Announcement PDF Aeris Resources Limited Appendix 4E Preliminary final report 1. Company details Name of entity: ABN: Reporting period: Previous period: Aeris Resources Limited 30 147 131 977 For the year ended 30 June 2025 For the year ended 30 June 2024 2. Results for announcement to the market 2025 $'000 2024 $'000 Change $'000 Change % Revenues from ordinary activities ↑ 577,058 540,020 37,038 7% Gross profit ↑ 115,435 35,667 79,768 224% Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA)* ↑ 179,599 107,039 72,560 68% Profit/(loss) from ordinary activities after tax attributable to the owners of Aeris Resources Limited ↑ 45,202 (24,258) 69,460 286% Profit/(loss) for the year attributable to the owners of Aeris Resources Limited ↑ 45,202 (24,258) 69,460 286% * Refer to Director's Report for a reconciliation of Non-IFRS Adjusted EBITDA Earnings per share 2025 Cents Basic earnings/(loss) per share Diluted earnings/(loss) per share 2024 Cents 4.7 4.6 (2.9) (2.9) Dividends There were no dividends paid, recommended or declared during the current financial period. Comments The profit for the consolidated entity after providing for income tax amounted to $45,202,000 (30 June 2024: loss of $24,258,000). 3. Net tangible assets Reporting period Cents Net tangible assets per ordinary security 4. Control gained over entities Not applicable. 32.6 Previous period Cents 32.0 Aeris Resources Limited Appendix 4E Preliminary final 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 have been audited by PricewaterhouseCoopers and provide an unqualified opinion. 11. Attachments Details of attachments (if any): The Annual Financial Report of Aeris Resources Limited for the year ended 30 June 2025 is attached. Aeris Resources Limited ABN 30 147 131 977 Annual Financial Report - 30 June 2025 Aeris Resources Limited Corporate directory 30 June 2025 Directors Andre Labuschagne - Executive Chairman Michele Muscillo - Non-executive Director Colin Moorhead - Non-executive Director Robert Millner - Non-executive Director Company secretary 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 Corporate Governance Statement www.aerisresources.com.au/about/corporate-governance/ 1 Aeris Resources Limited Directors' Report 30 June 2025 The Directors present their report, together with the consolidated financial report of the Aeris Resources Limited Group (‘consolidated entity’), consisting of Aeris Resources Limited (‘Aeris’ or ‘Company’) and the entities it controlled at the end of, or during, the year ended 30 June 2025. DIRECTORS The Directors of the Company in office during the financial year and up to the date of this report were: Name, experience and other directorships Andre Labuschagne – Executive Chairman Mr Labuschagne is an experienced mining executive with a career spanning over 30 years across operations in Australia, Indonesia, South Africa, PNG and Fiji. Mr Labuschagne has held various corporate and operational roles in companies including Norton Gold Fields, Emperor Gold Mines, DRD Gold and AngloGold Ashanti. Mr Labuschagne holds a Bachelor of Commerce from Potchefstroom University in South Africa. Special Responsibilities Appointed / Resigned Executive Chairman Appointed 20-Dec-2012 Chairman of the Audit and Risk Committee and member of the Remuneration and Nomination Committee and the Sustainability Committee Appointed 2-May-2013 Chairman of the Remuneration and Nomination Committee and Sustainability Committee Member of the Audit and Risk Committee Appointed 27-July-2020 Other current directorships (ASX listed entities): Magontec Limited (ASX:MGL). He also serves as a director of the Australian Resources & Energy Employer Association (AREEA). Former directorships in the past 3 years (ASX listed entities): None Michele Muscillo – Independent Non-Executive Director Mr Muscillo is a Partner specialising in corporate law with HopgoodGanim Lawyers. Mr Muscillo is an admitted Solicitor and has a practice focussed almost exclusively on mergers & acquisitions and capital raising. Mr Muscillo has acted on a variety of corporate transactions including initial public offerings, takeovers and acquisitions. Mr Muscillo has a Bachelor of Laws from Queensland University of Technology and was a recipient of the QUT University Medal. Other current directorships (ASX listed entities): Mako Gold Limited (ASX:MKG). Former directorships in the past 3 years (ASX listed entities): Xanadu Mines Limited (ASX:XAM), Cardinal Resources Limited (ASX:CDV). Colin Moorhead – Independent Non-Executive Director Mr Moorhead is a geologist and very experienced resources Executive having spent 29 years’ with Newcrest Mining, including 8 years’ on the Executive committee responsible for global exploration and resource development. Following this, he joined PT Merdeka Copper Gold Tbk as Chief Executive Officer, leading the very successful development of the Tujuh Bukit gold mine in Indonesia. He went on to become an Executive Director until June 2020. Colin is also currently an Executive Chairman of Xanadu Mines Limited (ASX:XAM), Non-Executive Director of Ramelius Resources Limited (ASX:RMS) and Non-Executive Director of VHM Limited (ASX:VHM)(appointed 1 July 2024). Former directorships in the past 3 years (ASX listed entities): Executive Chairman of Sihayo Gold Limited (resigned 5 August 2024) and NonExecutive Director of Coda Minerals (ASX:COD) (resigned 30 April 2024). 2 Aeris Resources Limited Directors' Report 30 June 2025 Special Responsibilities Name, experience and other directorships Robert Millner – Non-Executive Director Mr Millner is the Chairman of Australian investment house Washington H. Soul Pattinson (ASX:SOL). Mr Millner has extensive experience in the investment industry, and is the Chairman of Brickworks Limited (ASX: BKW), BKI Investment Co Ltd and New Hope Corporation Limited (ASX:NHC) and a Non-Executive Director of Apex Healthcare Berhad and TPG Telecom Ltd (ASX:TPG). Appointed / Resigned Appointed 1-July-2022 Former directorships in the past 3 years (ASX listed entities): Milton Corporation Limited (delisted from ASX on 5 October 2021) and Tuas Limited (ASX:TUA). COMPANY SECRETARY Dane van Heerden CA Ms van Heerden is a seasoned finance executive, with over 20 years’ experience in the resource sector, both in Australia and internationally. MEETINGS OF DIRECTORS The attendance of Directors at Board and Committee meetings during the financial year were as follows: Directors Andre Labuschagne Michele Muscillo Colin Moorhead Robert Millner Board A 16 16 16 16 ARC B 16 15 16 16 A B 6 5 - 6 6 - Sustainability A B 2 2 2 2 - Remuneration A B 2 2 2 2 - A = Number of meetings held during the time the Director was a member of the Board and/or Committee B = Number of meetings attended during the time the Director was a member of the Board and/or Committee CORPORATE GOVERNANCE The Company’s Corporate Governance Statement for the year ended 30 June 2025 may be accessed from the Company’s website at https://www.aerisresources.com.au/about/corporate-governance. PRINCIPAL ACTIVITIES The principal activities of the consolidated entity for the year ended 30 June 2025 were the production, sale and exploration of copper, zinc, gold and silver. Other than as referred to on pages 4 to 7, there were no significant changes in those activities during the financial year. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS REFINANCING OF FINANCE FACILITIES On 4 June 2025, Aeris announced that it had executed a three-year $60.000 million Guarantee Facility with Washington H. Soul Pattinson (WHSP), replacing the $50.000 million ANZ Guarantee Facility. The Facility Agreement also extended the term of the existing $50.000 million Term Facility with WHSP (currently drawn to $40.000 million) to 31 August 2026. On 30 June 2025 Aeris announced that all the conditions precedent to the $60.000 million Guarantee facility were met and drawdown was completed. Prior to drawdown, both the Guarantee Facility and the Term Facility (together, the Facilities), were assigned to WHSP’s wholly owned subsidiary, Soul Patts Asset Management Pty Ltd (SPAM), with all commercial terms unchanged. 3 Aeris Resources Limited Directors' Report 30 June 2025 Financial covenants apply to the Facilities, the Company complied with these ratios throughout the reporting period. OPERATING REVIEW TRITTON COPPER OPERATIONS Operations Tritton Copper Operations (Tritton) produced 19,398 tonnes of copper and 6,053 ounces gold for the year ended 30 June 2025. A total of 1.2 million tonnes of ore was mined, predominantly from the underground operations. Ore mined Grade mined Ore milled Grade milled Recovery Total copper produced Gold produced Units Tonnes % Cu tonnes % Cu % Tonnes Ounces 30 June 2025 1,186,975 30 June 2024 1,195,375 30 June 2023 1,369,364 1.74 1,133,999 1.69 1,215,692 1.36 1,352,424 1.79 1.71 1.34 95.7% 95.0 94.6 19,398 19,749 17,205 6,053 4,899 4,582 Underground operations at Tritton were focused at the Avoca Tank, Budgerygar and Tritton mines. Production from Budgerygar during the financial year was impacted by delays to the new paste fill pump, limiting stope backfilling. Underground mining at Murrawombie ceased, earlier in the financial year, with the cutback of the open pit commencing in February 2025. Stage 1 stripping and ore mining was completed towards the end of the financial year, with approximately 77,000 tonnes of mined ore stockpiled at 30 June 2025, available for processing in FY26. The availability of stockpiled ore enabled record mill feed rates with the processing plant operating above its 1.8Mtpa nameplate capacity for the final weeks of the year. Waste from the open cut operation is being used to progressively rehabilitate the old Murrawombie heap leach pads. This work is estimated to save approximately $8 million in end of mine life closure costs. A Mining Improvement Project at Tritton was implemented during the financial year, focusing on operational performance. Significant improvements were demonstrated in key production activities over the financial year, including diamond drilling, development metres and backfill placement. Exploration A 70-hole resource definition drilling program was completed at Constellation in FY25 enabling an update of the Mineral Resource estimate. The updated Mineral Resource now totals 7.6 million tonnes at 2.01% Cu, 0.66g/t Au and 2.5g/t Ag, containing 153,000 tonnes of copper metal, 161,000 ounces of gold metal and 608,000 ounces of silver metal 1. This represents a 24% increase in contained copper metal and a 29% increase in contained gold metal compared to the previous August 2022 estimate. The updated Mineral Resource also included a significantly larger open pit component. A feasibility study is now underway on an open pit and underground operation with ancillary surface infrastructure. The feasibility study will also inform the release of a maiden Ore Reserve estimate in FY26. Underground resource definition drilling also commenced at Avoca Tank during the year. The drill program is targeting mineralisation down plunge below the base of the current Mineral Resource and will continue into FY26. CRACOW GOLD OPERATIONS Operations Cracow Operations (Cracow) produced 45,126 ounces of gold for the year ended 30 June 2025. Underground mining operations continued in the Western Vein Field. Mined grade declined year on year as operations focused on the margins of the known deposits. Ore from underground was supplemented with lower grade surface stockpiles. 1 Refer to ASX announcement “Material Increase in Copper and Gold at Constellation”, 31 March 2025 4 Aeris Resources Limited Directors' Report 30 June 2025 At the processing plant, a secondary cyclone circuit was installed, enabling 100% of the leach feed to now pass through the regrind mill. A sustained 1-2% increase in gold recovery has been achieved by debottlenecking the regrind mill and improving gold liberation. Ore mined Grade mined Ore milled Grade milled Recovery Gold produced Units Tonnes g/t Au Tonnes g/t Au % Ounces 30 June 2025 506,601 30 June 2024 450,985 30 June 2023 575,382 2.89 617,584 2.51 3.13 585,256 2.65 2.75 666,978 2.50 90.5 91.6 90.0 45,126 45,651 48,221 Exploration Along with resource extension drilling in the Western Vein Field, exploration activities in the financial year concentrated on identifying new, greenfield targets. Historic two-dimensional and three-dimensional seismic survey data was reprocessed to refine key targets in the Southern Vein Field and Western Frontier. These targets will be further refined ahead of a drill program in FY26. At Golden Plateau in the Eastern Vein Field, a review was commenced to assess the gold prospectivity below the old open pit. Previous exploration undertaken by Aeris focused on delineating discrete, high-grade structures for potential extraction via underground mining methods. The current review examines the potential for a broader, low-grade gold system that could support open pit mining. Initial assessment of in-pit grade control data has identified extensive low-grade (+1g/t Au) mineralisation left behind from earlier underground operations. Historic drilling confirms this low-grade mineralisation continues below the pit floor. NORTH QUEENSLAND OPERATIONS Operations The North Queensland operations produced 5,518 tonnes of copper for the financial year, with gold production of 4,027 ounces. Underground mining at Mt Colin was successfully completed in November 2024, with final ore stockpiles processed at Ernest Henry by end of March 2025. Copper recoveries during the year were impacted by oxidised material from the cave zone of the mine, resulting in lower copper production than planned. Ore mined Grade mined Ore milled Grade milled Recovery Copper produced Gold produced Units Tonnes % Cu Tonnes % Cu % Tonnes Ounces 30 June 2025 176,929 2.42 362,534 1.94 78.5 5,518 4,027 30 June 2024 510,483 2.15 410,861 2.11 78.3 6,803 4,328 30 June 2023 426,135 2.39 362,876 2.18 89.8 7,110 3,852 The Mt Colin site has transitioned to care and maintenance. Rehabilitation activities have been undertaken including removal of infrastructure, relocation of potentially acid forming waste (PAF) to the underground and reprofiling and seeding of surface areas. Barbara Project The feasibility study on the Barbara Project in North Queensland was completed during the financial year. While Barbara would contribute additional copper production, the project does not meet Aeris’ strategic requirements and group capital will be preserved for larger-scale developments, particularly at Tritton. The North Queensland assets including the Barbara Project and exploration tenements have been deemed non-core and options for divestment are being pursued. 5 Aeris Resources Limited Directors' Report 30 June 2025 JAGUAR OPERATIONS Operations Jaguar Operations (Jaguar) remained on care and maintenance throughout FY25. Technical studies undertaken on Jaguar during FY25 examined options for a restart of the operation. A decision has been made to focus on +10 year life of operations so study work has been paused to allow further exploration to be completed. Exploration Aeris has identified multiple base metals targets on the Jaguar tenements that have potential to add mineable resources to a restart scenario. Target generation was informed by a regional mapping campaign that reclassified stratigraphy immediately east of the known, 10km prospective VHMS corridor. An extensive sericite-altered untested rhyolitic volcaniclastic sequence, up to 1km thick, had previously been misinterpreted as massive rhyolite and largely overlooked by earlier explorers. Discrete gravity anomalies identified in Aeris’ 2022 infill gravity survey, low-level pathfinder anomalism returned from ongoing rock chip sampling, and the presence of pervasive sericite alteration collectively support a compelling case for VHMS-style mineralisation within this newly defined corridor. The discrete gravity anomalies in this corridor have interpreted depths between 60m and 200m, and strike lengths between ~ 300m and 1km, presenting attractive targets for further exploration. Eight, high priority targets have been identified through this process, and first pass drill program is planned for FY26 to test each target. The Jaguar tenements are also considered highly prospective for gold mineralisation. During the year a limited number of drill holes were completed on gold prospects at the northern end of the tenement package. While the results returned were sub-economic, the program has refined the geological model and confirmed mineralisation continuity across a key structural trend. Aeris is considering options for advancing exploration of the gold targets in FY26 including possible joint ventures. 6 Aeris Resources Limited Directors' Report 30 June 2025 FINANCIAL REVIEW Financial Results During the year ended 30 June 2025, the consolidated entity recorded an Adjusted EBITDA of $179.599 million, $72.560 million higher than the previous year (2024: $107.039 million). Similarly, the consolidated entity’s profit after tax of $45.202 million, presented a strong improvement from a loss after tax of $24.258 million, for the year ended 30 June 2024. The results for the year were influenced by a number of key factors, which included: • • • • • Revenue from contracts with customers was $577.058 million, compared to $540.020 million for the previous corresponding period. This mainly reflects the following factors: o Tritton revenue of $303.089 million was higher than the prior corresponding period ($272.603 million) due to higher copper price received (A$14,164/t vs A$13,365/t), partially offset by lower copper production (19,398 vs 19,749); o Cracow revenue of $197.479 million compared to $147.026 million in FY2024, due to higher gold prices (A$4,332/oz vs A$3,174/oz), gold produced was in line with the prior year (45,126oz vs 45,651oz); and o Revenue from North Queensland Operations of $75.269 million was lower than prior corresponding period ($96.991 million) due to transition to care and maintenance in Q3. Cost of goods sold decreased to $461.623 million from $504.353 million in the prior corresponding period largely due to Mt Colin operating for six months of the year and good cost control across Tritton and Cracow operations; Care and maintenance costs of $15.494 million, for Jaguar and North Queensland Operations, were recognised for the financial year; A foreign exchange loss of $0.516 million was recognised for the year ended 30 June 2025 (30 June 2024: loss of $1.081 million); and Finance costs of $24.076 million were higher when compared to $21.505 million in the prior corresponding period, primarily due to the interest charges on the WHSP Debt Facility and refinancing of guarantee facilities. The following table contains a reconciliation of profit before income tax to EBITDA (earnings before income tax and depreciation and amortisation) and Adjusted EBITDA: 2025 $'000 2024 $'000 Profit (Loss) before income tax expense Depreciation and amortisation Finance costs EBITDA 45,202 91,208 24,076 160,486 (24,258) 94,632 21,505 91,879 Care & maintenance Separation costs Net foreign exchange loss / (gain) Movement in financial assets and liabilities at fair value through profit or loss 15,494 0 516 3,103 7,857 5,824 1,081 398 Adjusted EBITDA 179,599 107,039 7 Aeris Resources Limited Directors' Report 30 June 2025 Financial Position At 30 June 2025, the consolidated entity had a positive net asset position of $317.769 million (30 June 2024: $271.788 million). The June 2025 net asset position for the consolidated entity was impacted by a number of key factors, including: • Trade receivables increased to $25.267 million, compared to $2.084 million in the corresponding period due to increased sales in Tritton in the fourth quarter of the financial year; • Inventories reduced to $40.919 million, (FY24: $46.754 million), higher ore inventory in Tritton was offset by lower stock balances in the North Queensland operation, due to the finalisation of operations during the year; • Restricted Cash increased to $17.677 million (FY24: $10.006 million), combined with the $60.000 million, SPAM guarantee facility, the Company has placed all required government bonding with New South Wales and Queensland governments; o During the year ~$10 million of restricted cash was released to operating cash flows; • The Company invested $47.118 million into new mining projects, including exploration, compared to $30.358 million in the corresponding period; • In June Aeris executed a $60.000 million Guarantee Facility with SPAM, replacing the ANZ facility ($50.000 million); • In tandem to the execution of the $60.000 million Guarantee Facility, the Facility Agreement also extended the term of the $50 million Term Facility with WHSP (currently drawn to $40 million) to 31 August 2026; and Furthermore, the Company recorded an improved net current liability position of $10.161 million (FY24: $33.296 million), current liabilities include employee benefit provision of $21.058 million (FY24: $21.240 million). The Group generated strong positive cash flows due to improved commodity pricing during the financial year, with operating costs well managed. The consolidated entity’s net cash inflow from operating activities during the financial year was $130.890 million, with net cash outflows from investing activities of $114.297 million and net cash outflows from financing activities of $12.740 million. At 30 June 2025, $10.000 million of the $50.000 million debt facility provided by WHSP remains undrawn. 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 North Queensland Operations). The Directors have reviewed the ability of the consolidated entity to continue as a going concern and based on its cash flow and covenant compliance forecasts for a period of 12 months from the signing of the financial statements and current access to funding, concluded there are reasonable grounds to believe the consolidated entity will continue as a going concern. SIGNIFICANT EVENTS AFTER THE BALANCE DATE On 1 August, Aeris announced that it had entered into unsecured Australian dollar, gold hedges with Macquarie Bank Limited for 19,998 ounces at a forward price of A$5,145.75 per ounce. The hedges will mature between August 2025 and June 2026 through scheduled monthly deliveries and represent approximately 50% of the targeted midpoint of the FY26 production range at the Cracow Gold Operations. No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. MATERIAL BUSINESS RISKS Aeris prepares its business plan using estimates of production and financial performance based on a range of assumptions and forecasts. There is uncertainty in these assumptions and forecasts, and risk that variation from them could result in actual performance being different to expected outcomes. Aeris acknowledges that business risks have the potential to change over time and continually reviews key risks and uncertainties that have the potential to impact the business. The uncertainties arise from a range of factors, including the nature of the mining industry, and general economic factors. The material business risks faced by the Group that may have an impact on the operating and financial prospects of the Group at period end are outlined below. 8 Aeris Resources Limited Directors' Report 30 June 2025 Supply, Demand and Commodity Prices Aeris derives its revenues mainly from the sale of copper, zinc and gold and/or associated minerals. Consequently, Aeris’ potential future earnings, profitability and growth are influenced by the demand for and price of these commodities. Copper zinc and gold are globally traded commodities and their prices over time may rise or fall. Commodity prices fluctuate and are affected by factors including supply and demand for mineral products, hedge activities associated with commodity markets, the costs of production and general global economic and financial market conditions. These factors may cause volatility which in turn, may affect the Aeris’ ability to finance its operations and/or bring Aeris’ products to market. Aeris may enter into hedging arrangements from time to time to partially protect against changes in commodity prices. When these arrangements expire, there is no guarantee that the Company will be able to secure replacement hedging arrangements on terms satisfactory to the Company. Aeris’ prospects and market value will be influenced from time to time by the actual and prevailing views on the shortterm and long-term prices of these commodities. Exchange rate risk A number of the Company’s commercial arrangements, including copper and gold sale and finance arrangements, are based on US dollars. The Company also acquires equipment from overseas using foreign currency. Accordingly, the revenues, earnings, costs, expenses, assets and liabilities of the Company may be exposed adversely to exchange rate fluctuation. Further, the future market value of the Company’s shares may fluctuate in accordance with movements in the exchange rates and interest rates. Operational Performance and Business Continuity The Company is a producer of copper, zinc and gold which is sold under commercial contracts. The Company’s immediate plans and objectives are dependent upon a continuation of such production generating operating surpluses to assist the Company in funding its planned expenditure programs. Whether it can do so will depend largely upon an efficient and successful, operation and exploitation of the resources and associated business activities and management of commercial factors. Delivery of required operational performance may be impacted by a range of factors including but not limited to geological conditions; natural hazards and significant weather events (including flooding or drought); equipment performance issues, supply chain risks for materials and plant, availability of appropriately skilled and experienced technicians; improper, delays in permitting, force majeure events, power outages, significant incidents, unforeseen cost changes and overruns, and access to the required level of funding. . Continuity of operations also depends on the discovery and delineation of economically recoverable mineral resources, establishment of efficient exploration operations, obtaining necessary titles and access to projects, as well as government and other regulatory approvals. Mineral Resource and Ore Reserve Reporting In order to calculate Mineral Resource and Ore Reserves, estimates and assumptions are required about a range of geological, technical and economic factors. Estimating the quality and/or grade of the Mineral Resource and Ore Reserves requires the size, shape and depth of mineral and ore bodies to be determined by analysing geological data such as drilling samples. This process requires geological judgements and calculations to interpret the data. As the economic assumptions used to estimate Mineral Resources and Ore Reserves change from year to year, and as additional geological data is generated during the course of operations, estimates of Mineral Resource and Ore Reserves may change from year to year. Changes in reported Mineral Resource and Ore Reserves may have either a positive or negative impact on the consolidated entity's financial results. Licence to Operate Loss of, or failure to secure license to operate (including social and regulatory) due to non-compliance with environmental, social, and governance (ESG) requirements, inadequate stakeholder engagement, or changes in legislative requirements, which could lead to operational interruption, increased costs, reputational damage, or project delays. The Company’s sites are subject to numerous laws and regulations and as such there is the risk that the Company may incur liability under these laws and regulations. Aeris could be subject to claims due to damage arising out of current or former activities at sites that Aeris owns or operates, including new projects. This could subject Aeris to potential liability and have a material adverse effect on Aeris’ financial and operational performance. 9 Aeris Resources Limited Directors' Report 30 June 2025 Project Delivery Our projects at Aeris are focu