Slide 1: Q4 Results & Company Update
Q4 Results & Company Update 2 August 2023 Presented by: Andre Labuschagne Executive Chairman
Slide 2: Disclaimer
Disclaimer This investor presentation has been prepared by Aeris Resources Limited However, investors should note that the non-IFRS financial information DISCLAIMER (“Aeris” or the “Company”). By attending an investor presentation or and non-GAAP financial measures do not have standardised meanings
Slide 3: Highlights for Q4 FY23
Highlights for Q4 FY23 Copper equivalent production of 13.1kt for the quarter and 51.5kt Mt Colin mining to plan but affected by delays with third-party for the full year milling; large mined ore stockpiles at end of FY23 Tritton performed well – copper production of 5.4kt at improved Seismic events
Slide 4: Jaguar care and maintenance
Jaguar care and maintenance Bentley mine Preserving ~8Mt mineral resource1 for a future expanded mine Seismic events last quarter have forced a review of safe production rates Operation has also been impacted by cost inflation on key consumables and a weaker zinc price Reduction in near-term ore sou
Slide 5: Upsize of working cap facility to $50 million
Upsize of working cap facility to $50 million WHSP Facility Key Terms1 Facility Limit A$50 million 2 years with ability to extend for a further 1 Term year with consent of the Lender Interest Rate BBSY + 11% per annum (payable monthly) Interest may be capitalised and will accrue PIK Interest New fac
Slide 6: FY24 Guidance
FY24 Guidance FY24 Group Guidance FY23A Group copper equivalent production of 40kt - 50kt, with Production minimal contribution from Jaguar, down from 51.5kt Copper kt 28 - 35 27.4 Zinc kt 1.2 - 1.5 22.5 Uplift in copper production due to improved mine grades Gold koz 48 - 60 59.6 at Tritton Silver
Slide 7: Aeris Resources
Aeris Resources Australian mid-tier, base and precious metals miner Mt Colin Mine (100%) Mine Type U/G Cu, Au FY24 Production Guidance 8kt - 10kt Cu Cracow Operations (100%) Barbara Project (100%) Mine Type U/G Au FY24 Production Guidance 38koz - 48koz Au Mine Type U/G Cu, Au Resource 45kt Cu1 North
Slide 8: Tritton
Tritton NSW.
Slide 9: Q4 results & FY24 guidance
Q4 results & FY24 guidance Challenging FY23; investments start to payoff in FY24 FY24 Q4 copper production of 5.4kt Cu at AISC of A$5.68/lb Tritton Operations Guidance FY23A Production Copper kt 19 - 24 17.2 Increased contribution from the high-grade Avoca Tank Gold koz 6-7 4.6 and Budgerygar mines
Slide 10: Tritton mine (including Budgerygar)
Tritton mine (including Budgerygar) 2 year investment to improve grade Budgerygar vent shaft now complete – almost 12 months late due to geotechnical issues Budgerygar production to ramp-up over FY24 Higher grade ore from Budgerygar and Tritton in FY24 Murrawombie Underground Showing EM plates 250m
Slide 11: Avoca Tank mine
Avoca Tank mine Following up high-grade intersections 2.5% Cu and 0.8g/t Au ore from Avoca Tank (in production Q4 FY23) – geological model reconciling well to resource Grade control drilling / underground mapping materially improved geological understanding Production to ramp-up during FY24 New gold
Slide 12: Constellation Deposit
Constellation Deposit Potential future baseload feed for Tritton mill Located 45km northeast of the Tritton plant Mineral Resource1 of 6.7Mt at 1.85% Cu and 0.58g/t Au Large, higher grade resource1 from surface and open at depth Drill program to commence Q1 FY24 targeting additional Mineral Resource
Slide 13: Exploration opportunities
Exploration opportunities Multiple high conviction targets in highly endowed region Over 900kt1 Cu discovered to date, over 80% of which has been south of the Mitchell Highway Exploration focus shifted to underexplored northern tenements with over 100km of favourable stratigraphy Initial airborne EM
Slide 14: Cracow
S ie) U c UO ne) c fe Ww iS o o =) oO
Slide 15: Q4 results & FY24 guidance
Q4 results & FY24 guidance FY24 Strong quarter with gold production of 13.8koz at AISC of Cracow Operations Guidance FY23A $2,187/oz Production Gold koz 38 - 48 48.2 Total operating and capital costs for FY23 within revised full year guidance Operating Costs Mining $M 50 - 60 57 Capital investment i
Slide 16: Near mine exploration
Near mine exploration Small, high-grade resource additions at current mining area (Western Vein Field) Mature mining operation centred on the Western Vein Field (WVF) Cracow has a strong history of reserve replacement Potential for small, high-grade extensions to known ore shoots in WVF – multiple t
Slide 17: Golden Plateau
Golden Plateau Potential new mining area Historic mining area with potential for future underground operation 62koz Au Mineral Resource1 defined in FY23 Significant potential to add additional Mineral Resources with further drilling Developing exploration decline to improve drill access 1. Golden Pl
Slide 18: Southern Vein Field
Southern Vein Field Could be the game-changer for Cracow Approx. 2.5Moz gold produced to date from the WVF and 850koz gold from Golden Plateau Structures with the potential to host WVF style ore shoots interpreted under cover in the Southern Vein Field Southern Vein Field has had very limited explor
Slide 19: Mt Colin
Mt Colin North Queensland
Slide 20: Q4 results & FY24 guidance
Q4 results & FY24 guidance FY24 Q4 copper production of 2.0kt at AISC of $4.71/lb North Queensland Operations Guidance FY23A Production Copper kt 8 - 10 7.1 Production impacted by toll processing delays at Ernest Gold koz 4-5 3.9 Henry Operating Costs Stockpiles of +100kt mined ore available for pro
Slide 21: Nth Qld strategy
Nth Qld strategy Mt Colin Stope Plan Using Mt Colin as springboard for future opportunities in region Harvesting cash from Mt Colin mine to fund other group capital developments Toll treatment options with regional mills reduces capital and speeds up development times Large tenement package in highl
Slide 22: Barbara project
Barbara project Potential follow-on operation to Mt Colin Updated resource of 2.2Mt at 2.0% Cu and 0.2g/t Au1 completed Resource remains open down-plunge Feasibility studies to be undertaken in FY24 on a potential underground operation Situated on a mining lease – can be brought into production quic
Slide 23: Jaguar
Jaguar Western Australia
Slide 24: Q4 results & FY24 guidance
Q4 results & FY24 guidance FY24 Jaguar Operations Guidance FY23A Q4 zinc production of 2.9kt at AISC of $6.21/lb Production Copper kt 0.2 - 0.3 3.1 Seismic events and low development rates severely Zinc kt 1.2 - 1.5 22.5 impacted mining activities Gold koz 0.2 - 0.3 3.0 Silver koz 33 - 42 718 All-in
Slide 25: Strategic plan
Strategic plan Target 10 year mine plan at ~650kt processing capacity from two or more mines producing at any time Mineral Resource1 8Mt @ 1.1% Cu, 5.6% Zn, 1.3g/t Au and 215g/t Ag across 4 deposits: ̶ Bentley ̶ Jaguar ̶ Triumph ̶ Teutonic Bore New Mineral Resource estimate for Jaguar Mine1 Defined,
Slide 26: Turbo development
Turbo development The future of the Bentley mine Current Bentley Mineral Resource of 3.1Mt at 1.3%Cu, 7.8%Zn, 0.8Au1 Turbo now the second largest lens ever discovered at the Bentley deposit and is still open at depth Decline from Bentley infrastructure to be redesigned to incorporate Bacalar and Fly
Slide 27: Jaguar mine
Jaguar mine Copper dominant restart opportunity Mineral Resource of 0.8Mt at 2.28% Cu, 4.66% Zn and 61g/t Ag1 Resource consists of high-grade remnant sills and pillars along with additional mineralisation outside the old mine workings Multiple targets for further exploration identified Dewatering un
Slide 28: Other regional targets
Other regional targets Tenements well known for base metals prospectivity but also hosts multiple gold targets Multiple new base metals VMS targets identified since acquiring in 2022 Tenement package also highly prospective for gold – regional endowment of +25Moz Heather Bore gold anomaly 13km from
Slide 29: Stockman Project
Stockman Project Victoria
Slide 30: Q4 Activities
Q4 Activities High-grade, long life, Zn-Cu-Ag-Au development project Feasibility study progressed – market update due Q2 FY24 Metallurgical drilling at Wilga and Currawong – enabling updated met test work with fresh ore samples Surface water permits granted Updated biological management plans submit
Slide 31: DFS underway
DFS underway Process Plant Currawong Wilga 3.3 km 31
Slide 32: Corporate
Corporate Closing cash and receivables of $29.5 million Sep Dec Mar Jun (A$ Million) 2022 2022 2023 2023 Qtr Qtr Qtr Qtr New $50m working capital facility to be provided by major shareholder, Washington H. Soul Pattinson. Closing cash 51.8 67.2 45.3 19.5 ANZ $20m Working Capital Facility to be cance
Slide 33: Appendix
We are {\aiis Appendix
Slide 34: Group Ore Reserves
Group Ore Reserves PROJECT CATEGORY TONNES (‘000) GRADE CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Tritton Proved 450 1.3 0.1 2.8 6 1 40 Probable 3,560 1.4 0.2 5.2 49 28 598 Total 4,010 1.4 0.2 4.9 55 30 638 Cracow Proved 230 3.7 27 Probable 360 3.5 41 Total 590 3.6 68 Jaguar
Slide 35: Group Mineral Resources
Group Mineral Resources PROJECT CATEGORY TONNES (‘000) GRADE CONTAINED METAL % Cu % Zn g/t Au g/t Ag kt Cu kt Zn koz Au koz Ag Tritton Measured 2,000 1.1 0.1 3 23 6 180 Indicated 11,000 1.4 0.3 4 155 103 1,480 Inferred 12,000 1.7 0.3 4 191 129 1,330 Total 25,000 1.5 0.3 4 369 238 2,990 Cracow Measur
Slide 36: Copper equivalent calculation
Copper equivalent calculation RECOVERED CUEQ METAL PRODUCED (Recovered Cu Metal t ×Cu Price $/t) +(Recovered Zn Metal t ×Zn Price $/t) +(Recovered Au Metal oz ×Au Price $/oz) +(Recovered Ag Metal oz ×Ag Price $/oz) CuEq Metal Recovered t = Cu Price $/t Where each Recovered Metal is Contained Metal x