Aeris Resources Limited announced 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. 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 deposit. 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. BACALAR LENS: The high-grade massive sulphide Bacalar lens was discovered in December 2022 via an exploration diamond drill program conducted from the dedicated 3445 hanging wall diamond drill drive.

Eleven drillholes have intersected massive sulphide mineralisation in Bacalar, with another four intersecting copper stringer sulphides at the same horizon. Assay results have returned from 5 massive sulphide drill hole intersections, confirming the presence of high-grade copper and zinc mineralisation including: 23BUDD009: 15.8m @ 3.70% Cu, 6.06% Zn, 101g/t Ag, 1.61g/t Au (14.4m2); 23BUDD005: 11.3m @ 1.95% Cu, 12.1% Zn, 63g/t Ag, 0.85g/t Au (10.6m2); 23BUDD004: 7.6m @ 1.97% Cu, 5.90% Zn, 54g/t Ag, 0.82g/t Au (7.2m2); 23BUDD008: 12.6m @ 2.91% Cu, 4.00% Zn, 67g/t Ag, 1.30g/t Au (11.7m2); and 23BUDD015: 15.2m @ 1.70% Cu, 8.20% Zn, 58g/t Ag, 0.69g/t Au (13.4m2). The remaining six drill holes which intersected massive sulphides through the Bacalar lens are awaiting assay results.

Pyrite is the dominant sulphide mineral within the Bacalar massive sulphide lens. Zinc rich zones within the massive sulphide intersection are characterised by alternating bands of sphalerite and pyrite. In some areas sphalerite is the dominant sulphide mineral.

Copper rich horizons are defined by erratic stringer textures. 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) sub- seafloor 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. The main Bacalar massive sulphide lens sits within a basin (150m down plunge of the main 1.9Mt Arnage lens), replacing a sedimentary package consisting of felsic derived sandstones and volcanoclastic sediments on the main footwall rhyolite position (the same horizon that hosts both the Arnage and Turbo lenses).

Bacalar appears to be structurally truncated to the south by an interpreted growth fault and a mafic intrusive. The northernmost extent of the Turbo lens is situated <40m from the down-plunge extent of Bacalar, indicating that these were originally part of the same lens. Bacalar is bounded on the hangingwall by a late intrusive dolerite which has displaced some of the massive sulphide mineralisation to the west.

This lens has previously been reported as the Java Deeps lens. This is typical of other areas in the mine where later stage intrusions have split the mineralisation into parallel lenses. Although drilling has successfully closed out the extents of the Bacalar lens, the Java Deeps lens has high potential of down-plunge extension, as well as there being significant potential further to the south in the hangingwall of the Turbo position.