2026 Annual Report
2026 Annual Report
Growth in Motion
2026 Operations Highlights
Operating Assets
2
Projects
2
FINANCIAL
Closing cash and receivables
(UP 308% YoY)
$207m
EBITDA (UP 81% YoY)
$290m*
GROUP PRODUCTION
Copper equivalent production
42.1kt
Group copper production
23kt
Group gold production
49koz
*Refer to page 81
Tritton Cracow
MILESTONES
Ore reserves
double
PROJECTS
Feasibility study
progressed on Stockman
Completed first-pass
drill program on new
base metals targets
at Jaguar
Identified numerous
gold targets at Jaguar
Golden Plateau drilling
returns high-grade results
23kt Tritton copper
production up 19%
Fourfold increase in
Ore Reserves at Tritton
We are Aeris
Aeris Resources is an Australian mid-tier
copper and gold producer with a strong
pipeline of growth projects and a highly
prospective exploration portfolio.
A MESSAGE FROM THE EXECUTIVE CHAIRMAN 2
REVIEW OF OPERATIONS 3
Tritton Operations Highlights 4
Cracow Operations Highlights 14
Stockman Project Highlights 18
Jaguar Project Highlights 20
RESOURCES AND RESERVES 22
SUSTAINABILITY AT AERIS 31
DIRECTORS’ REPORT 72
Operating Review 76
Financial Results 80
Sustainability Report 87
A Message from the Remuneration and
Nomination Committee Chairman 113
FINANCIAL REVIEW 127
Shareholder information 181
Glossary182
Corporate directory 183
We delivered on our copper equivalent guidance for the group with 42.1kt, generated $290 million in EBITDA
and finished the year with cash and receivables of $207 million and no debt.
Tritton produced 23kt copper for the year, up 19% on the previous year. While we experienced some
geotechnical issues in the Murrawombie Pit that delayed access to ore, the underground mines performed
ahead of plan and the mill demonstrated its ability to run at nameplate throughput for Q4. We also
commenced development of the Constellation project, which will be an important new ore source for the
Tritton mill.
We secured the long-term future of Tritton with the acquisition of Peel Mining, which brought the advanced
Mallee Bull and Wirlong deposits into the Tritton portfolio. These new deposits, along with successful
exploration and mine planning updates at Avoca Tank, Budgerygar and Constellation, led a major increase
in our Mineral Resources and Ore Reserves at year end.
Cracow Operations continued to perform well, delivering 40.6koz gold. As with Tritton, we were able to
increase the Ore Reserve base at Cracow after accounting for mining depletion.
Exploration results at the Golden Plateau deposit resulted in an extension of that drill program, which is
continuing into FY27. Golden Plateau is a very exciting prospect for Cracow with the potential to significantly
increase the mine life.
During the year we also made good progress on our projects. The strategy for Jaguar is to return to an
exploration phase with the aim of defining a larger resource base. As a result, we have greatly reduced
the care and maintenance costs at the project while completing a first-pass exploration program on base
metals targets. At Stockman, the proposed processing flowsheet was finalised, allowing the feasibility study to
progress. We are expecting the study to be completed in FY27.
To support exploration and growth at our assets, we undertook measures to rebuild the balance sheet. The
successful placement and share purchase plan completed in the December quarter allowed us to repay
the loan facility with Washington H Soul Pattinson, leaving the company debt-free. We also streamlined the
portfolio, divesting the North Queensland assets in a cash transaction that released restricted cash held
against environmental bonds.
We made good progress across a number of sustainability areas during the year. Key highlights include the
Respect Check survey and the completion of our first climate-related disclosures under AASB S2.
I am proud of the achievements we have made at Aeris in FY26 and look forward to building on these
successes in FY27.
Thank you to our employees, shareholders, directors, local communities and other stakeholders for your
ongoing support.
Andre Labuschagne
Executive Chairman
A Message from the Executive Chairman
FY26 was a good year for Aeris, delivering stronger production
and financial results and rebuilding the balance sheet.
2 >> 2026 ANNUAL REPORT
Review of
Operations
Aeris Resources GROWTH IN MOTION >> 3
Future copper pipeline
strengthened
Tritton
Operations
Highlights
Copper production
up 19% to 23kt Cu
Significant ore stockpile
at year end to derisk
FY27
Constellation moves into
construction and mining
lease granted July 2026
Fourfold increase
in Ore Reserves1
Mineral Resources
increase 70%1
Mill reached
full capacity
Mallee Bull and
Wirlong join portfolio
upon acquiring Peel
Mining (1 July 2026)
4 >> 2026 ANNUAL REPORT
Operations
Mining from the underground
operations exceeded the planned
tonnes by approximately 10%,
supported by mining from the Avoca
Tank and Budgerygar mines.
Open pit tonnes were delivered from
the Stage 2 Murrawombie open
pit. Development commenced in
Q1FY26 with ore delivered to the mill
in last quarter of the financial year.
The Murrawombie Open Pit mine
experienced geotechnical issues in the
upper portion of the Murrawombie Pit
delaying access to ore.
Lower tonnes delivered from the open
pit were offset by the increased tonnes
supplied by underground mining.
High mining rates in the second half
of the financial year enabled the mill
to run at full 1.8Mtpa capacity for the
final quarter. At the end of the year,
a stockpile of 232kt of mined ore
remained, derisking FY27 production.
Operating costs were well managed
through the year and within guidance
despite the inflationary environment,
particularly with diesel prices in the
second half of the year.
Tritton produced
22,999 tonnes of
copper, 8,387 ounces
of gold and 228,939
ounces of silver
for the year ended
30 June 2026,
representing
year-on-year increases
of 19%, 39% and
24% respectively.
Units FY26 FY25 FY24
Ore mined kt 1,538 1,187 1,195
Grade mined % Cu 1.68 1.74 1.69
Ore milled kt 1,387 1,134 1,216
Grade milled % Cu 1.77 1.79 1.71
Recovery % 93.5 95.7 95.0
Copper produced kt 23.0 19.4 19.7
Gold produced koz 8.4 6.1 4.9
1.
Compared to previous report at 31 December 2024. Refer to ASX announcement
“Major Increase in Tritton Mineral Resources and Ore Reserves”, 21 July 2026
Aeris Resources << GROWTH IN MOTION << 5
Constellation haul road construction
6 >> 2026 ANNUAL REPORT
Maiden open cut and underground
Ore Reserves were declared on the
Constellation deposit, demonstrating
a long-life project. Construction
commenced late in the year, with
capital expenditure brought forward
from FY27 to derisk the development
timeline. Construction activities
included earthworks on the haul
road to the project site, and on the
installation of water lines and fibre
optical cables along the 29km services
corridor.
The mining lease for Constellation was
granted in July 2026, enabling mining
to commence in FY27.
Aeris Resources << GROWTH IN MOTION << 7
Avoca Tank showing Mineral Resource extensions below current workings
Exploration
Exploration activities ramped up considerably in FY26 with
approximately 77,000m of diamond drilling undertaken at
Tritton, a threefold increase from the previous year. Drilling
was focused on the Budgerygar and Avoca Tank deposits,
upgrading Inferred resources and testing extensions of the
mineralisation at depth and along strike.
A new mineralised trend was discovered at Avoca Tank,
significantly increasing the interpreted strike length of the
deposit while also extending the mineralisation at depth
below the current mining levels. Mineral Resources grew by
180% compared to the previous estimate at 31 Dec 2024.
8 >> 2026 ANNUAL REPORT
At Budgerygar, resource definition
drilling demonstrated thicker
mineralised intersections than
previously modelled and also
extended the deposit at depth. The
larger Mineral Resource enabled a
300% increase in Ore Reserves after
mining depletion compared to the
previous estimate at 31 Dec 2024.
Overall, Tritton Operations reported a
fourfold increase in Ore Reserves and
a 70% increase in Mineral Resources
compared to the previous estimate
at 31 December 20242
. This increase
includes the Mallee Bull and Wirlong
deposits acquired on 1 July 2026.
Growth in the Budgerygar Mineral Resource
2.
Refer to ASX announcement “Major
Increase in Tritton Mineral Resources
and Ore Reserves”, 21 July 2026
Aeris Resources << GROWTH IN MOTION << 9
Peel Mining Acquisition
In FY26 Aeris entered into an
agreement to acquire Peel Mining
Limited which owns the Mallee Bull
and Wirlong deposits in the southern
Cobar Basin. Mallee Bull and Wirlong
are high-grade copper deposits with
potential to become long-term ore
sources for the Tritton mill.
Mallee Bull is the more advanced
project, with a well-defined Mineral
Resource (88% in Indicated status)
and permits in place for construction
of an exploration decline and
surface facilities. Mine designs have
been completed and a maiden
underground Ore Reserve was
declared for Mallee Bull in the 30 June
2026 estimate. Metallurgical test work
confirms the suitability of processing
Mallee Bull ore through the Tritton
plant. Aeris is progressing technical
studies and permitting activities to
accelerate the potential development
of the project.
Wirlong is a highly prospective
exploration project with a significant
Mineral Resource. Further exploration
is planned at Wirlong to better
understand the geology and assess
the development potential. A 1,479km2
package of prospective exploration
tenements was also acquired along
with the two deposits.
10 >> 2026 ANNUAL REPORT
Aeris Resources << GROWTH IN MOTION << 11
12 >> 2026 ANNUAL REPORT
Tritton Operations including South Cobar Copper Projects (Mallee Bull and Wirlong) and expanded exploration tenements
Aeris Resources GROWTH IN MOTION >> 13
Cracow Operations Highlights
40.6koz gold produced
Drilling at Golden Plateau
returning high grade
intersections
Ore Reserves doubled3
Production and costs
well managed
14 >> 2026 ANNUAL REPORT
Cracow produced
40,599 ounces of gold
for the year ended
30 June 2026, lower
compared to the prior
year due to lower
grades mined.
Operations
Cracow continued to perform well
in FY26, meeting production and
cost targets. Underground mining
operations continued in the Western
Vein Field. Mined grades decline year
on year as operations focus on the
margins of the known deposits. Ore
milled of 633,958 tonnes increased
from prior year and was supplemented
with lower grade surface stockpiles.
Cracow Operations Mineral Resource
tonnage increased by approximately
640kt over the reporting period, while
contained gold metal decreased
by 25koz. The increase in tonnage
was driven by resource additions
from drilling and updated reporting
parameters, including the application
of a revised 1.0g/t Au cut-off grade.
These increases were partially offset by
mine depletion, updated geological
modelling, and revised spatial
constraints based on Stope Optimiser
shapes used to constrain reportable
Mineral Resource.
Cracow maintains a rolling 12-month
inventory of Reserves within the
life of mine plan by drilling priority
inventory within current Resources.
Historically approximately 30% of
annual ore production comes from
local extensions to the mineralisation
that are not reported within current
Reserves.
Costs were contained through the
year, enabling strong margins to be
maintained. Capital was invested in a
tailings dam lift, which was completed
ahead of schedule and within budget.
Units FY26 FY25 FY24
Ore mined kt 581 507 451
Ore milled g/t Au 2.35 2.89 3.13
Grade mined kt 634 618 585
Grade milled g/t Au 2.21 2.51 2.65
Recovery % 90.1 90.5 91.6
Gold produced koz 40.6 45.1 45.7
3.
Compared to previous report at 31 December 2024. Refer to ASX announcement
“Group Mineral Resource and Ore Reserve Statement”, 30 July 2026
Aeris Resources << GROWTH IN MOTION << 15
Exploration
Exploration at Cracow was focused
on the Golden Plateau deposit, which
has potential to become a major
new ore source in the near future.
Golden Plateau is a known deposit last
mined in the 1990s, located 1km from
the processing plant. A 14,000m drill
program is currently underway to test
mineralisation below the open pit and
around historic underground workings.
Assays have been returned for
approximately 70% of the holes,
which have consistently intersected
gold mineralisation at predicted
positions. The drilling is confirming the
continuity of the interpreted system
and increasing confidence
in the geological interpretation
of the deposit.
Exploration will continue into FY27 to
inform an updated Mineral Resource
Estimate and preliminary mine designs.
A regional airborne magnetic survey
was also completed over the entire
890km2
tenement package. Data
from the survey has been analysed
to identify prospective targets in the
Southern Vein Field for future drilling.
16 >> 2026 ANNUAL REPORT
Aeris Resources GROWTH IN MOTION >> 17
Stockman
Project
Highlights
Finalised
processing route
Advanced
feasibility study
18 >> 2026 ANNUAL REPORT
This work concluded that a
conventional flotation circuit would
give the best economic outcome. The
feasibility study was advanced during
the year and is targeting completion
in FY27.
Updated technical studies enabled
the release of new Mineral Resource
and Ore Reserve estimates at 30 June
2026. The Ore Reserve work confirmed
the viability of mining both the
Wilga and Currawong deposits to lift
production rates and extend the mine
life of Stockman.
At the Stockman
Project in Victoria,
metallurgical test work
and technical studies
were undertaken on
alternative
processing routes.
Aeris Resources << GROWTH IN MOTION << 19
Jaguar Project
Highlights
Identified numerous
gold targets for further
exploration
Project transitioned to
low cost, essential care
and maintenance
Completed first-pass
drill program on new
base metals targets
20 >> 2026 ANNUAL REPORT
The Jaguar Project has
shifted to an exploration
phase, to identify
additional resources
to support a restart
of operations.
As a result, care and maintenance
transitioned from keeping the site
restart ready to low cost, essential
activities only while exploration is
undertaken.
The 10km volcanic corridor east of the
known base metals mineralised trend
was reinterpreted and seven geology
and gravity anomalies were identified
in prospective stratigraphy along with
one electromagnetic (EM) target
along strike from the Jaguar deposit.
A first-pass drill program and downhole
EM was completed on these targets,
with assays yet to be received.
The tenement package remains highly
prospective for gold mineralisation as
well. Drill targets have been finalised
for a future exploration campaign.
Aeris Resources << GROWTH IN MOTION << 21
The Mineral Resource and
Ore Reserve estimates are
reported in accordance with the
guidelines of the 2012 Edition
of the Australasian Code for
Reporting of Exploration Results,
Mineral Resources and Ore
Reserves (JORC 2012).
The estimates are reported
at 30 June 2026.
Resources
and Reserves
22 >> 2026 ANNUAL REPORT
Group Mineral Resource Estimates
BASE METALS TONNES GRADE CONTAINED METAL
Asset Category (Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tritton Measured 1.8 1.4 - 0.2 4 25 - 11 260
Indicated 19 1.6 0.4 0.4 12 310 37 230 7,300
Inferred 12 1.8 0.1 0.3 5 210 2.0 100 2,100
Total 33 1.7 0.3 0.3 9 540 39 340 9,600
Jaguar Measured 0.50 1.6 5.0 0.3 63 8.0 25 4.0 1,000
Indicated 4.2 1.4 6.4 0.4 67 59 270 53 9,000
Inferred 2.0 1.1 6.5 1.0 83 23 130 62 5,300
Total 6.6 1.4 6.3 0.6 71 90 420 120 15,000
North Qld Measured - - - - - - - - -
Indicated - - - - - - - - -
Inferred - - - - - - - - -
Total - - - - - - - - -
Stockman Measured - - - - - - - - -
Indicated 15 2.0 3.9 0.9 35 290 570 420 16,000
Inferred 2.5 1.1 2.3 1.1 28 28 57 88 2,200
Total 17 1.9 3.7 0.9 34 320 630 510 19,000
Total Measured 2.3 1.4 1.1 0.2 17 33 25 15 1,300
Indicated 38 1.7 2.4 0.6 27 660 880 700 33,000
Inferred 17 1.6 1.2 0.5 17 260 190 250 9,500
Grand Total 56 1.7 2.0 0.5 24 950 1,100 970 43,000
GOLD TONNES GRADE CONTAINED METAL
Asset Category (Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Cracow Measured 0.30 - - 3.3 3 - - 34 30
Indicated 2.1 - - 3.1 3 - - 210 220
Inferred 2.6 - - 2.1 4 - - 180 340
Total Grand Total 5.0 - - 2.6 4 - - 430 590
Notes:
• Mineral Resource tonnes and contained metal are reported to two significant figures; grades are reported to one decimal place (Cu,
Zn, Au), and to the nearest whole number (Ag). Figures are rounded, and rounded figures may not sum precisely to reported totals or
reconcile exactly between tonnes, grade and contained metal.
• Mineral Resource estimates are reported using a variety of cut-off criteria (NSR, copper or gold) depending on which is best suited to each
deposit.
• A detailed description of each Mineral Resource estimate is included in ASX announcement “Group Mineral Resource and Ore Reserve
Statement” dated 30 July 2026.
• The Tritton Mineral Resources include the Mallee Bull and Wirlong deposits that were acquired on 1 July 2026.
Aeris Resources << GROWTH IN MOTION << 23
Group Ore Reserve Estimates
BASE METALS TONNES GRADE CONTAINED METAL
Asset Category (Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tritton Proved 0.75 1.2 - 0.1 3 9.2 - 2.4 63
Probable 9.4 1.8 - 0.4 11 170 - 120 3,200
Total 10 1.7 - 0.4 10 180 - 130 3,200
North Qld Proved - - - - - - - - -
Probable - - - - - - - - -
Total - - - - - - - - -
Stockman Proved - - - - - - - - -
Probable 9.8 1.8 3.5 0.8 31 180 340 260 9,800
Total 9.8 1.8 3.5 0.8 31 180 340 260 9,800
Total Proved 0.75 1.2 - 0.1 3 9.2 - 2.4 60
Probable 19 1.8 1.8 0.6 21 340 340 380 13,000
Grand Total 20 1.7 1.7 0.6 20 350 340 390 13,000
GOLD TONNES GRADE CONTAINED METAL
Asset (Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Cracow Proved 0.19 - - 2.3 2 - - 14 12
Probable 1.0 - - 2.1 2 - - 68 62
Total 1.2 - - 2.1 2 - - 82 74
Notes:
• Ore Reserve tonnes and contained metal are reported to two significant figures; grades are reported to one decimal place (Cu, Zn, Au),
and to the nearest whole number (Ag). Figures are rounded, and rounded figures may not sum precisely to reported totals or reconcile
exactly between tonnes, grade and contained metal.
• Ore Reserve estimates are reported using a variety of cut-off criteria suitable for each deposit.
• Mineral Resource figures are inclusive of Ore Reserves.
• A detailed description of each Ore Reserve estimate is included in ASX announcement “Group Mineral Resource and Ore Reserve
Statement” dated 30 July 2026.
• The Tritton Ore Reserves include the Mallee Bull deposit that was acquired on 1 July 2026.
24 >> 2026 ANNUAL REPORT
Changes in Group Mineral Resource
Estimates net of mining depletion
Group Mineral Resource estimate, net of mining depletion,
represent a net increase of 170kt in contained copper,
33koz in contained gold, 7.3Moz in contained silver
and 41kt in contained zinc relative to estimates at
31 December 2024.
Mineral Resource changes at each operation are
summarised below.
• Tritton Operations Mineral Resource tonnage increased
by 14Mt and 230kt Cu metal over the reporting period,
driven primarily by the acquisition of the Mallee Bull and
Wirlong deposits, which contributed 11Mt and 200kt Cu
metal. Exploration and resource extension drill programs
at the Avoca Tank and Budgerygar deposits contributed
a further 2.7Mt and 51kt Cu metal. These increases were
partially offset by mine depletion over the reporting
period, which reduced Mineral Resource by 1.4Mt and
33kt Cu metal.
• Cracow Operations Mineral Resource tonnage
increased by approximately 640kt over the reporting
period, while contained gold metal decreased by 25koz
and silver metal increased by 20koz. The increase in
tonnage was driven by resource additions from drilling
and updated reporting parameters, including the
application of a revised 1.0g/t Au cut-off grade. These
increases were partially offset by mine depletion over
the 18-month reporting period, updated geological
modelling, and revised spatial constraints based on
Stope Optimiser shapes used to constrain reportable
Mineral Resource.
• Jaguar Projects Mineral Resource has not changed since
the previous reporting period.
• North Queensland Project was divested during the
reporting period. The transaction included the sale of all
MRE deposits.
• Stockman Project Mineral Resource marginally increased
in response to updated metal price assumptions and a
change to the reporting methodology.
Changes in Group Ore Reserve Estimates
net of mining depletion
The Group Ore Reserve tonnage, net of mining depletion,
has grown 1.5 times, with increases of approximately 100kt
of contained copper, 70koz of contained gold, 1,100koz of
contained silver, and a decrease of 73kt of contained zinc,
relative to estimates at 31 December 2024.
The main reasons for the material changes to the Ore
Reserve estimates at each asset are:
• Tritton Operation increased due to the maiden estimates
for Constellation open pit and underground, and the
acquisition of the Mallee Bull project.
• Cracow Operation increased due to mine planning
additions.
• Stockman Project decreased following completion
of Feasibility Study-level studies based on the current
Mineral Resource models used for this Mineral Resource
Estimate. The previous Ore Reserve Estimate was based
on Pre-Feasibility Study-level studies using earlier versions
of the Mineral Resource models.
• North Queensland Project was divested during the
reporting period. The transaction included the sale
of all ORE deposits.
• Jaguar Project. There is no Ore Reserve estimate. The
completion of technical studies in the previous reporting
period concluded that additional mineable Mineral
Resources are required to support a restart. Technical
Studies have been paused while further exploration
drilling is undertaken.
Aeris Resources << GROWTH IN MOTION << 25
Mineral Resource Estimates
30 June 2026 31 Dec 2024
Base Metals Grade Contained Metal Grade Contained Metal
Asset Category
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tonnes
(Mt
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tritton Measured 1.8 1.4 - 0.2 4 25 - 11 260 0.40 1.0 - 0.1 2 4 - 1 30
Indicated 19 1.6 0.4 0.4 12 310 37 230 7,300 11 1.6 - 0.4 4 180 - 160 1,300
Inferred 12 1.8 0.1 0.3 5 210 2.0 100 2,100 7.5 1.8 - 0.3 4 130 - 73 840
Total 33 1.7 0.3 0.3 9 540 39 340 9,600 19 1.7 - 0.4 4 310 - 230 2,100
Jaguar Measured 0.50 1.6 5.0 0.3 63 8.0 25 4.0 1,000 0.50 1.6 5.0 0.3 63 8.0 25 4.0 1,000
Indicated 4.2 1.4 6.4 0.4 67 59 270 53 9,000 4.2 1.4 6.4 0.4 67 59 270 53 9,000
Inferred 2.0 1.1 6.5 1.0 83 23 130 62 5,300 2.0 1.1 6.5 1.0 83 23 130 62 5,300
Total 6.6 1.4 6.3 0.6 71 90 420 120 15,000 6.6 1.4 6.3 0.6 71 90 420 120 15,000
North Qld Measured - - - - - - - - - 0.20 2.3 - 0.5 - 5 - 3.0 -
Indicated - - - - - - - - - 2.4 2.0 - 0.2 3 47 - 16 210
Inferred - - - - - - - - - 0.6 2.0 - 0.1 2 12 - 2.0 30
Total - - - - - - - - - 3.2 2.0 - 0.2 2 64 - 21 240
Stockman Measured - - - - - - - - - - - - - - - - - -
Indicated 15 2.0 3.9 0.9 35 290 570 420 16,000 13.4 2.1 4.2 1.0 37 290 560 420 16,000
Inferred 2.5 1.1 2.3 1.1 28 28 57 88 2,200 2.4 1.1 2.6 1.5 32 27 62 120 2,400
Total 17 1.9 3.7 0.9 34 320 630 510 19,000 15.8 2.0 4.0 1.1 36 320 620 540 18,000
Total Measured 2.3 1.4 1.1 0.2 17 33 25 15 1,300 1.1 1.5 2.3 0.2 29 17 25 9 1,100
Indicated 38 1.7 2.4 0.6 27 660 880 700 33,000 31 1.9 2.7 0.6 27 570 830 650 26,000
Inferred 17 1.6 1.2 0.5 17 260 190 250 9,500 12 1.6 1.5 0.6 22 190 190 250 8,600
Grand Total 56 1.7 2.0 0.5 24 950 1,100 970 43,000 45 1.8 2.3 0.6 25 780 1,045 910 36,000
30 June 2026 31 Dec 2024
Gold Grade Contained Metal Grade Contained Metal
Asset Category
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tonnes
(Mt
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Cracow Measured 0.30 - - 3.3 3 - - 34 30 0.40 - - 4.0 3 - - 46 40
Indicated 2.1 - - 3.1 3 - - 210 220 1.9 - - 3.6 4 - - 220 230
Inferred 2.6 - - 2.1 4 - - 180 340 2.1 - - 2.6 4 - - 180 300
Total Grand Total 5.0 - - 2.6 4 - - 430 590 4.4 - - 3.2 4 - - 450 570
Ore Reserve Estimates
30 June 2026 31 Dec 2024
Base Metals Grade Contained Metal Grade Contained Metal
Asset Category
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tritton Proved 0.75 1.2 - 0.1 3 9.2 - 2.4 63 0.10 0.7 - - - 0.70 - - -
Probable 9.4 1.8 - 0.4 11 170 - 120 3,200 2.3 1.6 - 0.3 6 36 - 23 440
Total 10 1.7 - 0.4 10 180 - 130 3,200 2.4 1.5 - 0.3 6 37 - 23 440
North Qld Proved - - - - - - - - - - - - - - - - - -
Probable - - - - - - - - - 1.6 1.9 - 0.2 - 30 - 9 -
Total - - - - - - - - - 1.6 1.9 - 0.2 - 30 - 9 -
Stockman Proved - - - - - - - - - - - - - - - - - -
Probable 9.8 1.8 3.5 0.8 31 180 340 260 9,800 9.6 1.9 4.3 1.0 36 180 410 320 11,000
Total 9.8 1.8 3.5 0.8 31 180 340 260 9,800 9.6 1.9 4.3 1.0 36 180 410 320 11,000
Total Proved 0.75 1.2 - 0.1 3 9.2 - 2.4 60 0.10 0.7 - - - 0.70 - - -
Probable 19 1.8 1.8 0.6 21 340 340 380 13,000 13.5 1.8 3.1 0.8 27 250 410 350 12,000
Grand Total 20 1.7 1.7 0.6 20 350 340 390 13,000 13.6 1.8 3.0 0.8 26 250 410 350 12,000
30 June 2026 31 Dec 2024
Gold Grade Contained Metal Grade Contained Metal
Asset Category
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Tonnes
(Mt)
Cu
(%)
Zn
(%)
Au
(g/t)
Ag
(g/t)
Cu
(kt)
Zn
(kt)
Au
(koz)
Ag
(koz)
Cracow Proved 0.19 - - 2.3 2 - - 14 12 0.10 - - 3.0 - - - 14 -
Probable 1.0 - - 2.1 2 - - 68 62 0.40 - - 2.9 - - - 33 -
Total Grand Total 1.2 - - 2.1 2 - - 82 74 0.50 - - 2.9 - - - 48 -
26 >> 2026 ANNUAL REPORT
Aeris Resources GROWTH IN MOTION >> 27
Competent Persons Statements
The information in this announcement that relates to Ore
Reserve Estimates has been compiled by Cam Schubert,
Chief Technical Officer of Aeris Resources Limited and a
Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM No. 111663). Mr Schubert has sufficient experience
relevant to the styles of mineralisation, the types of deposit
under consideration and the activities undertaken to qualify
as a Competent Person as defined in the JORC Code (2012
Edition), and consents to the inclusion in this announcement
of the matters based on their information in the form and
context in which they appear.
The information in this announcement that relates to the
Mineral Resource Estimates has been compiled by Brad
Cox, Executive General Manager Exploration of Aeris
Resources Limited and a Member of the Australasian
Institute of Mining and Metallurgy (MAusIMM No. 220544).
Mr Cox has sufficient experience relevant to the styles of
mineralisation, the types of deposit under consideration and
the activities undertaken to qualify as a Competent Person
as defined in the JORC Code (2012 Edition), and consents
to the inclusion in this announcement of the matters based
on their information in the form and context in which they
appear. The table below identifies the Competent Persons
responsible for each of the Mineral Resources and Ore
Reserves reported in this Annual Report.
Deposit Mineral Resource Estimate (MRE) and
Deposit Ore Reserve Estimate (ORE) Competent Person Membership Status
Member
Number
Tritton MRE
Constellation, Kurrajong, Budgery Brad Cox AusIMM Member 220544
Tritton, Murrawombie, Budgerygar,
South Wing, Avoca Tank
Osvaldo Gonzalez AusIMM Member 3175947
Mallee Bull and Wirlong (estimation) Jonathon Abbott4
AIG Member 4835
Mallee Bull and Wirlong (interpretation /
informing information)
Rob Tyson4
AusIMM Member 203414
Tritton ORE
Tritton, Budgerygar, Avoca Tank, Mallee Bull Tim Brettell AusIMM Member 200052
Murrawombie Open Pit, Constellation Open Pit Tyler Benson AusIMM Member 307475
Constellation Underground Max McInnis AusIMM Member 3003564
Cracow MRE
Western Vein Field Liam Machin AusIMM Member 320276
Golden Plateau Brad Cox AusIMM Member 320276
Cracow ORE
Western Vein Field Matt Gray AusIMM Member 225170
Jaguar MRE
Bentley, Jaguar, Teutonic Bore, Triumph Andrew Fowler AusIMM Member 301401
Stockman MRE
Currawong, Wilga, Eureka and Bigfoot Brad Cox AusIMM Member 220544
Stockman ORE
Currawong, Wilga Tim Brettell AusIMM Member 200052
4.
Mr Abbott is the Competent Person for the estimation of the Mallee Bull and Wirlong Mineral Resource Estimates. Mr Tyson is Competent
Person for the geological interpretation and information informing the Mallee Bull and Wirlong Mineral Resource.
28 >> 2026 ANNUAL REPORT
The information in this statement
that relates to the Mineral Resource
and Ore Reserve estimates listed
above is based on, and fairly
represents, information and supporting
documentation prepared by the
Competent Person whose name
appears in the same row. Each
Competent Person is a full-time
employee of Aeris Resources Limited,
with the exception of Jonathon
Abbott, a director of Matrix Resource
Consultants Pty Ltd, Rob Tyson, a
full-time employee of Spectre Metals
Limited, Andrew Fowler, a full-time
employee of Gold Fields Australia,
and Matt Gray, a director of Vantage
Mining Solutions.
All are Members or Fellows of either
the Australasian Institute of Mining
and Metallurgy (AusIMM) or Australian
Institute of Geoscientists (AIG) and
have sufficient relevant experience
to the activity being undertaken to
qualify as a Competent Person as
defined in the 2012 Edition of the JORC
Code. Each of these Competent
Persons consents to the inclusion in the
report of the matters based on their
information in the form and context in
which it appears.
Aeris Resources employees acting as
a Competent Person may hold equity
in Aeris Resources Limited and may
be entitled to participate in Aeris’s
executive equity long-term incentive
plan, details of
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