Announcement PDF Aeris Resources Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Aeris Resources Limited ABN: 30 147 131 977 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025 2. Results for announcement to the market 2026 2025 Change $'000 $'000 $'000 % Revenues from ordinary activities ↑ 702,769 577,058 125,711 22% Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (Adjusted EBITDA)* ↑ 318,192 179,599 138,593 77% Profit from ordinary activities after tax attributable to the owners of Aeris Resources Limited ↑ 178,539 45,202 133,337 295% Profit for the year attributable to the owners of Aeris Resources Limited ↑ 178,539 45,202 133,337 295% * Refer to the Directors' Report for a reconciliation of Non-IFRS Adjusted EBITDA Earnings per share 2026 2025 Cents Cents Basic earnings per share 16.1 4.7 Diluted earnings per share 15.6 4.6 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 $178,539,000 (30 June 2025: $45,202,000). 3. Net tangible assets Reporting period Previous period Cents Cents Net tangible assets per ordinary security 49.8 32.6 Aeris Resources Limited Appendix 4E Preliminary final report 4. Control gained over entities Not applicable. 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 2026 is attached. Aeris Resources Limited ABN 30 147 131 977 Annual Financial Report - 30 June 2026 Aeris Resources Limited Corporate directory 30 June 2026 1 Directors Andre Labuschagne - Executive Chairman Michele Muscillo - Non-executive Director Colin Moorhead - Non-executive Director Carmen Letton - Non-executive Director (appointed 13 July 2026) Company secretaries Dane van Heerden Sally McDow Registered office and principal Level 6 place of business 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 10 360 Queen Street 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/ Directors’ Report 30 June 2026 Aeris Resources Limited Directors’ Report 30 June 2026 2 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 2026. 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 Special Responsibilities Appointed / Resigned 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. Other current directorships (ASX listed entities): Magontec Limited (ASX:MGL) and Australian Resources & Energy Employer Association (AREEA). Former directorships in the past 3 years (ASX listed entities): None. Executive Chairman Appointed 20-Dec- 2012 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): MB Gold Limited (ASX:MBG) and Northwind Exploration Inc (unlisted). Former directorships in the past 3 years (ASX listed entities): Xanadu Mines Limited (ASX:XAM). Chairman of the Audit and Risk Committee and member of the Remuneration and Nomination Committee and the Sustainability Committee Appointed 2-May-2013 Colin Moorhead – Independent Non-Executive Director Mr Moorhead is an experienced industry executive with a demonstrated track record over three decades of building value in mining companies through innovation, discovery, project development and safe, efficient operations. A geologist by training, Mr Moorhead is also known for strong leadership, strategy and execution. Mr Moorhead’s career has involved both operational and corporate executive responsibilities including global responsibility for exploration and resource development at Newcrest Mining and CEO of PT Merdeka Copper Gold (IDX:MDKA), where he built and led the team that constructed and commissioned the highly successful Tujuh Bukit Gold Mine. Colin is also currently Non- Executive Director of Mineral Resources Ltd (ASX: MIN), Non- Executive Director of Ramelius Resources Limited (ASX:RMS) and Non-Executive Director of VHM Limited (ASX:VHM). Chairman of the Remuneration and Nomination Committee and Sustainability Committee Member of the Audit and Risk Committee Appointed 27-July-2020 Aeris Resources Limited Directors’ Report 30 June 2026 3 Name, experience and other directorships Special Responsibilities Appointed / Resigned Former directorships in the past 3 years (ASX listed entities): Xanadu Mines (ASX:XAM); Sihayo Gold Limited (ASX: SIH), and Coda Minerals (ASX:COD) 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). 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). Appointed 1-July-2022 Resigned 1- December- 2025 Dr Carmen Letton – Non-Executive Director Dr Letton is a mining engineer and mineral economist with more than 35 years of international mining experience spanning the Americas, Australia, Asia, Europe and Africa. She holds a PhD in Mineral Economics from the University of Queensland and a Bachelor of Engineering (Mining) (Honours) from the Western Australian School of Mines, Kalgoorlie. Dr Letton holds a directorship at TSX listed CanaGold. Former directorships in the past 3 years (ASX Listed entities): Magnetite Mines (ASX:MGT) and Technology Metals Australia Limited (ASX:TMT) Member of the Audit and Risk Committee and Sustainability Committee and Remuneration and Nomination Committee Appointed 13 July 2026 COMPANY SECRETARIES 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. Sally McDow Ms McDow has 20+ years’ experience as a company secretary managing a portfolio of ASX listed and private companies across multiple sectors. MEETINGS OF DIRECTORS The attendance of Directors at Board and Committee meetings during the financial year were as follows: Directors Board ARC Sustainability Remuneration A B A B A B A B Andre Labuschagne 11 11 - - - - - - Michele Muscillo 11 10 6 6 3 3 4 4 Colin Moorhead 11 11 6 6 3 3 4 4 Robert Millner 3 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 Aeris Resources Limited Directors’ Report 30 June 2026 4 CORPORATE GOVERNANCE The Company’s Corporate Governance Statement for the year ended 30 June 2026 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 2026 were the production, sale and exploration of copper, 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 COMPLETION OF EQUITY RAISE AND SPP In November 2025, the Company raised $80 million via an institutional placement (transaction costs of $4.71 million). Under the placement, the company issued 177.8 million new fully paid ordinary shares at an offer price of $0.45 per new share. In addition to the placement, the company undertook a $10 million share purchase plan (SPP). Shares were offered under the SPP to existing eligible shareholders at the same price as under the placement being $0.45 per share. The SPP, completed on 19 December 2025, was oversubscribed and raised $21.6 million. REPAYMENT OF WHSP LOAN On 6 November 2025, post completion of the Placement, the Company fully repaid and cancelled the $50 million (drawn to $40 million) loan facility with Washington H. Soul Pattison (WHSP). DIVESTMENT OF NORTH QUEENSLAND COPPER ASSETS On 24 October 2025, Aeris Resources Limited (ASX: AIS) (Company or Aeris) subsidiaries Exco Resources Pty Ltd, Exco Resources (Qld) Pty Ltd and Round Oak Minerals Pty Ltd (Sellers) entered into a binding agreement with Dingo Minerals Pty Ltd (Dingo Minerals) for the sale of the Company’s North Queensland copper assets. Dingo Minerals have purchased all of Aeris’ controlled tenements and real property in North Queensland comprised of: • the release of cash-backed environmental bonds worth ~$6.5 million • $5 million paid in full on completion. • a deferred cash payment of $3 million payable within three months of Dingo Minerals achieving commercial production at the Barbara site. Commercial production is defined as the production of 50,000 tonnes of ore. OPERATING REVIEW TRITTON COPPER OPERATIONS Operations Tritton Copper Operations (Tritton) produced 22,999 tonnes of copper and 8,387 ounces of gold for the year ended 30 June 2026, representing year-on-year increases of 19% and 39%, respectively. Units 30 June 2026 30 June 2025 30 June 2024 Ore mined Tonnes 1,538,302 1,186,975 1,195,375 Grade mined % Cu 1.68 1.74 1.69 Ore milled tonnes 1,387,139 1,133,999 1,215,692 Grade milled % Cu 1.77 1.79 1.71 Recovery % 93.5 95.7 95.0 Copper produced Tonnes 22,999 19,398 19,749 Gold produced Ounces 8,387 6,053 4,899 Aeris Resources Limited Directors’ Report 30 June 2026 5 Mining from the underground operations, exceeded the planned tonnes by approximately 10%, supported by mining from the Avoca Tank and Budgerygar mines. Open Pit ore tonnes were delivered from the Stage 2 Murrawombie Open Pit, development commenced in Q1FY26 with ore delivered to the mill in the last quarter of the financial year ended 30 June 2026. 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 was 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 despite the inflationary environment, particularly with increases in diesel prices in the second half of the year. 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. 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. At Budgerygar, resource definition drilling demonstrated thicker mineralised intersections than previously modelled and also increased 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 20241. This increase includes the Mallee Bull and Wirlong deposits acquired on 1 July 2026. 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. 1 Refer to ASX announcement “Major Increase in Tritton Mineral Resources and Ore Reserves”, 21 July 2026 Aeris Resources Limited Directors’ Report 30 June 2026 6 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. The transaction completed on 1 July 2026. CRACOW GOLD OPERATIONS Operations Cracow Operations (Cracow) produced 40,599 ounces of gold for the year ended 30 June 2026, lower compared to prior year due to lower grades mined. 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 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 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, 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 in the financial year, ahead of schedule and within budget. 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 1980s, located 3km 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, 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 and radiometric 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. Units 30 June 2026 30 June 2025 30 June 2024 Ore mined Tonnes 580,632 506,601 450,985 Grade mined g/t Au 2.35 2.89 3.13 Ore milled Tonnes 633,958 617,584 585,256 Grade milled g/t Au 2.21 2.51 2.65 Recovery % 90.1 90.5 91.6 Gold produced Ounces 40,599 45,126 45,651 Aeris Resources Limited Directors’ Report 30 June 2026 7 STOCKMAN PROJECT At the Stockman Project in Victoria, metallurgical test work and technical studies were undertaken on alternative processing routes. 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 the first half of 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. JAGUAR OPERATIONS Feasibility studies undertaken in FY26 on the Jaguar Project concluded that the remaining resources at the project are insufficient to justify a restart of the mining operation. As a result, care and maintenance transitioned from keeping the site restart ready to low cost, essential activities only while exploration is undertaken with the goal of increasing the resource base. 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 Limited Directors’ Report 30 June 2026 8 FINANCIAL REVIEW Financial Results During the year ended 30 June 2026, the consolidated entity recorded an Adjusted EBITDA of $318.192 million, $138.593 million higher than the previous year (2025: $179.599 million). Similarly, the consolidated entity’s profit after tax of $178.539 million, presented a strong improvement from a profit after tax of A$45.202 million, for the year ended 30 June 2025. The results for the year were influenced by a number of key factors, which included: • Revenue from contracts with customers was A$702.769 million, compared to A$577.058 million for the previous corresponding period. This mainly reflects the following factors: o Tritton revenue of $467.393 million was higher than the prior corresponding period ($303.089 million) due to higher copper price received (A$17,794/t vs A$14,164/t), and higher copper production (22,999 vs 19,398); o Cracow revenue of $234.383 million compared to $197.479 million in FY2025, due to higher gold prices (A$6,286/oz vs A$4,332/oz), partially offset by lower gold produced (40,599oz vs 45,126oz); • Cost of goods sold increased to $492.404 million from $461.623 million in FY25 from higher mine properties amortisation; • Care and maintenance costs of $14.706 million, reduced from the prior year, for Jaguar and North Queensland Operations; • Administration increased to $32.109 million from $27,044 million in the prior year, primarily due to increased share-based payments expenses, recognising improved vesting probabilities, resulting from increase in reserves and resources; • Other expenses increased to $12.211 million from $3.103 million in FY25 due to a change in estimate in the mining royalty payable to the former owners of Lion Mining Pty Ltd and a loss on disposal of North Queensland Copper assets; • A foreign exchange loss of A$1.053 million was recognised for the year ended 30 June 2026 (30 June 2025: loss of A$0.516 million); • Finance costs of $23.274 million reduced slightly when compared to $24.076 million in the prior corresponding period, primarily due the repayment and cancellation of the $50.000 million (drawn $40.000 million) WHSP loan facility during the financial year; and • Income tax benefit of $51.527 million was recognised at 30 June 2026, reflecting the Company’s expectation that it will utilise carried-forward tax losses. The following table contains a reconciliation of profit before income tax to EBITDA (earnings before income tax and depreciation and amortisation) and Adjusted EBITDA: 2026 2025 $'000 $'000 Profit before income tax expense 127,012 45,202 Depreciation and amortisation 139,936 91,208 Finance costs 23,274 24,076 EBITDA 290,222 160,486 Care & maintenance 14,706 15,494 Loss on sale of North Queensland Copper assets 1,963 0 Net foreign exchange loss / (gain) 1,053 516 Movement in financial assets and liabilities at fair value through profit or loss 10,248 3,103 Adjusted EBITDA 318,192 179,599 Aeris Resources Limited Directors’ Report 30 June 2026 9 Financial Position At 30 June 2026, the consolidated entity recorded a positive net asset position of A$599.529 million (30 June 2025: A$317.769 million), representing an 89% increase year on year. The June 2026 net asset position for the consolidated entity was impacted by a number of key factors, including: • Full repayment of the $50.000 million term facility ($40.000 million drawn) with WHSP in November 2025; • Cash and cash equivalents increased to $164.920 million (FY25: $28.201 million), up $136.719 million, on the back of higher commodity prices and well controlled operating expenses. This was further supplemented by an equity raise and SPP in November 2025; • Trade receivables increased to $48.649 million, compared to $25.267 million in the corresponding period due to higher production and favourable metal pricing in the final quarter of the financial year; • Inventories increased to $44.479 million, (FY25: $40.919 million) due to higher ore inventory at Tritton, mainly from stockpiles delivered from Stage 2 Murrawombie Open Pit; • All current government bonding requirements with the New South Wales and Queensland governments are fully covered by the A$60.000 million SPAM guarantee facility and restricted cash of A$17.679 million (FY25: $17.677), which remained broadly consistent with the prior year; • The Company invested $119.617 million into new mining projects, including exploration, compared to $47.118 million in the corresponding period; and • A deferred tax asset of $52.978 million was recognised at 30 June 2026, reflecting the Company’s expectation that it will utilise carried-forward tax losses. Furthermore, the Company recorded a net current asset position of $138.977 million, previously a net current liability position of $10.161 million in FY25. The group generated strong positive cash flows due to improved commodity pricing during the financial year, with operating costs well managed. An equity raise and SPP in November 2025 further enhanced cash flows across the group. The consolidated entity’s net cash inflow from operating activities during the financial year was $275.648 million, with net cash outflows from investing activities of $186.298 million and net cash inflows from financing activities of $47.795 million. The Group has been able to continue to meet its working capital requirements principally as a result of positive operating cashflows generated by the two operating mines (Tritton and Cracow). 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 12 February 2026, Aeris announced it would acquire Peel Mining’s South Cobar Copper Project (Mallee Bull and Wirlong) by entering into a scheme of arrangement under which Aeris would acquire 100% of the issued capital of Peel Mining Limited. In exchange for their shares, Peel shareholders will receive 0.3363 Aeris shares for every one (1) Peel share held, resulting in 20.5% ownership of the pro-forma shares outstanding of the enlarged Aeris (combined group). The transaction completed on 1 July 2026. 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 Resources Limited Directors’ Report 30 June 2026 10 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. 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 short-term 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 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 signif