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Meeting of the Mines - Cloncurry September 2026
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2 Important information This presentation has been prepared by AIC Mines Limited (ABN 11060156452) (“the Company” or “AIC Mines”) to provide summary information about AIC Mines and its activities at the date of this presentation. The information contained in this presentation does not purport to be complete, and it should be read in conjunction with AIC Mines’ other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au or www.aicmines.com.au. The presentation should not be construed as an offer or invitation to subscribe for or purchase securities in AIC Mines. The information contained in this document has been prepared in good faith by AIC Mines, however no guarantee, representation or warranty expressed or implied is or will be made by any person (including AIC Mines and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. To the maximum extent permitted by law, AIC Mines and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by AIC Mines or any of its affiliates for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which AIC Mines and any of its affiliates or advisers may become aware. Forward looking statements Certain information in this document refers to the intentions of AIC Mines, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause AIC Mines’ actual results, performance or achievements to differ from those referred to in this document. Accordingly, AIC Mines and its affiliates and their directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of these events referred to in the document will actually occur as contemplated. Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, performance, dividends, returns, revenue, exchange rates, potential growth of AIC Mines, industry growth or other projections and any estimated company earnings are or may be forward looking statements. Forward-looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘target’ or ‘will’ or similar expressions. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of AIC Mines. Actual results, performance, actions and developments of AIC Mines may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, AIC Mines and any of its affiliates and their directors, officers, employees, agents, associates and advisers: - disclaim any obligations or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions; - do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and - disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). No new information or data Information relating to AIC Mines exploration results is extracted from recent ASX announcements released by AIC Mines. The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements. Authorisation – This presentation has been approved for issue by, and enquiries regarding this presentation may be directed to Aaron Colleran, AIC Mines Managing Director – email info@aicmines.com.au.
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3 A miner, a developer, an explorer Focused on copper and gold in Australia A1M A$ Share Price1 $0.825 Shares on Issue 799.5M Market Capitalisation $659.6M Cash2 $41.7M Debt3 $55.6M Enterprise Value $673.5M Board of Directors Josef El-Raghy Chairman Aaron Colleran Managing Director Linda Hale Non-Executive Director Mark Le Messurier Non-Executive Director Jon Young Non-Executive Director LTM 4 SHARE PRICE 1. Share price as at close on 9 September 2026 2. Cash as at 30 June 2026 3. Trafigura Prepayment Facility US$40M drawn (and US$10M undrawn) at 31 August 2026 calculated at 0.72 A$:US$ 4. Last Twelve Months SUBSTANTIAL SHAREHOLDERS PETER BARTLETT DIRECTORS 14.0% 6.9% Board representation via Jon Young Josef El-Raghy – 5.1% Aaron Colleran – 1.8% 0.0M 2.0M 4.0M 6.0M 8.0M 10.0M 12.0M 14.0M $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 September 2025 October 2025 November 2025 January 2026 February 2026 March 2026 May 2026 June 2026 July 2026 September 2026
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5 Our Values We are Safe. Our first priority is to protect the health and safety of all our people. We take a proactive approach to health and safety. We strive for continuous improvement in the prevention of occupational injuries and illness. We do not accept unsafe acts or conditions. We are Honest. We value relationships and communication based on openness and trust with our people, our stakeholders and the communities in which we operate. We are Reliable. We do what we say we will do. We achieve our targets by planning well and supporting each other to deliver. We can be relied on for consistent delivery.
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6 History of the Eloise Copper Mine Nov 2021 AIC Mines acquires Eloise Eloise under private ownership 1988 Eloise discovered by BHP Minerals 1995 Amalg commences the Eloise decline 2004 Eloise acquired by mining contractor Barminco Pty Ltd (now FMR Investments) June 2024 AIC Mines commences Jericho development 1996 First ore production from Eloise 1994 Amalg Resources acquires Eloise – commences drilling and metallurgical testing Jan 2023 AIC Mines acquires Jericho FY26 Third consecutive year of achieving guidance, generating record free cash flow at Eloise of $63.3M Dec26 Qtr Planned commissioning of the new, expanded Eloise plant
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8 Eloise Copper Mine - 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 capital - FY27 Production Guidance2: - Eloise-Jericho to produce 17,500 - 18,500t Cu and 7,250 - 7,500oz Au in concentrate - At an AISC of A$4.80/lb - A$5.20/lb (US$3.36 - US$3.64/lb) Cu sold and AIC of A$5.20/lb - A$5.60/lb (US$3.64/lb - US$3.92/lb) Cu sold - FY28 Production Target2: - Eloise-Jericho to produce 20,000 - 22,000t Cu in concentrate - FY29 Production Target2: - Eloise-Jericho to produce 25,000 - 27,000t Cu in concentrate Our foundational asset 1. For further information see AIC Mines ASX announcement “Quarterly Activities Report” dated 16 July 2026. 2. For further information see AIC Mines ASX announcement “Eloise Three-Year Production Outlook” dated 20 July 2026. The Company confirms that all material assumptions underpinning the Production Targets continue to apply and have not materially changed.
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9 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 confirming the orebody model - Blended and single-feed ore trials have produced on-spec conc. at expected recovery rates - Ventilation shaft at Jolly has recently been completed. - Second means of egress on-track to be commissioned by the end of September. - Development on target to achieve a combined production rate from Eloise and Jericho of 1.1Mtpa1 by December 2026 in-line with the commissioning of the Stage 1 plant expansion - Jericho ore production ramping up to 90,000tpm by the end of the year. - Development underway to achieve combined production rate of 1.5Mtpa1 by December 2028 1. For further information see AIC Mines ASX announcement “Eloise Three-Year Production Outlook” dated 20 July 2026. The Company confirms that all material assumptions underpinning the Production Target continue to apply and have not materially changed. 2. Material shown is selectively exposed and may not be representative of the overall grade or width of mineralisation. No samples were taken from this material for laboratory assay. For further information regarding recent Jericho development activities and mining of development ore, see ASX announcement “Quarterly Activities Report for the Period Ending 30 June 2026” dated 1 July 2026 (Page 8 – Jericho Mine Development). Development face look south along Jolly shoot development drive (on 5000L South), showing visible copper sulphide mineralisation. Face dimensions are approximately 5.5m wide by 4.9m high2
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10 Eloise Plant Expansion Expand and improve Eloise 1. For further information see AIC Mines ASX announcement “Eloise Three-Year Production Outlook” dated 20 July 2026. The Company confirms that all material assumptions underpinning the Production Targets continue to apply and have not materially changed. 2. Mineral Resources and Ore Reserves as at 31 December 2025 – full tables provided as an Appendix to this presentation. - 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 to approximately 20,000tpa Cu in concentrate - Stage 2 expansion to 1.5Mtpa1 is planned to commence in FY28 - Cost of the Stage 2 expansion is estimated at $15M - Simplified by the inclusion of oversized equipment in Stage 1 - Completion planned for the December 2028 Quarter - Will increase production to approximately 25,000tpa Cu in concentrate - Eloise Project Ore Reserves2 total 10.2Mt grading 1.9% Cu and 0.4g/t Au for 191,000t Cu and 139,600oz Au. - Eloise Project Mineral Resources2 total 31.2Mt grading 2.0% Cu and 0.4g/t Au for 631,800t Cu and 445,800oz Au.
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11 Exploration Strategy - 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 remains open along strike and at depth. - The Eloise Regional Project consists of 1,800km2 of contiguous, 100% owned tenure surrounding the Eloise mine. - Eloise South – 2.3m ETW grading 92.5g/t Au from 446.4m (ESDD007)2 - Iris – 8.4m ETW grading 1.0% Cu and 0.3g/t Au from 227.0m (IRDD002) 2 - A pipeline of targets from early-stage prospects to known resources. - Exploration focus now also extending south to a 700km2 ground position near the Cannington silver-lead-zinc mine, 100km south of Eloise. - Brumby – 41.8m ETW grading 3.6% Cu and 1.0g/t Au from 146.5m (BRDD001) 3 including 9.4m ETW grading 14.4% Cu and 3.8g/t Au from 151.5m Focus on transformational discoveries 1. Mineral Resources and Ore Reserves as at 31 December 2025. Full tables provided as an Appendix to this presentation. 2. For further information see AIC Mines ASX announcement “Eloise Regional Exploration Update” dated 6 August 2026. 3. For further information see AIC Mines ASX announcement “High-Grade Copper-Gold Mineralisation Intersected at the Brumby Prospect” dated 13 August 2026.
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12 Growth Strategy Building a new Australian mid-tier copper and gold miner VALUE CREATION THROUGH PRODUCTION GROWTH TARGETING COPPER AND GOLD PROJECTS IN AUSTRALIA GUIDED BY OUR VALUES: SAFE HONEST RELIABLE Committed to High Impact ExplorationUnderground Mining Expertise Building our Project Development Credentials Disciplined Approach to Growth
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13 Investment Proposition Highly credentialed and heavily invested team Cashflow – high-grade Eloise mine delivering reliable production Growth – development of Jericho deposit underway, transforming Eloise Upside – exploration successfully adding mine life and optionality A growth-oriented Australian copper company Building a portfolio of mines through exploration, development and acquisition
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Appendix MINERAL RESOURCES AND ORE RESERVES
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15 Eloise Project Mineral Resources ELOISE PROJECT – COMBINED MINERAL RESOURCES AS AT 31 DECEMBER 2025 Resource Category Tonnes Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Contained Copper (t) Contained Gold (oz) Contained Silver (oz) Jericho Project Measured - - - - - - - Indicated 9,283,000 2.0 0.4 2.1 186,600 124,900 621,500 Inferred 12,854,000 2.0 0.4 2.5 258,300 150,900 1,021,500 Subtotal 22,137,000 2.0 0.4 2.3 444,900 275,800 1,643,000 Eloise Copper Mine Measured 28,000 1.6 0.6 7.3 400 500 6,600 Indicated 3,696,000 2.6 0.7 9.8 96,800 78,500 1,164,600 Inferred 2,124,000 2.5 0.7 9.9 53,500 46,900 676,700 Subtotal 5,848,000 2.6 0.7 9.8 150,700 125,900 1,847,900 Sandy Creek Project Measured - - - - - - - Indicated - - - - - - - Inferred 2,620,000 1.1 0.3 4.4 28,100 22,200 370,200 Subtotal 2,620,000 1.1 0.3 4.4 28,100 22,200 370,200 Artemis Project Measured - - - - - - - Indicated - - - - - - - Inferred 580,000 1.4 1.1 45.5 8,100 21,100 849,000 Subtotal 580,000 1.4 1.1 45.5 8,100 21,100 849,000 Combined Total Measured 28,000 1.6 0.6 7.3 400 500 6,600 Indicated 12,979,000 2.2 0.5 4.3 283,400 203,400 1,786,100 Inferred 18,178,000 1.9 0.4 5.0 348,000 241,100 2,917,400 Total 31,185,000 2.0 0.4 4.7 631,800 445,000 4,710,100 Notes: - Eloise and Jericho Mineral Resources are inclusive of Ore Reserves. There is no certainty that Mineral Resources will be converted to Ore Reserves. - Eloise Mineral Resources are estimated using a 1.1% Cu cut-off above 0mRL (1,190mBSL) and 1.5% Cu below 0mRL. - Jericho Mineral Resources are estimated using a 1.1% Cu cut-off within optimised stope shapes. - Sandy Creek and Artemis Mineral Resources are estimated using a 0.5% Cu cut-off. - Tonnages have been rounded to the nearest 1,000 tonnes. For full details of Eloise, Jericho, Sandy Creek and Artemis Mineral Resources see AIC Mines ASX announcement “Significant Growth in Mineral Resources and Ore Reserves” dated 31 March 2026. The Competent Persons are Paul Napier (Eloise Mineral Resource), Matthew Fallon (Jericho Mineral Resource) and David Price (Artemis and Sandy Creek Mineral Resources). This document is available to view at www.aicmines.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the releases and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the releases. AIC Mines employees acting as a Competent Person may hold equity in AIC Mines Limited and may be entitled to participate in AIC Mines’ Equity Participation Plan, details of which are included in AIC Mines’ annual Remuneration Report. Annual replacement of depleted Ore Reserves is one of the vesting conditions of AIC Mines’ long-term incentive plan.
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16 Eloise Project Ore Reserves ELOISE PROJECT – COMBINED ORE RESERVES AS AT 31 DECEMBER 2025 Reserve Category Tonnes Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Contained Copper (t) Contained Gold (oz) Contained Silver (oz) Jericho Project Proved - - - - - - - Probable 7,105,000 1.8 0.4 1.8 125,400 81,900 421,000 Subtotal 7,105,000 1.8 0.4 1.8 125,400 81,900 421,000 Eloise Copper Mine Proved 28,000 1.6 0.6 7.3 400 500 6,600 Probable 3,111,000 2.1 0.6 8.3 65,200 57,200 833,800 Subtotal 3,139,000 2.1 0.6 8.3 65,600 57,700 840,400 Combined Total Proved 28,000 1.6 0.6 7.3 400 500 6,600 Probable 10,216,000 1.9 0.4 3.8 190,600 139,100 1,254,800 Total 10,244,000 1.9 0.4 3.8 191,000 139,600 1,261,400 Notes: - Eloise Ore Reserves are estimated using a 1.3% Cu cut-off above 0mRL (1,190mBSL) and 1.8% Cu below 0mRL. - Jericho Ore Reserves are estimated using a 1.3% Cu cut-off within optimised stope shapes. - Tonnages have been rounded to the nearest 1,000 tonnes. For full details of Eloise and Jericho Ore Reserves see AIC Mines ASX announcement “Significant Growth in Mineral Resources and Ore Reserves” dated 31 March 2026. The Competent Person for Eloise and Jericho Ore Reserves is Mr Craig Pocock. These documents are available to view at www.aicmines.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the releases and that all material assumptions and parameters underpinning the estimates in the release continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the releases. AIC Mines employees acting as a Competent Person may hold equity in AIC Mines Limited and may be entitled to participate in AIC Mines’ Equity Participation Plan, details of which are included in AIC Mines’ annual Remuneration Report. Annual replacement of depleted Mineral Resources is one of the vesting conditions of AIC Mines’ long-term incentive plan.
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17 Eloise Project Production Outlook COMBINED PRODUCTION OUTLOOK AS AT 31 DECEMBER 2025 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 Proportion Probable Reserves % 96% 96% 93% Proportion Inferred Resources % 4% 4% 7% Proportion Eloise Mine % 72% 55% 46% Proportion Jericho Mine % 28% 45% 54% Production Outlook refers to the FY27 Guidance, and FY28 and FY29 Production Targets. The FY28 Production Target is composed of 96% Probable Ore Reserves and 4% Inferred Mineral Resources. The FY29 Production Target is composed of 93% Probable Ore Reserves and 7% Inferred Mineral 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. For full details of the Eloise Project Production Outlook see AIC Mines ASX announcement “Eloise Three-Year Production Outlook” dated 20 July 2026. This document is available to view at www.aicmines.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement and that all material assumptions and parameters underpinning the estimates in the announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the releases. The Competent Person for the Eloise Project Production Targets is Mr Craig Pocock. AIC Mines employees acting as a Competent Person may hold equity in AIC Mines Limited and may be entitled to participate in AIC Mines’ Equity Participation Plan, details of which are included in AIC Mines’ annual Remuneration Report. Annual replacement of depleted Mineral Resources is one of the vesting conditions of AIC Mines’ long-term incentive plan.