Announcement PDF Aeris Resources Annual Report 2024 Highlights Operations 3 1 2 Operating assets Operation in Care and Maintenance Advanced development projects Safety 1.2 LTIFR down from 1.7 in FY23 Diversity 16% Female participation rate 11% Aboriginal and Torres Strait Islander participation rate Production Financial Net Assets $271.8m 19.7kt Copper up from $266.4m in FY23 up from 17.2kt in FY23 Tritton Copper Operations Adjusted EBITDA1 $107.0m up from $32.0m in FY23 45.7koz Gold down from 48.2koz in FY23 Cracow Gold Operations 1. Refer to Adjusted EBITDA reconciliation on page 79 Net Cash from operating activities $62.5m up from $59.3m in FY23 We are Aeris Resources Aeris Resources is a mid-tier base and precious metals producer. Our copper-dominant portfolio comprises of three operating assets, a mine on care and maintenance, two advanced development projects and a highly prospective exploration portfolio. Contents EXECUTIVE CHAIRMAN’S LETTER 2 RESOURCES AND RESERVES 22 REVIEW OF OPERATIONS 3 SUSTAINABILITY REPORT  26 DIRECTORS’ REPORT  69 Operating Review 73 Financial Review 78 Financial Results  4 Financial Position  4 Tritton Operations 6 Cracow Operations 10 North Queensland Operations 14 Jaguar Operations 16 Stockman Project 20 Letter from the Remuneration Committee Chairman86 Shareholder Information 153 Glossary154 Corporate directory  155 EXECUTIVE CHAIRMAN’S LETTER The 2024 financial year was a pleasing improvement on the previous year. Importantly, we delivered on what we said we would do, achieving group level production and costs in line with market guidance. We also advanced study work on key growth projects and continued exploration activities to extend the lives of our mines. Tritton had a much-improved FY24 producing almost 20kt copper and achieving guidance. The investment into new mine developments at Avoca Tank and Budgerygar last year has started paying off with both mines delivering increased production tonnages at significantly higher grades. Exploration activities at Tritton focused on the Constellation deposit, which has the potential to be a long-life ore source for the operation in the future. At Cracow, we invested $17.3 million on a tailings dam lift to provide a further three years of production capacity. Operationally Cracow performed well, comfortably meeting planned production and cost targets. Exploration is focused on near mine targets in the Western Vein Field to extend the life of the operation. In North Queensland, the Mt Colin mine continued to perform well although challenges in securing toll processing slots at Ernest Henry resulted in lower than planned copper production for the year. Through improved mining practices and mine design, we were also able to extend the life of Mt Colin approximately a further six months into mid-FY25. Focus for the North Queensland Operations in FY25 will now turn to finalisation of the feasibility study and permitting work on the Barbara copper project. Production at Jaguar was completed at the end of the first quarter of FY24 and the operation transitioned to care and maintenance. We were proud of the way the team at Jaguar worked to maximise the final production from the mine while transitioning the operation in a safe and controlled manner into care and maintenance. We are currently undertaking studies on options to restart Jaguar and will provide further information in FY25. We are also excited by the exploration potential at Jaguar and have initiated an exploration program focused on the gold potential on the tenements. Significant progress was made on the Stockman project, with a long-life mine design completed, and a new processing flowsheet being investigated to provide a step change in metal recovery. I am also pleased to report that our focus on workplace safety through employee training and hazard identification has seen a significant decrease in work-related injuries. Our people are the key to our success, and I thank them for their dedication again this year. On the sustainability front, we have adopted new standards for assessing and reporting key activities. We are committed to enhancing our sustainability practices, with our overarching philosophy of “good for business, good for others” guiding our efforts. Our performance in FY24 was greatly improved across the business and we look forward to continuing to build on this success in the coming years and to deliver value to our shareholders. Andre Labuschagne Executive Chairman 2 | AERIS RESOURCES Review of Operations Aeris has three operating assets, Tritton Operations, Cracow Operations, and North Queensland Operations. Jaguar Operations is in care and maintenance, and the Stockman Project and the Barbara Project are development projects. 2024 ANNUAL REPORT | 3 FINANCIAL RESULTS During the year ended 30 June 2024, the consolidated entity recorded an Adjusted EBITDA1 of $107.039 million, $75.025 million higher than the previous year (2023: $32.014 million). Similarly, the consolidated entity’s loss after tax of $24.258 million, presented a strong improvement from a loss after tax of $139.754 million, for the year ended 30 June 2023. Revenue from contracts with • Revenue from North Queensland Care and maintenance costs of customers was $540.020 million, Operations of $96.991 million was $7.857 million, for Jaguar operations, compared to $612.490 million for the lower than prior corresponding were recognised for FY24 along previous corresponding period. This period ($107.698 million) due to with employee separation costs reflects the following factors: timing of third party processing amounting to $5.824 million. • Tritton revenue of $272.603 million was higher than the prior corresponding period ($208.659 runs, offset partially by improved copper prices realised; • Jaguar Operations contributed million) due to higher copper $23.379 million in revenue production (19,749 tonnes vs 17,205 (compared to $166.007 million for tonnes in FY23) and higher copper the previous corresponding period) price received (A$13,365/t vs prior to being put on care and A$11,045/t); maintenance in September 2023. • Cracow revenue of $147.026 million compared to $130.120 million in FY2023, due to higher gold prices (A$3,174/oz vs A$2,698/oz), partially offset by lower gold produced (45,651oz vs 48,221oz); Cost of goods sold decreased to $504.353 million from $705.464 A foreign exchange loss of $1.081 million was recognised for the year ended 30 June 2024 (30 June 2023: gain of $1.969 million). Finance costs of $21.505 million were significantly higher when compared to $8.511 million in the prior corresponding period, primarily due to the interest charges on the WHSP Debt Facility. million in the prior corresponding period largely due to Jaguar being placed in care and maintenance in September 2023. FINANCIAL POSITION At 30 June 2024, the consolidated entity had a positive net asset position of $271.788 million (30 June 2023: $266.369 million). The June 2024 net asset position • In November 2023, the Company • Working capital deficit of $33.354 for the consolidated entity was undertook a $30.0 million fully million, compared to a working impacted by a number of key factors, underwritten equity raise, to capital deficit in the prior year of including: provide general working capital $55.501 million, as creditors from and increased financial flexibility; FY23 were paid down in FY24 using • On 2 August the Company announced that it had entered into • Investments of $30.358 million into a $50 million WHSP Debt Facility new mining projects, including (as at 30 June 2024 $40 million was exploration for the financial year drawn); ended 30 June 2024, compared to $59.784 million in the corresponding period; and 1. Refer to Adjusted EBITDA reconciliation on page 79 4 | AERIS RESOURCES debt and equity funds raised. 2024 ANNUAL REPORT | 5 TRITTON OPERATIONS HIGHLIGHTS OPERATIONS 19.7kt of copper produced at AISC of A$5.51/lb Tritton Operations produced 19.7kt of copper in FY24, meeting annual production guidance. Costs were well controlled for the year with all capital and operating costs at the lower end of the published guidance range. Ramped up production from high-grade Avoca Tank and Budgerygar mines Jameson Cell installed at processing plant, resulting increased copper content in concentrate During FY24, production levels At the processing plant, the Jameson ramped up at the new Avoca Tank Cell was successfully commissioned and Budgerygar mines. The higher resulting in improved concentrate grades in these mines contributed grades. Metallurgical recovery was to the significant increase in mined slightly above plan for the year, grade and produced copper averaging 95.0%. from the previous financial year. Operational issues with equipment and labour availability were addressed with additional trucks Updated Mineral Resource Estimate for Avoca Tank and loaders and contractor labour. Limited growth capital was incurred at Tritton for the year with the Avoca Tank and Budgerygar mines now in production. Production at Murrawombie was prioritised in the later half of the year to ensure underground mining would be completed ahead of the open pit cutback commencing in FY25. Units FY24 FY23 FY22 1,195,375 1,369,364 1,488,120 1.69 1.36 1.30 1,215,692 1,352,424 1,500,463 Ore mined tonnes Grade mined % Cu Ore milled tonnes Grade milled % Cu 1.71 1.34 1.30 Recovery % 95.0 94.6 94.6 Total copper tonnes 19,749 17,205 18,581 Oz 4,899 4,582 4,312 produced Gold produced 6 | AERIS RESOURCES EXPLORATION In FY24, the Mineral Resource Estimate (MRE) for Avoca Tank was updated with new drilling information2. The updated MRE resulted in a 35% increase in copper grade and 16% increase in contained copper metal. The MRE is shown in the table below. The Avoca Tank mineralised system remains open down-plunge. Mineralisation has been traced 340m down-plunge, and there remains significant potential to increase the MRE with further drilling. Resource Category Cut-off grade (Cu%) Tonnage (kt) Cu (%) Au (g/t) Ag (g/t) Cu metal (kt) Au metal (koz) Ag metal (koz) - - - - - - - 420 3.3 1.0 16 14 13 211 Inferred 300 3.5 1.2 17 11 11 171 Total 720 3.4 1.1 17 24 24 382 Measured Indicated 0.6 Notes: 1. The table above reflects the ASX announcement “Avoca Tank Mineral Resource Update” dated 25th October 2023 2. A  ngela Dimond MAusIMM takes Competent Person responsibility for this Mineral Resource Estimate in accordance with the JORC Code (2012). 3. The underground cut-off of 0.6% Cu is currently used for life-of-mine planning at most deposits at the Tritton Operation. 4. T he Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic extraction at the reported cut-off grade. 5. Numbers may not sum due to rounding. Two drill programs were also undertaken at the Constellation deposit. The first program targeted the deeper primary sulphide portion of the deposit below the MRE. Five of the six holes intersected copper mineralisation, successfully extending the known sulphide mineralisation 100m along strike and 200m down-plunge of the current MRE. Drill hole TAKD095 returned the most significant intersection from the primary sulphide domain to date outside the current MRE: 25.95m at 3.81% Cu, 1.12g/t Au, 10.3g/t Ag (from 460m)3 2. Refer to ASX announcement “Avoca Tank Mineral Resource Update” dated 25th October 2023 3. R  efer to ASX announcement “High-grade copper intersected at Constellation” dated 20 th September 2023 2024 ANNUAL REPORT | 7 Long section looking west showing the August 2022 Constellation Mineral Resource and the base of drilling from the 2024 resource definition drill program4 The second drill program focused on the interpreted subvertical mineralised zone on the northern margin of the deposit (referred to as the “stand-up zone”) and on improving resource confidence. At the end of the year, seven holes had been completed with drilling continuing through the first half of FY25 5. 4. R  efer to ASX releases “High-grade copper intersected at Constellation” dated 20 September 2023 and “Constellation drilling update” dated 7 November 2023 5. Refer to ASX announcement “Quarterly activities report – June 2024” dated 30 th July 2024 8 | AERIS RESOURCES 2024 ANNUAL REPORT | 9 CRACOW OPERATIONS HIGHLIGHTS OPERATIONS 45.7koz gold produced at AISC of A$2,496/oz Cracow Operations produced 45.7koz gold in FY24, towards the upper end of production guidance. All operating and capital costs for the year were at the low end of guidance ranges. Tailings storage facility upgrade provides Cracow an additional 1 million cubic metres of capacity to extend the mine life Cracow Operations performed well During the year, the tailings storage for the year, achieving planned facility upgrade was completed at a production. Mining operations cost of $17.3 million. The project was continued in the Western Vein Field. completed ahead of schedule and Grades and metallurgical recoveries below budget and provides Cracow in FY24 were higher year on year. an additional 1 million cubic metres of tailings capacity to extend the mine life. Drill program reported high-grade gold mineralisation from the Apollo structure 15-hole exploration program completed at the Golden Plateau deposit Completed tailings storage facility 10 | AERIS RESOURCES UNITS FY2024 FY2023 FY2022 Ore Mined kt 451.0 575.4 505.3 Mined Grade g/t Au 3.13 2.75 3.26 Ore Milled kt 585.3 667.0 663.9 Milled Grade g/t Au 2.65 2.50 2.80 Recovery % 91.6 90.0 90.2 Gold Produced koz 45.7 48.2 53.9 EXPLORATION Exploration activities at Cracow focused on near mine extensions to mineralisation in the Western Vein Field. Five priority targets were drill tested with all targets returning anomalous gold mineralisation. Within the second half of the reporting period follow-up drilling commenced, targeting the Apollo, Bazsickle and Coronation West targets. High-grade gold mineralisation was reported from the Apollo structure6. Plan view of the Cracow Western Vein Field showing key exploration targets 6. Refer to ASX announcement “Quarterly Activities Report – March 2024” dated 30 th April 2024 2024 ANNUAL REPORT | 11 Oblique view looking northwest showing drill hole pierce points through the Apollo structure at the Western Vein Field. A’ A 1600mRL Geology Structure (unaltered) Structure (altered) Breccia KLU287 KLU287W1 Breccia Lode Quartz Lode Cross cutting structure 1500mRL Drill hole assay results (Au g/t) Previously Reported KLU164 KLU280 1400mRL KLU213 KLU283 KLU285 KLU279 1300mRL KLU212A KLU284A KLU282 KLU281 New Results <1.5 1.5 - 2.2 2.2 – 3.5 3.5 – 4.5 4.5 – 6.0 6.0 – 10 >10 Assays pending No significant intersection Cracow Operation Apollo Structure Oblique View – Looking northwest 0 50 100m KLU286 1200mRL A 15-hole exploration program was Previous drill programs completed by Several holes targeted strike also completed at the Golden Plateau Aeris to inform the maiden Mineral extensions to the modelled Chaz deposit in the Eastern Vein Field. The Resource Estimate were focused on and King lodes. Drilling intersected program was focused on testing gold the Harry’s, Chaz and King north- epithermal quartz veining with prospectivity along the remaining south structures only. Although drilling modest drill grades7. An updated MRE untested interpreted structures south successfully intersected the structures, for Golden Plateau is expected to be of the historical workings. they failed to host epithermal quartz completed in early FY25. veining/gold mineralisation. The prospectivity along these structures has been downgraded. 7. Refer to ASX announcement “Quarterly Activities Report – June 2024” dated 30 th July 2024 12 | AERIS RESOURCES 2024 ANNUAL REPORT | 13 NORTH QUEENSLAND OPERATIONS HIGHLIGHTS OPERATIONS 6.8kt of copper produced at AISC of A$4.64/lb 6.8kt of copper was produced in FY24 from the Mt Colin mine at North Queensland Operations. Mining operations performed better than plan for the year however, the lack of toll processing windows resulted in copper production below the guidance range. Costs were within guidance. Lack of toll processing slots resulted in copper production below guidance During FY24, mining at Mt Colin was focused on final stopes, the cave zone below the old open pit Mined ore stockpiles onsite ready for processing and on pillar extraction. The cave zone performed well and mining tonnages were above plan. The ability to continue to draw the cave Mt Colin mine life extended into mid-FY25 Feasibility Study for the Barbara Project commenced Queensland during the year. BARBARA PROJECT with additional pillar recovery, has underground copper mine to be enabled the mine life of Mt Colin to developed beneath the old Barbara be extended into mid-FY25. open pit, which ceased operations A lack of available toll processing slots at Ernest Henry however resulted production for the year was below guidance. Metallurgical recoveries were also negatively impacted by the increased volumes of oxidised and transitional ore through the processing plant. At the end of the year, significant stockpiles of mined ore remained at the mine site and Ernest Henry, available for later processing. AERIS RESOURCES were undertaken in North The Barbara Project is a potential a result, total copper and gold | No material exploration activities material longer than expected along in reduced milled tonnages. As 14 EXPLORATION in 2020. A feasibility study on the project has commenced and is due for completion in early FY25. Aeris has also submitted the Environmental Amendment for the proposed underground mining operations and is currently in discussions with the regulator regarding the permitting pathway. UNITS FY2024 FY2023 Ore Mined kt 510.5 426.1 Mined Grade % Cu 2.15 2.39 Ore Milled kt 410.9 362.9 Milled Grade % Cu 2.11 2.18 Recovery % Cu 78.3 89.8 Copper Produced kt 6.8 7.1 Gold Produced koz 4.3 3.9 2024 ANNUAL REPORT | 15 JAGUAR OPERATIONS HIGHLIGHTS OPERATIONS Final mining and processing completed and transitioned to care and maintenance Jaguar Operations completed final mining and processing in September 2023 and transitioned to care and maintenance. Jaguar Operations had a strong final quarter of production with mining tonnages and metal production ahead of guidance. A team of 11 people Prefeasibility study for restart options commenced manage care and maintenance and exploration activities for Jaguar Operations. Aeris has commenced a prefeasibility study on a restart of Jaguar Operations. The study is investigating mining scenarios from the four known deposits (Bentley, Jaguar, Teutonic Bore and Triumph) along with options to Updated Mineral Resource Estimate completed increase mill throughput and improve metal recovery. The study is expected to be completed in FY25. UNITS Five priority corridors highly prospective for gold mineralisation identified Heather Bore drill program completed 16 | AERIS RESOURCES FY2024 FY2023 Ore Mined kt 55.2 402.6 Mined Grade % Zn 7.05 5.95 Ore Milled kt 66.8 432.6 Milled Grade % Zn 5.92 5.97 Recovery % Zn 78.2 87.1 Zinc Produced kt 3.1 22.5 Copper Produced kt 0.6 3.1 Gold Produced koz 0.4 3.0 Silver Produced koz 84 718 EXPLORATION During the year, an updated MRE was completed on the Jaguar deposit based on an updated geological interpretation. The updated Jaguar deposit MRE totals 840kt @ 2.28% Cu, 4.66% Zn and 61g/t Ag, for 19kt Cu metal, 39kt Zn metal and 1.65Moz Ag metal8. Significant potential remains to increase the Jaguar mineralised footprint with further drilling, most notably down-plunge from the current Mineral Resource. In addition, there is potential to define mineralisation along two parallel favourable stratigraphic horizons, one of which contains the mined “Farside” copper sulphide lens. 2023 JAGUAR DEPOSIT MINERAL RESOURCE ESTIMATE Resource Category Cut-off grade Tonnage (kt) Cu (%) Zn (%) Ag (g/t) Cu metal (kt) Zn metal (kt) Ag metal (koz) 260 2.26 3.82 56 6 10 465 480 2.41 5.79 73 12 28 1,140 Inferred 100 1.70 1.26 16 2 1 50 Total 840 2.28 4.66 61 19 39 1,650 Measured Indicated $100 NSR Notes: 1. Refer to ASX announcement “Correction – Jaguar Deposit Mineral Resource Update” dated 12th July 2023 2. M  r John Hamill MAusIMM MAIG CP (Geo) takes Competent Person responsibility for this Mineral Resource Estimate in accordance with the JORC Code (2012) 3. T he cut-off grade applied to the Jaguar deposit MRE has been derived from the Net Smelter Return (NSR) calculations applied to the Bentley deposit. 4. T he Competent Person considers that the Mineral Resource has reasonable prospects for eventual economic extraction at the cut-off grade specified and a selective underground mining method. 5. Numbers may not sum due to rounding. The Jaguar exploration tenement • Heather Bore Shear - a 12km • Pterodactyl – South Possie Well – package is also highly prospective for structure sub-parallel to the terrane a 10km orogenic structure with gold mineralisation. The regional gold bounding Ockerberry fault and a significant gold, arsenic and endowment is in excess of 25Moz, along strike from the Thunderbox antimony anomalous geochemical with several multi-million ounce deposit, which includes the 2km signature and includes the deposits located within 50km of the long shallow gold anomaly at the Pterodactyl prospect, which has a Jaguar tenement package. Heather Bore prospect. historical drill intersection reporting A strategic review of the tenement • Aesop – Halloween Trend – a 6km 35m @ 1.00 g/t Au. package identified five priority structural corridor associated with • Southern Boundary - the interpreted corridors considered highly a brecciated magnetite-hematite- extension of the Pterodactyl – South prospective for gold mineralisation: pyrite altered porphyry intrusion Possie Well favourable geological with limited historical drilling setting to the southern tenement and surface sampling reporting boundary. numerous +0.5g/t Au intervals. • Granite Margin Domain - Structural complexity within and along the margins of large granite bodies. 8. Refer to ASX announcement “Correction - Jaguar Deposit Mineral Resource Update” dated 12th July 2023 2024 ANNUAL REPORT | 17 Plan view of the Jaguar Operation tenement package highlighting areas prospective for gold mineralisation denoted by shaded orange corridors 18 | AERIS RESOURCES A two-hole diamond drill program was completed at the Heather Bore prospect late in FY24. The program was designed to test for the presence of primary gold mineralisation in fresh rock below an extensive, shallow +0.5g/t gold anomaly in the weathered rock profile. Results from the drilling are expected in FY25. 2024 ANNUAL REPORT | 19 STOCKMAN PROJECT Feasibility studies and permitting activities continued Metallurgical test work delivered improved metal recoveries Robust, simplified plan developed to mine from Currawong deposit for first 12 years Updated Mineral Resources Estimates for Currawong and Wilga deposits At the Stockman Project, feasibility study and permitting activities continued in FY24. A robust mine plan has been developed involving +12 years of ore production from the single Currawong deposit at a mining rate of 850ktpa9. The metallurgy of the Stockman metal products. Initial test work has deposits is complex and impacts demonstrated high recoveries of metal recovery and processing costs metal into the copper concentrate through a standard flotation circuit. and bulk concentrate and through Aeris is investigating the feasibility the Albion process leaching. of introducing the Albion oxidative leach process to the flowsheet to provide a step change in recoveries. Work continues on detailed metallurgical testing and engineering studies for the revised processing The revised processing route will flowsheet. The feasibility study is incorporate onsite production of a expected to be completed in FY25. clean copper concentrate for sale and a bulk Cu/Zn/Au/Ag concentrate for further processing. The bulk concentrate is to be trucked to a regional offsite location with access to lower cost power for treatment through the Albion process into saleable copper, zinc and precious During the year, Aeris also released an updated MRE for the Currawong and Wilga deposits at the Stockman Project. The updated resource increased total tonnes by 7% and contained copper by 6% from the previous estimate10. 9. R  efer to ASX announcement “Stockman Feasibility Study Update” dated 24 January 2024 for more information and for the material assumptions underpinning the production target 10. Refer to ASX announcement “Stockman Project – Currawong and Wilga Deposits Mineral Resource Update” dated 17 January 2024 20 | AERIS RESOURCES Currawong mine design 2024 ANNUAL REPORT | 21 Resources and Reserves 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 31 December 2023. 22 | AERIS RESOURCES MINERAL RESOURCE ESTIMATES Base Metals Project Tritton Jaguar North Qld Grade Category Measured Group Tonnes Cu Zn Au Ag Cu Zn Au Ag (‘000) (%) (%) (g/t) (g/t) (kt) (kt) (koz) (koz) 1,300 1.0 - 0.1 3 13 - 4 120 Indicated 11,200 1.3 - 0.3 4 145 - 91 1,280 Inferred 10,000 1.8 - 0.4 5 183 - 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 Total Stockman 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 Total Measured 2,100 1.4 1.2 0.2 17 31 25 14 1,150 Total Indicated 30,200 1.7 2.7 0.6 26 524 817 576 25,660 Total Inferred 16,900 1.6 1.3 0.6 21 268 223 323 11,190 Grand Total 49,300 1.7 2.2 0.6 24 822 1,065 913 37,990 Gold Project Cracow Contained Metal Grade Category Contained Metal Tonnes Cu Zn Au Ag Cu Zn Au Ag (‘000) (%) (%) (g/t) (g/t) (kt) (kt) (koz) (koz) 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 Notes: Mineral Resource figures are reported using a variety of cut-off grades (copper or gold) or NSR calculation best suited to each deposit. Discrepancy in summation may occur due to rounding. 2024 ANNUAL REPORT | 23 ORE RESERVE ESTIMATES Base Metals Project Tritton Jaguar North Qld Stockman Group Grade Category Cu Zn Au Ag Cu Zn Au Ag (‘000) (%) (%) (g/t) (g/t) (kt) (kt) (koz) (koz) 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 Proved 90 2.4 - 0.5 - 2 - 1 - Probable 80 2.1 - 0.4 - 2 - 1 - Total 170 2.3 - 0.4 - 2 - 2 - - - - - - - - - - Probable Proved 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 11,409 190 1.9 4.4 0.6 37 3 8 4 225 Total Probable Total Proved 13,560 1.8 3.7 0.8 30 242 500 363 13,394 Grand Total 13,750 1.8 3.7 0.8 30 245 508 367 13,619 Gold Project Cracow Contained Metal Tonnes Grade Category Contained Metal Tonnes Cu Zn Au Ag Cu Zn Au Ag (‘000) (%) (%) (g/t) (g/t) (kt) (kt) (koz) (koz) Proved 100 - - 3.5 - - - 12 - Probable 250 - - 3.4 - - - 28 - Grand Total 360 - - 3.4 - - - 39 - Notes: Ore Reserve figures are reported using a variety of cut-off criteria suitable for each deposit. Discrepancy in summation may occur due to rounding. The Jaguar Ore Reserve has not been updated since the previous reporting period (end December 2022). Operations were suspended at Jaguar in September 2023 and the mine placed on care and maintenance pending restart studies (refer to ASX Release “Corporate Update and FY24 Guidance” 2 Aug 2023). Production in 2023 was 233kt @1.2% Cu, 4.5% Zn, 0.6g/t Au & 52g/t Ag. Ore Reserve depletion over the same period was 113kt @ 1.4% Cu, 7.3% Zn, 0.8g/t Au & 78g/t Ag. 24 | AERIS RESOURCES SUMMARY OF COMPETENT PERSONS FOR MINERAL RESOURCE AND ORE RESERVE ESTIMATES Asset Competent Person Qualifications Membership Angela Dimond BSc (Hons) MAusIMM Constellation Brad Cox BSc (Hons) MAusIMM Kurrajong Andrew Fowler PhD MAusIMM Tim Brettell BEng MAusIMM Cam Schubert BSc (Hons), MEngSc, FAusIMM TRITTON OPERATIONS Mineral Resource Tritton Murrawombie Budgerygar Avoca Tank Budgery Ore Reserve Tritton Budgerygar Avoca Tank Murrawombie Underground Murrawo