Aeris Resources : MAIDEN MINERAL RESOURCE FOR CONSTELLATION

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16 DECEMBER 2021	ASX/MEDIA RELEASE

CONSTELLATION MAIDEN MINERAL RESOURCE

• Maiden Mineral Resource for the upper 200m of the Constellation deposit totalling 3.3 million tonnes at 1.4% copper, for 47,000 tonnes of copper metal, including:
• • Indicated Mineral Resource for high-grade Supergene mineralisation of 0.5 million tonnes at 3.4% copper, for 18,000 tonnes of copper metal; and
  • Indicated and Inferred Mineral Resource for Sulphide (Primary) mineralisation of 1.4 million tonnes at 1.6% copper, for 23,000 tonnes of contained copper1
• The Mineral Resource represents the potential open pitable portion of the deposit - optimisation of pit design underway
• An Exploration Target has been defined for primary mineralisation below the reported Mineral Resource

Established Australian copper-gold producer and explorer, Aeris Resources Limited (ASX: AIS) (Aeris or the Company) is pleased to announce a maiden Mineral Resource estimate for the Constellation deposit, located within the Company's 100% owned Tritton tenement package in New South Wales, of 3.3 Mt at 1.4% copper (47kt contained copper). In addition, an Exploration Target has been defined for the primary mineralisation below the current Mineral Resource down to RL-350m, approximately 750m down-plunge from the base of the Mineral Resource:

Table 1 - Constellation deposit Exploration Target

	Cu Domain		Tonnage Range (kt)	Cu Grade Range (%)	Cu Metal Range (kt)
	Primary		6,000 - 8,000	1.7 - 2.2	100 - 180

The potential quantity and grade of the Exploration Target is conceptual in nature and is therefore an approximation. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the

• See Table 2 below for breakdown of the Resource categories

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Post: Box 14, 520 Wickham Street, Fortitude Valley, QLD 4006

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estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.

Aeris' Executive Chairman, Andre Labuschagne, said "This maiden Mineral Resource and Exploration Target for the Constellation deposit confirms our long-held view that Constellation is a significant copper deposit and will play an important role in extending the life of our Tritton Copper Operation."

"To go from initial discovery to maiden Mineral Resource in just over 12 months is a fantastic outcome by our exploration team. What is also exciting is that Constellation remains open down-plunge."

"Resource definition drilling continues and we are targeting to deliver an updated Mineral Resource by the end of the March 2022 quarter. In parallel, the various option studies are progressing well, including metallurgical test work. Preliminary indications from the metallurgical test work appear positive and we are targeting to deliver detailed results by the end of January 2022."

CONSTELLATION MINERAL RESOURCE ESTIMATE

The Constellation Mineral Resource estimate totals 3.3 Mt at 1.4 percent copper, 0.3 gram per tonne gold, for 47,000 tonnes of copper metal and 36,000 ounces of gold metal (see Table 2).

Table 2: December 2021 Constellation Mineral Resource2,3.

DECEMBER 2021 CONSTELLATION MINERAL RESOURCE

Mineralisation	Resource	Cut-off	Tonnage	Cu	Au	Ag	Cu	Au	Ag
grade	metal	metal	metal
type	category	(kt)	(%)	(g/t)	(g/t)
(Cu%)	(kt)	(koz)	(koz)
	Measured		-	-	-	-	-	-	-
Oxide	Indicated	0.2	1,400	0.4	0.2	0.8	6	7	35
	Inferred		-	-	-	-	-	-	-
	Measured		-	-	-	-	-	-	-
Supergene	Indicated	0.3	500	3.4	0.3	1.2	18	5	20
	Inferred		-	-	-	-	-	-	-
Primary	Measured		-	-	-	-	-	-	-
Indicated	0.3	400	1.9	0.7	3.7	7	9	45
sulphide
Inferred		1,000	1.5	0.5	2.4	16	15	81
	Measured		-	-	-	-	-	-	-
TOTAL	Indicated	various	2,300	1.3	0.3	1.3	31	21	100
Inferred	1,000	1.5	0.4	2.4	16	15	81
	Total		3,300	1.4	0.3	1.7	47	36	181

• Mineral Resource figures are reported within a constraining pit shell applying the following metal price and exchange rate assumptions: USD$4.00/lb Cu, USD$1,700/oz Au and AUD:USD 0.75.
  3 Discrepancy in summation may occur due to rounding.

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The Mineral Resource represents the shallow, potentially open pitable portion of the deposit to 200m below surface, and has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code).

The Mineral Resource is based on an exploration and resource definition drill program totalling 144 drill holes and includes oxide (copper hydroxides), supergene (chalcocite) and primary copper (chalcopyrite) mineralisation. The Mineral Resource estimate is reported within a constraining pit shell at differing cut-off grades: the oxide Mineral Resource is reported at a 0.20% copper cut-off grade; and the supergene (chalcocite) and primary sulphide (chalcopyrite) domains are reported at a 0.30% copper cut-off grade. A summary of all assumptions used for reporting the Mineral Resource are included in Appendix B.

The resource model is reported to an Indicated and Inferred Mineral Resource category and is located in the upper 200m of the known Constellation deposit, which has been the focus of the majority of drilling completed to date. Indicated Mineral Resource is reported from areas within the conceptual pit shell with a drill density up to 40m x 40m. The geological interpretation is consistent between drill sections and grade distributions are understood. Inferred Mineral Resource is based on a nominal drill spacing up to 80m x 80m, providing a conceptual understanding of the geological framework and grade distribution within the conceptual pit shell.

CONSTELLATION EXPLORATION TARGET

An Exploration Target of 6Mt - 8Mt at a copper grade of between 1.7% and 2.2% (contained copper metal between 100kt to 180kt) has been defined for the primary sulphide mineralised system beneath the reported Mineral Resource at the Constellation deposit (Table 3).

Table 3: Constellation Exploration Target

	Cu Domain		Cu cut-off		Tonnage Range		Cu Grade		Cu Metal
			(%)		(kt)		Range (%)		Range (kt)
	Primary		0.80%		6,000 - 8,000		1.7 - 2.2		100 - 180

The Exploration Target represents the down plunge continuation of the reported Mineral Resource at Constellation, starting from approximately 200m below surface and extending down plunge approximately 750m (RL-350m) below the reported Mineral Resource (Figures 1 and 2).

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The Exploration Target is based off 63 diamond drill holes totalling 20,092m, of which 31 drill holes are awaiting assay results. Drill spacing varies widely from 40m x 80m to >80m x >160m. The remaining diamond drill holes with pending assays have been used to constrain the primary sulphide wireframe based on geological logging of copper sulphide intersections. Based on visual observations, the copper sulphide intersections are similar to sulphide intervals with returned assays. The visual intersection widths are considered appropriate for modelling the wireframe geometry and volume. The Exploration Target was estimated via an Ordinary Kriged (OK) interpolation method within a 0.30% copper grade shell. Dimensions of the primary copper domain vary based on drill coverage.

Figure 1 - Cross section view looking west showing the Indicated (green) and Inferred (blue) Constellation Mineral Resource within the reporting pit shell (grey). The Constellation Exploration Target is shown by the brown wireframe.

Based on the current available data it is not possible to convert the down plunge primary sulphide mineralisation to a Mineral Resource category. However, the data does allow for a conceptual geological interpretation and geology model to support an Exploration Target. The resource definition drill program at Constellation is expected to be completed early 2022 with an updated Mineral Resource estimate expected towards the end of the March 2022 quarter. The intent of the updated Mineral Resource is to convert the Exploration Target to a Mineral Resource.

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Figure 2 - Long section view looking northwest showing the Indicated (green) and Inferred (blue) Constellation Mineral Resource within the reporting pit shell (grey). The Constellation Exploration target is shown by the brown wireframe.

CONSTELLATION DEPOSIT - GEOLOGY

The Constellation deposit is hosted within 'early to mid' Ordovician meta-sediments of the Girilambone Group, a sequence of highly deformed and strongly foliated sandstones (psammites), quartzite, pelites, phyllite, chert and graphitic shales with occasional mafic sills intruding. Regional metamorphism of sediments is lower-to- middle greenschist facies, with abundant chlorite, muscovite and quartz. The deformation history of the area has resulted in multiple generations of folding and the formation of two prominent foliations. North-west trending mafic volcanic units, intrusive rocks and late-Silurian to Devonian gabbroic dykes crosscut the Girilambone Group metasediments.

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