QUARTERLY ACTIVITIES REPORT - JUNE 2024

• Aeris Resources reported copper equivalent production of 10.2kt for the quarter ended June 30, 2024, at an AISC of A$5.45/lb.
• Tritton operations performed well with increased ore volumes from Avoca Tank and Budgerygar mines, leading to higher production and grades.
• Cracow operations showed strong gold production, with costs in line with the plan.
• Mt Colin mining was ahead of plan, but lower copper production resulted from a lack of toll processing capacity.
• Jaguar operations are on care and maintenance, with a study on restart options well advanced.
• Stockman feasibility work on the Albion process continues.
• Production and cost guidance were achieved for FY24 at the group level and at Tritton and Cracow.
• Mt Colin production was below guidance due to toll processing limitations.
• The group's LTIFR for the 12-month rolling period was 1.19.
• Aeris had useable cash and receivables of $33.4 million at the end of the quarter, with a closing cash balance of $24.8 million.

Score: 7

Explanation: The report presents a mixed picture with some positive operational results and achieved guidance, but also mentions challenges like processing limitations and environmental incidents. The overall sentiment is cautiously optimistic.

• Copper equivalent production reached 10.2kt for the quarter at an AISC of A$5.45/lb.
• Tritton's copper production was 5.4kt at an AISC of $5.23/lb, benefiting from improved ore volumes.
• Cracow achieved strong gold production of 11.6koz at an AISC of A$2,533/oz.
• Mt Colin's mining activities were ahead of plan, though processing limitations impacted copper production.
• Group LTIFR stood at 1.19 for the 12-month rolling period.
• Aeris ended the quarter with $33.4 million in useable cash and receivables.

• Tritton achieved full-year copper production guidance, with operating and capital costs at or below the low end of guidance.
• Cracow achieved annual production guidance, with all costs at the bottom end of guidance ranges and capital costs lower than guidance.
• Mining operations at Mt Colin were strong, with over 510kt of ore mined for the year, significantly above plan.
• Exploration at Tritton yielded high-grade copper intersections, including 25.0m @ 2.29% Cu, 0.42g/t Au, 4.61g/t Ag from 134.0m in drill hole TAKD101.
• Exploration drilling at Cracow continued to target extensions to high-grade mineralisation at the Apollo structure.

• Mt Colin's copper production was below guidance for the full year due to a lack of available toll processing windows.
• Metallurgical recoveries at Mt Colin were impacted by the high proportion of oxidised cave material in the mill feed.
• Recovery was down slightly at Cracow due to the nature of the underground ore sources mined this quarter.
• There were two Reportable Environmental Incidents recorded in the quarter.

• Limited toll processing capacity continues to impact Mt Colin's copper production.
• Metallurgical recoveries can be affected by the type of ore being processed, as seen with the oxidised cave material at Mt Colin and sericite-clay material at Tritton.
• Environmental incidents, such as issues with water flow recording and sewage treatment, pose ongoing risks.
• Fluctuations in metal prices and operating costs could impact profitability.

Drilling will continue at the Constellation deposit, with a second drill rig planned to commence drilling early in the upcoming quarter; further drilling is planned to target the Apollo and Coronation West structures in the next quarter; at the completion of the Golden Plateau deposit the Mineral Resource estimate will be updated in FY25 Q1, enabling the business to update the mine plan and economic assessment; at Heather Bore, exploration activities will continue to focus on advancing the project.

This report reflects the ongoing activities of a diversified mining company focused on copper and gold production, exploration, and development. The company's performance is influenced by commodity prices, operating costs, and the availability of processing facilities. The report also highlights the importance of exploration in sustaining and growing the company's resource base.

• AISC for copper production varies widely across the industry, with some major producers reporting AISC figures in a similar range to Aeris' Tritton operations.
• Gold production costs at Cracow appear competitive, aligning with the lower end of the cost curve for Australian gold producers.
• Diversified miners like BHP and Rio Tinto often have lower AISC due to economies of scale and higher-grade deposits, but Aeris' focused approach allows for targeted operational improvements.

• Shareholders will be encouraged by the achieved production and cost guidance at Tritton and Cracow.
• Employees at Tritton and Cracow will benefit from the continued operational success.
• Customers will see a reliable supply of copper and gold.
• Suppliers will maintain their business relationships with Aeris.
• Creditors will be reassured by the company's stable financial position.

• Continue drilling at the Constellation deposit.
• Continue pre-feasibility work on restart options at Jaguar Operations.
• Target Apollo and Coronation West structures with further drilling.
• Update the Mineral Resource estimate for Golden Plateau in FY25 Q1.
• Advance the Stockman Project with detailed test work and engineering.

• 30 June 2024: End of the reporting period for the quarterly activities report
• November 2024: Expected start date for the Murrawombie pit cutback project at Tritton
• Early Q1 FY25: Expected completion of the updated Mineral Resource estimate for Golden Plateau
• Early Q2 FY25: Expected end of mining activities at Mt Colin