Aeris Resources Limited provide an exploration update at Tritton Operation in New South Wales. Aeris holds a large tenement package, totaling 2,330km2, within the Girilambone basin, and which remains highly prospective for copper rich mineral deposits. Within the Company's tenement package, more than 750kt of copper metal has been discovered to date within the southern half, which has historically been the focus of exploration activities.

In recent years Aeris has focused efforts within the northern half of the tenement package. Airborne electromagnetic (AEM) surveys have proven to be a reliable exploration tool for first pass detection of large, conductive massive sulphide deposits to 300m below surface. For smaller massive sulphide or poorly conductive sulphide bodies, the Company is using geochemistry to assist with vectoring.

A significant amount of work has been completed to understand the geochemical signature of the known deposits, in particular which elements are anomalous surrounding a copper sulphide deposit and how each element concentration changes at increasing distances from the deposit. Understanding the geochemical footprint can be used to assist with identifying buried copper sulphide deposits and over the last 18 months the Company has deployed a ute mounted auger rig to undertake a regional geochemical sampling program over prospective areas within the tenement package. Geochemical signatures from the survey, in conjunction with other geological datasets are used to identify prospective areas suitable for first pass drill testing.

Several AEM surveys were completed between 2018 and 2019, which led to the discovery of the Constellation deposit in November 2019. The Constellation deposit is an important discovery for the Company, being the first deposit found within the under-explored northern half of the tenement package, highlighting the significant potential for further discoveries with continued exploration. The current Constellation Mineral Resource contains 123kt of copper metal and 125kt of gold metal.

The deposit remains open down-plunge with modelled EM conductors yet to be tested below the current Mineral Resource. In May 2022, an AEM survey was flown, covering 604km², over the northernmost portions of the tenement package. This AEM survey, utilising the VTEMTM Max airborne EM system, was designed and optimised to test for conductive bodies to a nominal 300m below surface.

Data collected from the survey has been finalised and interpreted. The identification of 14 priority EM anomalies confirms the Company's view that there is significant potential to discover additional copper sulphide deposits in the northern half of the Tritton tenement package. Ground based moving loop electromagnetic (MLTEM) surveys will now be undertaken in third quarter fiscal year 2023 on these anomalies.

MLTEM surveying is used to confirm whether AEM anomalies represent legitimate bedrock conductors, and warrant drill testing. The Kurrajong copper sulphide mineralised system is defined by a high-grade copper (>2% Cu) massive to semi-massive sulphide lens starting from 300m below surface. A disseminated /stringer sulphide halo surrounds the massive sulphide lens.

The mineralised system has been traced 1,100m down-plunge and remains open both down-plunge and along strike (north). A surface resource definition drill program, totaling 9 diamond drill holes, was recently completed at the Kurrajong deposit. The drill program targeted the upper two thirds of the known copper sulphide body, for conversion to a maiden Mineral Resource.

High-grade copper previously 4 reported from drill holes TKJD025 and TKJD026 include: · TKJD025 5.74m @ 4.32% Cu, 0.54g/t Au, 14.0g/t Ag (5.5 5) · TKJD026 5.86m @ 1.67% Cu, 0.20g/t Au, 7.7g/t Ag (5.45) Assay results from a further six drill holes have been received, including the following high-grade copper intersections: · TKJD031 21.2m @ 2.75% Cu, 0.17g/t Au and 5.2g/t Ag from 488m (185) · TKJD031 1.1m @ 2.89% Cu, 0.43g/t Au and 9g/t Ag from 481.5m (0.95) · TKJD032 18.45m @ 3.14% Cu, 0.30g/t Au and 6.6g/t Ag from 443.4m (15.75) · TKJD029 13.7m @ 1.13% Cu, 0.10g/t Au and 2.9g/t Ag from 547m (11.65) Underground drilling has continued at the Avoca Tank deposit with a further 9 holes completed following assay results reported from the first underground drill hole (ATEL001), which intersected high-grade copper and gold including: · 10.7m @ 5.48% Cu, 0.30g/t Au and 9.7g/t Ag (10.7 6); · 2.6m @ 2.94% Cu, 1.66g/t Au and 68g/t Ag (2.66); · 6.0m @ 0.36% Cu, 2.78g/t Ag and 31g/t Ag (6.06).