Announcement PDF Annual General Meeting 27 November 2024 Presented by: Andre Labuschagne Disclaimer This investor presentation has been prepared 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. 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. 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. An investment in securities is subject to known and unknown risks, some of which are beyond the control of Aeris. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities. 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. 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 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. NO NEW INFORMATION STATEMENT This presentation refers to Exploration Results, estimates of Mineral Resources and Ore Reserves contained in the Group Mineral Resource and Ore Reserve Statement as at 31 December 2023 which was announced on 17 June 2024 (2024 MROR Group Statement) and prior market announcements released by Aeris, (Prior Reports). The Prior Reports are footnote referenced in this presentation and available from: https://www.aerisresources.com.au/investor. Aeris confirms that it is not aware of any new information or data that materially affects the information included in the Prior Reports and, in the case of Exploration Results, estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the results or estimates in the Prior Reports continue to apply and have not materially changed. Aeris confirms that the form and context in which the Competent Person’s findings are presented in this document have not been materially modified from the Prior Reports. DISCLAIMER To the maximum extent permitted by law, Aeris and each of its 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 (including, without limitation, any liability arising from fault, negligence or negligent misstatement) 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 Transaction 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. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The securities referred to in this Presentation have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, to any person in the United States or to any person acting for the account or benefit of a person in the United States unless they have been registered under the US Securities Act (which Aeris has no obligation to do or to procure) or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable securities laws of any state or other jurisdiction of the United States. 2 Aeris Resources Australian mid-tier, base and precious metals producer Weighted to copper FY25 production guidance 29 Cu 3 producing operations (40-48kt copper eq.)1 79 Au Copper Gold 27-32 kt 50-62koz 47 Ag Silver 200-240koz 3 development projects All sites prospective for further discoveries Substantial copper metal inventory Excellent platform for growth 1. Copper Equivalent (CuEq) values – Requirements under the JORC Code Assumed commodity prices for the calculation of CuEq is US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. 3 Corporate overview Board of Directors AIS SHARE PRICE 0.40 0.30 Andre Labuschagne 0.20 Executive Chairman 0.10 Colin Moorhead Non-Executive Director Michele Muscillo Robert Millner Non-Executive Director Non-Executive Director Ian Sheppard Larnie Roberts Senior Executives 0.00 CAPITALISATION Market capitalisation1 A$169 million Cash2 A$26 million Debt2 A$40 million Enterprise value A$183 million Dane van Heerden Acting CFO Paul Harris COO CTO GM HR BROKER COVERAGE MAJOR SHAREHOLDERS 1. 2. As at 26 November 2024 As at 30 September 2024. Cash excludes restricted cash of $12 million. Washington H. Soul Pattinson 31.40% Tudor Court 8.47% 4 Mining Portfolio: large Mineral Resource inventory Production Assets Asset Tritton Cracow Development Projects North Queensland Jaguar Stockman ~820,000t copper metal, ~1,000,000t zinc metal, ~1,400,000oz gold 1 Ownership 100% 100% 100% 100% 100% Primary commodity Copper / Gold Gold Copper / Gold Copper / Zinc Copper / Zinc Mineral Resource1 342kt Cu @1.5% Cu 232koz Au @ 0.3g/t Au 519koz Au @ 3.4g/t Au 65kt Cu @ 2.1% Cu 21koz Au @ 0.2g/t Au 100kt Cu @ 1.3% Cu 442kt Zn @ 5.6% Zn 315kt Cu @ 2.0% Cu 623kt Zn @ 4.0% Zn Plant capacity 1.80 Mtpa 0.57 Mtpa N/A 0.60 Mtpa 0.80 – 1.00 Mtpa design FY25 production guidance Copper: 21 - 25kt Gold: 7 - 9koz Silver: 200 - 240koz Gold: 40 – 49koz Copper: 6 – 7kt Gold: 3 – 4koz - - Tritton, Budgerygar, Avoca Tank, Constellation Western Vein Field, Golden Plateau Mt Colin, Barbara Bentley, Triumph, Jaguar, Teutonic Bore Currawong, Wilga Constellation resource extension drilling and permitting Resource extension drilling at Western Vein Field and Golden Plateau Barbara Feasibility study Dewatering, exploration drilling, re-start optimisation studies Feasibility study, final permitting and license approvals Key deposits Next 12 months focus / catalysts 1. Refer to Appendix for categories of each Mineral Resource. 5 Production assets Tritton New South Wales Tritton Our cornerstone asset 100% owned, high-grade underground copper mines located in central NSW 430kt copper produced since operations began in 2005 2,330km2 prospective tenement package Mineral Resource1 of 22.5Mt at 1.5% Cu, 0.3g/t Au Ore Reserve2,3 of 2.8Mt at 1.5% Cu, 0.3g/t Au FY25 guidance of 21 – 25kt copper Improving production with ramp up of higher grade Avoca tank and Buderygar deposits 1. 2. 3. Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024. Refer to Appendix for categories of the Ore Reserve; see also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024. The Mineral Resource is inclusive of the Ore Reserve. 7 Tritton A long life copper operation with a pipeline of extension projects Production Tritton • Mature mine at depth • Targeting high-grade extensions Murrawombie • Production declining • EM plates identified 250m below current MRE Development Ready Study Phase Exploration Murrawombie Pit • Cut back of old pit Constellation • Potential future baseload mill feed Kurrajong • High grade deposit • Fully permitted for development • Mining to commence in Q3 FY25 • Facilitates rehab of old leach pads • 6.7Mt @ 1.9% Cu resource2 • Mining studies underway • Drilling underway to improve resource quality • Remains open at depth • Maiden MRE in 2023 • Still open at depth Budgery • Potential future open pit • Target for further exploration Avoca Tank • High-grade mine • Exploration upside Budgerygar • Near surface, adjacent to Tritton • Reserve grading 1.6% Cu1 1. 2. Reserve grading is represented by Ore Reserve 0.5Mt (Probable) at 1.6% Cu and 0.2g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 Mineral Resource of 6.7Mt represents Indicated 2.3Mt at 1.1% Cu and 0.4g/t Au and Inferred 4.4Mt at 2.3% Cu and 0.7g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 8 Murrawombie Pit Cut back on old pit also provides major rehab saving Stripping to commence in Q3 FY25 with contract miner First ore to mill Q3 FY25 Ore Reserve of 1.3Mt ore @ 1.3%Cu, 0.2g/t Au1 Waste from cut back used to cap old heap leach pads, saving c.$8M rehabilitation costs 1. Ore Reserve 1.3Mt (Probable) at 1.3% Cu and 0.2g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 9 Constellation deposit Potential future baseload feed for Tritton mill Located 45km northeast of the Tritton plant Mineral Resource1 of 6.7Mt at 1.9% Cu and 0.6g/t Au Drill program commenced in May with two key objectives: 1. Target conversion of 2Mt – 3Mt of Inferred Mineral Resource to an Indicated category within the upper 250m of the deposit 2. Test the stand-up-zone mineralisation along the northern margin Updated Mineral Resource planned for Q3 FY25 Mining study on underground, open pit and heap leach to be completed following resource update EIS submitted 1. Mineral Resource of 6.7Mt represents Indicated 2.3Mt at 1.1% Cu and 0.4g/t Au and Inferred 4.4Mt at 2.3% Cu and 0.7g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 Refer to ASX Announcement “Quarterly Activities Report – Sept 2024” released on 30 October 2024 10 Cracow Queensland Cracow Mature, high-grade gold mine Low-sulphidation epithermal underground gold mine located 500km northwest of Brisbane Conventional crush and grind CIP processing plant Produced +1.5Moz gold since first production in 2004 FY25 guidance 40 – 49koz Au Strong history of reserve replacement in the Western Vein Field with current exploration on multiple high-grade targets Production and Resource Replacement Under Aeris Ownership 800 700 Tailings dam lift completed providing 3 year production runway koz Au 600 500 400 300 200 100 0 FY21 Annual Production FY22 FY23 Cum. Production FY24 Resource 12 Near mine exploration Defining new mineralised structure Focused on the high-grade Apollo structure Targeting down dip extension to known mineralisation at Apollo Also drilling the Coronation West and Kilkenny West structures Western Frontier represents a potential new structural corridor based on interpretation of geophysical datasets 13 North Queensland Queensland Mt Colin Harvesting cash to fund group capital developments Mining completed in November 2024 Processing of remaining mined ore and stockpiles to continue to February 2025 FY25 guidance of 6 – 7kt Cu 16 Barbara project Potential follow-on operation to Mt Colin Updated resource of 2.2Mt at 2.0% Cu and 0.2g/t Au1 completed Resource remains open down-plunge Feasibility study on a potential underground operation nearing completion Toll treatment options with regional mills Situated on a mining lease; minor amendment to EA approved allowing mining operations to commence 1. Mineral Resource is represented by Indicated 2Mt at 2.0% Cu and 0.2g/t Au and Inferred 0.3Mt at 1.8% Cu and 0.1g/t Au. See also ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 17 Development projects Jaguar Brownfield copper/zinc restart opportunity Mineral Resource1 8Mt @ 1.3% Cu, 5.6% Zn, 0.5g/t Au and 65g/t Ag across 4 deposits Transitioned to care and maintenance in Q1 FY24 Multiple restart scenarios have been assessed; preferred option to be presented to the Aeris board for approval this quarter Tenement package highly prospective for base metals and gold with numerous targets identified Source: IGO Limited Drilling at Heather Bore prospect intersected gold mineralisation and will be used to develop a structural model to inform further exploration 1. Refer to Appendix for categories of Mineral Resource; see also ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024 19 Stockman Long life, Cu-Zn-Au-Ag project with all primary permits Feasibility Study well advanced 12 year mine plan producing at up to 850ktpa1 from a single deposit (Currawong) Potential to extend mine life with other known deposits Currawong mine plan Albion leaching technology being investigated to improve recoveries impacted by complex metallurgy – very positive initial results1 Potential to make a high-grade Cu concentrate on the mine site and a bulk polymetallic concentrate for leaching at an offsite location Metallurgical test work and engineering design for Albion Process continuing All key project consents in place for mining and onsite processing 1. Refer to ASX announcement “Stockman Feasibility Study Update” dated 24 January 2024. Aeris confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the production target in the relevant announcement continue to apply and have not materially changed 20 Investment highlights Company set for growth Diversified production from 3 operations Significant internal growth opportunities to lift production and extend mine lives All sites located in tier 1 mining jurisdiction Leveraged to copper, critical to electrification FY25 production guidance of 40 – 48kt Cu eq1 1. Copper Equivalent (CuEq) values – Requirements under the JORC Code Assumed commodity prices for the calculation of CuEq is US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. 21 Appendix Group Ore Reserves PROJECT CATEGORY TONNES (‘000) Base Metals Tritton Jaguar North Queensland Stockman GRADE CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag 5 1.8 - - - 0.1 - - - Probable 2,790 1.5 - 0.3 5 41 - 23 451 Total 2,790 1.5 - 0.3 5 41 - 23 451 Proved 90 1.4 8.7 0.8 74 1 8 2 225 Probable 1,060 1.4 8.3 0.6 45 16 87 21 1,534 Total 1,150 1.5 8.3 0.6 48 17 95 23 1,759 Proved 90 2.4 - 0.5 - 2 - 1 - Probable 80 2.1 - 0.4 - 2 - 1 - Total 170 2.3 - 0.4 - 2 - 2 - - - - - - - - - Proved Proved Probable 9,640 1.9 4.3 1.0 36 183 413 318 11,409 Total 9,640 1.9 4.3 1.0 36 183 413 318 11,409 13,750 1.8 3.7 0.8 30 245 508 367 13,619 Proved 100 - - 3.5 - - - 12 - Probable 250 - - 3.4 - - - 28 - Grand Total 360 - - 3.4 - - - 39 - Grand Total Gold Cracow As at December 2023. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024 23 Group Mineral Resources PROJECT CATEGORY TONNES (‘000) Base Metals Tritton Jaguar North Queensland CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Measured 1,300 1.0 - 0.1 3 13 - 4 120 Indicated 11,200 1.4 - 0.3 4 145 - 91 1,280 Inferred 10,000 1.7 - 0.3 4 183 - 137 1,440 Total 22,500 1.5 - 0.3 4 342 - 232 2,840 Measured 500 1.6 5.0 0.3 63 8 25 4 1,030 Indicated 3,400 1.3 7.6 0.5 75 45 256 51 8,170 Inferred 4,000 1.2 4.0 0.5 56 47 161 68 7,270 Total 7,900 1.3 5.6 0.5 65 100 442 123 16,460 Measured 300 2.8 - 0.6 - 9 - 6 - Indicated 2,200 2.0 - 0.2 3 44 - 13 210 Inferred 600 2.0 - 0.1 2 11 - 2 30 3,100 2.1 - 0.2 2 65 - 21 240 Measured - - - - - - - - - Indicated 13,400 2.1 4.2 1.0 37 288 561 420 16,000 Inferred 2,400 1.1 2.6 1.5 32 27 62 117 2,440 Total 15,800 2.0 4.0 1.1 36 315 623 537 18,450 49,300 1.7 2.2 0.6 24 882 1,065 913 37,990 Measured 400 - - 3.9 3 - - 52 39 Indicated 2,100 - - 3.4 4 - - 259 249 Inferred 2,400 - - 2.9 4 - - 208 376 Grand Total 4,900 - - 3.4 4 - - 519 664 Total Stockman GRADE Grand Total GOLD Cracow As at December 2023. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024 24