Announcement PDF Diggers and Dealers Presentation August 2024 Presented by: Andre Labuschagne Disclaimer This investor presentation has been prepared by Aeris Resources Limited (“Aeris” or the “Company”). By attending an investor presentation or briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below. SUMMARY INFORMATION This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Aeris with the Australian Securities Exchange (“ASX”) in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. 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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. 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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 2 securities laws of any state or other jurisdiction of the United States. Aeris Resources Weighted to copper FY25 production guidance Australian mid-tier, base and precious metals producer 29 Cu 3 producing operations (40-48kt copper eq.)1 79 Au Copper Gold 27-32 kt 50-62koz 47 Ag Silver 200-240koz 3 development projects All sites prospective for further discoveries Substantial copper metal inventory Excellent platform for growth 1. At average pricing of US$9,620/t Cu, US$2,341/oz Au and U$29.43/oz Ag 3 Corporate overview Board of Directors AIS SHARE PRICE 0.50 0.40 0.30 0.20 Andre Labuschagne Colin Moorhead Executive Chairman Non-Executive Director 0.10 Michele Muscillo Robert Millner Non-Executive Director Non-Executive Director Ian Sheppard Larnie Roberts Senior Executives 0.00 CAPITALISATION Market capitalisation1 A$203 million Cash2 A$25 million Debt2 A$40 million Enterprise value A$218 million Dane van Heerden Acting CFO Paul Harris COO CTO GM HR BROKER COVERAGE MAJOR SHAREHOLDERS 1. 2. As at 22 July 2024 As at 30 June 2024 Washington H. Soul Pattinson 31.40% Tudor Court 8.47% 4 Mining Portfolio: large Mineral Resource inventory Production Assets Asset Tritton Cracow Development Projects North Queensland Jaguar Stockman ~820,000t copper metal, ~1,000,000t zinc metal, ~1,400,000oz gold 1 Ownership 100% 100% 100% 100% 100% Primary commodity Copper / Gold Gold Copper / Gold Copper / Zinc Copper / Zinc Mineral Resource1 342kt Cu @1.5% Cu 232koz Au @ 0.3g/t Au 519koz Au @ 3.4g/t Au 65kt Cu @ 2.1% Cu 21koz Au @ 0.2g/t Au 100kt Cu @ 1.3% Cu 442kt Zn @ 5.6% Zn 315kt Cu @ 2.0% Cu 623kt Zn @ 4.0% Zn Plant capacity 1.80 Mtpa 0.57 Mtpa N/A 0.60 Mtpa 0.80 – 1.00 Mtpa design FY25 production guidance Copper: 21 - 25kt Gold: 7 - 9koz Silver: 200 - 240koz Gold: 40 – 49koz Copper: 6 – 7kt Gold: 3 – 4koz - - Tritton, Budgerygar, Avoca Tank, Constellation Western Vein Field, Golden Plateau Mt Colin, Barbara Bentley, Triumph, Jaguar, Teutonic Bore Currawong, Wilga Constellation resource extension drilling and permitting Resource extension drilling at Western Vein Field and Golden Plateau Barbara Feasibility study Dewatering, exploration drilling, re-start optimisation studies Feasibility study, final permitting and license approvals Key deposits Next 12 months focus / catalysts 1. Refer to ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024 5 Production assets Tritton New South Wales Tritton Our cornerstone asset 100% owned, high-grade underground copper mines located in central NSW 430kt copper produced since operations began in 2005 2,330km prospective tenement package Mineral Resource1 of 22.5Mt at 1.5% Cu, 0.3g/t Au Ore Reserve1 of 2.8Mt at 1.5% Cu, 0.3g/t Au FY25 guidance of 21 – 25kt copper Improving production with ramp up of higher grade Avoca tank and Buderygar deposits 1. Refer to ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024. 7 Tritton A long life copper operation now producing from multiple deposits Production Tritton • Mature mine at depth • Targeting high-grade extensions Murrawombie • Production declining • EM plates identified 250m below current MRE Development Ready Murrawombie Pit • Cut back of old pit • Fully permitted for development • Facilitates rehab of old leach pads Study Phase Constellation • Potential future baseload mill feed • 6.7Mt @ 1.9% Cu resource1 • Mining studies underway Exploration Kurrajong • High grade deposit • Maiden MRE in 2023 • Still open at depth • Remains open at depth Budgery • Potential future open pit • Target for further exploration Avoca Tank • High-grade mine • Exploration upside Budgerygar • Near surface, adjacent to Tritton • Reserve grading 1.6% Cu1 8 1. Refer to ASX announcements "Group Mineral Resource and Ore Reserve Statement" dated 17 June 2024. Murrawombie Pit Cut back on old pit also provides major rehab saving Stripping expected to commence in Q2 FY25 with contract miner First ore to mill mid FY25 Strip ratio 9.6 Mill feed of ~1.2Mt ore @ 1.2%Cu Waste from cut back used to cap old heap leach pads, saving c.$8M rehabilitation costs 9 Constellation deposit Potential future baseload feed for Tritton mill Located 45km northeast of the Tritton plant Mineral Resource1 of 6.7Mt at 1.9% Cu and 0.6g/t Au Drill program commenced in May with two key objectives: 1. Target conversion of 2Mt – 3Mt of Inferred Mineral Resource to an Indicated category within the upper 250m of the deposit 2. Test the stand-up-zone mineralisation along the northern margin Updated Mineral Resource Q3 FY25 Mining study on underground, open pit and heap leach to be completed following resource update Advancing EIS and permitting activities for a future mining operation 1. Refer to ASX release “Group Mineral Resource and Ore Reserve Statement” 17 June 2024 10 Cracow Queensland Cracow Mature, high-grade gold mine Low-sulphidation epithermal underground gold mine located 500km northwest of Brisbane Conventional crush and grind CIP processing plant Produced +1.5Moz gold since first production in 2004 FY24 guidance 40 – 49koz Au Strong history of reserve replacement in the Western Vein Field with current exploration on multiple high-grade targets Production and Resource Replacement Under Aeris Ownership 800 700 Tailings dam lift completed providing 3 year production runway koz Au 600 500 400 300 200 100 0 FY21 Annual Production FY22 FY23 Cum. Production FY24 Resource 12 Near mine exploration Defining new mineralised structures Two new near-mine structures discovered (Apollo / Coronation West) Apollo traced 180m (strike) x 60m (down-plunge) – awaiting assays from latest drilling Coronation West drill program underway targeting high grade gold zones similar to the nearby Stirling deposit Golden Plateau resource update expected in Q1 FY25 Western Frontier represents a potential new structural corridor based on interpretation of geophysical datasets 13 Southern Vein Field Could be the game-changer for Cracow Approx. 2.5Moz gold produced to date from the WVF and 850koz gold from Golden Plateau Structures with the potential to host WVF style ore shoots interpreted under cover in the Southern Vein Field Southern Vein Field has had very limited exploration to date Preparing foundation geophysical data sets to identify drill targets Future drill program to target for high-grade ore shoots analogous to key WVF shoots, like Crown and Royal 14 North Queensland Queensland Mt Colin Harvesting cash to fund group capital developments Mine in final stages of life FY25 guidance of 6 – 7kt Cu Production to continue through to Q2 FY25 Significant stockpiles of mined ore available for toll processing 16 Development projects Barbara project Potential follow-on operation to Mt Colin Updated resource of 2.2Mt at 2.0% Cu and 0.2g/t Au1 completed Resource remains open down-plunge Feasibility studies underway on a potential underground operation Toll treatment options with regional mills Low capital development utilising infrastructure from Mt Colin Situated on a mining lease; EIS update submitted 1. Refer to ASX announcement “Barbara Mineral Resource Update” dated 28 June 2023 18 Jaguar Brownfield copper/zinc restart opportunity Mineral Resource1 8Mt @ 1.3% Cu, 5.6% Zn, 1.3g/t Au and 65g/t Ag across 4 deposits Transitioned to care and maintenance in Q1 FY24 Restart study update due Q1 FY25 Tenement package highly prospective for base metals and gold with numerous targets identified Currently exploring the Heather Bore gold prospect nearby Northern Star’s Thunderbox mine – awaiting assays on two diamond drill holes 1. See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 17 June 2024 19 Stockman Long life, Cu-Zn-Au-Ag project with all primary permits Feasibility Study well advanced 12 year mine plan producing at up to 850ktpa1 from a single deposit (Currawong) Potential to extend mine life with other known deposits Currawong mine plan Albion leaching technology being investigated to improve recoveries impacted by complex metallurgy – very positive initial results1 Potential to make a high-grade Cu concentrate on the mine site and a bulk polymetallic concentrate for leaching at an offsite location Metallurgical test work, engineering design for Albion Process underway with FS completion targeted in second half 2024 All key project consents in place for mining and onsite processing 1. Refer to ASX announcement “Stockman Feasibility Study Update" dated 2 July 2024 20 Investment highlights Company set for growth Diversified production from 3 operations Significant internal growth opportunities to lift production and extend mine lives All sites located in tier 1 mining jurisdiction Leveraged to copper, critical to electrification FY25 production guidance of 40 – 48kt Cu eq1 1. At average pricing of US$9,620/t Cu, US$2,341/oz Au and $29.43/oz Ag 21