Announcement PDF Q1 FY25 Results 30 October 2024 Presented by: Andre Labuschagne Disclaimer This investor presentation has been prepared by Aeris Resources Limited (“Aeris” or the “Company”). By attending an investor presentation or briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below. SUMMARY INFORMATION This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Aeris with the Australian Securities Exchange (“ASX”) in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act. 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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 Key points for Q1 FY25 Another good quarter from operations Group copper equivalent production of 10.2kt for the quarter at an improved AISC of A$5.32/lb 28 holes drilled at Constellation (Tritton) to test the subvertical standup zone and infill main zone to improve resource confidence Tritton performed well with production ahead of plan at 5.0kt Cu Jaguar on care and maintenance – preferred restart scenario to be presented to the Board this quarter Cracow well ahead of plan at 12.9koz Au Stockman feasibility work continues Mt Colin mining in line with plan but high oxidised mill feed impacted recovery and production Cash and receivables increased from $33.4M to $39.1M 3 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 release “Barbara Mineral Resource Update” 28 June 2023. See ASX announcements “Group Mineral Resource and Ore Reserve Statement” dated 18 April 2023 ,“Correction - Jaguar Deposit Mineral Resource Update” dated 12 July 2023 and “Currawong and Wilga Deposits Mineral Resource Updates” dated 17 Jan 2024 Mine Type FY25 Guidance U/G Cu 21 - 25kt Cu 4 Tritton NSW Q1 results Another strong quarter from Tritton Copper production of 5.0kt at AISC of $5.06/lb, ahead of plan Increased production from high grade Avoca Tank stopes AISC decreased quarter on quarter, demonstrating good cost controls 28 holes drilled at Constellation, focusing on infill drilling of the main zone resource and better defining the subvertical standup zone Jun 24 Sep 24 FY25 Qtr Qtr YTD FY25 Guidance kt 5.4 5.0 5.0 21 - 25 Gold Produced koz 1.5 1.5 1.5 7-9 Silver Produced koz 42.6 43.9 43.9 200 - 240 Mining A$M 30.7 27.4 27.4 105 - 128 Processing A$M 8.2 7.4 7.4 29 - 36 Site G&A A$M 5.7 5.2 5.2 21 - 25 TC/RCs A$M 4.3 4.2 4.2 13 - 16 Product Handling A$M 4.8 3.7 3.7 14 - 17 Sustaining Capital A$M 12.6 11.5 11.5 51 - 63 Growth Capital A$M 2.1 2.7 2.7 37 - 45 Exploration A$M 0.2 0.5 0.5 1-2 Production Summary Unit Copper Produced Cost Summary 6 Constellation exploration 28 holes drilled to test subvertical stand-up zone and infill main zone resource 7 Drill hole true width lengths are between 60% to 85% of reported interval lengths. See September 2024 Quarterly Report released to the ASX Cracow Queensland Q1 results Strong quarter with higher gold production Gold production of 12.9koz at AISC of A$2,352/oz Improved production due to the availability of high-grade stopes Jun 24 Sep 24 FY25 Qtr Qtr YTD FY25 Guidance koz 11.6 12.9 12.9 40 - 49 koz 11.6 12.6 12.6 Production Summary Unit Gold Produced Gold Sold Cost Summary AISC lower quarter on quarter driven by lower mining costs and higher gold production Mining A$M 14.0 14.0 14.0 57 - 70 Processing A$M 6.9 6.5 6.5 24 - 30 Exploration drilling continued in the Western Vein Field with five holes intersecting the Apollo structure, awaiting assay Site G&A A$M 3.2 2.7 2.7 11 - 13 Sustaining Capital A$M 3.2 3.6 3.6 13 - 16 Growth Capital A$M 0.0 0.0 0.0 0-1 Exploration A$M 1.8 2.0 2.0 3-4 9 Near mine exploration Defining new mineralised structure at Apollo Further 6 drill holes completed at Apollo targeting high grade mineralisation While the Apollo target has been reduced, potential exists to extend mineralisation down dip with further drilling Assays returned from 7 holes in the Coronation West and Kilkenny West structures did not return significant intersections. Drilling is continuing into the current quarter Updated Mineral Resource Estimate for the Golden Plateau deposit based on new drilling did not result in a material change1 Oblique view looking northwest showing drill hole pierce points through the Apollo structure at the Western Vein Field 1. Refer to September 2024 Quarterly Report 10 Mt Colin North Queensland Q1 results Mt Colin underperformed due to processing of oxidised material Mining performance in line with plan as final stopes are extracted Processing underperformed due to increased levels of oxidised material Significant stockpiles of 175kt of ore at Ernest Henry mill available for processing Mining activities now expected to be completed in late November Minor EA amendment granted to enable mining activities at Barbara; feasibility study being finalised for presentation to the Board Jun 24 Sep 24 FY25 Qtr Qtr YTD FY25 Guidance kt 1.3 1.0 1.0 6 -7 koz 1.2 0.8 0.8 3-4 Mining A$M 8.5 7.7 7.7 10 - 12 Processing A$M 7.7 7.6 7.6 16 - 19 Site G&A A$M 1.2 1.3 1.3 3-4 TC/RCs A$M 0.9 0.7 0.7 4-5 Product Handling A$M 1.1 0.8 0.8 5-6 Sustaining Capital A$M (0.1) 0.0 0.0 0 Growth A$M - 0.2 0.2 1-3 Exploration A$M 0.3 0.1 0.1 0-1 Production Summary Unit Copper Produced Gold Produced Cost Summary 12 Jaguar Western Australia Q1 activities Jaguar now focused on restart studies and exploration Operation on care and maintenance Care and maintenance costs of $2.4M Multiple restart scenarios have been assessed and a preferred option will be presented to the Aeris board for approval this quarter Drilling at Heather Bore prospect intersected gold mineralisation and will be used to develop a structural model to inform further exploration Long section view of the Heather Bore gold prospect showing the position of the recently completed diamond drill holes, historical drill holes and anomalous gold mineralisation 14 Stockman Project Victoria Q1 activities Feasibility study progressing Preparing for further detailed metallurgical test work to support the Albion process and confirm product qualities Further investigation into sites for the Albion plant construction Groundwater environmental quality report submitted to the EPA Benambra School capital improvements works completed Benambra school upgrades 16 Corporate Closing cash and receivables of $39.1 million with cash of $25.5 million Jun Sep 2024 2024 QTR QTR 24.8 25.5 Mt Colin 1.2 3.6 Cracow 0.0 0.0 Tritton 7.5 10.0 33.4 39.1 (A$ Million) Cash balance excludes additional $12 million restricted cash applied to environmental bonding Closing cash Debt position of $40 million unchanged Process to refinance debt and bonding facilities well advanced Receivables Useable Cash and Receivables 17 Focus for next quarter Paste fill line at Budgerygar, to enable increased production from the mine Completion of Barbara feasibility study and investment decision Continuation of Constellation drill program at Tritton to improve resource confidence Presentation of preferred restart scenario for Jaguar Exploration results from Apollo and Coronation West prospects at Cracow Refinancing of debt and bonding facilities Completion of mining at Mt Colin in late November 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. At average pricing of US$9,620/t Cu, US$2,341/oz Au and $29.43/oz Ag 19 Thank You FY25 guidance Group Production Copper Gold Silver Copper equivalent1 Operating Costs Mining Processing Site G&A TC/RCs Product handling 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 1. 2. 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 At average pricing of US$9,620/t Cu, US$2,341/oz Au and US$29.43/oz Ag 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