Ann: APPENDIX 4D AND HALF-YEAR REPORT, page-10

Aeris Resources Limited
Notes to the condensed consolidated financial statements
31 December 2024
Note 1. Material accounting policy information (continued)
As at the date of this report, the Directors have considered the above matters and are confident that the Group will be
able to continue as a going concern for a period of at least 12 months from the date of the financial report for the following
reasons:
● The Group expects to be successful in refinancing its existing facilities and operate within the requirements of its
facilities. A process to secure its long-term debt requirements is significantly progressed at the date of this report;
● The $50.0 million WHSP Facility plus a 1-year extension option at discretion of WHSP, including the $10 million
undrawn commitment;
● A history of being able to raise equity funding if required, as evidenced by the successful $30.0 million capital raising
in November 2023;
● Continued covenant compliance;
● Focus on meeting production and costs guidance; and
● The expectation of generating positive cash flows from operating activities across the two operating mines, based on
forecasts.
At the date of this report, the above activities have not been completed, in particular the further refinancing of the CIF and
refinancing of the WHSP facilities. Therefore, as a result of these matters, there is a material uncertainty that may cast
significant doubt on the Group’s ability to continue as a going concern and, that it may be unable to realise its assets and
discharge its liabilities in the normal course of business. However, the Directors believe that the Group will be successful
in the above matters, including the refinancing of its debt facilities and, accordingly, have prepared the financial statements
on a going concern basis.
The financial statements do not include any adjustments that may be appropriate relating to the recoverability and
classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should
the Group not continue as a going concern.
The WHSP Facility is subject to financial covenants measured at the end of each quarter that include; Net Tangible Assets
balance, a ratio of Debt to EBITDA and an Interest Cover ratio. A breach of a financial covenant would result in an event of
default. The Group complied with these ratios during the half year and is forecasting to be compliant on all facilities for
their remaining terms.

-Because of debt facility requirements and uncertainty, it all still leaves a few question marks??
Staying positive for gold and copper....