Aeris Annual Report 2022

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TRITTON COPPER OPERATIONS Tritton Copper Operations produced 18,581 tonnes of copper in FY2022 and made significant progress on two mine life extension projects, the Budgerygar and Avoca Tank underground mines and progressed exploration activities at the Constellation deposit. TRITTON OPERATIONS Copper grades in ore mined, primarily at the Tritton underground mine, were below target during the first half of the financial year. As a result, a revised strategy was implemented in January with a focus on higher grade sources along with a reduction in ore tonnes. This strategy required stope re-design which took several months to flow through, with higher grades being achieved from the end of March. DEVELOPMENT PROJECTS In FY2022, $43.7 million was spent on life extension projects at Tritton Copper Operations to develop new ore sources, largely focused on the Avoca Tank and Budgerygar underground mine development. The new mine projects at Budgerygar and Avoca Tank will replace production from the Tritton and Murrawombie mines as they wind down over the next couple of years. Budgerygar and Avoca Tank mines will extend the life of the operation as well as increase mined copper grade. UNITS FY22 FY21 FY20 Mined Tonnes 1,488,120 1,573,679 1,610,504 Grade Cu (%) 1.30% 1.56% 1.63% Ore milled Tonnes 1,500,463 1,557,803 1,640,680 Grade milled Cu (%) 1.30% 1.56% 1.63% Recovery Cu (%) 94.56% 93.72% 93.49% Copper concentrate produced DMT 89,879 111,905 121,398 Copper concentrate grade Cu (%) 20.52% 20.37% 20.60% Contained copper in concentrate Tonnes 18,442 22,798 25,004 Copper cement produced Tonnes 139 188 37 Total copper produced Tonnes 18,581 22,987 25,041 AERIS ANNUAL REPORT 2022 MURRAWOMBIE PIT CUT-BACK PROJECT The expansion of the old Murrawombie Open Pit entails a push-back of the eastern wall to increase the pit depth. The Murrawombie Open Pit has an Ore Reserve of 1.6Mt @ 0.9% Cu (14kt contained copper metal). In FY2022, design of the Murrawombie pit cutback was completed and all necessary permits were received to commence mining. Grade control drilling continued during FY2022 targeting drill spacing appropriate for conversion to an Indicated Mineral Resource category. Multiple mining scenarios were examined for the Murrawombie Pit cut-back. During July, the decision was taken to postpone the Murrawombie Pit cut-back until a later date, once the underground operations at Murrawombie have ceased. 6
AVOCA TANK DEVELOPMENT The Avoca Tank deposit is a high-grade copper-gold deposit located 5km to the north of the existing Murrawombie underground mine. Avoca Tank has a mineral resource of 900kt @ 2.6% Cu and 0.8 g/t Au (24kt contained copper metal and 22koz contained gold metal) and an Ore Reserve of 700kt @ 2.5% Cu and 0.8 g/t Au (18kt contained copper metal and 18koz contained gold metal). The development of the access decline to Avoca Tank commenced in mid-October 2021 and by end of the financial year was approximately 70% complete. The decline starts from a portal which was previously used to access the North-East and Larsens mines. First production ore from Avoca Tank is scheduled for Q4 2023. Avoca Tank Mine Section ADVANCING AERIS 7
Page 1 and 2: Advancing Aeris 2022 Annual Report
Page 3 and 4: Contents 2022 HIGHLIGHTS IV EXECUTI
Page 5 and 6: Executive Chairman’s Letter To ou
Page 7 and 8: SECTION 1: FINANCIAL RESULTS During
Page 9: COVID-19 IMPACT The global COVID-19
Page 13 and 14: EXPLORATION In FY2022, $13.5 millio
Page 15 and 16: MINERAL RESOURCE FOR THE CONSTELLAT
Page 17 and 18: CRACOW GOLD OPERATIONS The Cracow G
Page 19 and 20: SOUTHERN VEIN FIELD EXPLORATION Lim
Page 21 and 22: ADVANCING AERIS 17
Page 23 and 24: Jaguar Locations Map ADVANCING AERI
Page 25 and 26: STOCKMAN PROJECT The Stockman Proje
Page 27 and 28: ADVANCING AERIS 23
Page 29 and 30: MINERAL RESOURCE ESTIMATES The 2022
Page 31 and 32: SUMMARY OF COMPETENT PERSONS FOR 20
Page 33 and 34: WHAT DOES SUSTAINABILITY MEAN TO AE
Page 35 and 36: MINIMAL FOOTPRINT DESIGN Aeris has
Page 37 and 38: CARBON AND CLIMATE CHANGE Objective
Page 39 and 40: TRADITIONAL CUSTODIANS We acknowled
Page 41 and 42: INJURY RATES The total recordable i
Page 43 and 44: The Directors present their report,
Page 45 and 46: NAME, EXPERIENCE AND OTHER DIRECTOR
Page 47 and 48: SIGNIFICANT CHANGES IN THE STATE OF
Page 49 and 50: EXPLORATION The Tritton tenement pa
Page 51 and 52: EXPLORATION Since Aeris took owners
Page 53 and 54: FINANCIAL REVIEW During the financi
Page 55 and 56: MATERIAL BUSINESS RISKS Aeris prepa
Page 57 and 58: OPERATIONAL AND COST RISK The Compa
Page 59 and 60: SIGNIFICANT EVENTS AFTER THE BALANC
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NON-AUDIT SERVICES The Company may
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The Directors are pleased to presen
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REMUNERATION FRAMEWORK EXECUTIVE RE
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LONG TERM INCENTIVES (LTI) Previous
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Vesting Share price The number of P
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COMPANY PERFORMANCE AND REMUNERATIO
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DETAILS OF REMUNERATION Details of
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SHARE-BASED COMPENSATION Details of
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The Remuneration Committee consider
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Auditor’s Independence Declaratio
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Aeris Resources Limited Contents 30
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Aeris Resources Limited Consolidate
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Aeris Resources Limited Consolidate
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Aeris Resources Limited Notes to th
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Independent auditor’s report To t
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● Due to fluctuations in profit,
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Other information The directors are
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ADVANCING AERIS 135
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HOLDING DISTRIBUTION HOLDINGS RANGE
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ADVANCING AERIS 139
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GLOSSARY $ or A$ Australian dollar
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DIRECTORS ANDRE LABUSCHAGNE ROBERT
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Aeris Annual Report 2022

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