Announcement PDF Noosa Mining Investor Conference 25 July 2025 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 contains Exploration Results, Mineral Resource and Ore Reserve information which has been previously issued in prior market announcements released by Aeris (“Prior Reports”) with the written consent of the Competent Person responsible for that information. 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 in the Prior Reports and, in the case of estimates of Mineral Resources and Ore Reserves, 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. 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 2 producing operations (FY26: 40-49kt copper eq.)1 3 development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. Aeris 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 $0.30 $0.25 $0.20 Andre Labuschagne $0.15 $0.10 Executive Chairman $0.05 $0.00 Colin Moorhead Non-Executive Director Michele Muscillo Robert Millner Cameron Schubert Larnie Roberts Non-Executive Director Non-Executive Director Senior Executives CAPITALISATION Market capitalisation1 A$203 million Cash2 A$28 million Debt2 A$40 million Enterprise value A$215 million Dane van Heerden CFO Paul Harris COO CTO CPO BROKER COVERAGE MAJOR SHAREHOLDERS 1. 2. As at 23 July 2025 Unaudited - as at 30 June 2025 Washington H. Soul Pattinson 31.40% Tudor Court 8.46% 4 Aeris strategy for FY26 Balance Sheet • • • Repay debt by August 26 Assets sales Consider hedging strategy Growth • • Focus on life extensions through greenfield exploration Consider external opportunities Unlock Stockman • • • • Finalise Albion test work Update study Sep Concept study on acid production Find partner to invest to Final FS 06 05 04 Realise value for shareholders 01 Operational Delivery 02 Sell non-core assets 03 Tritton • Murrawombie Pit • Constellation on time • Resource extension • LOM Cracow • Golden Plateau • Resource extension • LOM • • Sell NQ assets Consider others Jaguar strategy • • • • Focus on +10 year life Reduce care and maintenance Test base metals targets Potential to JV gold 5 FY26 Guidance Compared to FY25 results 40-49kt Cu eq 24-29kt Mine operating costs 1 Cu produced 44-56koz Au produced 240-293koz Ag produced 1. 2.  $302-369 MILLION Exploration $18-23 MILLION Sustaining capital Starting cash and receivables2 $57-70 $49.5 MILLION MILLION Growth capital $65-80 MILLION Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in June 2025 quarterly report. Aeris 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. Unaudited Tritton New South Wales Tritton Strategic, cornerstone asset Strategic location in the Cobar region of NSW ~450kt copper produced since operations began in 2005 and over 300kt still in Resource1 2,330km2 prospective tenement package FY26 guidance of 24 – 29kt Cu, a 37% improvement on FY252 Excess mill capacity longer term – ability to expand copper output with new mines and regional deposits 1. 2. Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025. To midpoint of guidance 8 Operational performance Increasing Tritton production 30 25 Stockpiled ore from Murrawombie Pit will enable mill to run at 2Mtpa rate2 (above nameplate capacity) Sustaining material improvements in key production enablers in FY26 Potential for additional production from high grade Avoca Tank extensions to offset lower grade open pit ore and further increase Cu tonnes Prioritising Constellation project development to maintain higher copper production in future years Cu Produced (kt) FY26 guidance of 24 – 29kt,up 37%1 on previous year 20 15 10 5 0 1. 2. To midpoint of guidance In July 25 and H2 FY26 FY23 FY24 FY25 FY26 Guidance 9 Murrawombie Pit Waste stripping in first half of year with ore delivery in second half Mined Ore1 Murrawombie Pit ore to provide approx. 50% FY26 mill feed Phase 1 ore now all mined and will be processed in Q1, with Phase 2 ore delivered in Q3 to enable mill to run at 2Mtpa rate, above nameplate Waste from cut back used to concurrently cap old heap leach pads, saving c.$8M rehabilitation costs High open pit mining rates in the second half of the year result in an ore stockpile of over 900kt to be processed in FY27 UG 1. Chart is provided to provide a visual representation of the proportion of ore mined from open pit and underground sources and should not be considered guidance Open Pit Mill Capacity 10 Constellation Potential long life mine to commence in FY27 Constellation mining studies are reviewing a combination of open pit plus UG options for the high-grade Cu & Au deposit Updated Mineral Resource Estimate 7.6Mt of 2.01% copper and 0.66g/t gold containing 153kt copper and 161koz gold1 Studies underway on open pit 3.2Mt sulphide resource grading 2.5% Cu and 0.8g/t Au2 starting 50m below surface Ore processing options being assessed for additional 1.5Mt oxide Inferred resource grading 0.6% Cu Underground development to be funded with cash flow from open pit production Major capital spend to start in FY27 following EIS and mining license approval expected in Q3 FY26 1. 2. See ASX release “Aeris Delivers Material Increase in Copper and Gold at Constellation” 31 March 2025. Comprises Indicated resource of 5.3Mt at 1.8% Cu, 0.7g/t Au, and Inferred resource of 2.3Mt at 2.6% Cu, 0.7g/t Au Comprises Indicated Resource of 2.6Mt at 2.3% Cu, 0.69/t Au and Inferred Resource of 0.6Mt at 3.5% Cu, 0.5g/t Au 11 Extend mine lives Ramping up drilling at Tritton Underground Drill Metres 100,000 80,000 Strong focus on Mineral Resource growth at multiple deposits ~80,000m underground diamond drilling planned in FY26 60,000 Target depth extensions at Avoca Tank, Budgerygar and Tritton 40,000 20,000 - FY20 FY21 FY22 FY23 FY24 FY25 FY26F 12 Mine Life Growth All current ore sources still open at depth 13 Cracow Queensland Cracow High margin gold mine with long operating history Cracow production and Resources1 under Aeris ownership 800 700 Underground gold mine in continuous production since 2004 600 Conventional crush and grind CIP processing plant Produced +1.7Moz gold since first production in 2004 FY26 guidance 36 – 46koz Au koz Au 500 400 300 200 Strong history of resource replacement through exploration 100 - FY21 FY22 Annual Production 1. See each annual Group Mineral Resource and Ore Reserve Statement within the Annual Report for Aeris Resources Ltd on the company’s website. Details for individual categories of mineralisation are also provided. Also refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025 FY23 Cumulative Production FY24 FY25 Resources 15 Operational performance Cracow continuing to deliver 60 50 Increased ore mining and plant throughput to offset lower grade ore Sustaining increased recovery of 1-2% following commissioning of the secondary cyclone circuit to debottleneck the regrind mill Re-entering Roses Pride mine (separate to the main Western Vein Field operations) to develop as an additional ore source in FY27 Au Produced (koz) FY26 guidance of 36 - 46koz, down 9%1 on previous year 40 30 20 10 0 1. To midpoint of guidance FY23 FY24 FY25 FY26 Guidance 16 Exploration Greenfield targets Targeting a +1Moz Western Vein Field analogue at the Southern Vein Field Airborne magnetic survey planned for Q1 to aid finalisation of drill targets under 500m cover Drilling planned for FY26 to test geology model and identify prospective structures (limited historical drilling) Western Frontier is an interpreted structural corridor approx. 1km west of current UG infrastructure within existing mining lease boundary Potential to also drill Western Frontier structure in FY26 targeting multiple +100koz shoots 17 Exploration Golden Plateau ~850koz produced via open-pit and underground (~260m below surface) Open-pit proportion 190koz1 from remnants to ~120m below surface) Investigating large, lower grade mineralised halo around old stoping areas below the Golden Plateau pit2 A majority of the Mineral Resource3 positioned south and west of the open-pit Key exploration target for FY26 1. 2. 3. Vigar, A.J, 1994 Grade Modelling Reconciled to Open Pit Mining at the Golden Plateau Mine, Cracow, Queensland. AusIMM Student Conference – Pathway to Industry page 49-54. Refer to ASX announcement "Quarterly Report – June 2025" Refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement“ 17 June 2024." 18 Jaguar Focus on new VMS targets to discover another ore source Revised Jaguar strategy Reducing holding costs while undertaking low cost, high return exploration Strategy is to focus on +10 year life operations Pausing feasibility study while further exploration is undertaken 8 high priority base metals drill targets to be tested $3.1 million exploration program planned for FY26 Reducing care and maintenance costs to $600k per quarter1 Numerous gold targets – investigating options to joint venture gold rights to advance exploration while minimising Aeris spend 1. By Q2 FY26 20 Jaguar Highly prospective for gold mineralisation +25Moz gold endowment in the region 4.7Moz Thunderbox Operation1 located 8km north of the Jaguar tenements, 3.5Moz King of the Hills mine2 located 10km west Jaguar tenements highly prospective but had limited exploration Several advanced prospects including Heather Bore; a 2km long, shallow gold anomaly 1. 2. Thunderbox Reported Mineral Resource at 31 March 2025. Refer to Northern Star Resources ASX Announcement "Resources, Reserves and Exploration Update" 15 May 2025. King Of The Hills Reported Mineral Resource at 30th April 2025. Refer to Vault Minerals ASX Announcement "KOTH OP Ore Reserve accelerates Leonora Plant Upgrade" 26 May 2025. 21 Unlock Stockman Consider partnering to unlock long term value Large, high-grade polymetallic resource1 albeit with complex metallurgy Multiple processing routes available – studies expected to be finalised in Q2 FY26 Potential to create a long life, high value operation with the right technical solution Considering options to bring on a strategic partner to assist with funding and ongoing technical work Holding costs minimal 1. Indicated Resource of 13.4Mt at 2.1% Cu, 4.2% Zn, 1.0g/t Au, 37g/t Ag. Refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025 22 Simplify portfolio Divesting North Queensland Simplifies portfolio to allow greater focus on Tritton and Cracow Attractive 952km2 tenement package including the development ready Barbara project Indicative non-binding offers received from a number of parties Ability to release $6.5M in restricted cash held against environmental bonds on top of sale proceeds Potential for transaction completion later this year 23 Aeris Resources Australian mid-tier, base and precious metals producer 2 producing operations (FY26: 40-49kt copper eq.)1 3 development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. Aeris 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. 24 Appendix Group Ore Reserves BASE METALS Asset Tritton North Qld Stockman Total GOLD Asset Cracow Total Category Proved Probable Total Proved Probable Total Proved Probable Total Total Proved Total Probable Grand Total Category Tonnes (‘000) 100 2,280 2,380 1,600 1,600 9,640 9,640 100 13,530 13,630 Tonnes (‘000) Proved Probable Grand Total 145 360 505 Cu (%) Cu (%) 0.7 1.6 1.5 1.9 1.9 1.9 1.9 0.7 1.8 1.8 - Zn (%) Zn (%) Grade Au (g/t) -4.3 4.3 3.1 3.0 Grade Au (g/t) - As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025 0.3 0.3 0.2 0.2 1.0 1.0 0.8 0.8 3.0 2.9 2.9 Ag (g/t) Ag (g/t) 6 6 -37 37 27 27 - Cu (kt) Cu (kt) 1 36 37 30 30 183 183 1 249 249 - Zn (kt) Zn (kt) Contained Metal Au (koz) 413 413 413 413 23 23 9 9 318 318 350 350 Contained Metal Au (koz) - 14 33 48 Ag (koz) 444 444 11,409 11,409 11,853 11,853 Ag (koz) - 26 Group Mineral Resources BASE METALS Category Project Tritton Jaguar North Qld Stockman Total GOLD Total Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) 0.4 11.0 7.5 18.9 0.5 4.2 2.0 6.6 0.2 2.4 0.6 3.2 13.4 2.4 15.8 1.1 31.0 12.4 44.5 1.0 1.6 1.8 1.7 1.6 1.4 1.1 1.4 2.3 2.0 2.0 2.0 2.1 1.1 2.0 1.5 1.9 1.6 1.8 5.0 6.4 6.5 6.3 4.2 2.6 4.0 2.3 2.7 1.5 2.3 0.1 0.4 0.3 0.4 0.3 0.4 1.0 0.6 0.5 0.2 0.1 0.2 1.0 1.5 1.1 0.2 0.6 0.6 0.6 2 4 4 4 63 67 83 71 0 3 2 2 0 37 32 36 29 27 22 25 4 179 131 314 8 59 23 90 5 47 12 64 288 27 315 17 574 193 784 25 268 128 422 561 62 624 25 829 191 1,045 1 158 73 233 4 53 62 119 3 16 2 21 420 117 537 9 647 254 910 30 1,270 840 2,140 1,030 8,950 5,260 15,240 0 210 30 240 0 16,000 2,440 18,450 1,060 26,440 8,580 36,070 Measured Indicated Inferred Total Measured Indicated Inferred Total Measured Indicated Inferred Total Measured Indicated Inferred Total Total Measured Total Indicated Total Inferred Grand Total Category Grade Contained Metal Tonnes (Mt) Au (g/t) Ag (g/t) Au (koz) Ag (koz) Measured 0.4 4.0 3 46 37 Indicated 1.9 3.6 4 224 229 Inferred Grand Total 2.1 2.6 4 181 305 4.4 3.2 4 452 571 Asset Cracow Tonnes (Mt) Grade As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025 Contained Metal 27 FY26 Guidance Group Production Copper Gold Silver Copper equivalent1 FY26 Guidance kt koz koz kt 24 - 29 44 - 56 240 - 293 40 - 49 FY25 Actual 24.9 55.2 185.2 42.1 Operating Costs Mine operations2 Care and maintenance Corporate $M $M $M 302 - 369 6-7 21 - 26 344.9 10.8 23.6 Capital Costs Sustaining Growth & projects Exploration $M $M $M 57 - 70 65 - 80 18 - 23 69.4 35.1 9.8 1. 2. 3. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in quarterly reports. Aeris 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. Excludes royalties FY25 results unaudited Tritton Production Copper Gold Silver FY26 Guidance FY25 Actual kt koz koz 24 - 29 8 - 10 215 - 263 19.4 6.1 185.2 Operating Costs Mine operations $M 207 - 253 202.1 Capital Costs Sustaining Growth Exploration $M $M $M 39 - 48 58 - 71 10 - 12 52.5 32.0 2.9 FY26 Guidance FY25 Actual Cracow Production Gold koz 36 - 46 45.1 Operating Costs Mine operations $M 95 - 116 99.4 Capital Costs Sustaining Growth Exploration $M $M $M 18 - 22 6-8 5-7 16.7 0.0 5.3 28