Announcement PDF Q2 FY26 Results 29 January 2026 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 non- IFRS 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 2024 (announced on 22 July 2025 “Group Mineral Resource and Ore Reserve Statement”), as well as an Ore Reserve Estimate for Constellation (announced on 28 October 2025, “Maiden Open Pit Ore Reserve Estimate for Constellation Project”) 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 Australian mid-tier, base and precious metals producer Aeris Resources 2 producing operations (FY26: 40-49kt copper eq.)1 3 development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 4 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. Aeris 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. 5 Aeris strategy for FY26 5 Realise value for shareholders 01 Sell non-core assets 02  Divesting North Queensland exploration assets for total consideration up to $15.5M1 • Completion Q3 FY26 Operational Delivery Tritton • Murrawombie Pit • Constellation on time • Resource extension • LOM Cracow • Golden Plateau • Resource extension • LOM 05 Growth • Focus on life extensions through greenfield exploration • Consider external opportunities Balance Sheet 06  Repay debt by August 26  Assets sales  Consider hedging strategy Unlock Stockman 04  Finalise Albion test work • Update feasibility study • Concept study on acid production 03 Jaguar strategy  Focus on +10 year life • Reduce care and maintenance • Test base metals targets 1. Refer to ASX release “Agreement to Divest North Queensland Copper Assets”, 27 October 2025 6 Key points for Q2 FY26 6 Group copper equivalent production of 10.1kt1 Costs well managed across the group Cash and receivables at end of quarter up to $106.4M Successful completion of $80M placement and $21.6M SPP WHSP loan facility repaid – Aeris now debt free Tritton production of 5.0kt Cu at AISC of A$3.94/lb, lower quarter on quarter but in line with plan as Murrawombie Pit focused on waste stripping High grade intersections from drilling testing resource extensions at Avoca Tank and Budgerygar (Tritton) Cracow gold production of 11.1koz at AISC of A$3,278/oz, ahead of plan Drilling commenced at Golden Plateau open pit target (Cracow) Divestment of North Queensland due to complete next quarter Solid operating performance and strong closing cash position 1. Refer to ASX release September 2025 Quarterly Activities Report for production detail. CuEq = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Q2 prices US$11,100/t Cu, US$4,146/oz Au, US$55/oz Ag 7 7 Quarter Cash Flow Dec Quarter Group Cash Flow ($M) Stronger cash balance after equity raise and debt repayment 1 - OCF = operating cash flow 2 - Proceeds from Equity Riase are net of direct costs 3 - Finance and other includes gold hedging 8 8 YTD Cash Flow YTD Group Cash Flow ($M) 1 - OCF = operating cash flow 2 - Proceeds from Equity Riase are net of direct costs 3 - Finance and other includes gold hedging Tritton NSW Production lower Q on Q, as planned Q2 FY26 results Production of 5.0kt Cu at AISC of A$3.94/lb Tonnes milled lower Q on Q due to Stage 1 pit ore stockpile processed in Q1 and 10 day mill shutdown in Q2 Costs well managed and to plan Third-party concentrate railing impacted by fire on rail bridge Over 13,000m of diamond drilling completed with 4 rigs Constellation development consent received High-grade intersections returned from drilling testing resource extensions at Avoca Tank and Budgerygar 10 FY26 Guidance YTD Dec 25 Qtr Sep 25 Qtr Unit Production Summary 529.8 245.1 284.7 kt Ore Mined 2.06 2.16 1.98 % Cu Mined Grade 610.0 251.8 358.3 kt Ore Milled 1.9 2.1 1.8 % Cu Milled Grade 95.3 95.7 95.0 % Cu Recovery 24 – 29 11.1 5.0 6.1 kt Copper Produced 8 – 10 3.8 1.8 2.0 koz Gold Produced 215 – 263 108.8 36.6 72.2 koz Silver Produced Cost Summary 55.2 27.2 28.0 A$M Mining 17.2 8.6 8.6 A$M Processing 12.4 6.3 6.1 A$M Site G&A 2.7 1.2 1.5 A$M TC/RCs 8.8 3.5 5.3 A$M Product Handling 207 – 253 96.3 46.8 49.5 A$M Total Mine Operations (27.9) (13.2) (14.8) A$M By-Product Credit 6.6 3.0 3.6 A$M Royalties 1.1 0.5 0.5 A$M Corporate G&A (2.7) (6.8) 4.0 A$M Inventory Movements 39 – 48 27.5 13.2 14.3 A$M Sustaining Capital 100.8 43.6 57.3 A$M All-In Sustaining Costs 4.11 3.94 4.24 A$/lb 58 – 71 49.0 23.3 25.6 A$M Growth Capital 10 – 12 2.5 0.7 1.8 A$M Exploration 152.3 67.6 84.7 A$M All-In Costs 6.20 6.12 6.27 A$/lb Stage 2 cutback Murrawombie Pit Stage 2 waste stripping underway – no ore mining during the quarter Minor pit redesign for geotechnical risk management Updated grade control model shows 10% increase in contained metal Stage 2 ore to be delivered to the mill next quarter 11 New mineralisation along strike from Avoca Tank Tritton exploration Two drill holes intersected high grade copper 50-100m south of Avoca Tank resource ATEL128 22.2m1 @ 3.23% Cu, 0.08g/t Au, 3.8g/t Ag (from 296.8m) ATEL127 9.4m1 @ 1.65% Cu, 0.63g/t Au, 8.0g/t Ag (from 253.3m) 13 hole program underway Two further holes completed awaiting assays 12 1. Estimated true thickness is between 35% to 100% of the reported thickness interval. Refer to ASX release Clarification - Tritton Operation Drilling Update, dated 18 Dec 2025. Thicker drill intersections from Budgerygar Tritton exploration Drilling targeting Inferred Mineral Resource and potential extensions below the base of the know resource Has returned significantly thicker copper intersections than expected BDEL089 24.0m1 @ 1.76% Cu, 0.03g/t Au, 3.1g/t Ag (from 108.0m) BDGC155 22.8m1 @ 2.40% Cu, 0.10g/t Au, 5.3g/t Ag (from 93.0m) BDGC156 21.7m1 @ 1.80% Cu, 0.03g/t Au, 2.8g/t Ag (from 88.65m) BDGC135 16.6m1 @ 1.52% Cu, 0.04g/t Au, 3.1g/t Ag (from 107.2m) Drilling continuing with two rigs 13 1. Estimated true thickness is between 50% to 100% of the reported thickness interval. Refer to ASX release Clarification - Tritton Operation Drilling Update, dated 18 Dec 2025. Cracow Queensland Q2 FY26 results Gold production 11.1koz, ahead of plan, at AISC of A$3,278/oz Costs well managed and on plan TSF lift completed ahead of schedule Drilling commenced at Golden Plateau pit target 15 Quarter production ahead of plan, costs on track FY26 Guidance YTD Dec 25 Qtr Sep 25 Qtr Unit Production Summary 293.2 150.9 142.3 kt Ore Mined 2.33 2.49 2.16 g/t Mined Grade 311.6 157.3 154.3 kt Ore Milled 2.21 2.43 1.98 g/t Milled Grade 90.4% 90.5% 90.4% Au Recovery 36 – 46 20.0 11.1 8.9 koz Gold Produced 19.8 11.0 8.8 koz Gold Sold Cost Summary 35.8 16.2 19.6 A$M Mining 14.3 7.1 7.2 A$M Processing 5.7 2.9 2.8 A$M Site G&A 95 – 116 55.8 26.3 29.6 A$M Total Mine Operations (1.0) (0.5) (0.5) A$M By-Product Credit 6.3 3.7 2.6 A$M Royalties 0.8 0.4 0.4 A$M Corporate G&A (1.0) 0.9 (1.9) A$M Inventory Movements 18 – 22 7.7 5.4 2.3 A$M Sustaining Capital 68.6 36.1 32.5 A$M All-In Sustaining Costs 3,461 3,278 3,692 A$/oz 6 – 8 7.6 2.1 5.5 A$M Growth Capital 5 – 7 1.7 0.7 1.0 A$M Exploration 77.9 38.9 39.0 A$M All-In Costs 3,931 3,528 4,437 A$/oz Cracow exploration 16 Drilling at Golden Plateau Drill program commenced to test remnant mineralisation around historic stoping areas 7,000m drill program underway Second drill rig mobilised in early January Golden Plateau is a key target for resource growth and mine life extension at Cracow Projects Q2 FY26 activities Jaguar – on care and maintenance Jaguar – base metal exploration program to commence next quarter Stockman – reviewing next steps to progress project North Queensland – divestment expected to be completed next quarter 18 Project updates 19 Corporate Closing cash and receivables increased to $106.4 million Restricted cash related to environmental bonds unchanged at ~$17 million Cash flow from operations of $44 million impacted by ~$18 million due to rail disruptions preventing concentrate stockpiles to be invoiced Successful completed $80 million placement and $21.6 million oversubscribed SPP $40 million drawn WHSP facility repaid and cancelled – Aeris now debt free Dec Sep (A$ Million) 2025 2025 QTR QTR 87.9 32.0 Closing cash 18.4 14.4 Tritton - Copper concentrate receivables 106.4 46.4 Useable Cash and Receivables Dec Sep (A$ Million) 2025 2025 QTR QTR 32.0 28.2 Opening cash 44.0 53.1 Cash flow from operations (43.8) (46.6) Cash flow from capital expenditure 55.8 (2.7) Cash flow from financing 87.9 32.0 Closing cash Australian mid-tier, base and precious metals producer Aeris Resources 2 producing operations (FY26: 40-49kt copper eq.)1 3 development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 20 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. Aeris 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. Thank You Appendix Group Ore Reserves 23 As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025 Contained Metal Grade Tonnes (‘000) Category BASE METALS Ag (koz) Au (koz) Zn (kt) Cu (kt) Ag (g/t) Au (g/t) Zn (%) Cu (%) Asset - - - 1 - - - 0.7 100 Proved Tritton 444 23 - 36 6 0.3 - 1.6 2,280 Probable 444 23 - 37 6 0.3 - 1.5 2,380 Total - - - - -- - -- - - Proved North Qld - 9 - 30 - 0.2 - 1.9 1,600 Probable - 9 - 30 - 0.2 - 1.9 1,600 Total - - - - - - - - - Proved Stockman 11,409 318 413 183 37 1.0 4.3 1.9 9,640 Probable 11,409 318 413 183 37 1.0 4.3 1.9 9,640 Total - - - 1 - - - 0.7 100 Total Proved Total 11,853 350 413 249 27 0.8 3.1 1.8 13,530 Total Probable 11,853 350 413 249 27 0.8 3.0 1.8 13,630 Grand Total Contained Metal Grade Tonnes (‘000) Category GOLD Ag (koz) Au (koz) Zn (kt) Cu (kt) Ag (g/t) Au (g/t) Zn (%) Cu (%) Asset - 14 - - - 3.0 - - 145 Proved Cracow - 33 - - - 2.9 - - 360 Probable - 48 - - - 2.9 - - 505 Grand Total Total Group Mineral Resources 24 Contained Metal Grade Tonnes (Mt) Category BASE METALS Ag (koz) Au (koz) Zn (kt) Cu (kt) Ag (g/t) Au (g/t) Zn (%) Cu (%) Project 30 1 - 4 2 0.1 - 1.0 0.4 Measured Tritton 1,270 158 - 179 4 0.4 - 1.6 11.0 Indicated 840 73 - 131 4 0.3 - 1.8 7.5 Inferred 2,140 233 - 314 4 0.4 - 1.7 18.9 Total 1,030 4 25 8 63 0.3 5.0 1.6 0.5 Measured Jaguar 8,950 53 268 59 67 0.4 6.4 1.4 4.2 Indicated 5,260 62 128 23 83 1.0 6.5 1.1 2.0 Inferred 15,240 119 422 90 71 0.6 6.3 1.4 6.6 Total 0 3 - 5 0 0.5 - 2.3 0.2 Measured North Qld 210 16 - 47 3 0.2 - 2.0 2.4 Indicated 30 2 - 12 2 0.1 - 2.0 0.6 Inferred 240 21 - 64 2 0.2 - 2.0 3.2 Total 0 - - - 0 - - - - Measured Stockman 16,000 420 561 288 37 1.0 4.2 2.1 13.4 Indicated 2,440 117 62 27 32 1.5 2.6 1.1 2.4 Inferred 18,450 537 624 315 36 1.1 4.0 2.0 15.8 Total 1,060 9 25 17 29 0.2 2.3 1.5 1.1 Total Measured Total 26,440 647 829 574 27 0.6 2.7 1.9 31.0 Total Indicated 8,580 254 191 193 22 0.6 1.5 1.6 12.4 Total Inferred 36,070 910 1,045 784 25 0.6 2.3 1.8 44.5 Grand Total Contained Metal Grade Tonnes (Mt) Category GOLD Ag (koz) Au (koz) Ag (g/t) Au (g/t) Asset 37 46 3 4.0 0.4 Measured Cracow 229 224 4 3.6 1.9 Indicated 305 181 4 2.6 2.1 Inferred 571 452 4 3.2 4.4 Grand Total Total As at December 2024. Refer to ASX announcement “Group Mineral Resource and Ore Reserve Statement” dated 22 July 2025 25 25 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Assumed average commodity prices FY26: US$9,429/t Cu, US$3,241/oz Au, US$35/oz Ag. FY25 as detailed in quarterly reports. Aeris 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. 2. Excludes royalties 3. FY25 results unaudited FY26 Guidance FY25 Actual FY26 Guidance Group Production 24.9 24 - 29 kt Copper 55.2 44 - 56 koz Gold 185.2 240 - 293 koz Silver 42.1 40 - 49 kt Copper equivalent1 Operating Costs 344.9 302 - 369 $M Mine operations2 10.8 6 - 7 $M Care and maintenance 23.6 21 - 26 $M Corporate Capital Costs 69.4 57 - 70 $M Sustaining 35.1 65 - 80 $M Growth & projects 9.8 18 - 23 $M Exploration FY25 Actual FY26 Guidance Tritton Production 19.4 24 - 29 kt Copper 6.1 8 - 10 koz Gold 185.2 215 - 263 koz Silver Operating Costs 202.1 207 - 253 $M Mine operations Capital Costs 52.5 39 - 48 $M Sustaining 32.0 58 - 71 $M Growth 2.9 10 - 12 $M Exploration FY25 Actual FY26 Guidance Cracow Production 45.1 36 - 46 koz Gold Operating Costs 99.4 95 - 116 $M Mine operations Capital Costs 16.7 18 - 22 $M Sustaining 0.0 6 - 8 $M Growth 5.3 5 - 7 $M Exploration