AERIS EQUITY RAISE PRESENTATION
Released
Released
Announcement PDF
Equity Raise
Presentation
31 October 2025
Presented by: Andre Labuschagne
Not for release to US wire services or distribution in the United States.
2
Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER
This Investor Presentation is dated 31 October 2025 and has been prepared, approved and authorised for despatch 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.
This presentation has been prepared in relation to an equity capital raising by Aeris consisting of a non-underwritten placement of new fully paid ordinary shares in Aeris ("New Shares") to certain ‘sophisticated’ and
‘professional’ investors (as defined by the Corporations Act) under section 708A of the Corporations Act ("Placement") and a non-underwritten share purchase plan to eligible shareholders in accordance with ASIC
Corporations (Share and Interest Purchase Plans) Instrument 2019/547 ("SPP", and together with the Placement, the "Offer").
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. Other market and industry data used in this presentation may
have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Aeris nor its advisers or representatives have independently verified any such market or
industry data provided by third parties or industry or general publications. 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.
Not financial product advice or offer
This presentation is not intended as, investment or financial advice (nor as tax, accounting or legal advice) and should not be treated as such. It is not a recommendation to acquire New Shares and has been prepared
without taking into account the objectives, financial situation and particular needs of individuals. Nor is the presentation a prospectus, product disclosure statement or other offering document under Australian law (or any
other law) but is simply to provide an overview to allow prospective investors to decide whether to carry out their own independent investigations and seek their own advice before making a decision whether to invest in
Aeris.
The SPP offer booklet for the offer of New Shares to eligible shareholders under the SPP will be available following its lodgement with ASX. Any eligible shareholder in Australia or New Zealand who wishes to participate in
the SPP should consider the SPP offer booklet before deciding whether to apply under that offer.
To the maximum extent permitted by law, Aeris and its officers, employees and agents disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence on the part of Aeris, its
officers, employees and agents) for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. In making an
investment decision, investors must rely on their own examination of Aeris including the merits and risks involved. An investment in securities is subject to known and unknown risks, some of which are beyond the control of
Aeris. Prospective investors should have regard to Appendix B (Key Risks) of this presentation when making their investment decision. Investors should consult with their own legal, tax, business and/or financial advisors in
connection with any acquisition of securities.
The distribution of this presentation in jurisdictions outside Australia is restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable
securities laws. Particularly, this presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in any jurisdiction in which such an offer would be illegal. The securities referred to in this
presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States of America and may not
be offered or sold, directly or indirectly in the United States of America or to any person acting for the account or benefit of a person in the United States of America unless the securities have been registered under the
Securities Act (which Aeris has no obligation to do or procure) or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and any other applicable securities
laws. The distributionof this presentation in the United States and elsewhereoutside Australia is restricted by law. Persons whocome into possession of this presentation should observe any such restrictions, as any non-compliance could
contravene applicable securitieslaws. Refer to Appendix C of this presentation for further details about international offer restrictions.
3
Disclaimer
Investment risk
All investments in securities are subject to known and unknown risks, including an investment in Aeris shares. Some of these risks are beyond the control of Aeris and its directors and officers, and Aeris does not guarantee
any particular rate of return or level of performance. You should consider the risk factors outlined in Appendix B of this presentation when deciding whether or not to invest in Aeris. Cooling off rights do not apply to the
acquisition of New Shares.
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.
Any pro forma historical financial information contained in this presentation is provided for illustrative purposes only and does not necessarily indicate Aeris's future financial position and/or performance. Such information,
which has not been audited or reviewed in accordance with the Australian Accounting Standards (“AAS”), have not been prepared in accordance with the disclosure requirements prescribed by the AAS, nor does it
purport to be in compliance with any Australian or foreign rules or regulations (including Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)).
Further, certain figures, amounts, percentages, estimates and calculations provided in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures
set out in this presentation.
Past performance
Investors should be aware that past performance, including past share price performance of Aeris and pro-forma financial information given in this presentation, provides no guidance as to (and should not be relied upon
as an indicator of) the future financial performance of Aeris. None of the information made available to you under this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether
as to the past, present or future.
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 and any synergies of the combined businesses following the Transaction 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 international hostilities and associated economic changes.
4
Disclaimer
Disclaimer
Since this presentation is the Company’s document, to the maximum extent permitted by law, Aeris and the Joint Lead Managers (Bell Potter Securities Limited and Ord Minnett Ltd) and each of their 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 (other than liability that arises because of a Limited Party’s own fraud, negligence, or misconduct within the meaning of those terms under general law) 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 Offer 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.
The Joint Lead Managers and their Limited Parties have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this presentation and do not make or purport to make, and has not
verified, any statement in this presentation and there is no statement in this presentation that is based on any statement by any of those parties. Neither the Joint Lead Managers nor any of their Limited Parties accepts
any fiduciary obligations owed to or relationship with any investor or potential investor in connection with the Offer or otherwise and, by accepting this presentation, each recipient expressly disclaims that they are in a
fiduciary relationship with any of those parties.
The Joint Lead Managers, together with their affiliates, are full-service financial institutions engaged in various activities, which may include trading, financing, financial advisory, investment management, investment
research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services including for which they have received or may receive customary fees and expenses or
other transaction consideration. In the course of these activities, the Joint Lead Managers and their affiliates may at any time for their own account and for the accounts of their clients make or hold investments in equity
securities or other financial products of Aeris or their affiliates, and receive customary fees and expenses or other transaction consideration in respect of such activities. The Joint Lead Managers are acting as the joint lead
managers, and bookrunners of the Offer and will receive fees and expenses for acting in this capacity.
You acknowledge and agree that the eligibility of investors for the purposes of the Offer is determined by reference to a number of matters (including legal and regulatory requirements, logistical and registry constraints
and the discretion of Aeris and the Joint Lead Managers), and each of Aeris and the Joint Lead Managers disclaim any duty or liability (other than liability that arises because of a Joint Lead Manager’s own fraud,
negligence, or misconduct within the meaning of those terms under general law) in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law. The Joint Lead Managers may rely on
information provided by or on behalf of institutional investors in connection with managing, conducting and underwriting the Offer without having independently verified that information and the Joint Lead Managers do
not assume responsibility for the fairness, currency, accuracy, reliability or completeness of that information.
The information in the presentation remains subject to change without notice. Aeris and the Joint Lead Managers reserve the right to withdraw or, where reasonable, vary the timetable for the Offer at any time. Material
changes to the timetable will be disclosed on ASX as soon as practicable.
5
Disclaimer
JORC Code
It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore
Reserves (“JORC Code”). Investors outside Australia should note that while ore reserves and mineral resource estimates of the company in this document comply with the JORC Code (such JORC Code-compliant ore
reserves and mineral resources being “Ore Reserves” and “Mineral Resources” respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument
43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the “Canadian NI 43 - 101 Standard”); or (ii) Item 1300 of Regulation S-K, which governs disclosure of mineral reserves in
registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and
disclosure requirements of Canadian or U.S. securities laws. You should not assume that quantities reported as “resources” in this presentation will be converted to reserves under the JORC Code or any other reporting
regime or that the Company will be able to legally and economically extract them.
Mineral Resource and Ore Reserve Information
This presentation contains Mineral Resource and Ore Reserve information which has been previously issued with the written consent of the Competent Person responsible for that information. This information and the
Competent Person’s responsible for the information is as follows:
Aeris Resources confirms that:
• it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the estimates continue to
apply and have not materially changed; and
• the form and context in which each Competent Person’s findings are presented have not been materially modified.
Competent Person Estimates
Angela Dimond Tritton, Murrawombie, Budgerygar, Avoca Tank and Budgery Mineral Resources
Brad Cox Constellation and Lillymay Mineral Resources
Andrew Fowler Kurrajong, Mt Colin, Barbara and Jaguar Project and Stockman Project Mineral Resources
Tim Brettell Tritton, Budgerygar, Avoca Tank and Murrawombie (underground) Ore Reserves
Cam Schubert Murrawombie (open pit), Constellation (open pit) Ore Reserves
Gerson Sternadt Cracow Mineral Resource
Max McInnis Cracow Ore Reserve
Benjamin James Jaguar Ore Reserve
Aaron Layt Mt Colin Ore Reserve
John McKinstry Stockman Project Ore Reserves
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
6
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.
1. As at 28 October 2025
2. As at 30 September 2025
3. As at 30 June 2025
Corporate overview
7
CAPITALISATION
Market capitalisation1 A$505 million
Cash and receivables2 A$46 million
Debt2 A$40 million
Tax Losses3 A$434 million
Michele
Muscillo
Non-Executive
Director
Colin
Moorhead
Non-Executive
Director
Robert Millner
Non-Executive
Director
Senior Executives
Board of Directors
Andre
Labuschagne
Executive Chairman
MAJOR SHAREHOLDERS
Washington H. Soul Pattinson 31.4%
Tudor Court 8.5%
AIS SHARE PRICE
BROKER COVERAGE
Paul Harris
COO
Cameron Schubert
CTO
Larnie Roberts
CPO
Dane van
Heerden
CFO
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
Brad Cox
EGM Exploration
Exploration
$18-23 MILLION
Starting cash and receivables2
$49.5 MILLION
FY26 Guidance
Mine operating costs
MILLION
Sustaining capital
$57-70 MILLION
Growth capital
MILLION
Compared to FY25 results
40-49kt
Cu produced
24-29kt
44-56koz
Cu eq1
Au produced
240-293koz Ag produced
$302-369
$65-80
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 reasonable potential to be recovered
and sold.
2. Unaudited
9
Aeris strategy for FY26
9
Realise
value for
shareholders
01
Sell non-core assets
02 • Divesting North Queensland
exploration assets for total
consideration up to $15.5M1
• Completion expected Dec 2025
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 study Sep
• Concept study on acid
production
• Find partner to invest to Final FS
03 Jaguar strategy
• Focus on +10 year life
• Reduce care and maintenance
• Test base metals targets
• Potential to JV gold
1. Refer to ASX release “Agreement to Divest North Queensland Copper Assets”, 27 October 2025
Equity Raise Overview
Equity raise overview
11
Placement to raise $80 million via the issue of approximately 177.8 million
shares, utilising Aeris' existing placement capacity under Listing Rule 7.1 and
7.1A (Placement)
Offer price of $0.45 per share
• 13.5% discount to last closing price of $0.52 per share on Tuesday, 28
October 2025
• 16.6% discount to the 5-day VWAP of $0.54 per share up to and including
Tuesday, 28 October 2025
Eligible Aeris shareholders with a registered address in Australia or New
Zealand as at the Record Date of 7pm (Sydney Time) 30 October 2025 (Eligible
Shareholders)will be invited to apply for new Shares pursuant to a non-
underwritten share purchase plan (SPP)
• Up to $30,000 per Eligible Shareholder targeting to raise up to $10 million
(before costs) (with the ability to accept oversubscriptions, subject to the
ASX Listing Rules)
• Aeris reserves the right (in its absolute discretion) to scale back applications
under the SPP
Bell Potter Securities Limited and Ord Minnett Limited are Joint Lead Managers.
Bell Potter is sole bookrunner and settlement agent
Event Date
Trading Halt
Wednesday, 29 October
2025
Placement bookbuild opens
Wednesday, 29 October
2025
Placement bookbuild closes
2.00pm Thursday, 30
October 2025
Record Date for SPP Offer
7.00pm Thursday, 30
October 2025
Trading Halt lifted. Announcement of Placement
results and SPP. Trading resumes
Friday, 31 October 2025
Settlement of New Shares to be issued under the
Placement
Wednesday, 5 November
2025
Allotment and Quotation of New Shares issued under
the Placement
Thursday, 6 November
2025
Closing date of SPP
5.00pm Tuesday, 2
December 2025
Announcement of results of SPP Friday, 5 December 2025
Allotment and issue of New Shares under the SPP
Before 12:00pm, Tuesday,
9 December 2025
Notes: The timetable (and each reference in this presentation to a date specified in the timetable) is indicative only
and Aeris may, at its discretion, vary any of the above dates by lodging a revised timetable with the ASX. All times are
Sydney times
12
Improved balance sheet + accelerated exploration
and growth capital
Use of proceeds
Immediate repayment of WHSP term facility and fees
Additional exploration drilling at Cracow in FY26/27 – Golden
Plateau and Southern Vein Field
Bring forward early works at Constellation into FY26 to de-risk
development
Resource extension drilling at Tritton in FY26/27
SPP funds to be applied to general working capital
Use of Placement Proceeds $m
Repayment of WHSP facility 45.3
Growth capital and exploration 20.0
General working capital & offer costs 14.8
Total 80.0
13
Pro-forma capital structure
Unit Current Placement
Pro-forma
(Placement only)
Pro-forma
(Post Debt
Repayment)
Shares on issue #m 971.4 177.8 1,149.2 1,149.2
Cash $m 32.01 80.0 112.02 62.33
Debt $m 40.04 - 40.0 -
Net cash / (debt) $m (8.0) - 72.0 62.3
1. As at 30 Sep 2025
2. Placement proceeds before costs. Excludes proceeds from SPP
3. After offer costs and repayment of $40M WHSP term facility and fees. Excludes proceeds from SPP
4. Drawn component of WHSP term facility
Excludes SPP and sale of North Queensland assets
New South Wales
Tritton
15
1. Refer to Appendix for categories of the Mineral Resource; see also ASX announcements "Group Mineral Resource and Ore
Reserve Statement" dated 22 July 2025.
2. To midpoint of guidance
Strategic, cornerstone asset
Tritton
Strategic location in the Cobar region of NSW
~450kt copper produced since operations began in 2005 and over
300kt still in Resource1
2,330km2 prospective tenement package
FY26 guidance of 24 – 29kt Cu, a 37% improvement on FY252
Excess mill capacity longer term – ability to expand copper output
with new mines and regional deposits
Increasing Tritton production
Operational performance
FY26 guidance of 24 – 29kt,up 37%1 on previous year
Stockpiled ore from Murrawombie Pit will enable mill to run at 2Mtpa
rate2 (above nameplate capacity)
Sustaining material improvements in key production enablers in FY26
Potential for additional production from high grade Avoca Tank
extensions to offset lower grade open pit ore and further increase
Cu tonnes
Prioritising Constellation project development to maintain higher
copper production in future years
16
1. To midpoint of guidance
2. In July 25 and H2 FY26
0
5
10
15
20
25
30
FY23 FY24 FY25 FY26
Guidance
Cu
Produced
(kt)
Murrawombie Pit
Murrawombie Pit ore to provide approx. 35% FY26 mill feed
Murrawombie Pit Stage 1 ore processing complete and Stage 2 waste
stripping underway to deliver ore in Jan 2026
Waste from cut back used to concurrently cap old heap leach pads,
saving c.$8M rehabilitation costs
High open pit mining rates in the second half of the year result in an
ore stockpile of over 900kt to be processed in FY27
17
Waste stripping in first half of year with ore delivery in
second half
1. Chart is provided to provide a visual representation of the proportion of ore mined from open pit and underground sources
and should not be considered guidance
UG Open Pit Mill Capacity
Tritton Mined Ore1
18
Potential long-life mine to commence in FY27
Constellation
Large Mineral Resource defined: 7.6Mt of 2.01% Cu and 0.66g/t Au
containing 153kt copper and 161koz gold1
Maiden Ore Reserve declared for open pit material: 2.3Mt at 2.0%
Cu, 0.6g/t Au2
Reserve excludes high-grade Inferred resource within the pit shell:
0.6Mt at 3.2% Cu, 0.5g/t Au
Ore Reserve supports a 5-7 year open pit mine life, with studies
underway on a potential underground operation
Major capital spend to start in FY27 following EIS and mining license
approval, expected in Q3 FY26
1. See ASX release “Aeris Delivers Material Increase in Copper and Gold at Constellation” 31 March 2025. Comprises
Indicated resource of 5.3Mt at 1.8% Cu, 0.7g/t Au, and Inferred resource of 2.3Mt at 2.6% Cu, 0.7g/t Au
2. Probable Reserve. Refer to ASX release “Maiden Open Pit Ore Reserve Estimate for Constellation Project”, 28 October
2025.
Ore Reserve pit shells showing Indicated and Inferred Resource
from the March 2025 MRE
Ramping up drilling at Tritton
Extend mine lives
Strong focus on Mineral Resource growth at multiple deposits
~80,000m underground diamond drilling planned in FY26
Target depth extensions at Avoca Tank, Budgerygar and Tritton
19
-
20,000
40,000
60,000
80,000
100,000
FY20 FY21 FY22 FY23 FY24 FY25 FY26F
Underground Drill Metres
20
20
All current ore sources still open at depth
Mine Life Growth
Cracow
Queensland
22
High margin gold mine with long operating history
Cracow
Underground gold mine in continuous production since 2004
Conventional crush and grind CIP processing plant
Produced +1.7Moz gold since first production in 2004
FY26 guidance 36 – 46koz Au
Strong history of resource replacement through exploration
1. See each annual Group Mineral Resource and Ore Reserve Statement within the Annual Report for Aeris
Resources Ltd on the company’s website. Details for individual categories of mineralisation are also provided.
Also refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement" dated 22 July 2025
-
100
200
300
400
500
600
700
800
FY21 FY22 FY23 FY24 FY25
koz
Au
Cracow production and Resources1 under Aeris ownership
Annual Production Cumulative Production Resources
Golden Plateau
Exploration
23
1. Vigar, A.J, 1994 Grade Modelling Reconciled to Open Pit Mining at the Golden Plateau Mine, Cracow,
Queensland. AusIMM Student Conference – Pathway to Industry page 49-54.
2. Refer to ASX announcement "Quarterly Report – June 2025"
3. Refer to ASX announcement "Group Mineral Resource and Ore Reserve Statement“ 17 June 2024."
~850koz produced via open-pit and underground (~260m
below surface)
Open-pit proportion 190koz1 from remnants to ~120m below
surface)
Investigating large, lower grade mineralised halo around old
stoping areas below the Golden Plateau pit2
A majority of the Mineral Resource3 positioned south and west
of the open-pit
Key exploration target for FY26
Greenfield targets
Exploration
24
Targeting a +1Moz Western Vein Field analogue at the
Southern Vein Field
Airborne magnetic survey completed to aid finalisation of drill
targets under 500m cover
Drilling planned for FY26 to test geology model and identify
prospective structures (limited historical drilling)
Western Frontier is an interpreted structural corridor approx.
1km west of current UG infrastructure within existing mining
lease boundary
Potential to also drill Western Frontier structure in FY26
targeting multiple +100koz shoots
Projects
Jaguar
Stockman
Reducing holding costs while undertaking low cost,
high return exploration
Revised Jaguar strategy
Strategy is to focus on +10 year life operations
Pausing feasibility study while further exploration is undertaken
8 high priority base metals drill targets to be tested
$3.1 million exploration program planned for FY26
Numerous gold targets – investigating options to joint venture gold
rights to advance exploration while minimising Aeris spend
26
27
1. Thunderbox Reported Mineral Resource at 31 March 2025. Refer to Northern Star Resources ASX Announcement "Resources,
Reserves and Exploration Update" 15 May 2025.
2. King Of The Hills Reported Mineral
Share your feedback
Discover