Established Australian copper-gold producer and explorer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce the discovery of a new massive sulphide lens at the Bentley deposit, located at the Company's 100% owned Jaguar Operations (Jaguar) in Western Australia.

Aeris' Executive Chairman, Andre Labuschagne, said 'When we acquired the Jaguar Operations last year, as part of the Round Oak Minerals acquisition, we had a firm view that the Bentley Mine and the broader Jaguar tenement package was highly prospective for further discoveries of base metals and also potentially gold.' 'The discovery of Bacalar supports our view on the prospectivity at Jaguar and follows on from the other recent discoveries of the Turbo and Java Deeps lenses.'

BENTLEY DEPOSIT OVERVIEW

The Jaguar Operation is prospective for polymetallic (Zn, Cu +/- Au, Ag) volcanic hosted massive sulphide (VHMS) deposits. Four significant deposits have been discovered within the Jaguar tenement package to date: Teutonic Bore; Jaguar; Bentley and Triumph

Generally, mineralisation across each of the known deposits at Jaguar are similar, with massive sulphides interpreted to form via sub-seafloor replacement of sedimentary packages at the interface with underlying volcanic sequences. Three different styles of mineralisation are common across the Jaguar tenement package; massive, stringer and disseminated. The Bentley deposit is made up of 35 discrete sulphide lenses traced over a 500m strike corridor and extending 1,300m below surface. Since the discovery of the Bentley deposit in 2008, resource definition drilling has consistently increased the Mineral Resource base over time via the discovery of new sulphide lenses, down plunge and/or along strike from known lenses; the most notable recent discovery being the Turbo deposit1. Underground exploration drilling targeting mineralisation between the dominant Arnage and Turbo mineralised corridor led to the discovery of a massive new sulphide lens in December 2022, referred to as Bacalar.

Visually, the massive sulphide intersections awaiting assays are consistent with the five drill holes with returned assay results. References to percentage sulphide estimates are based on visual observations made by geologists inspecting the diamond drill core. Visual observations are estimates only and should not be considered a proxy or substitute for laboratory analyses. Assay results from the remaining six drill holes are expected to return over the coming 2 to 3 weeks.

The setting, deposition and mineralisation styles at Bacalar are the same as the overall Bentley deposit (Bentley). Bacalar is a polymetallic (Zn, Cu +/- Au, Ag) subseafloor replacement style VHMS deposit, hosted within an Archean sequence of felsic to mafic lavas and sediments, intruded by multiple stages of mafic intrusion (from Archean to Proterozoic). Most of the primary mineralisation at Bentley is situated at the contact with a rhyolite body, although subsequent deformation and intrusion events have displaced much of the mineralisation, meaning that multiple stratigraphic horizons within the sequence are prospective.

FORWARD LOOKING PLAN

An extensive deep exploration drill program is planned to further test the downplunge continuation of the Bentley system. This will be conducted from a 200m extension to the pre-existing 3445 hangingwall diamond drill drive. In addition to exploration drilling, there are also plans to install a fixed underground electromagnetic (EM) loop to significantly increase the ability to detect conductive sulphide lenses up to several hundreds of metres away from drill holes. Development of both projects are due to start towards the end of the financial year. Upon receipt of the outstanding assay results for Bacalar, a resource estimate will be prepared. Due to the close proximity of Bacalar to already established infrastructure at the Bentley Mine, opportunities will be explored to accelerate incorporation into the mine plan.

Contact:

Tel: +61 7 3034 6200

About Aeris

Aeris Resources is a mid-tier base and precious metals producer. Its copper dominant portfolio comprises four operating assets, a long-life development project and a highly prospective exploration portfolio, spanning Queensland, Western Australia, New South Wales and Victoria, with headquarters in Brisbane. Aeris has a strong pipeline of organic growth projects, an aggressive exploration program and continues to investigate strategic merger and acquisition opportunities. The Company's experienced board and management team bring significant corporate and technical expertise to a lean operating model. Aeris is committed to building strong partnerships with its key community, investment and workforce stakeholders.

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