Announcement PDF Q2 FY25 Results 3 February 2025 Presented by: Andre Labuschagne Disclaimer This investor presentation has been prepared by Aeris Resources Limited (“Aeris” or the “Company”). By attending an investor presentation or briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below. SUMMARY INFORMATION This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Aeris with the Australian Securities Exchange (“ASX”) in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. No reliance should be placed on the information or opinions contained in this presentation, which are provided as at the date of this presentation (unless otherwise stated) and to the maximum extent permitted by law, Aeris has no obligation to update the information contained in this presentation. An investment in securities is subject to known and unknown risks, some of which are beyond the control of Aeris. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities. FINANCIAL INFORMATION All financial information set out in this presentation is expressed in Australian Dollars unless stated otherwise. Investors should be aware that certain financial measures included in this presentation are “non-IFRS financial information” under ASIC Regulatory Guide 230: “Disclosing nonIFRS financial information” published by ASIC and also “Non-GAAP financial measures” within the meaning of Regulation G under the US Securities Exchange Act of 1934 and are not recognised under the AAS or IFRS. Aeris believes the non-IFRS financial information and non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of Aeris. However, investors should note that the non-IFRS financial information and non-GAAP financial measures do not have standardised meanings prescribed by AAS or IFRS. Therefore, the non-IFRS financial information is not a measure of financial performance, liquidity or value under the IFRS and may not be comparable to similarly titled measures presented by other entities, nor should the information be construed as an alternative to other financial measures determined in accordance with AAS or IFRS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation. FUTURE PERFORMANCE AND FORWARD-LOOKING STATEMENTS This presentation contains certain ‘forward-looking’ statements, opinions and estimates, which are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties beyond the control of Aeris and its officers. This includes statements about market and industry trends, which are based on interpretations of current market conditions. Indications of, and guidance on, future earnings and financial position and performance are forward-looking statements. As are statements containing the words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions. Forward-looking statements are based on information available to Aeris as at the date of this presentation and should not be relied upon as an indication or guarantee of future performance. Except as required by law or regulation (including the ASX Listing Rules), none of Aeris, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Investors are strongly cautioned against placing undue reliance on forward-looking statements, especially considering the current economic climate and significant volatility, uncertainty and disruption caused by recent world events such as the COVID-19 pandemic and international hostilities and associated economic changes. DISCLAIMER To the maximum extent permitted by law, Aeris and each of its respective related bodies corporate, shareholders and affiliates, and each of their respective officers, directors, partners, employees, representatives, affiliates, agents, consultants and advisers (each a “Limited Party”): • expressly disclaim any and all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any direct, indirect, consequential or contingent loss or damage arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation; • disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation and; • do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation or that this presentation contains all material information about Aeris or the Transaction or that a prospective investor or purchaser may require in evaluating a possible investment in Aeris or acquisition of shares in Aeris, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement. 2 Disclaimer NO NEW INFORMATION STATEMENT This presentation refers to Exploration Results, estimates of Mineral Resources and Ore Reserves contained in the Group Mineral Resource and Ore Reserve Statement as at 31 December 2023 which was announced on 17 June 2024 (2024 MROR Group Statement) and prior market announcements released by Aeris, (Prior Reports). The Prior Reports are footnote referenced in this presentation and available from: https://www.aerisresources.com.au/investor. Aeris confirms that it is not aware of any new information or data that materially affects the information included in the Prior Reports and, in the case of Exploration Results, estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the results or estimates in the Prior Reports continue to apply and have not materially changed. Aeris confirms that the form and context in which the Competent Person’s findings are presented in this document have not been materially modified from the Prior Reports. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The securities referred to in this Presentation have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, to any person in the United States or to any person acting for the account or benefit of a person in the United States unless they have been registered under the US Securities Act (which Aeris has no obligation to do or to procure) or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable securities laws of any state or other jurisdiction of the United States. 3 Key points for Q2 FY25 Solid production and improved costs at the group level Consistent group copper equivalent production of 10.2kt1 Lower production of 3.9kt Cu from Tritton impacted by operational challenges that have now been addressed, with the operation still forecast to meet annual guidance Costs well managed with reduced AISC of A$4.93/lb Cu eq Significantly improved production from Mt Colin of 1.9kt Cu at low AISC of A$2.84/lb Cash and receivables at end of quarter of $33.0M with cash flow from operations increasing from $25.4M to $33.2M Q on Q Jaguar restart scenario presented to the Board delivering attractive metrics – advancing studies to feasibility level Cracow gold production of 12.2koz, continues to perform better than plan and remains on track for annual guidance Constellation 70-hole resource definition drilling completed with updated Mineral Resource Estimate targeted for the March quarter2 ANZ facility renewed to July 2025 to facilitate refinancing process and strategic initiatives 1. 2. Refer to ASX release “Quarterly Activities Report – December 2024”, 31 January 2025 for production detail. CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Commodity prices: US$9,193/t Cu, US$2,663/oz Au and US$31/oz Ag Refer to ASX release “Constellation Project Update”, 22 January 2025 4 Aeris Resources Australian mid-tier, base and precious metals producer Mt Colin Mine (100%) Mine Type FY25 Guidance U/G Cu, Au 6 - 7kt Cu Cracow Operations (100%) Mine Type U/G Au FY25 Guidance 40 - 49koz Au Barbara Project (100%) – Development Mine Type Resource1 U/G Cu, Au 45kt Cu Jaguar Operations (100%) – Care and Maintenance Mine Type Resource2 North Queensland U/G Zn, Cu, Ag, Au 455kt Zn, 97kt Cu Cracow Jaguar Tritton Stockman Project (100%) – Development Mine Type Resource2 Tritton Operations (100%) U/G Zn, Cu, Au 624kt Zn, 315kt Cu Stockman 1. 2. Refer to ASX Announcement “Barbara Mineral Resource Update” released on 28 June 2023. MRE comprises Indicated resource of 1.98Mt at 2.0% Cu, 0.2g/t Au, 3.3g/t Ag and Inferred resource of 0.26Mt at 1.8% Cu, 0.1g/t Au, 3.5g/t Ag See Appendix for Mineral Resource tables and ASX announcement “Group Mineral Resource and Ore Reserve Statement” released on 17 June 2024 Mine Type FY25 Guidance U/G Cu 21 - 25kt Cu 5 Tritton NSW Q2 results Tritton production temporarily impacted but still on track for annual guidance Copper production of 3.9kt at AISC of $6.75/lb, impacted by operational issues Labour availability, dewatering at Tritton Deeps and delays to the paste fill plant at Budgerygar have since been addressed Improved second half forecast with stronger underground production and addition of open pit ore from Murrawombie Operation remains on track for annual guidance 70-hole resource definition drilling program completed at Constellation – updated Mineral Resource Estimate targeted for March quarter1 1. Sep 24 Dec 24 FY25 Qtr Qtr YTD FY25 Guidance kt 5.0 3.9 8.8 21 - 25 Gold Produced koz 1.5 1.1 2.6 7-9 Silver Produced koz 43.9 35.2 79.1 200 - 240 Mining A$M 27.4 24.9 52.3 105 - 128 Processing A$M 7.4 7.8 15.2 29 - 36 Site G&A A$M 5.2 6.5 11.7 21 - 25 TC/RCs A$M 4.2 3.4 7.6 13 - 16 Product Handling A$M 3.7 3.2 6.8 14 - 17 Sustaining Capital A$M 11.5 14.8 26.3 51 - 63 Growth Capital A$M 2.7 4.0 6.7 37 - 45 Exploration A$M 0.5 0.2 0.7 1-2 Production Summary Unit Copper Produced Cost Summary Refer to ASX release “Constellation Project Update”, 22 January 2025 7 Constellation 70-hole resource definition drill program complete Drill results correlating well with modelled copper lodes within both the main zone and stand-up zone Assays received for a further 23 holes during the quarter including: TAKD133 3.40m @ 15.20% Cu, 3.83g/t Au, 45.5g/t Ag1 TAKD126 7.65m @ 5.46% Cu, 1.03g/t Au, 13.5g/t Ag1 TAKD127 2.50m @ 5.02% Cu, 0.84g/t Au, 11.0g/t Ag1 TAKD132 27.90m @ 4.04% Cu, 0.87g/t Au, 8.0g/t Ag1 Mineral Resource update targeted for Q3 1. Drill hole true widths are between 60% and 85% of reported interval lengths. Refer to ASX release Constellation Project Update, 22 January 2025 8 Cracow Queensland Q2 results Another strong quarter Strong gold production ahead of plan continues with 12.2koz produced at AISC of $2,488/oz Cracow generating free cash flow significantly above budget at current gold prices 1. Sep 24 Dec 24 FY25 Qtr Qtr YTD FY25 Guidance koz 12.9 12.2 25.1 40 - 49 koz 12.6 12.4 25.0 Production Summary Unit Gold Produced Gold Sold Cost Summary Cracow remains on track to achieve the upper end of production guidance Mining A$M 14.0 14.5 28.5 57 - 70 Processing A$M 6.5 6.6 13.0 24 - 30 Reprocessing seismic data to define new drill targets in the Western Vein Field and assess greenfields targets1 Site G&A A$M 2.7 2.8 5.4 11 - 13 Sustaining Capital A$M 3.6 4.6 8.2 13 - 16 Growth Capital A$M 0.0 0.0 0.0 0-1 Exploration A$M 2.0 1.2 3.2 3-4 Refer to ASX release “Quarterly Activities Report – December 2024”, 31 January 2025 10 Mt Colin North Queensland Q2 results Greatly improved performance from Mt Colin Mining at Mt Colin was completed in November 2024 Processing results for the quarter improved significantly with metallurgical recovery up from 62.3% to 85.1% Mill feed grades up from 1.57% Cu to 2.11% Cu Copper production of 1.9kt at improved AISC of A$2.84/lb Final stockpiles of mined ore to be processed by February Sep 24 Dec 24 FY25 Qtr Qtr YTD FY25 Guidance kt 1.0 1.9 2.9 6-7 koz 0.8 1.8 2.5 3-4 Mining A$M 7.6 5.5 13.2 10 - 12 Processing A$M 7.7 4.8 12.5 16 - 19 Site G&A A$M 1.3 1.6 2.9 3-4 TC/RCs A$M 0.7 1.3 2.0 4-5 Product Handling A$M 0.8 1.6 2.4 5-6 Sustaining Capital A$M 0.0 0.0 0.0 0 Growth A$M 0.2 0.2 0.4 1-3 Exploration A$M 0.1 0.0 0.1 0-1 Production Summary Unit Copper Produced Gold Produced Cost Summary Options for divestment of North Queensland assets are being considered 12 Jaguar Western Australia Q2 activities Advancing restart studies to full feasibility Operation on care and maintenance with costs of $2.3M for the quarter Restart plan presented to board – delivers attractive potential economics Restart based on known resources at Bentley1 with development out to the high-grade Turbo lens Some mill and infrastructure upgrades required Advancing to feasibility level for release to the market, targeting Q4 Geological review completed during the quarter, identifying base metal targets for further exploration 1. Refer to ASX release “Group Mineral Resource And Ore Reserve Statement”, 17 June 2024 14 Stockman Project Victoria Q2 activities Feasibility study progressing Detailed metallurgical flotation test work underway Will inform plant design parameters and Albion product qualities Engineering design for integrating the modified flotation plant at the mine site and downstream Albion processing plant awarded Currawong mine design 16 Corporate Closing cash and receivables of $33.0 million with cash of $26.4 million Sep Dec 2024 2024 QTR QTR 25.5 26.4 Mt Colin 3.6 0.3 Cracow 0.0 0.1 Tritton 10.0 6.2 39.1 33.0 (A$ Million) Cash balance excludes additional $15 million restricted cash applied to environmental bonding Cash flow from operations increased to $33.2 million on stronger commodity prices Debt position of $40 million unchanged Closing cash Receivables Useable Cash and Receivables ANZ facility renewed to July 2025 to facilitate refinancing process and strategic initiatives 17 Focus for next quarter Improved production from Tritton Processing of final stockpiles at Mt Colin Commencement of Murrawombie pit cut back Review of divestment options for North Queensland Constellation Mineral Resource update Advancing Jaguar feasibility level study Maintaining strong cash flow generation from Cracow Completion of refinancing 18 Aeris Resources Australian mid-tier, base and precious metals producer 3 producing operations 3 development / re-start projects Highly prospective for further discoveries FY25 production guidance of 40-48kt Cu eq1 Substantial copper metal inventory Excellent platform for growth 1. Copper Equivalent (CuEq) values – Requirements under the JORC Code Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed commodity prices are US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. 19 Appendix FY25 guidance Group Production Copper Gold Silver Copper equivalent1 Operating Costs Mining Processing Site G&A TC/RCs Product handling 1. 2. kt koz koz kt FY25 Guidance FY24 Actual 27 – 32 50 - 62 200 - 240 40 - 48 27.2 55.3 240.4 42.0 Care and maintenance2 $M $M $M $M $M $M 172 - 210 69 - 85 35 - 42 17 - 21 19 - 23 3-5 204.6 91.1 44.6 25.4 22.4 n/a Capital Costs Sustaining Growth Exploration Projects $M $M $M $M 64 - 79 38 - 49 5-8 1-2 74.7 21.5 8.8 2.5 Tritton FY25 Guidance FY24 Actual Production Copper Gold Silver kt koz koz 21 - 25 7-9 200 - 240 19.7 4.9 156 Operating Costs Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 105 - 128 29 - 36 21 - 25 13 - 16 14 - 17 104.9 30.7 19.9 18.3 14.8 Capital Costs Sustaining Growth Exploration $M $M $M 51 - 63 37 - 45 1 -2 57.2 5.4 1.8 Copper Equivalent (CuEq) values – Requirements under the JORC Code Formula: CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed commodity prices are US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag Aeris Resources confirms that it is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Includes Jaguar and Mt Colin post completion of mining 21 FY25 guidance Cracow FY25 Guidance FY24 Actual Production Gold koz 40 - 49 45.7 Operating Costs Mining Processing Site G&A $M $M $M 57 - 70 24 - 30 11 - 13 51.3 25.6 11.7 Capital Costs Sustaining Growth Exploration $M $M $M 13 - 16 0-1 3-4 14.8 16.0 4.9 North Queensland FY25 Guidance FY24 Actual Production Copper Gold kt koz 6 -7 3-4 6.8 4.3 Operating Costs Mining Processing Site G&A TC/RCs Product handling $M $M $M $M $M 10 - 12 16 - 19 3-4 4-5 5-6 36.7 25.2 5.5 5.0 5.5 Capital Costs Sustaining Growth Exploration $M $M $M 0-0 1-3 0-1 (0.1) 0.0 0.9 22 Group Mineral Resources PROJECT CATEGORY TONNES (‘000) Base Metals Tritton Jaguar North Queensland CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Measured 1,300 1.0 - 0.1 3 13 - 4 120 Indicated 11,200 1.4 - 0.3 4 145 - 91 1,280 Inferred 10,000 1.7 - 0.3 4 183 - 137 1,440 Total 22,500 1.5 - 0.3 4 342 - 232 2,840 Measured 500 1.6 5.0 0.3 63 8 25 4 1,030 Indicated 3,400 1.3 7.6 0.5 75 45 256 51 8,170 Inferred 4,000 1.2 4.0 0.5 56 47 161 68 7,270 Total 7,900 1.3 5.6 0.5 65 100 442 123 16,460 Measured 300 2.8 - 0.6 - 9 - 6 - Indicated 2,200 2.0 - 0.2 3 44 - 13 210 Inferred 600 2.0 - 0.1 2 11 - 2 30 3,100 2.1 - 0.2 2 65 - 21 240 Measured - - - - - - - - - Indicated 13,400 2.1 4.2 1.0 37 288 561 420 16,000 Inferred 2,400 1.1 2.6 1.5 32 27 62 117 2,440 Total 15,800 2.0 4.0 1.1 36 315 623 537 18,450 49,300 1.7 2.2 0.6 24 882 1,065 913 37,990 Measured 400 - - 3.9 3 - - 52 39 Indicated 2,100 - - 3.4 4 - - 259 249 Inferred 2,400 - - 2.9 4 - - 208 376 Grand Total 4,900 - - 3.4 4 - - 519 664 Total Stockman GRADE Grand Total GOLD Cracow As at December 2023. Refer to ASX Announcement “Group Mineral Resource And Ore Reserve Statement” dated 17 June 2024 23 Group Ore Reserves PROJECT CATEGORY TONNES (‘000) Base Metals Tritton Jaguar North Queensland Stockman GRADE CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag 5 1.8 - - - 0.1 - - - Probable 2,790 1.5 - 0.3 5 41 - 23 451 Total 2,790 1.5 - 0.3 5 41 - 23 451 Proved 90 1.4 8.7 0.8 74 1 8 2 225 Probable 1,060 1.4 8.3 0.6 45 16 87 21 1,534 Total 1,150 1.5 8.3 0.6 48 17 95 23 1,759 Proved 90 2.4 - 0.5 - 2 - 1 - Probable 80 2.1 - 0.4 - 2 - 1 - Total 170 2.3 - 0.4 - 2 - 2 - - - - - - - - - Proved Proved Probable 9,640 1.9 4.3 1.0 36 183 413 318 11,409 Total 9,640 1.9 4.3 1.0 36 183 413 318 11,409 13,750 1.8 3.7 0.8 30 245 508 367 13,619 Proved 100 - - 3.5 - - - 12 - Probable 250 - - 3.4 - - - 28 - Grand Total 360 - - 3.4 - - - 39 - Grand Total Gold Cracow As at December 2023. Refer to ASX Announcement “Group Mineral Resource And Ore Reserve Statement” dated 17 June 2024 24