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Q1 FY27 Quarterly Results 29 October 2026 Presented by: Andre Labuschagne
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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. 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. An investment in securities is subject to known and unknown risks, some of which are beyond the control of Aeris. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities. 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. 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 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 the COVID-19 pandemic and international hostilities and associated economic changes.
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DISCLAIMER 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. NO NEW INFORMATION STATEMENT This presentation refers to Exploration Results, estimates of Mineral Resources and Ore Reserves contained in the Group Mineral Resource and Ore Reserve Statement as at 30 June 2026 (announced 30 July 2026 “Group Mineral Resource and Ore Reserve Statement”), as well as an Ore Reserve and Mineral Resource Estimate for Tritton (announced 21 July 2026 “Major Increase in Tritton Mineral Resources and Ore Reserves”) and Mineral Resource Estimate for Golden Plateau (announced 22 October 2026 “Aeris Delivers Material Increase to Golden Plateau Mineral Resource at its Cracow Operations”)and prior market announcements released by Aeris, (Prior Reports). The Prior Reports are footnote referenced in this presentation and available from: https://www.aerisresources.com.au/investor. Aeris confirms that it is not aware of any new information or data that materially affects the information included in the Prior Reports and, in the case of Exploration Results, estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the results or estimates in the Prior Reports continue to apply and have not materially changed. Aeris confirms that the form and context in which the Competent Person’s findings are presented in this document have not been materially modified from the Prior Reports. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The securities referred to in this Presentation have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, to any person in the United States or to any person acting for the account or benefit of a person in the United States unless they have been registered under the US Securities Act (which Aeris has no obligation to do or to procure) or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any applicable securities laws of any state or other jurisdiction of the United States.
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AERIS RESOURCES Australian mid-tier, copper and gold producer 2 producing operations (FY26: 42.1kt copper eq.)1 Multiple development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Refer to ASX release “FY26 Production Results”, 14 July 2026 for commodity price assumptions. 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.
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GROUP Q1 SUMMARY Solid quarter, operations on track Copper equivalent production ahead of plan at 9.3kt at AISC of A$6.10/lb Tritton production ahead of plan Cracow production on track Group on track for annual guidance Constellation construction and waste stripping underway Mineral Resource update for Golden Plateau – potential to extend Cracow mine life Closing cash and receivables of $178.7 million after investment in growth 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Q1: US$14,086/t Cu, US$4,250/oz Au, US$62/oz Ag. Unit Jun 26 QTR Sep 26 QTR FY27 Guidance Safety – LTIFR /mmhr 4.6 5.1 Copper produced kt 6.5 5.9 22 – 27 Gold produced koz 12.9 10.8 42 – 51 Silver produced koz 71.5 48.8 130 – 160 Cu eq production1 kt 11.3 9.3 37 – 46 Operating Costs Total mine operations A$M 95.8 93.5 320 – 390 Corporate A$M 8.8 7.7 24 – 29 Care & maintenance A$M 3.3 0.6 3 – 4 Capital Costs Sustaining A$M 18.1 25.4 81 – 98 Growth & projects A$M 23.5 53.6 170 – 210 Exploration A$M 6.7 6.5 29 – 35 AISC A$M 120.4 125.4 - AISC A$/lb Cu eq 4.83 6.10 -
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TRITTON New South Wales
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TRITTON Q1 RESULTS Production ahead of plan Copper production of 5.9kt at AISC of $6.12/lb Copper, gold and silver production ahead of plan due to improved mined grades Ore milled at 1.8Mtpa rate, with September record throughput Additional Avoca Tank ore included in the mine plan for late FY27 Constellation construction underway and waste stripping on track Production Summary Unit Jun 26 QTR Sep 26 QTR FY27 Guidance Ore Mined kt 615.9 756.5 - Mined Grade % Cu 1.46 1.08 - Ore Milled kt 451.1 452.0 - Milled Grade % Cu 1.61 1.47 - Recovery % Cu 90.1 88.4 - Copper Produced kt 6.5 5.9 22 – 27 Gold Produced koz 2.4 2.0 8 – 10 Silver Produced koz 64.7 44.0 100 – 130 Cost Summary Mining A$M 40.5 36.1 - Processing A$M 9.6 10.5 - Site G&A A$M 7.5 9.0 - TC/RCs A$M 2.0 0.3 - Product Handling A$M 7.5 6.2 - Total mine operations A$M 67.1 62.1 210 – 260 By-Product Credit A$M (20.9) (11.8) - Royalties A$M 4.9 4.4 - Corporate G&A A$M 0.5 0.5 - Inventory Movements A$M (7.2) 2.4 - Sustaining Capital A$M 13.2 21.4 54 – 65 All-In Sustaining Costs A$M 57.6 79.0 - A$/lb 3.99 6.12 - Growth Capital A$M 23.0 52.8 160 – 190 Exploration A$M 2.8 2.3 10 – 12 All-In Costs A$M 83.4 134.1 - A$/lb 5.78 10.39 -
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AVOCA TANK Additional ore included in FY27 mine plan
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CONSTELLATION UPDATE Mining Lease Granted 22 July 2026 Construction Underway Construction underway Site construction underway 5km of 25km haul road completed and sealed
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CONSTELLATION WASTE STRIPPING Mining Lease Granted 22 July 2026 Construction Underway Construction underway
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CRACOW Queensland
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CRACOW Q1 RESULTS Strong mined and milled tonnes Gold production 8.8koz at AISC of $4,079/oz Production down quarter-on-quarter on lower mined grades but grade to increase in Q2 Cracow remains on track for guidance Costs on budget Exploration drilling at Golden Plateau informed material Mineral Resource update released post- quarter end Production Summary Unit Jun 26 QTR Sep 26 QTR FY27 Guidance Ore Mined kt 150.3 127.4 - Mined Grade g/t 2.33 2.24 - Ore Milled kt 167.1 157.3 - Milled Grade g/t 2.20 1.97 - Recovery % Au 88.9 88.4 - Gold Produced koz 10.5 8.8 34 – 41 Gold Sold koz 10.8 8.4 - Cost Summary Mining A$M 18.0 20.0 - Processing A$M 7.8 7.9 - Site G&A A$M 2.9 3.5 - Total mine operations A$M 28.6 31.4 110 – 130 By-Product Credit A$M (0.7) (0.4) - Royalties A$M 3.8 2.7 - Corporate G&A A$M 0.4 0.4 - Inventory Movements A$M 4.2 (4.0) - Sustaining Capital A$M 4.9 4.0 27 – 33 All-In Sustaining Costs A$M 41.2 34.1 - A$/oz 3,812 4,079 - Growth Capital A$M 0.1 0.7 14 – 17 Exploration A$M 2.6 3.6 12 – 15 All-In Costs A$M 43.9 38.4 - A$/oz 4,064 4,593 -
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GOLDEN PLATEAU Material increase to Mineral Resource1 220% increase in contained gold metal Measured and Indicated Mineral Resources now makes up 50% of the contained gold Resource based on validated historical drillholes plus 88 new drillholes (16,204m) Drilling to continue throughout FY27 with approx. 15,000m remaining Results provide significant potential to extend the Cracow life of mine plan Mine design and permitting activities to support a new open pit and underground operation are underway 1. Refer to ASX announcement “Aeris Delivers Material Increase to Golden Plateau Mineral Resource at its Cracow Operations”, dat ed 22 October 2026 Deposit Category Tonnes (kt) Grade Contained Metal Au (g/t) Ag (g/t) Au (koz) Ag (koz) Open Pit Measured 95 2.8 8 8.4 23 Indicated 910 2.1 5 60 160 Inferred 1,500 1.8 7 83 350 Total 2,500 1.9 7 150 530 Underground Measured 30 5.2 11 5.1 10 Indicated 260 3.1 12 26 96 Inferred 240 2.4 15 18 120 Total 530 2.9 13 50 220 Total Measured 130 3.3 8 13 33 Indicated 1,200 2.3 7 86 250 Inferred 1,700 1.9 9 100 470 Grand Total 3,000 2.1 8 200 750
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GOLDEN PLATEAU Mining Lease Granted 22 July 2026 Construction Underway Construction underway Jun 26 MRE Drill hole Oct 26 MRE Drill hole
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PROJECTS AND CORPORATE
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GROUP PROJECTS Base metals exploration at Jaguar Assays back from drill program testing 8 base metals anomalies Encouraging results including low level sulphide mineralisation and pathfinder elements returned from Ceberus, Atalanta, Hera and Panther prospects1 Downhole EM logging of the Panther hole indicates a conductor off-hole at a depth of 400m Technical work continuing to refine targets for potential further drilling Stockman: New improvement opportunities being investigated before feasibility study is finalised 1. Refer to September 2026 Quarterly Report for drillhole details and JORC tables
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CORPORATE Closing cash and receivables of $178.7 million after significant capital investment (A$ Million) Jun 26 QTR Sep 26 QTR Closing Cash 164.9 127.8 Receivables – Tritton 37.4 50.8 Useable Cash and Receivables 202.3 178.7
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CORPORATE Q1 cash flow ($ million) Note - Projects include, Stockman and Jaguar
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AERIS RESOURCES Australian mid-tier, copper and gold producer 2 producing operations (FY26: 42.1kt copper eq.)1 Multiple development projects Investing in exploration Substantial copper production and metal inventory Excellent platform for growth 1. Cu Eq t = ((Cu Produced x Cu $/t) + (Au Produced x Au $/oz) + (Ag Produced x Ag $/oz)) / (Cu $/t) Refer to ASX release “FY26 Production Results”, 14 July 2026 for commodity price assumptions. 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.
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APPENDIX
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FY27 GUIDANCE Group FY27 Guidance FY26 Actual Production Copper kt 22 - 27 23 Gold koz 42 - 51 49 Silver koz 130 - 160 256 Copper equivalent kt 37 - 46 42 Operating Costs Mine operations $M 320 - 390 332 Care & maintenance $M 3 - 4 12 Corporate $M 24 - 29 26 Capital Costs Sustaining $M 81 - 98 71 Growth & projects $M 170 - 210 102 Exploration $M 29 - 35 17 Tritton FY27 Guidance FY26 Actual Production Copper kt 22 - 27 23 Gold koz 8 - 10 8 Silver koz 100 - 130 229 Operating Costs Mine operations $M 210 - 260 219 Capital Costs Sustaining $M 54 - 65 54 Growth $M 160 - 190 93 Exploration $M 10 - 12 7 Cracow FY27 Guidance FY26 Actual Production Gold koz 34 - 41 41 Operating Costs Mine operations $M 110 - 130 113 Capital Costs Sustaining $M 27 - 33 17 Growth $M 14 - 17 8 Exploration $M 12 - 15 8