilling required in the early stages of the mine life. The Avoca Tank Mineral Resource is high grade but with complex shapes and requires good geological information before stope design. Drilling and data collection requirements will reduce with improved ore body knowledge over time. Significantly higher contributions from the high-grade Avoca Tank and Budgerygar mine are expected in the second half of the FY24 financial year. Ore processed during the period was 647,696 tonnes at 1.62% compared to 645,341 tonnes at 1.29% in the prior corresponding period. Recovery for the period of 95.35% also improved from the prior corresponding period of 94.4%. The Jameson Cell, was successfully commissioned during the half-year and has resulted in an increase in the copper grade in concentrate. Exploration Exploration activities at Tritton during the half-year focused on extending known deposits and identifying greenfield targets for new resources. At the Constellation deposit, located 45km north of the Tritton mill, a six-hole diamond drill program was completed. High-grade copper was intercepted in multiple drill holes including: • TAKD095 25.95m @ 3.81% Cu, 1.12g/t Au and 10.3g/t Ag • TAKD094 5.85m @ 2.23% Cu, 1.14g/t Au and 3.2g/t Ag. The drill program successfully extended the known mineralisation 100m along strike and 200m down-plunge from the current Mineral Resource Estimate (MRE). A follow-up drill program is being planned for early calendar 2024. This program will aim to increase the proportion of the Mineral Resource in the Indicated category, as well as expand the overall Mineral Resource. In addition, an updated MRE was released for the Avoca Tank deposit. The updated MRE resulted in a 35% increase in copper grade and 16% increase in contained copper metal. High-grade copper is associated with massive sulphide lenses, of which eight have been modelled and incorporated into the MRE figures. The MRE has been classified as Indicated and Inferred. The Avoca Tank mineralised system remains open down-plunge and mineralisation has been traced 340m down-plunge and there remains significant potential to increase the MRE with further drilling. Underground diamond drilling will continue at Avoca Tank, initially focused on further grade control drilling to de-risk upcoming mining fronts. Resource extension drilling will commence toward the end of FY2024, targeting mineralisation below the base of the current MRE. CRACOW GOLD OPERATIONS (CRACOW) Operations Cracow produced 23,870oz during the half-year, compared to 21,374 ounces in the prior corresponding period. Ore processed in the half-year of 284,592 tonnes was lower than the 325,054 tonnes in the prior corresponding period, however the gold head grade of 2.82g/t was significantly higher (2.29g/t in the prior corresponding period). Gold recovery of 92.6% was higher than the prior corresponding period (89.2%), with the higher gold head grade being a key driver of the higher recovery. Stocks of low-grade stockpiled material, from historical open pit mining at the site, continue to be used to supplement ore from the underground mine. During the half-year construction of the tailings dam lift commenced and was completed in early January ahead of schedule and under budget, adding approximately 1 million cubic metres of tailings capacity, to extend the mine life. Exploration Exploration activities during the half-year focused on drill testing of targets within the current mining areas at the Western Vein Field. 4 Aeris Resources Limited Directors' Report 31 December 2023 Updated geological interpretations across the Western Vein Field has identified opportunities to discover additional gold mineralisation, either along new structures or isolated “pockets” along known structures. Five drill targets were tested via a first-pass drill program. In most cases, drilling successfully intersected the interpreted structures, exceeding expectations. Follow-up drilling is planned for the third quarter of FY2024. NORTH QUEENSLAND OPERATIONS Operations Mt Colin mined 231,172 ore tonnes, an increase on the prior corresponding period (205,277 tonnes). During the half-year, mining of the cave section in the upper levels of mine commenced and has performed to expectations. During the half-year 208,405 tonnes of ore at a copper recovery of 87.0% was processed, via toll processing at a regional Processing Facility, and compares to 181,100 tonnes at a copper recovery of 91.3% processed in the prior corresponding period. Metallurgical recovery was impacted by higher levels of transitional material from the cave zone being processed. Copper produced was 3,942 tonnes, compared to 3,560 tonnes in the prior corresponding period. Scheduling of processing runs were a challenge in the half-year. To ensure smooth running of operations and to assist with managing working capital requirements of the operations, the Company has entered into an agreement with Glencore to undertake monthly part-payment for ore stockpiles, in between processing runs. At the end of the half-year, there were ore stockpiles available for processing of ~133,000 tonnes, situated at the mine site and the toll processing facility. Provisional payment on 84kt of these stocks was received through the ore sale agreement with Glencore, with final payment to be received following processing of the stockpiles. Exploration No material exploration activities were undertaken in North Queensland during the half-year. JAGUAR OPERATIONS (JAGUAR) Operations Jaguar ceased operations and the mine was put on care and maintenance due to forecast operating losses in FY2024. The decision preserves the in-ground value of the significant Mineral Resources across the Jaguar tenements. Mining and ore processing at Jaguar finished in September 2023. Total tonnes mined in the half-year were 55,228 tonnes at a zinc grade of 7.05% zinc, producing 3,090 tonnes of zinc in concentrate and was significantly above guidance. Following completion of the mining and milling activities the site was transitioned to care and maintenance. A team of 8 people remain on-site to manage ongoing activities, including mine dewatering at the Bentley and Jaguar underground mines. During the half-year, pre-feasibility study work commenced to review the scope definition and options to restart Jaguar Operations, focusing on increasing ore production rates; maximising mill throughput; improving metal recovery; and enhancing product quality. Exploration An updated Mineral Resource Estimate (MRE) was completed for the Jaguar deposit following the completion of an updated geological interpretation. The updated Jaguar deposit MRE totals 840kt @ 2.28% Cu, 4.66% Zn and 61g/t Ag, for 19kt Cu metal, 39kt Zn metal and 1.65Moz Ag metal. Significant potential remains to increase the Jaguar deposit mineralised footprint with further drilling, most notably downplunge from the current Mineral Resource. In addition, there is potential to define mineralisation along two parallel favourable stratigraphic horizons, one of which contains the mined “Farside” copper sulphide lens. The Jaguar exploration tenement package is also highly prospective for gold mineralisation. The regional gold endowment is in excess of 25Moz, with several multi-million-ounce deposits located within 50km of the Jaguar tenement package. Towards the end of the half-year, exploration efforts shifted focus toward gold prospectivity. The vast majority of the exploration over the tenement package to-date has focused primarily on base metal mineralisation, although some early-stage gold focused exploration has also previously been undertaken. The notable stand-out exploration target is a 2km long gold anomaly referred to as the “Heather Bore” prospect. This gold anomaly is interpreted to occur along the structural corridor that hosts Northern Star’s Thunderbox deposit, 8km to the north. 5 Aeris Resources Limited Directors' Report 31 December 2023 The broader Jaguar tenements are considered highly prospective for both base metals and gold mineralisation, with numerous targets identified. An exploration project plan is being prepared to test the attractive gold targets and, later, the base metals targets. FINANCIAL REVIEW Financial Results The half-year results were primarily impacted by the Jaguar Zinc/Copper Operation being placed into care and maintenance in September 2023. The results from the half-year were further influenced by the following: • Revenue from contracts with customers was A$286.31 million, compared to A$309.98 million for the previous corresponding period, impacted by: o Revenue from the Tritton Copper Operations was comparatively higher as a result of higher production achieved (9,986t compared to 7,851t in the prior corresponding period), supported by higher copper prices ($12,412/t compared to $10,557/t in the prior corresponding period); o Revenue from the Cracow Gold Operations was comparatively higher due to increased gold production, supported by a higher sales price of $2,997/oz, when compared to the prior corresponding period of $2,595/oz; o Revenue from North Queensland Operations was comparatively higher as a result of higher copper production achieved (3,942t compared to 3,563t in the prior corresponding period), supported by higher copper prices realized; and o The Jaguar operations contributed $23.38 million in revenue prior to being put on care and maintenance in September 2023. • Cost of goods sold decreased to $272.98 million from $331.76 million in the prior corresponding period, with costs at all operations being in line with plan; • Care and maintenance costs of $2.69 million, for Jaguar operations, were recognised for the half-year; • Employee separation costs amounting to $5.82 million were incurred by placing Jaguar onto care and maintenance; • A foreign exchange loss of $1.17 million was recognised for the half-year (31 December 2022: $1.49 million); • Finance costs of $8.63 million were significantly higher when compared to $4.63 million in the prior corresponding period due to the interest paid on the WHSP Facility. The following table contains a reconciliation of profit before income tax to EBITDA (earnings before income tax and depreciation and amortisation) and Adjusted EBITDA. 31 Dec 2023 $'000 31 Dec 2022 $'000 (18,761) 44,574 8,632 34,445 (49,744) 61,149 4,637 16,042 Transaction expense Care & maintenance Separation costs Net foreign exchange loss/(gain) Movement in financial assets at fair value through profit or loss 2,697 5,824 1,176 431 10,333 (1,492) (657) Adjusted EBITDA 44,573 24,226 Profit/(loss) before income tax expense Depreciation and amortisation Finance costs EBITDA EBITDA and adjusted EBITDA are non-IFRS earnings measures that do not have any standardised meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies. These measures, which are unaudited, are important to management as an additional way to evaluate the consolidated entity's performance. 6 Aeris Resources Limited Directors' Report 31 December 2023 Financial Position At 31 December 2023, the consolidated entity had a positive net asset position of $278.27 million (30 June 2023: A$266.37 million). The 31 December 2023 net asset position for the consolidated entity was impacted by a number of key factors, including: • On 2 August the Company announced entering into a new $50 million WHSP Facility. At 31 December 2023 $40 million was drawn; • In November 2023, the Company undertook a $30 million fully underwritten equity raise, to provide general working capital and increased financial flexibility; and • Investments of $39 million into new mining projects, including exploration for the half-year, compared to $33 million in the corresponding period. The consolidated entity’s net cash inflow from operating activities during the First Half was $0.12 million, with net cash outflows from investing activities of $58.09 million and net cash inflows from financing activities of $61.37 million. The cash inflows from operating activities were impacted by additional payments made during the half-year to reduce the balance of trade creditors. The Group has been able to continue to meet its working capital requirements principally as a result of positive operating cashflows generated by the three operating mines (Tritton, Cracow and Mt Colin), utilisation of the $50 million WHSP Facility, the $30 million equity raise undertaken and management of the timing of cashflows to meet obligations as and when due. At 31 December 2023 $10 million of the WHSP Facility remains undrawn. The WHSP Facility has a 2-year term, expiring on 1 August 2025. Included in the interim financial report for the half-year ended 31 December 2023 is an independent auditor’s review report that includes a statement on “Material uncertainty relating to going concern”. For further information, refer to Note 1 in the interim financial report, together with the auditor’s report. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL HALF-YEAR No other matter or circumstance has arisen in the interval between the end of the financial period 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. ROUNDING OF AMOUNTS The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors Andre Labuschagne Executive Chairman 29 February 2024 Brisbane 7 Aeris Resources Limited ABN 30 147 131 977 Interim Financial Report - 31 December 2023 8 Aeris Resources Limited Corporate directory 31 December 2023 Directors Andre Labuschagne - Chairman and Managing Director Michele Muscillo - Non-executive Director Colin Moorhead - Non-executive Director Sylvia Wiggins (resigned 31 December 2023) Robert Millner - Non-executive Director Company Secretaries Robert Brainsbury Dane van Heerden Registered office and principal place of business Level 6 120 Edward Street Brisbane QLD 4000 Phone: (07) 3034 6200 Share register Automic Level 5 126 Phillip Street Sydney NSW 2000 Phone: 1300 288 664 (within Australia) +61 2 9698 5414 (outside Australia) Auditor PricewaterhouseCoopers Level 23 480 Queen Street Brisbane QLD 4000 Solicitors HopgoodGanim Lawyers Level 8 1 Waterfront Place Brisbane QLD 4000 Stock exchange listing Aeris Resources Limited shares are listed on the Australian Securities Exchange (ASX code: AIS) Website www.aerisresources.com.au 9 Auditor’s Independence Declaration As lead auditor for the review of Aeris Resources Limited for the half-year ended 31 December 2023, I declare that to the best of my knowledge and belief, there have been: (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Aeris Resources Limited and the entities it controlled during the period. Marcus Goddard Partner PricewaterhouseCoopers Brisbane 29 February 2024 PricewaterhouseCoopers, ABN 52 780 433 757 480 Queen Street, BRISBANE QLD 4000, GPO Box 150, BRISBANE QLD 4001 T: +61 7 3257 5000, F: +61 7 3257 5999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. 10 Aeris Resources Limited Contents 31 December 2023 Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows Notes to the condensed consolidated financial statements Directors' declaration Independent auditor's review report to the members of Aeris Resources Limited 12 13 14 15 16 28 29 General information The consolidated financial statements cover Aeris Resources Limited as a consolidated entity, consisting of Aeris Resources Limited ('Aeris', or the ‘Company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the half year. Aeris Resources Limited and its subsidiaries together are referred to in these financial statements as the ‘consolidated entity’. The financial statements are presented in Australian dollars, which is Aeris Resources Limited's functional and presentation currency. Aeris Resources Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 6 120 Edward Street Brisbane QLD 4000 A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements. The financial statements were authorised for issue, in accordance with a resolution of directors, on 29 February 2024. The directors have the power to amend and reissue the financial statements. 11 Aeris Resources Limited Condensed consolidated statement of profit or loss and other comprehensive income For the half-year ended 31 December 2023 Note Revenue Cost of goods sold 3 4 Gross profit/(loss) Administration Care and maintenance Net foreign exchange (losses)/gains Transaction expense Other (expenses)/income 4 4 4 Loss before net finance costs Net finance costs 4 Loss before income tax expense 31 Dec 2023 $'000 31 Dec 2022 $'000 286,309 (272,981) 309,980 (331,763) 13,328 (21,783) (13,315) (2,697) (1,176) (6,269) (15,172) 1,492 (10,333) 657 (10,129) (45,139) (8,632) (4,637) (18,761) (49,776) - - (18,761) (49,776) - 32 - 32 (18,761) (49,744) Cents Cents Income tax expense Loss after income tax expense for the half-year attributable to the owners of Aeris Resources Limited Other comprehensive income Items that may be reclassified subsequently to profit or loss Cash flow hedges transferred to profit or loss, net of tax 12 Other comprehensive income for the half-year, net of tax Total comprehensive income for the half-year attributable to the owners of Aeris Resources Limited Basic earnings per share Diluted earnings per share 16 16 (1.9) (1.9) (7.2) (7.2) The above condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes 12 Aeris Resources Limited Condensed consolidated statement of financial position As at 31 December 2023 Note 31 Dec 2023 $'000 30 Jun 2023 $'000 22,658 27,586 43,247 298 4,001 97,790 19,533 18,129 63,458 729 3,828 105,677 44 131,004 229,836 121,249 482,133 45 124,767 227,661 112,354 464,827 579,923 570,504 85,151 40 10,387 21,124 6,100 122,802 120,807 39 10,253 24,884 5,400 161,383 39,089 13,040 113,215 13,506 178,850 281 14,238 111,387 16,846 142,752 Total liabilities 301,652 304,135 Net assets 278,271 266,369 748,042 1,277 (471,048) 719,474 (818) (452,287) 278,271 266,369 Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Financial assets at fair value through profit or loss Other current assets Total current assets 5 6 Non-current assets Trade and other receivables Property, plant and equipment Mine properties Exploration and evaluation Total non-current assets 5 Total assets Liabilities Current liabilities Trade and other payables Borrowings Lease liabilities Provisions Other liabilities Total current liabilities 7 8 9 10 Non-current liabilities Borrowings Lease liabilities Provisions Other liabilities Total non-current liabilities 8 9 10 Equity Issued capital Reserves Accumulated losses 11 12 Total equity The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes 13 Aeris Resources Limited Condensed consolidated statement of changes in equity For the half-year ended 31 December 2023 Issued capital $'000 Balance at 1 July 2022 Accumulated losses Total equity $'000 $'000 Reserves $'000 604,910 (4,439) (312,533) 287,938 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - 32 (49,776) - (49,776) 32 Total comprehensive income for the half-year - 32 (49,776) (49,744) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share-based payments 114,564 - 1,179 - 114,564 1,179 Balance at 31 December 2022 719,474 (3,228) (362,309) 353,937 Issued capital $'000 Balance at 1 July 2023 Accumulated losses Total equity $'000 $'000 Reserves $'000 719,474 (818) (452,287) 266,369 Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax - - (18,761) - (18,761) - Total comprehensive income for the half-year - - (18,761) (18,761) Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs (note 11) Share-based payments 28,568 - 2,095 - 28,568 2,095 Balance at 31 December 2023 748,042 1,277 (471,048) 278,271 The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes 14 Aeris Resources Limited Condensed consolidated statement of cash flows For the half-year ended 31 December 2023 31 Dec 2023 $'000 31 Dec 2022 $'000 277,093 (271,687) (5,282) 303,890 (277,487) (2,131) 124 24,272 Cash flows from investing activities Payment for purchase of subsidiary, net of cash acquired Payments for Net Value Royalty Payments for property, plant and equipment and mine properties Payments for exploration and evaluation (2,640) (46,587) (8,862) (33,888) (59,197) (13,717) Net cash used in investing activities (58,089) (106,802) Cash flows from financing activities Proceeds from issue of shares Proceeds from borrowings Share issue transaction costs Repayment of borrowings Repayment of lease liabilities 30,033 37,712 (1,465) (22) (4,885) 17,092 (794) (20) (4,529) Net cash from financing activities 61,373 11,749 Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial half-year Effects of exchange rate changes on cash and cash equivalents 3,408 19,533 (283) (70,781) 138,050 (34) Cash and cash equivalents at the end of the financial half-year 22,658 67,235 Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest and other finance costs paid Net cash from operating activities The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes 15 Aeris Resources Limited Notes to the condensed consolidated financial statements 31 December 2023 Note 1. Material accounting policy information This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2023 has been prepared in accordance with Australian Accounting Standard A