Aic Mines Limited · ASX:A1M
Aic Mines — Investor Presentation (September 2026)
35 slides from Aic Mines's investor presentation, Sep 23, 2026
Slide 1: Transformational Copper Project Acquisition
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES Transformational Copper Project Acquisition Building the next Australian mid-tier copper producer September 2026
Slide 2: Important information
Important information This presentation is dated 23 September 2026 and has been prepared by AIC Mines Limited (ABN 11 060 156 452) (“the Company” or “AIC Mines”) in relation to its proposed acquisition of the Mt Cuthbert Project (the “Acquisition”) and concurrent subscription agreement with existing
Slide 3: Acquisition of the Mt Cuthbert Project
Acquisition of the Mt Cuthbert Project Creating a second copper hub in northwest Queensland Mt Cuthbert is an advanced copper project located 150km northwest of the Eloise- Jericho operations - Defined Mineral Resources total 18.7Mt @ 1.3% Cu for 246,000t Cu located on 100% granted Mining Leases. -
Slide 4: A Transformational Opportunity
A Transformational Opportunity Second flagship asset that materially transforms Company scale - Mt Cuthbert has seen minimal exploration since the early 2000’s, and almost no drilling to target copper sulphide mineralisation. - Potential to support a standalone operation producing both copper concen
Slide 5: Transaction Details
Transaction Details Strategic Placement to fund Acquisition and accelerated project development work program AIC Mines has entered into binding agreements to acquire a 100% interest in Materra Metals Limited, owner of the Mt Cuthbert Acquisition Copper Project (the “Acquisition”) Total consideration
Slide 6: Value Accretive Acquisition
Value Accretive Acquisition Disciplined approach to deliver superior returns Mt Cuthbert acquired at an attractive value of “We have reviewed almost all of ~488/t copper resource the advanced-stage copper opportunities in the Mt Isa – Cloncurry region over the last five Lower than AIC Mines’ implied
Slide 7: Regional Synergies and Strategic Logic
Regional Synergies and Strategic Logic Becoming a multi-asset copper producer in Queensland’s Northwest Minerals Province - Highly relevant skills and experience developed in the region in relation to project permitting, exploration, underground mining and project development. - Mt Cuthbert has simi
Slide 8: Mt Cuthbert Project Mineral Resource
Mt Cuthbert Project Mineral Resource1 Significant base to build critical mass for a copper sulphide operation MRE Contained Copper (kt) MRE Material Type Leichhardt, Warwick 11.2 Castle, 2.3 Mt Watson, 40.3 Mt Oxide & Cuthbert, transitional, 98.7 26% Sulphide, 74% Crusader, 93.4 Resource Category To
Slide 9: Project Development Pathway
Project Development Pathway Work program targeting a series of staged investment decisions to expedite development Studies and project development - Resource definition, exploration drilling and environmental baseline studies to commence immediately following the conclusion of the oncoming wet seaso
Slide 10: Mt Cuthbert
Mt Cuthbert Immediate high-grade extension potential with scale - Historic production of ~31,000t of copper (~75% oxide). - Located on north trending subvertical shear zone. - Mineralisation has been intersected over >1,000m strike and >400m below surface. - Interpreted near-vertical lodes of thicke
Slide 11: Crusader
Crusader High-grade Indicated MRE provides a strong platform for growth - Historic production of ~14,000t of copper (~65% oxide). - 5,700t of copper produced in concentrate from toll processing at the Ernest Henry Mine in 2020, at 92% recovery. - Occurs on the regionally-significant Crusader fault.
Slide 12: Mt Watson
Mt Watson Oxide well defined with deeper sulphide potential upside - Historic production of ~27,000t of copper (solely oxide). - Structurally controlled with breccia fill and disseminated copper mineralisation. - Mineralisation intersected to a depth of 300m in western area of deposit. - Underground
Slide 13: Regional exploration pipeline
Regional exploration pipeline Systematically testing a pipeline of new targets Exploration program - Underexplored 2,400km2 land package. - A pipeline of early and more advanced exploration targets have been identified outside the known resource areas. - Three targets proximal to the current Crusade
Slide 14: Regional exploration targets
Regional exploration targets High-grade copper drill intersections below historic open pits with no further testing Four holes have intersected sulphide mineralisation below the base of Seven holes have intersected sulhpide mineralisation below the the historic Dobbyn pit, including: base of the his
Slide 15: Eloise-Jericho Copper Operations
Eloise-Jericho Copper Operations
Slide 16: Eloise Copper Mine
Eloise Copper Mine Our foundational asset - FY26 – Guidance Achieved for Third Consecutive Year1: - Eloise produced 13,064t Cu and 6,621oz Au in concentrate - At an AISC of $4.99/lb (US$3.39/lb) and an AIC of $5.32/lb (US$3.62/lb) Cu sold - Eloise generated net mine cash flow of $63.3 million after
Slide 17: Jericho Copper Deposit
Jericho Copper Deposit Our next copper mine - Acquired in January 2023 – Jericho has transformed Eloise - Jericho orebody is being de-risked - J1 lens accessed at the end of January 2026 ahead of plan. - Ground conditions are consistent with the Jericho geological model. - Grade-control drilling is
Slide 18: Eloise Plant Expansion
Eloise Plant Expansion Expand and improve Eloise - Stage 1 plant expansion to 1.1Mtpa1 is on schedule for commissioning in the December 2026 Quarter - GR Engineering have made excellent progress – at 31 August 2026, overall EPC progress was at 92% and construction at 75% - Will increase production t
Slide 19: Exploration Strategy
Exploration Strategy Focus on transformational discoveries - Combined Eloise Region Mineral Resources1 total 31.2Mt grading 2.0% Cu and 0.4g/t Au for 631,800t Cu and 445,800oz Au. - This is the largest resource base available to the Eloise plant in its 30-year history. - Jericho mineralisation remai
Slide 20: Growth Strategy
Growth Strategy Building a new Australian mid-tier copper and gold miner VALUE CREATION THROUGH PRODUCTION GROWTH TARGETING COPPER AND GOLD PROJECTS IN AUSTRALIA Building our Project Development Underground Mining Expertise Committed to High Impact Exploration Disciplined Approach to Growth Credenti
Slide 21: Investment Proposition
Investment Proposition Highly credentialed and heavily invested team Cashflow – high-grade Eloise mine delivering reliable production Growth – development of Jericho deposit and expansion at Eloise underway, acquisition of Mt Cuthbert targeting a second production centre Upside – exploration success
Slide 22: Risk Factors
(fm, AIC Mines -_- Limited
Slide 23: Key Risks
Key Risks There are various risks associated with an investment in AIC Mines generally, as with any securities market investment. The Directors of AIC Mines aim to manage these risks by carefully planning the Company’s activities and implementing risk control measures. However, some of the risks ide
Slide 24: Key Risks (cont.)
Key Risks Cont. Production and Cost Estimates Risk AIC Mines prepares estimates of future production (including Production Guidance and Production Targets), cash costs and capital costs of production for its operations. Failure to achieve production or cost estimates or material increases in costs c
Slide 25: Key Risks (cont.)
Key Risks Cont. Diesel Supply Interruption and Fluctuations in Diesel Price Risk Diesel supply disruptions, caused by conflict in the Middle East, were widely reported across Australia in late FY26. To date, the Eloise operation has continued to receive its full contracted allocation of diesel and h
Slide 26: Key Risks - Risks Associated with the Acquisition
Key Risks RISKS ASSOCIATED WITH THE ACQUISITION Completion Risk Completion of the Acquisition is conditional on various matters as set out in the Share Sale Agreement (Share Sale Agreement) in respect of the Acquisition, including AIC Mines obtaining shareholder approval and completing the Placement
Slide 27: International Offer Restrictions
International Offer Restrictions 27
Slide 28: International Offer Restrictions
International Offer Restrictions This presentation does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Aus
Slide 29: International Offer Restrictions (cont.)
International Offer Restrictions Cont. United States This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any
Slide 30: Appendix: Mineral Resources and Ore Reserves
Appendix MINERAL RESOURCES AND ORE RESERVES
Slide 31: AIC Mines Group Mineral Resources
AIC Mines Group Mineral Resources Cu Grade Au Grade Ag Grade Contained Contained Contained Notes: Resource Category Tonnes (%) (g/t) (g/t) Copper (t) Gold (oz) Silver (oz) - Mt Cuthbert Resource tonnes have been rounded to the nearest 10,000 Jericho Project tonnes. Measured - - - - - - - - All other
Slide 32: Eloise Project Ore Reserves
Eloise Project Ore Reserves ELOISE PROJECT – COMBINED ORE RESERVES AS AT 31 DECEMBER 2025 Notes: - Eloise Ore Reserves are estimated using a 1.3% Cu cut-off above 0mRL (1,190mBSL) and 1.8% Cu below 0mRL. Cu Grade Au Grade Ag Grade Contained Contained Contained - Jericho Ore Reserves are estimated us
Slide 33: Eloise Project Production Outlook
Eloise Project Production Outlook COMBINED PRODUCTION OUTLOOK AS AT 31 DECEMBER 2025 Production Outlook refers to the FY27 Guidance, and FY28 and FY29 Production Targets. Production Outlook FY27 FY28 FY29 Production Target (Low - High) t Cu in conc 17,500 - 18,500 20,000 - 22,000 25,000 - 27,000 The
Slide 34: Mt Cuthbert Project Mineral Resources
Mt Cuthbert Project Mineral Resources MT CUTHBERT PROJECT – COMBINED MINERAL RESOURCES AS AT 1 May 2026 Notes: - Resource tonnes have been rounded to the nearest 10,000 tonnes. - Totals and sub totals may not add due to rounding. Resource Category Tonnes Cu Grade (%) Contained Copper (t) - Mt Cuthbe
Slide 35: A miner, a developer, an explorer
A miner, a developer, an explorer Focused on copper and gold in Australia Post Transaction LTM 4 SHARE PRICE A1M Current Completion $1.00 14.0M Share Price1 $0.795 $0.795 $0.90 12.0M $0.80 Shares on Issue 799.5M 1,013.3M 10.0M $0.70 Market Capitalisation $635.6M $805.6M $0.60 8.0M Cash2 $41.7M $41.7