Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce the successful completion of the institutional component (Institutional Entitlement Offer) of its fully underwritten 1 for 4.42 pro-rata accelerated non-renounceable entitlement offer (Entitlement Offer) of new shares, which was announced on Wednesday, 28 April 2022.

Proceeds from the Institutional Entitlement Offer will be put towards funding the cash consideration for the acquisition of Round Oak Minerals; for general working capital and to pay the costs associated with the acquisition. The Institutional Entitlement Offer raised approximately $30.1 million through the issue of approximately 286.84 million New Shares at $0.105 per New Share (Offer Price) and was well supported by existing eligible institutional shareholders, who took up approximately 59% of their entitlements. The institutional shortfall and Institutional Placement were oversubscribed by both existing eligible institutional shareholders and new institutional investors. Each New Share issued under the Institutional Entitlement Offer will rank equally with existing Aeris shares on issue.

New Shares under the Institutional Entitlement Offer are expected to be allotted on 6 May 2022 and trading on a normal settlement basis is expected to commence on the ASX the next business day. In addition to the above, Aeris also entered into Placement Agreement with existing Institutional shareholder, Paradice Investment Management Pty Ltd (Paradice) for a placement of additional Aeris Shares at the Offer Price to raise a further $17.1m. The issue of these additional shares is subject to required Aeris shareholder approval and completion of the acquisition of Round Oak Minerals2 ('Conditional Placement'). Aeris expects its trading halt to be lifted and Aeris shares to recommence trading from market open today (Monday, 2 May 2022).

Retail Entitlement Offer

Eligible retail shareholders will be invited to participate in the fully underwritten retail component of the Entitlement Offer (Retail Entitlement Offer) at the same Offer Price and offer ratio as under the Institutional Entitlement Offer. The Retail Entitlement Offer is fully underwritten and expected to raise $26.0 million. The Retail Entitlement Offer is expected to open on Thursday, 5 May 2022 and close at 5.00pm (AEST) on Tuesday, 17 May 2022 (Retail Offer Period). Further details about the Retail Entitlement Offer will be set out in an information booklet (Retail Offer Booklet), which Aeris will announce on the ASX on Wednesday, 5 May 2022. The Retail Offer Booklet and accompanying Entitlement and Acceptance Form are expected to be made available to eligible retail shareholders on the same day. Eligible retail shareholders should carefully read the Retail Offer Booklet and accompanying Entitlement and Acceptance Form.

Eligible retail shareholders with registered addressed in Australia or New Zealand and who hold Aeris shares on the record date of 7.00pm (Sydney time) on Monday, 2 May 2022 will have the opportunity to apply for New Shares at the Offer Price under the Retail Entitlement Offer. In addition, eligible retail shareholders who take up all of their entitlement may also apply for additional New Shares in excess of their entitlement (Shortfall Election). There is no cap on the amount of additional New Shares that eligible retail shareholders can apply to take up through their Shortfall Election. Eligible retail shareholders are not assured of being allocated any New Shares in excess of their entitlement, which will be allocated in accordance with the allocation policy outlined in the Retail Offer Booklet. You should seek appropriate professional advice before making any investment decision. If you have any questions about the Retail Entitlement Offer, please contact the Share Registry of Aeris, Automic Pty Ltd, on 1300 288 644 (within Australia) or +61 2 9698 5414 (outside Australia) between 8.30am and 5.00pm (AEST) during the Retail Offer Period.

Contact:

Mr. Andre Labuschagne

Tel: +61 7 3034 6200

Web: www.aerisresources.com.au

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