AIC Mines Limited announce the results of its re-estimate of the Jericho Mineral Resource following completion of the takeover of Demetallica Limited (‘Demetallica'). The AIC Mines estimate uses a higher cut-off grade than that used by Demetallica (1.0% Cu compared to 0.85% Cu) and is constrained within optimised stope shapes to better reflect the proposed mining method. The new estimate is more robust and better suited to mine planning.

The outcome is in-line with expectations based on work previously conducted by AIC Mines as part of its acquisition due diligence. Jericho Mineral Resources are estimated at 9.8 million tonnes grading 1.8% copper and 0.4g/t gold containing 180,000 tonnes of copper and 110,600 ounces of gold. The Mineral Resource remains open both along strike and depth.

The Mineral Resource is constrained by drilling to a vertical depth of 550m below surface. This compares to the Eloise deposit which is known to extend to 1,800m below surface. Jericho plus Eloise combined Mineral Resources now total 14.6 million tonnes grading 2.0% copper and 0.6g/t gold containing 295,000 tonnes of copper and 210,700 ounces of gold.

Having received full access to the Jericho drillhole database following completion of the takeover of Demetallica, AIC Mines has completed a new Mineral Resource estimate using similar estimation practices and assumptions to those used at its Eloise mine. The Jericho deposit is located approximately 4km south of the Eloise mine and exhibits similar geological, mining and metallurgical characteristics to the Eloise mine. The Mineral Resource estimate is based on a long-term copper price of AUD 10,500/t and is reported and classified in accordance with the JORC Code (2012).

The Jericho Mineral Resource has a strike length of over 2.3 kilometres, commencing at 50m below the surface level (BSL) and extends to a vertical depth of 550m BSL. High grade mineralisation (>2% Cu) has a shallow 30O north plunge and is open at depth. There is opportunity to extend the high-grade mineralisation along strike and at depth with additional drilling.

Compared to the previous Mineral Resource Estimate conducted by Demetallica, the AIC Mines Mineral Resource Estimate contains less tonnes at a higher grade for an overall slight decrease in contained copper, gold and silver. The differences between the two estimates are due to: · An economic cut-off grade of 1% Cu was used for the new estimate. The previous estimate used an economic cut-off grade of 0.85% Cu.

Reassessment of the geological interpretation using the same structural framework observed and mined at the Eloise underground mine, resulted in mineralised lenses being more tightly constrained. Datamine MSO stope optimiser software was used to identify resource blocks that met the criteria of reasonable prospect for eventual economic extraction (RPEEE). This was not undertaken previously.

Evaluation of minimum mining width. This was not undertaken previously. Development of the Jericho deposit will be transformational for Eloise.

It offers the potential to: · increase mine life to over 10 years · increase annual production to over 20,000t Cu and 10,000oz Au in concentrate (a 60% increase on current production rate) · reduce reliance on the Eloise Deeps thereby de-risking ore production · reduce AISC through economies of scale Environmental permitting work has commenced. This work is being led by specialist consultants Epic Environmental in partnership with Engeny. Mining studies to commence this week following the engagement of Orelogy Ltd. A processing plant expansion optimisation study is due to commence shortly following the engagement of GR Engineering Services.

The aim of the optimisation study is to decide the optimum processing plant expansion (from current 750ktpa capacity) expected to be in the range of 1.0 - 1.4Mtpa. Current expectations are that development of the Jericho mine could commence early in CY24 with first ore accessed early in CY25. AIC Mines is however closely monitoring the current operating environment and cost inflation pressures to decide the best timing and strategy for developing the Jericho mine and expanding the Eloise processing plant.

A program of resource definition (infill) and extension drilling is being planned for Jericho. Resource definition drilling to upgrade Inferred Resources to Indicated Resources will provide a larger base for ultimate conversion to Probable Reserves. Extension drilling is expected to extend the known high-grade lenses at depth and drilling along strike has the potential to locate additional high-grade lenses.

The Jericho resource is currently constrained by drilling to a vertical depth of 550m below surface. This compares to the Eloise deposit which is known to extend to 1,800m below surface. There is approximately 7.8Mt of Mineral Inventory at Jericho (above a 1% Cu cut-off and within optimised stope shapes) that is insufficiently drilled to qualify as Inferred Resource.

This inventory provides an excellent opportunity to extend the Jericho Mineral Resource with infill drilling.