ANNUAL REPORT 30 JUNE 2024

• Aeris Resources' FY24 Adjusted EBITDA increased substantially to $107.0 million, a $75 million improvement from FY23.
• Total revenue decreased to $540.0 million compared to $612.5 million in FY23, primarily due to Jaguar operations transitioning to care and maintenance.
• Tritton Copper Operations produced 19.7kt of copper, exceeding FY23 production and meeting guidance.
• Cracow Gold Operations produced 45.7koz of gold, meeting planned production and cost targets.
• North Queensland Operations produced 6.8kt of copper, below guidance due to limited toll processing slots.
• Jaguar Operations completed production and transitioned to care and maintenance in September 2023.
• Significant progress was made on the Stockman project, with a long-life mine design completed.
• The company completed a $30 million equity raise in November 2023 to provide working capital and financial flexibility.
• A $50 million debt facility was secured with Washington H. Soul Pattinson in August 2023.
• The company's Lost Time Injury Frequency Rate (LTIFR) improved to 1.2 in FY24 from 1.7 in FY23.

Score: 7

Explanation: The overall sentiment is positive, reflecting improved financial performance and progress on key projects. However, challenges at some operations and the need for refinancing introduce some caution.

• FY24 Adjusted EBITDA: $107.0 million (up from $32.0 million in FY23)
• FY24 Revenue: $540.0 million (down from $612.5 million in FY23)
• Tritton Copper Production: 19.7kt (up from 17.2kt in FY23)
• Cracow Gold Production: 45.7koz (down from 48.2koz in FY23)
• North Queensland Copper Production: 6.8kt (below guidance)
• Jaguar Operations: Transitioned to care and maintenance
• $30 million equity raise completed in November 2023
• $50 million debt facility secured in August 2023
• LTIFR improved to 1.2 in FY24 (from 1.7 in FY23)

• Significant increase in FY24 Adjusted EBITDA to $107.0 million.
• Tritton Copper Operations exceeded production guidance and delivered increased production.
• Cracow Gold Operations met production and cost targets.
• Successful completion of a $30 million equity raise.
• Securing a $50 million debt facility.
• Improvement in safety performance, with LTIFR decreasing to 1.2.

• Overall revenue decreased compared to the previous year.
• North Queensland Operations' copper production was below guidance due to processing constraints.
• Jaguar Operations transitioned to care and maintenance, significantly impacting revenue.

• Commodity price volatility could impact future earnings and profitability.
• Exchange rate fluctuations could affect revenues, costs, and liabilities.
• Operational risks, such as equipment failures and weather events, could disrupt production.
• Depletion of resources and exploration risks could affect future production.
• Tenement forfeiture risks due to non-compliance.
• Native title and heritage issues could delay or impact operations.
• Health and safety risks associated with mining operations.
• Challenges in attracting and retaining suitably qualified personnel.
• Inadequate insurance coverage could affect the business.
• Production and cost estimates may not be achieved.
• Financial solvency risks due to working capital requirements and debt obligations.
• International conflicts could disrupt supply chains and commodity prices.
• Environmental risks and potential liabilities.
• Climate change impacts on water availability and extreme weather events.

The company expects to continue building on its success in the coming years and deliver value to shareholders. Key growth projects, including Stockman, Constellation, and Jaguar (pending restart studies), are expected to contribute to future performance. The company is also focused on refinancing its debt facilities and securing long-term funding.

• 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.
• Tritton had a much-improved FY24 producing almost 20kt copper and achieving guidance.
• 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.

Aeris Resources' performance reflects broader industry trends of fluctuating commodity prices and challenges in securing processing capacity. The company's focus on exploration and development projects aligns with the industry's efforts to extend mine life and secure future production.

• Continue to build on FY24 success.
• Advance study work on key growth projects (Stockman, Constellation, Jaguar).
• Continue exploration activities to extend mine lives.
• Finalise feasibility study and permitting work on the Barbara copper project.
• Undertake studies on options to restart Jaguar.
• Complete detailed metallurgical testing and engineering studies for the Stockman project.
• Complete an updated MRE for Golden Plateau in early FY25.
• Complete drilling at Constellation through the first half of FY25.
• Complete the prefeasibility study on a restart of Jaguar Operations in FY25.
• Complete the feasibility study for the Stockman project in FY25.
• Complete the feasibility study for the Barbara project in early FY25.

• 30 June 2022: End of FY22
• 25 November 2021: Date of LTI plan approval
• 30 June 2023: End of FY23
• 2 August 2023: Announcement of Jaguar care and maintenance and $50 million debt facility
• September 2023: Jaguar operations transitioned to care and maintenance
• November 2023: $30 million equity raise completed
• 31 December 2023: Sylvia Wiggins resigned
• 30 June 2024: End of FY24
• 29 August 2024: Date of financial statements authorisation
• 11 September 2024: Date of shareholder information reports
• 28 August 2024: Amendment to Contingent Instrument Facilities (CIF) with ANZ, extending maturity date to 15 October 2024 and extension to WHSP facility's availability period