Aeris Resources Limited · ASX:AIS
Aeris Resources — Merger or Acquisition (February 2026)
46 slides from Aeris Resources's merger presentation, Feb 12, 2026
Slide 1: Strategic Acquisition of Peel Mining
Strategic Acquisition of Peel Mining Reinforcing Aeris as a leading Australian mid-tier copper and gold producer February 2026 Not for release to US wire services or distribution in the United States
Slide 2: Disclaimer
Disclaimer This investor presentation has been prepared by Aeris Resources Limited FINANCIAL INFORMATION Forward-looking statements are based on information available to Aeris (“Aeris” or the “Company”) and Peel Mining Limited (“Peel”). By All financial information set out in this presentation is ex
Slide 3: Disclaimer
Disclaimer NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES NO NEW INFORMATION STATEMENT - Aeris AGGREGATION OF ESTIMATES This Presentation does not constitute an offer to sell, or the solicitation of This presentation refers to Exploration Results, estimates of Mineral This presentation contain
Slide 4: Acquiring Peel to Deliver Aeris' Growth Strategy
Acquiring Peel to Deliver Aeris’ Growth Strategy
Slide 5: Strategic Acquisition to Transform Tritton
Strategic Acquisition to Transform Tritton Aeris to acquire Peel’s South Cobar Copper Project Enlarges Tritton’s Cobar region resource base to over 500kt contained copper(2) (Mallee Bull + Wirlong) via Scheme of Arrangement Measured & Indicated Resources (Contained Cu kt) +63% Inferred Resources (Co
Slide 6: Logical Consolidation Within the Cobar Region
Logical Consolidation Within the Cobar Region Acquisition of advanced Mallee Bull and Wirlong resources Tritton Two large, high-grade copper deposits within trucking distance Operations 100km from Tritton, creating a combined 3,822km2 tenement package Tritton Mallee Bull resource with c. 88% Indicat
Slide 7: Positioning Tritton for a +10 Year Mine Life
Positioning Tritton for a +10 Year Mine Life(1) Contained Tritton Copper Production (kt) Copper Resources(3) Increasing mine life by combining Tritton’s processing capacity with Mallee Bull high-grade ore 29 M+I: 44kt Wirlong Inferred: 31kt Guidance Tritton mine life to be underpinned by base load f
Slide 8: Enhanced Market Position
Enhanced Market Position Market Capitalisation Mineral Resources Copper Production (A$M) (kt Cu) (FY26 guidance)(4) Capstone 12,738 Capstone 14,251 Sandfire 159 9,023 3,499 Sandfire Sandfire De ve lop 1,812 29Metals 2,166 Aeris 45 (1) (2) Ae ris PF 851 Ae ris PF 981 Pro-forma Pro-forma 29Metals 44 (
Slide 9: Continuing to Deliver on Aeris' FY26 Strategy
Continuing to Deliver on Aeris’ FY26 Strategy Balance Sheet Repay debt 06 01 Operational Delivery Tritton Assets sales • Murrawombie Pit Consider hedging strategy • Constellation on time Resource extension • • LOM Cracow • Golden Plateau • Resource extension • LOM Growth • Focus on life exte
Slide 10: Peel's South Cobar Copper Project (Mallee Bull and Wirlong)
Peel’s South Cobar Copper Project (Mallee Bull and Wirlong)
Slide 11: Mallee Bull
Mallee Bull Advanced copper project expected to become a near term, high-grade ore source for Tritton Mallee Bull Summary Pre-Development Milestones & Next Steps Preliminary mine design / scheduling completed South of Cobar Location New South Wales c. 130km from Tritton Metallurgical testwork, g
Slide 12: Wirlong
Wirlong Highly prospective exploration project Wirlong Summary Exploration Milestones & Next Steps Proven high-grade copper resource South of Cobar commencing at ~200m depth, remains open along strike Location New South Wales c. 100km from Tritton Previous drill program completed – totalling 66,
Slide 13: Transaction Overview
Transaction Overview
Slide 14: Key Transaction Details
Key Transaction Details • Aeris has entered into a Scheme Implementation Deed for an all-scrip acquisition of Peel Mining Limited (Peel), by way of a Scheme of Arrangement (Scheme)(1) • The Scheme has been unanimously recommended by the Peel Board(2,3) Scheme Structure • The Scheme is subject to cer
Slide 15: Compelling Transaction Rationale
Compelling Transaction Rationale Highly synergistic acquisition to secure long term, high-grade base load mill feed for Tritton Value to Aeris Shareholders Value to Peel Shareholders 46% premium to Peel’s closing share price (including the indicative Enhances the quality, scale and grade of the
Slide 16: Pro-forma Snapshot
Pro-forma Snapshot Creating a ~A$850M copper and gold company Aeris Peel(5) Pro-forma Share price / offer price(1) A$/sh 0.565 0.190 0.565 Shares outstanding(2) M 1,197.2 917.4 1,505.7 Market capitalisation A$M 676.4 174.3 850.7 Cash and concentrate receivables (31 Dec 2025)(3) A$M 106.4 Nil 106.4 D
Slide 17: NewCo Highlights
NewCo Highlights As part of the proposed transaction, Peel shareholders will retain full exposure to the precious and base metals exploration and development potential of NewCo Peel to undertake a demerger of Peel’s remaining precious and base metals assets in the Cobar Basin, plus remaining cash
Slide 18: Indicative Transaction Timeline
Indicative Transaction Timeline Scheme Booklet expected to be dispatched to Peel shareholders in early May 2026, ahead of a Scheme Meeting in mid June 2026 and transaction completion by early July 2026 Timeline Indicative Date Scheme and Demerger Timeline First Court Date for Scheme Early May 2026 S
Slide 19: Aeris Overview
Aeris Overview
Slide 20: Aeris Resources
Aeris Resources Australian mid-tier, base and precious metals producer 2 producing operations (FY26: 40-49kt 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 P
Slide 21: Corporate overview
Corporate overview Board of Directors AIS SHARE PRICE $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 Andre Colin Michele $0.10 Labuschagne Moorhead Muscillo Executive Non-Executive Non-Executive - Chairman Director Director 11-May-25 11-Oct-25 11-Mar-25 11-Apr-25 11-Aug-25 11-Jul-25 11-Sep-25 11-Nov-25 1
Slide 22: Tritton
Tritton New South Wales
Slide 23: Tritton
Tritton Strategic, cornerstone asset Strategic location in the Cobar region of NSW 100km Tritton ~450kt copper produced since operations began in 2005 and over tenements: 300kt still in resource(1) 2,343km2 2,343km2 prospective tenement package to be supplemented by 1,479km2 acquired through the tra
Slide 24: Murrawombie Pit
Murrawombie Pit Waste stripping in first half of year with ore delivery in second half Murrawombie Pit Stage 1 ore processing complete and Stage 2 waste stripping underway to deliver ore in Q3 FY26 Latest grade control model shows 10% increase in contained copper to be mined in FY26/27 Waste from cu
Slide 25: Constellation
Constellation Potential long-life mine to commence in FY27 Ore Reserve pit shells showing Indicated and Inferred Resource from the March 2025 MRE Large Mineral Resource defined: 7.6Mt of 2.01% Cu and 0.66g/t Au containing 153kt copper and 161koz gold1 Maiden Ore Reserve declared for open pit materia
Slide 26: Extending Mine Lives
Extending Mine Lives Avoca Tank long section showing drill intersections below the current Mineral Resource Encouraging drill result from Avoca Tank and Budgerygar ~80,000m underground diamond drilling planned in FY26 At Avoca Tank, drilling has intersected high-grade copper within the 100m interval
Slide 27: Mine Life Growth
Mine Life Growth All current ore sources still open at depth 27
Slide 28: Cracow
Cracow Queensland
Slide 29: Cracow
Cracow High margin gold mine with long operating history Cracow production and Resources1 under Aeris ownership 800 Underground gold mine in continuous production since 2004 700 600 Conventional crush and grind CIP processing plant 500 koz Au Produced +1.7Moz gold since first production in 2004, str
Slide 30: Cracow Exploration
Cracow Exploration Golden Plateau target Historically produced ~850koz Au via open-pit (to ~120m below surface) and underground (to ~260m below surface) Investigating large, lower grade mineralised halo around old stoping areas below the Golden Plateau pit 6,400m drill program underway with assays b
Slide 31: Exploration
Exploration Greenfield targets Targeting a +1Moz Western Vein Field analogue at the Southern Vein Field Airborne magnetic survey completed to aid finalisation of drill targets under 500m cover Drilling planned for FY26 to test geology model and identify prospective structures (limited historical dri
Slide 32: Projects
Projects Jaguar Stockman
Slide 33: Revised Jaguar Strategy
Revised Jaguar Strategy Reducing holding costs while undertaking low cost, high return exploration Strategy is to focus on +10 year life operations Pausing feasibility study while further exploration is undertaken 8 high priority base metals drill targets to be tested $3.1 million exploration progra
Slide 34: Jaguar
Jaguar Highly prospective for gold mineralisation Very significant gold endowment in the region 4.7Moz Thunderbox Operation1 located 8km north of the Jaguar tenements, 3.5Moz King of the Hills mine2 located 10km west Jaguar tenements highly prospective but had limited exploration Several advanced pr
Slide 35: Unlock Stockman
Unlock Stockman Reviewing next steps to unlock long term value High-grade Ore Reserve of 9.6Mt at 1.9% Cu, 4.3% Zn, 1.0g/t Au, 36g/t Ag1 Multiple processing routes assessed along with detailed cost estimates Potential to create a long life, high value operation Currawong mine plan Considering option
Slide 36: Summary
Summary Australian mid-tier, base and precious metals producer 2 producing operations (FY26: 40-49kt 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 $/t) + (Au Produced
Slide 37: Appendix – Supporting Information
Appendix – Supporting Information
Slide 38: Group Ore Reserves
Group Ore Reserves (At 31 Dec 2024) BASE METALS Category Tonnes Grade Contained Metal Asset (‘000) Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Tritton Proved 100 0.7 - - - 1 - - - Probable 2,280 1.6 - 0.3 6 36 - 23 444 Total 2,380 1.5 - 0.3 6 37 - 23 444 North Qld Proved - - --
Slide 39: Group Mineral Resources
Group Mineral Resources (At 31 Dec 2024) BASE METALS Category Tonnes Grade Contained Metal Project (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t) Cu (kt) Zn (kt) Au (koz) Ag (koz) Tritton Measured 0.4 1.0 - 0.1 2 4 - 1 30 Indicated 11.0 1.6 - 0.4 4 179 - 158 1,270 Inferred 7.5 1.8 - 0.3 4 131 - 73 840 Total 1
Slide 40: Tritton Operations Mineral Resources
Tritton Operations Mineral Resources (At 31 Dec 2024) Grade Contained Metal Grade Contained Metal Tonnes Tonnes Deposit Category Cu Au Ag Cu Au Ag Deposit Category Cu Au Ag Cu Au Ag (kt) (kt) (%) (g/t) (g/t) (kt) (koz) (koz) (%) (g/t) (g/t) (kt) (koz) (koz) Measured 400 1.1 0.1 2 4 1 30 Measured - -
Slide 41: FY26 Guidance
FY26 Guidance Tritton FY26 Guidance FY25 Actual Group FY26 Guidance FY25 Actual Production Production Copper kt 24 - 29 19.4 Copper kt 24 - 29 24.9 Gold koz 8 - 10 6.1 Gold koz 44 - 56 55.2 Silver koz 215 - 263 185.2 Silver koz 240 - 293 185.2 Copper equivalent1 kt 40 - 49 42.1 Operating Costs Mine
Slide 42: South Cobar Copper Project Resources
South Cobar Copper Project Resources South Cobar Project Copper MREs as at January 2023 ($A80/t NSR cut-off) MRE Deposit Category Tonnes (kt) Cu (%) Au (g/t) Ag (g/t) Zn (%) Pb (%) Cont Cu (kt) Cont Au (koz) Cont Ag (Moz) Cont Zn (kt) Cont Pb (kt) Ind 5,590 1.93 0.38 27 0.13 0.21 108 68 4.85 7.3 11.
Slide 43: Southern Nights Complex Resources
Southern Nights Complex Resources Southern Nights Complex MREs as at April 2025 MRE Deposit Category Tonnes (kt) Cu (%) Au (g/t) Ag (g/t) Zn (%) Pb (%) Cont Cu (kt) Cont Au (koz) Cont Ag (Moz) Cont Zn (kt) Cont Pb (kt) Ind 4,630 0.35 0.35 60.7 3.72 1.61 16 52 9 172 74 WT-SN Inf 5,360 0.36 0.46 45.1
Slide 44: Peer Benchmarking – Market Capitalisation
Peer Benchmarking – Market Capitalisation Share Price Market Capitalisation Company Source URL Ordinary Shares (A$/sh) (A$m) 23/12/2025 - "Application for quotation of https://announcements.asx.com.au/asxpdf/202 Aeris 1,197,168,782 0.565 676 securities - AIS" 51223/pdf/06tnrxtrrhsp6m.pdf 27/01/2026
Slide 45: Peer Benchmarking – Copper Mineral Resources
Peer Benchmarking – Copper Mineral Resources Measured Indicated Inferred Total Total Contained Total Contained Total Contained Total Contained Grade Grade Grade Grade Company Source URL Resource Copper Resource Copper Resource Copper Resource Copper (Mt) (Cu %) (Cu kt) (Mt) (Cu %) (Cu kt) (Mt) (Cu %
Slide 46: Peer Benchmarking – FY26 Production Guidance
Peer Benchmarking – FY26 Production Guidance FY26F Production Guidance Copper (kt) Gold (koz) Silver (koz) Zinc (kt) Lead (kt) CuEq (kt) Company Source URL Low High Mid Low High Mid Low High Mid Low High Mid Low High Mid Mid Pg.25, 29/01/2026 - https://announcemen "Aeris December 2025 ts.asx.com.au/
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