QUARTERLY ACTIVITIES REPORT - MARCH 2024

• Aeris Resources Limited reported a copper equivalent production of 9.1kt for the quarter ended March 31, 2024, at an AISC of A$5.31/lb.
• Tritton's production was impacted by labour and equipment availability, but contract labour and additional equipment have been introduced to improve production rates next quarter.
• Cracow's gold production and costs were in line with the plan, with recent drilling identifying potential new vein structures in the Western Vein Field.
• Mt Colin mine production was in line with the plan, although toll processing and copper production were behind schedule.
• Jaguar is on care and maintenance, with exploration focusing on gold potential while a prefeasibility study is underway.
• Stockman feasibility work on the Albion process continues.
• The Environmental Amendment for underground mining at Barbara has been submitted, and a feasibility study has commenced.
• Group FY24 guidance is maintained, with more information on forecast production and costs provided in the operational summaries.
• The company had useable cash and receivables of $28.3 million at the end of the quarter, with a closing cash balance of $19.4 million.

Score: 6

Explanation: The report presents a mixed picture, with some positive aspects like gold production at Cracow and cost control, but also challenges such as production issues at Tritton and delays at Mt Colin. The maintained guidance provides some reassurance, but the overall sentiment is neutral to slightly positive.

• Copper equivalent production reached 9.1kt for the quarter at an AISC of A$5.31/lb.
• Gold production at Cracow is in line with the plan, with potential new vein structures identified.
• Mt Colin mine production is in line with the plan, though toll processing is behind schedule.
• Aeris has recorded no lost time injuries through the last quarter, bringing the 12-month LTIFR down to 1.10.
• Tritton expects to deliver copper production around the mid-point of the FY24 guidance range.
• Cracow is on track to achieve the upper end of production guidance and the lower end of operating and capital cost guidance for FY24.
• Mining at Mt Colin will continue approximately 3 months longer than planned and into Q1 FY25 due to strong geotechnical performance.
• At the end of FY24, ore stockpiles of approximately 200kt grading 2% Cu available for processing are forecast at Mt Colin.
• Exploration at the Jaguar Operation has transitioned to focusing exclusively on gold.
• At the end of the quarter, Aeris had useable cash and receivables of $28.3 million with a closing cash balance of $19.4 million.

• Copper equivalent production of 9.1kt for the quarter.
• AISC of A$5.31/lb for copper equivalent production.
• Gold production and costs at Cracow are in line with the plan.
• Potential new vein structures identified at Cracow.
• Mt Colin mine production is in line with the plan.
• Mining at Mt Colin will continue approximately 3 months longer than planned and into Q1 FY25 due to strong geotechnical performance.
• Operating costs for the quarter were in line with plan at Cracow.
• Exploration at the Jaguar Operation has transitioned to focusing exclusively on gold.
• Aeris has recorded no lost time injuries through the last quarter, bringing the 12-month LTIFR down to 1.10.

• Tritton production was impacted by labour and equipment availability.
• Mt Colin toll processing and copper production are behind schedule.
• Tritton's AISC (unit costs) for Q3 were higher quarter-on-quarter on the back of lower production volumes.
• Due to reduced processing runs through the year, copper production is forecast to be below guidance for FY24 at Mt Colin.

• Labour and equipment availability issues at Tritton could continue to impact production.
• Delays in toll processing at Mt Colin could affect copper production.
• Lower mined grades at Cracow could impact recovery rates.
• Fluctuations in commodity prices could affect revenue and profitability.
• The success of exploration activities at Jaguar is uncertain.
• The feasibility studies for Stockman and Barbara may not yield positive results.

Aeris expects Tritton to deliver copper production around the mid-point of the FY24 guidance range, and Cracow is on track to achieve the upper end of production guidance and lower end of operating and capital cost guidance for FY24.

This report reflects the ongoing challenges and opportunities in the mining sector, with a focus on maintaining production levels while managing costs and exploring new growth opportunities. The company's focus on exploration and feasibility studies aligns with industry trends towards securing future resources.

• AISC of A$5.31/lb is competative with other Australian copper miners.
• Gold production of 10.2koz at AISC of A$2,679/oz is competative with other Australian gold miners.

• Shareholders: Maintained guidance provides some stability, but production issues at Tritton and delays at Mt Colin could be concerning.
• Employees: Operational changes at Tritton and Jaguar could impact job security.
• Customers: Potential delays in copper production at Mt Colin could affect supply.
• Suppliers: Changes in mining plans could affect demand for goods and services.
• Creditors: Refinancing of debt and bonding facilities is underway.

• Implement measures to improve production rates at Tritton.
• Continue exploration drilling at Cracow.
• Complete the Barbara feasibility study.
• Commence drilling at the Heather Bore prospect at Jaguar.
• Finalize Albion leach test work for Stockman in Q4 FY2024.
• Schedule processing runs for Mt Colin ore stockpiles in Q1 and Q2 of FY25.

• July 2022: Previously unreported drill hole completed in July 2022
• 31 March 2024: End of the reported quarter.
• Early May 2024: The next drilling program at Constellation is scheduled to commence.
• Mid-April: A processing run for ca. 105kt ore was completed at Mt Colin.
• June quarter: Drilling will commence at the Heather Bore prospect at Jaguar.
• Q1 2025: Mining at Mt Colin will continue approximately 3 months longer than planned and into Q1 FY25.
• Q1 2025: The Feasibility Study for the Barbara underground mining project is expected to be completed.