Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce this update on the Feasibility Study underway on its 100% owned Stockman Project (Stockman or the Project) in Victoria.

Aeris' Executive Chairman, Andre Labuschagne said 'We are very excited with the potential of the Stockman Project.

Since acquiring Stockman as part of the Round Oak acquisition in July 2022, our technical teams have materially advanced the Project.' 'The recently updated Mineral Resource estimate for the Currawong deposit has enabled us to revise the mine plan. The plan is to now mine only Currawong for the first 12 years of operations, at a rate of up to 850kt per annum of ore. Mining Currawong simplifies the operation compared to the previous plan of mining Currawong and Wilga concurrently, whilst also reducing up-front capital.' 'The complex metallurgy of the Stockman deposits impacts on metal recoveries and processing plant capital and operating costs. This has been a key factor why Stockman hasn't yet been developed.

We challenged our team to develop a processing flowsheet to address these issues, and after exploring multiple configurations, we are confident that a way forward has been identified.' 'Our new processing strategy will involve two stages. The mine site processing plant will have a simplified flowsheet producing a high-grade copper concentrate and a bulk concentrate containing copper, zinc, gold and silver. The copper concentrate will be transported to market whilst the bulk concentrate will be trucked to a regional offsite processing facility.'

'The offsite processing facility will utilise ultrafine grinding and the Albion Process to produce separate copper, zinc and precious metals saleable products. The addition of the Albion Process has potential to provide a step-change in metal recoveries and materially improve project economics. An initial desktop study has been completed with the technology vendor, utilising the recent Feasibility Study and metallurgical testwork results. A number of potential locations for the offsite processing facility have already been identified.' 'The Albion Process technology is in operation at multiple locations globally, processing copper, zinc and precious metals. This is well established, oxidative leaching technology proven to treat a wide range of concentrates with high metal recoveries.' 'Opportunities to further improve other aspects of the operations, its ESG footprint and project economics have also been identified, which we are progressing.'

'The Feasibility Study will now focus on verification of the metallurgical, flowsheet and economic assumptions associated with incorporating the Albion Process into the Project. We are targeting to finalise the Feasibility Study in the second half of 2024.'

Project History

The Stockman Project was acquired by Round Oak Minerals Pty Ltd (ROM) from Independence Group NL (IGO) in December 2017. Aeris subsequently acquired the ROM businesses, including the Stockman Project, in July 2022. The Project is located near the alpine town of Omeo, 19km east of Benambra in the East Gippsland region of Victoria, and approximately 300km northeast of Melbourne. In 2019, ROM completed a Selection Phase Study (SPS), consolidating and advancing earlier studies undertaken by previous owners of the Project, IGO and Jabiru Metals Limited. The ROM SPS comprised the development of two underground mines (Wilga and Currawong), mining approximately 1Mtpa, and an on-site flotation processing plant producing copper and zinc concentrates with precious metal by-products. Results from the SPS provided the basis for ROM to commence a Definition Phase Study (DPS).

Mining

The ROM DPS was in progress when Aeris acquired the Project in mid-2022 and at that time the plan was for the Currawong and Wilga deposits to be mined concurrently at a 1Mtpa rate. Aeris subsequently undertook a review and revalidation of the preliminary outputs from the ROM DPS and completed a full revision of the mine designs and schedules, based on new geological models. In addition, external consultants AMC, Phronis and Minefill Services undertook further work to refine the mine services and infrastructure and paste fill plant designs. Both Currawong and Wilga underground mines have been redesigned and rescheduled. At Currawong, the decline has been relocated and redesigned in a spiral arrangement providing access to lower and upper mineralised horizons and is strategically positioned for future access to the Bigfoot and Eureka deposits. This design enabled a revised mining schedule providing increased flexibility through more working fronts and enabling uncoupling of stope sequences. The revised design for Currawong also reduces peak waste to surface by reconfiguring the stoping panels, combined with increased uncemented rock fill, plus co-disposal of waste rock with paste fill as part of the mine backfilling strategy.

Following the redesign and rescheduling of both Currawong and Wilga, multiple scenarios were investigated to determine the optimum mining configuration. This resulted in a Currawong only mining scenario, at a maximum 850ktpa production rate, being selected as the new preferred case. The Wilga mine, which has a relatively high capital intensity for the defined mining inventory, and is located further from the processing plant, remains an opportunity for future development. Total lateral development of the Currawong mine will be ca. 28km with 1.0km of vertical development to establish ventilation and escapeway access. Total mined ore tonnes from the Currawong only scenario is 9.4Mt over 12 years, at average grades of 2.0% Cu, 3.7% Zn, 1.0g/t Au and 36g/t Ag4. The mine plan is based on 96% indicated resources and 4% inferred resources. There is a low level of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised.

Forward Work Plan

Aeris is excited with the potential of the Stockman Project and will continue to advance the updated Feasibility Study over the next 12 months. The key next phase workstreams will involve metallurgical testwork and processing plant design to incorporate the proposed offsite processing facility, including the Albion Process, into the Project. This will also impact favourably on power and water demands at the mine site as well as tailings and other environmental factors. A number of potential sites for the offsite processing facility have been identified and will be investigated along with any associated permitting/licensing requirements.

Contact:

Tel: +61 7 3034 6200

About Aeris

Aeris Resources is a mid-tier base and precious metals producer. Its copper dominant portfolio comprises three operating assets, a mine on care and maintenance, a long-life development project and a highly prospective exploration portfolio. 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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