Earnings release
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1 QUARTERLY REPORT 22 October 2026 Quarterly Activities Report for the Period Ending 30 September 2026 ABOUT AIC MINES AIC Mines is a growth focused Australian resources company. Its strategy is to build a portfolio of copper and gold assets in Australia through exploration, development and acquisition. AIC Mines owns the Eloise copper mine, a high- grade operating underground mine located SE of Cloncurry in North Queensland. AIC Mines is also advancing a portfolio of exploration projects that are prospective for copper and gold. All amounts are in Australian dollars unless otherwise stated. CAPITAL STRUCTURE Shares on Issue: 799,484,913 BOARD MEMBERS Aaron Colleran Non-Executive Chairman Clint Donkin Managing Director & CEO Linda Hale Non-Executive Director Mark Le Messurier Non-Executive Director Jon Young Non-Executive Director Audrey Ferguson Company Secretary CORPORATE DETAILS ASX: A1M www.aicmines.com.au ABN: 11 060 156 452 E: info@aicmines.com.au A: Suite 3, 130 Hay Street, Subiaco, WA, 6008. Share Register: Computershare Investor Services HIGHLIGHTS Production • Eloise and Jericho produced 3,072t of copper and 1, 562oz of gold in concentrate . Eloise achieved an AISC of $ 4.86/lb (US$ 3.45/lb) Cu sold and an AIC of $5.01/lb (US$3.56/lb) Cu sold – an improvement in production costs quarter -on-quarter despite processing lower-grade ore. • Strong Cash Flow – Eloise generated record quarterly net mine cash flow of $33.4 million after capital investment of $7.9 million driven by an increase in copper sales and a strong metal price environment. • Full Year guidance of 17,500 – 18,500t of copper and 7,250 – 7,750oz of gold in concentrate at an AIS C of $4.80 /lb – $5.20/lb and AIC of $5.20 /lb – $5.60/lb is maintained. Growth • Commissioning of the expanded 1.1Mtpa Eloise processing plant commenced earlier than planned in September 2026. Significant progress has been made in all areas of the new plant. • The first stope was fired at Jericho, approximately two weeks ahead of schedule. The ramp up to a combined mining rate of 1.1Mtpa has commenced. • Entered into agreement s to acquire a 100% interest in the Mt Cuthbert Copper Project – an advanced-exploration project containing 246,000 tonnes of copper in Mineral Resources located north of Cloncurry. Exploration • Encouraging copper exploration results returned: • Brumby Prospect – 46.4m (41.8m ETW) grading 3.6% Cu and 1.0g/t Au from 146.5m • Iris Prospect – 12.0m (8.4m ETW) grading 1.0% Cu and 0.3g/t Au from 227.0m • Exciting gold exploration results returned: • Eloise South Prospect – 3.2m (2.3m ETW) grading 92.5g/t Au from 446.4m • Oro Grande Prospect – 5.6m grading 5.1 g/t Au from 493.0m Corporate • At 30 September 2026, AIC Mines held $37.2 million in cash at bank (30 June 2026: $41.7 million). • US$10 million was drawn on the US$ 50 million Prepayment Facility for the Eloise Expansion Project. The facility is now drawn to US$40 million. No further drawdowns are planned. All $ figures in this report refer to A$ unless otherwise stated. AUD: USD – September 2026 Quarter: 0.71.
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2 PRODUCTION Eloise Copper Mine The Eloise Mine is located 60 kilometres southeast of Cloncurry in North Queensland. Current operations consist of an underground mine accessed via decline. The upper levels of the mine (above 1,190m below surface) are extracted by longhole open stoping and the lower levels are extracted by sublevel caving (SLC) and longhole stoping. The nearby Jericho copper deposit is being developed via an underground access drive from the Eloise decline. Eloise is an owner-miner operation, with contractors used for underground mine development and production drilling. Processing is via conventional crushing, grinding and sulphide flotation with capacity to treat up to 725,000tpa. A Stage 1 expansion of the processing plant to 1.1Mtpa under an EPC contract with GR Engineering Ser vices (GRES) is nearing completion . Processing achieves high copper recoveries and produces a clean concentrate. The concentrate has significant by -product credits from gold and silver. Eloise concentrate is sold under life-of-mine offtake agreement with Trafigura Pte Ltd. Jericho concentrate is also contracted to Trafigura Pte Ltd, until mid-2035. Safety The Total Recordable Injury Frequency Rate (TRIFR) increased in the Quarter to 6.2 injuries per one million hours worked, up from 5.7 at 30 June 2026, on a 12- month moving average basis. There were t wo recordable injuries during the Quarter at Eloise. An employee sustained a fracture in his hand when it was caught between the crush prevention bar on an elevated work platform and the roof of the underground workings. A construction contractor fractured his finger when he accidentally struck it with a hammer. Improvements to the Eloise critical risk program of work continued in the Quarter with particular focus on revised critical control verification and audit tools and implementation of those tools. Environment and Sustainability There were no reportable environmental incidents in the Quarter. Water levels remain high in all storage facilities at Eloise leaving the site exposed to the controlled release of water if high rainfall is experienced in the coming wet season. An additional mine water dam is under construction to mitigate this risk. Production and Costs Eloise and Jericho produced 11,921dmt of concentrate containing 3,072t of copper and 1,562oz of gold at an AISC of $ 4.86/lb (U S$3.45/lb) Cu sold and an AIC of $ 5.01/lb (US$ 3.56/lb) Cu sold in the Quarter. Production was below guidance for the Quarter due to delayed access to higher grade material in the Eloise Deeps and Lens 6 deposits, and earlier than planned processing plant shutdowns for cutover work to connect new equipment. The ore production shortfall from Eloise Deeps and Lens 6 was made up by early access to Jericho (Jolly shoot) development ore, albeit at a lower grade than Deeps and Lens 6 ore. A seismic event in the fresh air drive on the z330 Level (Deeps current mining level is z405 Level) occurred late in the Quarter and required rehabilitation of local ground support and escapeway before the Deeps and Lens 6 stopes could be safely accessed. This rehabilitation work has subsequently been completed and full access has been re-established. Although the delayed access to high-grade Deeps and Lens 6 stopes impacted the September 2026 Quarter result, the higher grade material will now be accessed later in the mine schedule and original full year production guidance of 17,500 – 18,500t of copper and 7,250 – 7,750oz of gold in concentrate at an AISC of $4.80/lb – $5.20/lb and AIC of $5.20/lb – $5.60/lb is maintained (based on an achieved gold price of A$5,750/oz, silver price of A$80/oz and diesel price of A$1.26/L). Unit costs during the Quarter were above the FY27 H1 guidance range (AISC of A$4.10/lb – A$4.40/lb and AIC of A$ 4.20/lb – A$4.50/lb) reflecting the treatment of lower grade ore , the sale of higher -cost concentrate inventory built up during the prior quarter and higher diesel prices late in the Quarter.
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3 Production and Cost Metrics Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Consol Jun-26 Qtr Eloise Sep-26 Qtr Jericho Sep-26 Qtr Consol Sep-26 Qtr Underground development - capital m 569 435 325 166 198 765 962 Underground development - operating m 233 231 316 403 76 542 618 Total development m 802 666 641 569 274 1,307 1,581 Ore mined kt 169 189 149 147 163 53 216 Copper grade mined % 1.90% 1.94% 2.42% 1.92% 1.82% 1.54% 1.75% Tonnes processed kt 185 172 157 172 148 25 173 Copper grade processed % 1.89% 1.96% 2.32% 1.92% 1.92% 1.64% 1.88% Copper recovery % 94.8% 95.3% 93.6% 94.1% 94.7% 93.4% 94.5% Concentrate produced dmt 12,671 12,373 13,440 12,119 10,399 1,522 11,921 Copper in concentrate t 3,324 3,202 3,432 3,106 2,683 388 3,072 Payable copper produced t 3,197 3,079 3,298 2,987 2,579 373 2,952 Payable gold produced oz 1,618 1,411 1,591 1,605 1,333 135 1,469 Payable silver produced oz 31,732 29,784 29,161 25,644 23,742 3,417 27,159 Copper sold t 3,244 2,766 3,280 2,822 3,078 360 3,438 Achieved copper price $/t 14,815 17,139 18,250 19,078 19,648 19,757 19,660 Achieved copper price $/lb 6.72 7.77 8.28 8.65 8.91 8.96 8.92 Gold sold oz 1,554 1,228 1,623 1,357 1,597 145 1,742 Achieved gold price $/oz 5,442 6,213 6,604 6,238 5,959 5,984 5,961 Silver sold oz 31,099 24,600 28,511 22,936 27,173 3,140 30,312 Achieved silver price $/oz 63 98 138 107 87 90 87 Cost Summary Mining $/lb prod 2.18 2.30 2.05 2.95 2.54 - 2.54 Processing $/lb prod 0.79 0.85 0.76 1.07 0.85 - 0.85 Site admin and transport $/lb prod 0.73 0.85 0.85 1.06 1.03 - 1.03 TC/RC and shipping $/lb prod 0.40 0.38 0.35 0.38 0.49 - 0.49 Ore stockpile adjustments $/lb prod 0.17 (0.23) (0.01) 0.42 (0.08) - (0.08) By-product credits $/lb prod (1.48) (1.48) (2.01) (1.70) (2.09) - (2.09) C1 Cash Cost $/lb prod 2.80 2.67 1.99 4.17 2.73 - 2.73 C1 Cash Cost $/lb sold 2.75 2.97 2.00 4.27 2.29 - 2.29 Royalties $/lb sold 0.35 0.36 0.44 0.40 0.47 - 0.47 Metal in circuit and finished goods $/lb sold 0.01 (0.48) 0.00 (0.48) 1.06 - 1.06 Reclamation and other adjustments $/lb sold 0.04 0.06 0.05 0.01 0.03 - 0.03 All-in Sustaining Capital1 $/lb sold 1.81 1.96 1.69 1.96 1.02 - 1.02 All-in Sustaining Cost 2 $/lb sold 4.97 4.87 4.18 6.15 4.86 - 4.86 All-in Capital 3 $/lb sold 0.32 0.35 0.31 0.34 0.15 - 0.15 All-in Cost 2 $/lb sold 5.29 5.22 4.49 6.49 5.01 - 5.01 Depreciation & Amortisation4 $/lb prod 1.33 1.42 1.48 1.85 1.60 - 1.60 1. All-in Sustaining Capital includes PPE, Resource Definition and 80% of underground mine development capital. 2. AISC and AIC are calculated with reference to Eloise costs, production and sales. Jericho remains in the development phase and is excluded. 3. All-in Capital includes major project capital and 20% of underground mine development capital. 4. Depreciation & Amortisation information excludes the impact of AASB 16. 5. The financial information in the table above is not audited.
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4 Eloise production focussed on the Deep s and upper remnant area s. T he main ore sources were z405 sub-level cave, z380 Lens 6, Elrose Levuka North 820 and Emerson 175. The first production stope was fired at Jericho (Jolly shoot) on 24 September, approximately two weeks ahead of schedule. Ramp-up to initial production rates of approximately 37,000tpm from Jericho is now underway and on schedule to achieve commercial production in January 2027. Production Guidance December 2026 Quarterly production is expected to be approximately 4,500t – 4,900t Cu and 2,000oz Au contained in concentrate. Chart 1. Ore production location and TKM (tonnes of material trucked multiplied by distance trucked). Photo 1. First production stope on 4975 Level (215m below surface) from Jolly shoot at Jericho. Underground drive is 5.5m wide by 5m high (photo area), stope is 19m high and 2.4m wide.
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5 Eloise Processing Plant Expansion Significant progress was achieved by the EPC contractor, GR Engineering (GRES), during the Quarter with construction effectively complete at Quarter end. Construction v erification tests were 97% complete by the end of the Quarter with steady progress on dry commissioning (78% complete) and wet commissioning (32% complete). As a result, commissioning of the expanded 1.1Mtpa plant is slightly ahead of schedule for completion in the December 2026 Quarter, and remains on budget. Progress in specific areas included: • Crushing and screening area wa s well advanced into dry commissioning (94% and 97% respectively) with equipment operational and first ore crushed. • Grinding and f lotation area wa s construction verification complete with dry commissioning progressing (79% and 82% respectively) and water testing well advanced (60% and 70%) • Filtration was 94% complete at the end of the Quarter (and is now operational post Quarter end). While being ahead of schedule with the construction is positive, it required unplanned shutdowns (i.e. earlier than planned) across the plant for cutover work to connect new equipment, particularly new switchrooms, into the broader plant and site. This impacted production for the Quarter. Production time lost in the September 2026 Quarter can potentially be caught up in the December 2026 Quarter if commissioning remains ahead of schedule. AIC Mines now has t wo commissioning metallurgists and a c ommissioning superintendent onboard to assist with the commissioning and ramp-up, and to ensure a smooth transition from the construction team to the operations team. Photo 2. Construction progress – ROM bin, crusher and screening areas. Operational post Quarter end.
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6 Photo 3. Construction progress – concentrate filtration area. Operational post Quarter end. Photo 4. Construction progress – the new processing facility at night.
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7 PROJECT DEVELOPMENT Jericho Project The Jericho copper deposit is located four kilometres south of the Eloise processing plant and has similar geology, mineralisation and metallurgy to Eloise. Development of Jericho will supplement Eloise ore feed and allows for expansion of the Eloise processing plant. Figure 1. Plan showing location of the Jericho copper deposit and the Eloise copper mine.
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8 Jericho Mine Development During the Quarter, Jericho mine development focussed on establishing the Jolly decline and incline along with commencing ore development on the J4 950 and J5000 levels. Following commissioning of the JS3 ventilation shaft early in the Quarter, development rates ramped up with 583 metres of development achieved in September, beating the planned 500 metres per month rate. A total of 1,307 metres was developed during the Quarter including 542 metres of ore development. Ground conditions remain favourable and orebody observations are in line with the geological models. Commencement of piling activities for the JS4 ventilation shaft at Matilda are planned for the December 2026 Quarter, with commissioning planned for the March 2027 Quarter. Jericho Underground Infill Drilling Results from infill drilling are consistent with the current Mineral Resource model , with mineralisation intersected in the positions and at grades broadly in line with expectations (Figure 2). Significant results from infill drilling at Jolly, returned during the Quarter, included: • JY059 – 2.4m (2.3m ETW) grading 5.3% Cu and 1.7g/t Au • JY061 – 2.5m (2.2m ETW) grading 3.2% Cu and 0.8g/t Au • JY065 – 2.7m (2.4m ETW) grading 2.7% Cu and 1.1g/t Au • JY073 – 2.4m (2.3m ETW) grading 4.8% Cu and 0.2g/t Au • JY074 – 6.3m (3.7m ETW) grading 2.9% Cu and 1.6g/t Au • JY081 – 6.6m (2.6m ETW) grading 3.1% Cu and 0.4g/t Au • JY087 – 7.8m (2.6m ETW) grading 3.3% Cu and 0.7g/t Au For further details of this drilling see Appendix 1 (Table 2), and for JORC Code 2012 reporting tables see AIC Mines ASX announcement “High -Grade Drilling Results Returned From Jolly Shoot ” dated 17 June 2026. Figure 2. Jolly long section showing recent infill drilling results against Mineral Resource category and completed underground development.
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9 Mining of the first stope at Jolly, JY4975_0655, performed well against the stope plan (Figure 3) and against the grade control and Ore Reserve model, producing approximately 7,200 tonnes at 2.2% Cu. Comparison of the geological model with the mined void showed excellent agreement, increasing confidence in the Resource-to-Reserve conversion methodology and supporting the ongoing use of the grade control model for stope design and execution. Eloise Resource Definition Drilling Four resource definition holes were completed at Lens 6 during the Q uarter. Three holes targeted the northern strike extension of Lens 6, while the fourth was drilled back towards the south. The drilling was designed to improve confidence in the continuity and geometry of mineralisation within the current Inferred Resource with the objective of converting Inferred Resources to Indicated Resources. Significant results included: • ED612 – 17.9m (5.9m ETW) grading 2.9% Cu and 1.6g/t Au • ED613 – 8.6m (3.5m ETW) grading 2.3% Cu and 1.2g/t Au • ED621 – 37.9m (14.5m ETW) grading 2.3% Cu and 1.1g/t Au • ED623 – 2.0m (1.6m ETW) grading 8.2% Cu and 2.2g/t Au For further details of this drilling see Appendix 1 (Table 1), Figure A1 and Figure A2 , and for JORC Code 2012 reporting tables see AIC Mines ASX announcements “Drilling Results from Eloise Deeps” dated 24 June 2022 and “Lens 6 Discovery – Eloise Copper Mine” dated 30 September 2022. Jericho Resource Extension Drilling A thirteen-hole resource extension drilling program commenced during the Quarter with the aim of: • Extending known resources in the Jumbuck and Squatter shoots (J1) through deeper drilling, and determining if mineralisation continues below the Billabong shoot (J2), • Defining high-grade mineralisation between the upper Billabong and Tucker shoots (J2), and Figure 3: Cross section of Jolly 4975_655 stoping panel. Geology domains shown in green and light blue, stope design in red and Cavity Monitoring System void in orange.
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10 • Step-out drilling below the Matilda and Billabong shoots (Figure 4). Results from th is drilling are expected to be received in the December 2026 Q uarter. The six remaining holes are also expected to be completed in the December 2026 Quarter. Figure 4. Jericho long section showing location of extension surface drilling program, targeting extending known resources in both the J1 and J2 lenses.
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11 EXPLORATION Eloise Regional Project (AIC Mines 100%) The Eloise Regional Project consists of approximately 1,700km 2 of 100% owned tenure immediately surrounding the Eloise and Jericho copper mines (Figure 5). The project contains a pipeline of targets from early-stage prospects to known resources. Exploration drilling as part of the Company’s transformational discovery program continued during the Quarter with three advanced prospects being drilled. Figure 5. Location plan showing Eloise Regional tenure and prospects.
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12 The Iris prospect located approximately five kilometres along strike to the north of Jericho was advanced through two phases of drilling. Phase one was aimed at following -up anomalous wide -spaced drilling completed in 2016 and 2017, such as 26m grading 0.7% Cu and 0.6g/t Au from 168m in EL16D08 (Figure 6). Two initial holes testing the 1.5 kilometre trend returned the following significant results: • IRDD001 – 1.8m (1.3m ETW) grading 1.1% Cu and 0.2g/t Au from 317.2m, and 7.7m (5.7m ETW) grading 0.7% Cu and 0.2g/t Au from 347.4m, including 0.7m (0.5m ETW) grading 2.2% Cu and 1.0g/t Au from 353.4m • IRDD002 – 12.0m (8.4m ETW) grading 1.0% Cu and 0.3g/t Au from 227.0m, including 2.0m (1.5m ETW) grading 4.4% Cu and 1.5g/t Au from 237.0m Figure 6. Iris prospect drill hole location plan with geological interpretation. A second phase of drilling was subsequently completed with two follow-up holes (IRDD004 and IRRC001) testing for extensions of mineralisation at depth to the north (Figure 6). The prospect is still only tested by wide-spaced drilling and therefore remains open along strike to the north and south, and at depth. Assay results are awaited.
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13 The Eloise South prospect, located approximately two kilometres south of Eloise, was tested with two phases of drilling in the Quarter. An initial two-hole program followed-up the significant results returned from the 2025 drilling campaign (Figure 7). Hole ESDD006 was drilled down dip of the mineralised structure in ESDD001 (1m grading 1.1% Cu) and only intersected weak copper mineralisation. Hole ESDD007 , aimed at extending mineralisation to the north, also intersected weak copper mineralisation. However, the hole then passed into stockwork-vein-style sulphide mineralisation returning a spectacular high-grade gold intercept of (Figure 7): • ESDD007 – 3.2m (2.3m ETW) grading 92.5g/t Au from 446.4m, including 1.2m (0.9m ETW) grading 249g/t Au from 448.4m A second program consisting of three RC holes was completed late in the Quarter to follow -up both the gold intercept and for extensions of copper mineralisation down plunge to the south (Figure 7). Results of this second program are awaited. For further details and for JORC Code 2012 reporting tables for the Phase 1 Elo ise South drilling, see AIC Mines ASX release “Eloise Regional Exploration Update” dated 6 August 2026. Figure 7. Eloise South geology and drill hole location plan. At the Big Foot prospect located a furthe r four kilometres north of Iris, testing an untested ground EM conductor failed to return any significant results.
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14 At Oro Grande, located approximately 45 kilometres south of Eloise, a single diamond hole was drilled to intersect two stacked conductors identified by AIC Mines in 2025. The hole was successful in intersecting an upper sulphide zone with elevated copper-gold-silver, and a lower zone of elevated gold-zinc. The lower zone returned a significant result of 5.6m grading 5.1 g/t Au from 493.0m beneath intercepts of 1.6m grading 1.4% Zn from 455.4m and 2.0m grading 1.7% Zn from 467.0m (Figure 8). The upper zone returned elevated copper and silver associated with 2.0m grading 0.8g/t Au from 262.0m and 2.0m grading 1.0g/t Au from 285.0m For further details and for JORC Code 2012 reporting tables, see AIC Mines ASX release “High-Grade Gold Intersected at Oro Grande” dated 19 October 2026. A program of two shallow RC holes testing outcropping gossans at the Tiberius prospect located 23 kilometres southwest of the Eloise Mine, and a single RC hole testing a ground EM conductor at Bullwinkle, located one kilometre north of Sandy Creek, were also completed in the Quarter (Figure 5). Assays results are awaited. Figure 8. Oro Grande prospect cross section showing drill hole and interpreted geology.
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15 Exploration Portfolio AIC Mines holds a pipeline of copper, gold, and base metal exploration projects, securing extensive land positions within well-endowed mineral sub-provinces across Australia. Brumby Prospect – Cannington Project The Brumby prospect is located 20 kilometres west of the Cannington silver mine owned and operated by South32 Limited (ASX: S32) and approximately 100 kilometres south of Eloise ( Figure 9). The prospect occurs within the larger Cannington Project which consists of approximately 636km 2 of semi-contiguous, 100% owned tenure south of the Eloise Regional Project and surrounding the highly endowed area between the Cannington lead-silver mine and Pegmont base-metal deposit. The prospect was acquired in late 2025 and advanced with an initial three-hole program to test for higher- grade mineralisation within an historically drilled sulphide-magnetite breccia pipe. The first hole returned an exceptional result of: • 10.5m (9.4m ETW) grading 14.4% Cu and 3.8g/t Au from 151.5m The hole then transitioned into the sulphide-magnetite breccia for 30.9m returning an overall interval of: • 46.4m (41.8m ETW) grading 3.6% Cu and 1.0g/t Au from 146.5m The intercept, together with historical drilling, has successfully confirmed zones of higher-grade copper and gold mineralisation are developed at the southern margin of the large r sulphide-magnetite breccia pipe (Figure 10). The occurrence of such high-grade copper and gold grades, both in the massive sulphide zone and the upper portion of the sulphide-magnetite breccia, is indicative of the fertility of this system. The second and third holes were drilled as step-outs from BRDD001 to further define the geometry of the shoot. BRDD002 defined the eastern margin of the breccia with no significant copper mineralisation. BRDD003 intersected the sulphide-magnetite breccia over a 116.0m thickness, returning a result of 3.0m (2.0m ETW) grading 0.6% Cu, and 0.1g/t Au from 279.0m, including 1.0m (0.8m ETW) grading 1.2% Cu from 281.0m. The breccia has now been defined over a 500 -metre strike length and remains open to the southwest, west, and down-dip below 200 metres depth. Supporting exploration activities, including a surface geochemistry soil program and a gravity survey, were also completed to aid in the definition of the broader magnetite breccia for a follow-up program planned for the December 2026 Quarter (currently underway). For further details and for JORC Code 2012 reporting tables for the drilling see AIC Mines ASX release “High-Grade Copper and Gold Intersected at Brumby” dated 13 August 2026. Kars Prospect – Delamerian Project The Delamerian project is located in the Delamerian Orogen of western New South Wales. The Kars prospect is located in the Loch Lilly-Kars Belt, 55 kilometres southeast of Broken Hill. At the Kars prospect, an initial drill program consisting of two diamond holes was aimed at determining the prospectivity of the package to host copper-zinc massive sulphide deposits . The first hole tested an interpreted prospective horizon beneath 115 metres of cover associated with an Audio Frequency Magnetotelluric (AMT/MT) conductor defined in 2025 (see AIC Mines ASX announcement “Quarterly Activities Report for the Period Ending 30 June 202 5” dated 21 July 2025). Minor disseminated sulphide and weak alteration was intersected. The second hole , located approximately four kilometres to the northeast of hole one , tested a ground- based electromagnetic conductor defined in 2024 over a 1.5-kilometre strike length (see AIC Mines ASX announcement “Quarterly Activities Report for the Period Ending 30 June 2024” dated 16 July 2024). The hole intersected predominately sediments with minor volcanics , indicating the conductor is related to a major fault zone. Assays are awaited.
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16 Figure 9. Cannington Project plan showing location of the Brumby prospect and regional geology
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17 Figure 10. Brumby prospect plan view showing significant drill results over TMI Magnetics. BRDD001 46.4m @ 3.6% Cu, 1.0g/t Au inc. 10.5m @ 14.4% Cu, 3.8g/t Au inc. 4.0m @ 1.3% Cu, 0.3g/t Au BRDD003 3.0m @ 0.6% Cu inc. 1.0m @ 1.2% Cu
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18 CORPORATE Financial Performance Quarterly Results Eloise operations produced 2,579t of payable copper (June 2026 Quarter: 2,683t) and sold 3,078t of copper during the Quarter, generating $69.6 million in metal sales post TC/RC deductions and including gold and silver by -product credits. Revenue during the Quarter benefited from the sell -down of concentrate inventory built up during the June 2026 Quarter as drying conditions improved. Copper prices continued to strengthen with the average realised price ris ing to A$19,648/t in the September Quarter (June 2026 Quarter: A$19,114/t). Eloise ended the Quarter with a concentrate stockpile of 682 dmt, containing 169t Cu with a notional value across all metals of approximately $ 4.1 million (based on a copper price of A$20,570/t). In aggregate, 25,000t of Jericho ore was processed in the Quarter, delivering payable copper production of 373t and copper sales of 360t. This generated $ 8.0 million in metal sales post TC /RC deductions and including gold and silver by-product credits and resulted in a cash margin of $5.8 million (net of processing, royalties and sales and administration costs). This is treated as pre -commercial production with the cash margin credited as a contribution to the project capital cost. Eloise AISC of $4.86/lb Cu sold and AIC of $ 5.01/lb Cu sold were a significant improvement on the prio r quarter (June 2026 Quarter: $6.15/lb and $6.49/lb respectively) but slightly higher than plan due to the treatment of lower grade ore, the sale of higher-cost concentrate inventory built up during the June 2026 Quarter, and higher diesel prices late in the Quarter. Direct diesel costs represent approximately 10% of production costs at Eloise – made up of Eloise and Jericho mining and development, processing, and ventilation. The ongoing conflict in the Middle East has continued to cause diesel price volatility . This resulted in a material increase in the cost of diesel late in the Quarter. The current landed diesel price is approximately A$0.50/L above the A$1.26/L average price reflected in our FY27 guidance. Quarterly Cashflow Eloise sustaining capital expenditure for the Quarter (captured in AISC) included: • $4.0 million on underground development, primarily focused on Lens 6 and the Deeps. • $2.3 million on equipment financing , includes a new underground loader, two new dump trucks and a wheel loader. There was a further $0.5 million of expenditure on light vehicles. Eloise non-sustaining capital expenditure for the Quarter (captured in AIC) included: • $1.0 million on decline and Deeps development. Investing cashflows during the Quarter totalled $ 44.3 million. The Eloise expansion project is nearing completion. Jericho development continues to focus on establishing Jolly production areas and importantly, continuing the access drive to Matilda. The JS3 ventilation upgrade and second means of egress was completed during the Quarter, which allowed stoping to commence. The key items of expenditure included: • $21.0 million on Jericho mine development including Jolly ore drive development and completing the construction of ventilation shaft JS3. • $13.0 million for the Eloise processing plant expansion is related primarily to continuation and completion of construction activities. Spend was also incurred on project management , commissioning activity and mill spares. • Non-plant infrastructure: o $3.2 million for high-voltage generator and progress payments on switch rooms , as well as installation works for electrical cable.
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19 o $1.8 million for project management. • Construction of the TD5 tailings dam raise, and water storage dam commenced during the Quarter. Expenditure of $4.2 million related primarily to foundation and underdrainage works a long with cultural heritage clearance. • $1.2 million for resource definition drilling. Exploration expenditure for the Quarter was $3.5 million, primarily comprised of drilling and geophysical work at Eloise Regional, Jericho, Brumby, and Delamerian. September Quarter expenditure is above guidance on a run rate basis; this is largely seasonal but also reflects additional spend on Brumby following the strong recent drilling results. Exploration expenditure is expected to reduce during the wet season. There was an unfavourable working capital impact of $12.0 million in the Quarter. This is largely driven by an increase in accounts receivable during the Quarter, reflecting the increase in sales volumes in September 2026 relative to June 2026 (i.e. June 2026 deliveries were collected in the September Quarter while September 2026 deliveries will be collected in the December Quarter) . Working capital is also impacted by the timing of payments in respect of the Eloise expansion project. Equipment funding in the Quarter relates to funding received for three high voltage generators acquired as part of the powerhouse upgrade on the Eloise expansion project ($3.0 million) and funding received for previously paid equipment deposits ($1.0 million). Transaction costs incurred in the Quarter relate to a $0.5 million deposit in respect of the acquisition of the Mt Cuthbert Copper Project. Cash flows for the Quarter are summarised in the table below. Cash Flow ($ Millions) September 2025 Qtr December 2025 Qtr March 2026 Qtr June 2026 Qtr September 2026 Qtr Metal sales (net of TC/RC) 55.7 54.9 72.0 58.0 69.6 Mine operating costs (28.6) (29.3) (29.8) (32.4) (28.3) Operating Mine Cash Flow 27.1 25.6 42.2 25.6 41.3 Total capital (15.3) (14.1) (14.5) (13.3) (7.9) Net Mine Cash Flow 11.8 11.5 27.7 12.3 33.4 Corporate (2.3) (1.9) (2.2) (3.1) (2.8) Exploration (2.5) (1.3) (0.7) (3.0) (3.5) Jericho Project (25.7) (35.0) (39.3) (41.6) (44.3) Net Jericho contribution - - - 2.5 5.8 Net interest and other income 0.6 0.4 0.3 0.4 0.4 Working capital movement 1 3.5 4.2 (13.2) 15.1 (12.0) Equipment (deposits) / funding 2 - (0.8) (0.9) (2.1) 4.0 Group Cash Flow (14.6) (22.9) (28.3) (19.5) (19.0) Net equity raise proceeds 21.5 - - - - Debt draw-down 3 - - 14.5 30.1 15.0 Transaction costs - - - - (0.5) Net Group Cash Flow 6.9 (22.9) (13.8) 10.6 (4.5) Opening Cash Balance 60.9 67.8 44.9 31.1 41.7 Closing Cash Balance 67.8 44.9 31.1 41.7 37.2 1. High working capital movement in the September Quarter was driven by weak metal deliveries in June, for which the cash was collected in July. The working capital movement was also impacted by the timing of payments on the Jericho project, with payments typically made in the month following the spend being accrued. 2. Equipment (deposits) relates to equipment deposits and major overhaul costs paid in advance of funding being received, while the funding relates the draw down on the asset finance facility in a subsequent Quarter. 3. Debt drawdown is net of up-front facility costs. 4. The above financial information is not audited.
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20 Financing AIC Mines finished the Quarter with $37.2 million in cash at bank (30 June 2026: $41.7 million). There was one drawdown of US$10 million ($15.0 million) on the Prepayment Facility with Trafigura Pty Ltd in the Quarter, bringing the total drawn amount to US$40 million. During the prior Quarter, the Company secured an increase of US$10 million to the Prepayment Facility, bringing the total facility amount to US$50 million. At this stage, the additional amount is not expected to be drawn. Repayments on the Prepayment Facility are due to commence in the March 2027 Quarter at US$1.5 million. A similar amount is due in the June 2027 Quarter and then repayments lift to US $3.7 million per quarter until the final repayment is made in the December 2029 Quarter. Accrued interest of approximately US$6.5 million is repaid over the same period. Board Changes A number of changes to the Company’s b oard of directors were made during, and shortly after, the Quarter. The changes represent a strategic evolution of the Company’s leadership structure as it progresses from a period of strong organic growth towards production ramp-up, operational improvement and inorganic growth. • Clint Donkin was appointed Managing Director and Chief Executive Officer of the Company, effective 5 October 2026. Mr Donkin is an experienced mining executive with broad operational, technical and strategic leadership exposure across Australia, Africa, and South America. His background spans large -scale copper operations, operational transformation, business improvement, technology integration, and executive oversight of complex mining assets. During his career, Mr Donkin has held senior executive positions with Glencore PLC and Ausenco Pty Ltd. At Glencore, he has held the position of Head of Copper – Africa Region, Chief Technology Officer, and most recently Head of Joint Ventures – Copper South America. • Aaron Colleran, the previous Managing Director and Chief Executive Officer, transition ed to the role of Non-Executive Chairman, effective 5 October 2026. • Josef El-Raghy, the previous Non-Executive Chairman, retired from the Board, effective 5 October 2026, after having served nine years in the role. • Mark Le Messurier was appointed as an independent Non -Executive Director of the Company, effective 1 September 2026. Mr Le Messurier brings more than 40 years of experience with Australian and international mining companies, spanning executive leadership, mine development and operations. He was most recently Managing Director of Federation Mining, where he co - founded the company and led the development of the Snowy River gold project in New Zealand. His prior roles include Chief Operating Officer of Evolution Mining, and senior operational leadership positions with Eldorado Gold, Sino Gold Mining and Barrick Gold. • Brett Montgomery retired as a Non-Executive Director of the Company effective 31 August 2026 following his relocation to Hong Kong. Mt Cuthbert Acquisition During the Quarter, the Company entered into binding agreements to acquire a 100% interest in Materra Metals Limited (“Materra”) (the “Acquisition”), owner of the Mt Cuthbert Copper Project (“Mt Cuthbert” or the “Project”), for $120 million consisting of $ 100 million in new fully paid AIC Mines ordinary shares and $20 million in cash. Concurrently, the Company entered into a subscription agreement with existing major shareholder Hawke’s Point Resource Finance and its affiliates (“Hawke’s Point”) to subscribe for $70 million of new fully paid ordinary shares at an issue price of $0.795 per share, being the Company’s last closing price on 21 September 2026 (the “Placement”) to fund the cash component of the Acquisition consideration and accelerate exploration, resource drilling and development studies at Mt Cuthbert. Mt Cuthbert is located in the Mt Isa- Cloncurry region of northwest Queensland, approximately 150km northwest of the Eloise copper mine. The project hosts Mineral Resources of 18.7Mt grading 1.3% Cu for
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21 246,000t of contained copper, including 11 .0Mt grading 1.7% Cu in sulphide material. The Mineral Resources are spread across five deposits, all on granted Mining Leases and all open along strike and at depth. The project also includes a 2,400km² tenement package with 15 drill -ready priority prospects, an 8,000tpa SXEW plant on care and maintenance, a 64-room camp and established site infrastructure. Mt Cuthbert has had minimal exploration for more than 20 years, and there has been very little deeper drilling targeting sulphide mineralisation. The Company's focus is the sulphide potential, and it is assessing the potential for a standalone operation. AIC Mines intends to apply the same approach that took Jericho from acquisition in 2023 to first copper sales in April 2026. An Extraordinary General Meeting will be held in Perth on 4 November 2026 to seek shareholder approval for the Acquisition and Placement. Proxy v oting is now open and will close at 11am (AWST) on 2 November 2026. Shareholders are encouraged to vote online by following the instructions on the proxy form included with the notice of meeting. For more information regarding the Mt Cuthbert Acquisition and Mineral Resource s, see ASX announcement “Transformational Copper Project Acquisition” dated 23 September 2026. Mineral Resource information is also included on page 22 of this announcement. Authorisation This Quarterly Activities Report has been approved for issue by, and en quiries regarding this report may be directed to Aaron Colleran, Chairman, via email at info@aicmines.com.au.
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22 AIC Mines – Group Mineral Resources (including Mt Cuthbert) Resource Category Tonnes Cu Grade (%) Au Grade (g/t) Ag Grade (g/t) Contained Copper (t) Contained Gold (oz) Contained Silver (oz) Jericho Copper Mine 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 Sub Total 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 Sub Total 5,848,000 2.6 0.7 9.8 150,700 125,900 1,847,900 Mt Cuthbert Project Measured - - - - - - - Indicated 7,600,000 1.1 - - 84,200 - - Inferred 11,070,000 1.5 - - 161,800 - - Sub Total 18,670,000 1.3 - - 246,000 - - Sandy Creek Project Measured - - - - - - - Indicated - - - - - - - Inferred 2,620,000 1.1 0.3 4.4 28,100 22,200 370,200 Sub Total 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 Sub Total 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 20,569,000 1.8 0.3 2.7 367,600 203,400 1,786,100 Inferred 29,248,000 1.7 0.3 3.1 509,900 241,100 2,917,400 Total 49,845,000 1.8 0.3 2.9 877,800 445,000 4,710,100 Totals and sub totals may not add due to rounding. Mt Cuthbert Resource tonnes have been rounded to the nearest 10,000 tonnes. All other Resource tonnes have been rounded to the nearest 1,000 tonnes. Eloise and Jericho Mineral Resources are inclusive of Ore Reserves. Mt Cuthbert Resources have an effective date of 1 May 2026. All other Resources have an effective date of 31 December 2025. Eloise Mineral Resources are estimated using a 1.1% Cu cut-off above 0mRL and 1.5% Cu below 0mRL. Jericho Mineral Resources are estimated using a 1.1% Cu cut-off within optimised stope shapes. Mt Cuthbert Resources are estimated using a dynamic cut-off. Sandy Creek and Artemis Mineral Resources are estimated using a 0.5% Cu cut-off. There is no certainty that Mineral Resources will be converted to Ore Reserves. Mt Cuthbert Resources subject to completion. For full information, see ASX announcements “Significant Growth in Mineral Resources and Ore Reserves” dated 31 March 2026 , and “Transformational Copper Project Acquisition” dated 23 September 2026.
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23 Exploration and Mineral Resource Information Extracted from ASX Announcements This report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code 2012). Further details, including JORC Code 2012 reporting tables where applicable, can be found in the following announcements lodged on the ASX by AIC Mines: • Drilling Results from Eloise Deeps 24 June 2022 • Lens 6 Discovery - Eloise Copper Mine 30 September 2022 • Quarterly Activities Report for the Period Ending 30 June 2024 16 July 2024 • Quarterly Activities Report for the Period Ending 30 June 2025 21 July 2025 • Definition of High-Grade Jolly Shoot 14 October 2025 • Significant Growth in Mineral Resources and Ore Reserves 31 March 2026 • High-Grade Drilling Results Returned From Jolly Shoot 17 June 2026 • Eloise Regional Exploration Update 6 August 2026 • High-Grade Copper and Gold Intersected at Brumby 13 August 2026 • Transformational Copper Project Acquisition 23 September 2026 • High-Grade Gold Intersected at Oro Grande 19 October 2026 These announcements are available for viewing on the Company’s website www.aicmines.com.au under the Investors tab. AIC Mines confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. Competent Person’s Statement – Eloise Drilling Results and Eloise Mineral Resources The information in this announcement that relates to Eloise drilling results and Mineral Resources is based on information, and fairly represents information and supporting documentation, compiled by Paul Napier who is a member of the Australasian Institute of Mining and Metallurgy . Mr Napier has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Napier is a full- time employee of AIC Copper Pty Ltd and is based at the Eloise Mine. Mr Napier consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Competent Person’s Statement – Jericho, Eloise Regional, Brumby and Delamerian Drilling and Exploration Results The information in this announcement that relates to the Jericho, Eloise Regional, Brumby and Delamarian drilling and exploration results is based on information, and fairly represents information and supporting documentation, compiled by Mike Taylor who is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Taylor is a full-time employee of AIC Mines Ltd. Mr Taylor consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Competent Person Statement – Mt Cuthbert Mineral Resources The information in this announcement that relates to Mineral Resources at the Mt Cuthbert Project is based on information compiled by Mark Berry, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Berry is employed by Derisk Geomining Consultants Pty Ltd, is independent of AIC Mines Limited and Materra Metals Limited and has no conflict of interest in accepting Competent Person responsibility for the relevant content in this announcement. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Berry consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
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24 Competent Person’s Statement – Jericho Mineral Resources The information in this announcement that relates to the Jericho Mineral Resource is based on information, and fairly represents information and supporting documentation , compiled by Matthew Fallon who is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code. Mr. Fallon is a fulltime employee of AIC Mines Limited. Mr Fallon consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Competent Person’s Statement – Eloise and Jericho Ore Reserves The information in this announcement that relates to Eloise and Jericho Ore Reserves is based on information, and fairly represents information and supporting documentation, compiled by Craig Pocock who is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Pocock is a full-time employee of AIC Copper Pty Ltd and is based at the Eloise Mine. Mr Pocock consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The nature of the relationship between the Competent Persons and AIC Mines 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 and Ore Reserves is one of the vesting conditions of AIC Mines’ long-term incentive plan. Forward Looking Statements This announcement contains forward- looking statements, being all statements other than statements of historical fact. Readers can identify forward -looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “ forecast”, “intend”, “may”, “outlook”, “plan”, “potential”, “project”, “should”, “target”, “will” or “would” and other similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond AIC Mines’ control, that may cause actual results, performance or achievements of AIC Mines, or industry results, to differ materially fro m those expressed or implied. These factors include, but are not limited to: the speculative nature of mineral exploration and project development, including the risk that exploration results may not be converted into Mineral Resources or Ore Reserves, or into commercially viable mining operations; variations in ore grade, throughput, recovery and production rates; changes to Mineral Resource and Ore Reserve estimates; the failure to complete development, expansion and acquisition activities within the timeframes and estimated costs currently planned; risks associated with obtaining necessary licences, permits and approvals; increases in operating and capital costs and the availability of production inputs, equipment and contractors; the failure of counterpa rties to fulfil their obligations; recruitment and retention of key personnel, labour shortages and industrial disputes; unforeseen geological, physical or meteorological conditions and natural disasters; changes in commodity prices and foreign exchange rates; changes in the regulatory environment and political factors; the inability to obtain additional financing, if required, on commercially suitable terms; and general economic conditions. Where this announcement refers to exploration potential or interpreted mineralisation, those references are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. Forward-looking statements are based on assumptions, including as to commodity prices, operating and capital costs, production rates and exchange rates, that may prove materially incorrect. Indications of, and guidance on, future production, earnings, financial position or performance are also forward-looking statements. Readers are cautioned not to place undue reliance on forward- looking statements, which are based on information available to AIC Mines as at the date of this announcement. Except as require d by law or regulation (including the ASX Listing Rules), AIC Mines expressly disclaims any obligation or undertaking to publicly update any forward-looking statement contained in this announcement.
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25 Appendix 1 Table 1: Eloise Mine – Lens 6 Drilling – Drill Hole Locations and Anomalous Intercepts (see Figure A1 and A2) JORC Code 2012 Assessment and Reporting Criteria for these holes is included in AIC Mines ASX announcement “Drilling Results from Eloise Deeps” dated 24 June 2022. Hole ID Hole Type Northing Local (m) Easting Local (m) Elevation Local (m) Hole Length (m) Dip Local Azi Local From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Lens Number ED612 DD 81,710.7 97,536.5 -406.3 170.5 -18.6 45.4 146.0 163.9 17.9 5.9 2.9 1.6 6 ED613 DD 81,711.1 97,536.2 -406.4 155.1 -27.8 50.9 117.3 125.9 8.6 3.5 2.3 1.2 6 ED621 DD 81,710.8 97,536.4 -406.5 179.6 -25.5 46.5 123.3 161.2 37.9 14.5 2.3 1.1 6 ED623 DD 81,707.5 97,535.6 -405.8 68.1 -13.9 143.6 48.0 50.0 2.0 1.6 8.2 2.2 6 Footnotes relevant to Table 1: Data aggregation method uses length weighting averaging technique with: • minimum grade truncation comprises of copper assays greater than 1.5% Cu • no upper assay cuts have been applied to copper or gold grades • minimum width of 2.0 metres downhole • maximum internal dilution of 3 metres downhole containing assays below 1.5% Cu Downhole intervals are rounded to one decimal place ETW – Estimated True Width DD – Diamond drillhole Table 2. Jericho Project – Drill Hole Locations and Anomalous Results – Grade Control Drilling JORC Code 2012 Assessment and Reporting Criteria for these holes is included in AIC Mines ASX announcement “High-Grade Drilling Results Returned From Jolly Shoot” dated 17 June 2026. Hole ID Hole Type Northing Local (m) Easting Local (m) Elevation Local (m) Hole Length (m) Dip Local Azi Local From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Lens Number JY046 DD 80,335.7 98,611.5 980.0 132.0 -17.4 333.2 44.3 49.1 4.8 1.5 2.6 0.2 J1 JY047 DD 80,335.7 98,611.5 979.5 87.4 -26.3 329.3 53.0 55.0 2.0 0.6 2.5 0.1 J1 JY052 DD 80,329.3 98,612.1 979.6 65.6 -17.2 218.4 29.7 33.0 3.3 2.1 1.7 0.7 J1 DD 52.0 56.0 4.0 2.6 1.5 0.2 J1 Splay JY053 DD 80,329.4 98,611.9 979.0 95.2 -39.7 226.9 80.7 85.0 4.3 1.6 1.2 0.3 J1 Splay JY054 DD 80,336.5 98,625.5 978.9 125.5 -32.4 313.2 65.4 67.5 2.1 0.8 2.3 0.2 J1 DD 87.2 89.8 2.6 1.2 1.9 0.3 J1 Splay JY055 DD 80,336.5 98,625.7 979.0 152.5 -26.1 329.8 91.8 96.0 4.3 1.2 1.6 0.5 J1 Splay JY056 DD 80,601.6 98,465.3 997.3 170.6 -3.9 108.0 73.0 75.6 2.6 2.4 2.0 0.1 J0 DD 140.0 142.3 2.3 2.1 1.9 0.2 J1 JY057 DD 80,602.9 98,466.1 997.3 152.6 -2.9 89.1 133.8 136.3 2.5 2.4 2.2 0.4 J1 JY058 DD 80,602.7 98,466.0 997.2 173.5 0.8 80.1 141.7 144.0 2.3 1.9 2.8 0.6 J1 JY059 DD 80,604.5 98,465.4 997.0 200.0 -9.1 70.1 141.6 144.0 2.4 2.3 5.3 1.7 J1
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26 Hole ID Hole Type Northing Local (m) Easting Local (m) Elevation Local (m) Hole Length (m) Dip Local Azi Local From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Lens Number JY060 DD 80,605.2 98,465.0 997.1 188.5 -2.2 58.6 - - NSI - - - JY061 DD 80,603.9 98,465.8 996.5 196.0 -11.0 54.1 168.3 170.8 2.5 2.2 3.2 0.8 J1 JY062 DD 80,603.9 98,465.8 996.4 152.6 -12.9 78.4 134.0 135.5 1.5 1.4 2.8 0.4 J1 JY063 DD 80,605.1 98,464.9 997.0 163.9 1.3 68.9 151.4 154.3 2.4 1.0 1.5 1.7 J1 JY064 DD 80,602.1 98,465.9 997.3 157.7 2.0 99.8 - - NSI - - - JY065 DD 80,602.2 98,465.9 997.3 164.6 6.3 109.0 56.7 59.4 2.7 2.4 2.7 1.1 J0 DD 147.7 150.2 2.5 2.1 4.3 0.9 J1 JY068 DD 80,605.0 98,464.9 997.2 164.4 0.8 65.5 157.5 160.0 2.5 2.2 1.9 0.2 J1 JY069 DD 80,605.2 98,465.1 997.1 161.4 -0.0 74.1 145.3 146.6 1.3 1.2 7.0 1.0 J1 JY070 DD 80,602.8 98,466.0 997.2 154.8 1.5 84.4 52.9 54.4 1.5 1.2 1.5 0.1 J0 DD 141.2 143.1 1.9 1.6 3.3 0.4 J1 JY071 DD 80,602.9 98,466.0 997.3 158.5 -1.0 93.9 134.0 135.5 1.5 1.4 1.5 0.7 J1 JY072 DD 80,602.3 98,466.0 997.4 157.7 1.3 104.7 141.1 143.0 1.9 1.8 1.9 0.2 J1 JY073 DD 80,601.4 98,464.5 997.3 198.7 5.1 126.8 67.6 70.0 2.4 2.3 4.8 0.2 J0 JY074 DD 80,289.1 98,621.0 984.6 48.6 73.4 277.1 33.7 40.0 6.3 3.7 2.9 1.6 J1 JY075 DD 80,291.5 98,620.8 981.9 52.8 29.6 322.5 - - NSI - - - JY076 DD 80,289.6 98,619.7 983.5 43.4 42.9 283.2 - - NSI - - - JY077 DD 80,286.7 98,619.6 982.7 42.3 35.5 230.6 22.0 26.0 4.0 3.2 1.6 0.9 J1 JY078 DD 80,286.2 98,620.6 983.2 71.0 42.8 197.3 37.2 44.5 7.3 3.2 1.0 0.3 J1 JY079 DD 80,286.2 98,620.3 981.6 58.0 22.4 208.2 34.4 38.8 4.4 2.5 2.3 4.1 J1 JY080 DD 80,286.2 98,620.8 982.4 84.2 31.7 191.0 52.2 60.0 7.8 2.8 1.6 0.8 J1 JY081 DD 80,286.1 98,620.7 981.1 91.5 17.2 195.2 55.8 62.4 6.6 2.6 3.1 0.4 J1 JY082 DD 80,288.4 98,619.1 979.0 79.1 -41.8 250.3 53.2 57.1 3.8 1.8 1.6 0.3 J1 JY083 DD 80,288.5 98,619.0 979.4 55.4 -18.1 255.4 25.1 27.1 2.1 1.8 1.1 1.1 J1 JY084 DD 80,286.7 98,619.4 979.5 53.2 -15.3 227.9 34.0 38.0 4.0 2.5 2.0 - J1 JY085 DD 80,286.1 98,619.9 979.5 68.5 -11.3 211.5 52.0 56.6 4.6 2.1 1.1 0.9 J1 JY086 DD 80,291.7 98,619.3 979.5 77.6 -17.3 312.5 36.0 39.5 3.5 2.0 1.5 0.3 J1 JY087 DD 80,291.9 98,619.8 979.3 97.7 -27.6 327.5 71.8 79.6 7.8 2.6 3.3 0.7 J1 JY088 DD 80,291.3 98,619.2 979.2 99.0 -40.6 299.3 56.8 59.0 2.2 0.9 1.2 0.9 J1 JY089 DD 80,288.3 98,619.2 978.7 70.6 -30.4 237.4 NSI JY090 DD 80,290.3 98,619.0 979.0 65.6 -34.2 261.5 35.2 38.0 2.8 1.7 2.4 - J1 JY091 DD 80,602.4 98,466.3 996.4 158.4 -13.5 100.9 132.0 134.4 2.3 2.3 1.8 - J1 Footnotes relevant to Tables 2: Data aggregation method uses length weighted averaging with: • minimum grade truncation comprises of copper assays greater than 1.1% Cu • no upper assay cuts have been applied to copper • minimum width of 1.0 metres downhole • maximum internal dilution of 3 metres downhole containing assays below 1.1% Cu
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27 Downhole intervals are rounded to one decimal place ETW – Estimated True Width DD – Diamond drillhole NSI – No Significant Intercept Table 3. Jericho Project – Drill Hole Locations and Anomalous Results – Extension Drilling Hole ID Hole Type Northing Local (m) Easting Local (m) Elevation Local (m) Hole Length (m) Dip Local Azi Local From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Silver Grade (g/) 26JEDD114 DD 7679000 498425 199 870.00 72 90 Awaiting Assays 26JEDD115 DD 7679000 498425 199 688.70 60 90 Awaiting Assays 26JEDD116 DD 7679303 498526 198 868.70 77 90 Awaiting Assays 26JERC090 RC 7679650 498800 199 250 -65 90 Awaiting Assays 26JERC091 RC 7679706 498787 199 274 -70 90 Awaiting Assays 26JERC092 RC 7679800 498800 198 274 -70 90 Awaiting Assays 26JERC093 RC 7679750 498800 199 274 -70 90 Awaiting Assays DD – Diamond drillhole RC – Reverse Circulation Table 4. Eloise Regional – Drill Hole Locations and Anomalous Results – Exploration Drilling JORC Code 2012 Assessment and Reporting Criteria for these holes is included in AIC Mines ASX announcements “Eloise Regional Exploration Update. Extensive copper mineralisation confirmed at Iris, High-grade gold intersected at Eloise South” dated 6 August 2026 and “High-Grade Gold Intersected at Oro Grande” dated 19 October 2026. Hole ID Prospect Hole Type Northing MGA94_54 Easting MGA94_54 Elevation mRL Hole Length (m) Dip Azi From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Silver Grade (g/) 26ESDD006 Eloise South DD 7680710 497735 188 719.3 -75 270 657.0 657.3 0.3 0.2 0.2 0.1 0.2 26ESDD007 Eloise South DD 7680810 497700 188 451.0 -65 270 348.7 349.1 0.4 0.3 0.6 0.2 0.7 446.4 449.6 3.2 2.3 0.0 92.5 0.3 including 448.4 449.6 1.2 0.9 0.0 249.0 0.5 26ESRC001 Eloise South RC 7680717 497726 193 502 -57 283 Awaiting Assays 26ESRC002 Eloise South RC 7680816 497693 193 454 -55 270 Awaiting Assays 26ESRC003 Eloise South RC 7680640 497700 190 446 -60 250 Awaiting Assays 26IRDD001 Iris DD 7686210 498940 171 615.6 -60 90 317.2 319.0 1.8 1.3 1.1 0.2 0.9 347.4 355.1 7.7 5.7 0.7 0.2 0.5 including 353.4 354.1 0.7 0.5 2.2 1.0 1.7 26IRDD002 Iris DD 7686942 499094 169 373.0 -80 70 195.0 197.0 2.0 1.5 0.2 0.1 0.2 227.0 239.0 12.0 8.4 1.0 0.3 0.2
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28 Hole ID Prospect Hole Type Northing MGA94_54 Easting MGA94_54 Elevation mRL Hole Length (m) Dip Azi From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Silver Grade (g/) including 237.0 239.0 2.0 1.5 4.4 1.5 4.0 26IRDD003 Iris DD 7687500 499145 168 688.7 -75 130 Awaiting Assays 26IRDD004 Iris DD 7686951 499092 169 265.3 -70 135 Awaiting Assays 26IRRC001 Iris RC 7686923 499075 169 217.5 -72 102 Awaiting Assays 26BFDD001 Big Foot DD 7691334 501155 165 660.8 -70 150 NSA 26OGDD001 Oro Grande DD 7634276 502016 210 508.4 -60 70 236.6 244.0 7.4 0.10 0.20 1.00 236.6 238.0 1.4 0.30 0.20 3.50 243.0 244.0 1.0 0.20 0.70 0.90 262.0 264.0 2.0 NSA 0.80 1.00 285.0 287.0 2.0 NSA 1.00 NSA 455.4 457.0 1.6 1.4% Zn 467.0 469.0 2.0 1.7% Zn 476.0 479.0 3.0 NSA 0.60 NSA 493.0 498.6 5.6 NSA 5.10 NSA 26TIRC001 Tiberius RC 7662400 488603 224 154 -55 110 Awaiting Assays 26TIRC002 Tiberius RC 7661612 488193 231 154 -55 130 Awaiting Assays 26BWRC001 Bullwinkle RC 7680595 479149 211 280 -60 115 Awaiting Assays Footnotes relevant to Table 4 Data aggregation method uses length weighted averaging with: • minimum grade truncation comprises of copper assays greater than 0.5% Cu, 0.5g/t Au and 1% Zn • no upper assay cuts have been applied to copper, gold or zinc • minimum width of 1.0 metres downhole • maximum internal dilution of 3 metres downhole containing assays below 0.5% Cu Downhole intervals are rounded to one decimal place NSA – No Significant Assays ETW – Estimated True Width DD – Diamond drillhole RC – Reverse Circulation
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29 Table 5. Brumby – Drill Hole Locations and Anomalous Results – Exploration Drilling JORC Code 2012 Assessment and Reporting Criteria for these holes is included in AIC Mines ASX announcements “High-Grade Copper and Gold Intersected at Brumby” dated 13 August 2026 Hole ID Hole Type Prospect Northing (m) Easting (m) Elevation (mRL) Hole Length (m) Dip (deg) Azi (deg) From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Silver Grade (g/t) 26BRDD001 DD Brumby 7584400 475578 277 349.7 -75 315 146.5 192.9 46.4 41.8 3.6 1.0 0.8 including 151.5 162.0 10.5 9.4 14.4 3.8 3.0 which includes 152.1 153.0 0.9 0.7 21.1 2.5 4.2 153.0 154.0 1.0 0.8 19.1 5.1 3.8 154.0 155.0 1.0 0.8 20.6 5.2 4.8 155.0 156.0 1.0 0.8 21.8 4.6 4.6 156.0 157.0 1.0 0.8 22.7 4.9 4.7 157.0 158.0 1.0 0.8 22.0 4.4 4.6 158.0 158.4 0.4 0.3 19.7 8.4 4.3 158.4 159.1 0.7 0.6 19.5 5.7 3.7 159.1 159.4 0.3 0.2 2.8 15.5 2.1 including 189.0 192.9 4.0 3.8 1.3 0.3 0.2 26BRDD002 DD Brumby 7584408 475570 277 312.7 -73 30 NSA 26BRDD003 DD Brumby 7584259 475586 284 400.0 -60 324 279.0 282.0 3.0 2.0 0.6 0.1 0.1 including 281.0 282.0 1.0 0.8 1.2 0.1 0.1 Footnotes related to Table 5 Data aggregation method uses length weighting averaging with: • minimum grade truncation comprises of copper assays greater than 0.35% Cu • no high assay cuts have been applied to copper, gold or silver grades • minimum width of 1.0 metre downhole • Individual assay samples of less than 2 metres are shown within the reported 10.5m intersection. They are not reported as standalone significant intersections. • maximum internal dilution of maximum of 3 metres downhole containing assays below 0.35% Cu, with the exception of two intervals of 4 metres and 7 metres in BRDD001 Downhole intervals are rounded to one decimal place ETW – Estimated True Width DD – Diamond Drillhole NSA – No Significant Assay Table 6. Delamerian Project– Drill Hole Locations and anomalous results – Exploration Drilling Hole ID Prospect Hole Type Northing MGA94_54 Easting MGA94_54 Elevation mRL Hole Length (m) Dip Azi From (m) To (m) Downhole Interval (m) ETW (m) Copper Grade (%) Gold Grade (g/t) Silver Grade (g/) 26LLDD001 Kars DD 6429580 603913 98 333.4 -80 135 Awaiting Assays 26LLDD002 Kars DD 6433284 604304 106 312.2 -80 135 Awaiting Assays DD – Diamond Drillhole
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30 Figure A1. Eloise Mine Long Section (looking west) – Lens 6 – Drill Hole Locations and anomalous intercepts. UG Workings Historical Intercept Indicated Inferred Resource Category Cu % Grade Intercepts North LENS 6 DEEPS MACY EMERSON ELROSE LEVUKA NORTH ELROSE LEVUKA SOUTH ED613 ED612 ED621 ED623
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31 Figure A2. Eloise Mine Cross Section (looking north) – Lens 6 – Drill Hole Locations and Anomalous Intercepts. ED613 ED612 North LENS 6DEEPS MACY EMERSON ELROSE LEVUKA NORTH ELROSE LEVUKA SOUTH ED621 ED623 UG Workings Historical Intercept Indicated Inferred Resource Category Cu % Grade Intercepts