AIC Mines Ltd.

AIC Mines Ltd. is a junior copper producer headquartered in Subiaco, Australia, operating primarily in Australia. The company's portfolio consists of 1 operating mine. Key assets include Eloise. The company's business model centers on acquiring, developing, and operating assets with a focus on enhancing value through targeted capital investment and operational optimization. A core operational capability is the expansion of processing plant capacity, with plans to increase throughput from 725,000 tonnes per annum to 1.1 million tonnes per annum to accommodate ore from new developments. Operational characteristics include a strong emphasis on upgrading mining fleets, extensive underground development, and continuous resource extension drilling to improve reliability and output. The strategic approach involves connecting new deposits to existing infrastructure via extensive underground drives, a method designed to create significant operational synergies. This integration de-risks production by increasing the number of available ore sources and is intended to transform the enterprise's primary operational hub into a cornerstone asset within its sector.

The corporate strategy is focused on building a mid-tier mining company through a disciplined, dual-pronged approach of organic growth and strategic acquisitions. A primary objective is to increase annual production by developing satellite deposits and expanding existing processing infrastructure, aiming to lift output to over 20,000 tonnes per annum of primary metal. This organic growth is supported by a continuous focus on resource and reserve replacement through exploration targeting extensions of known ore bodies and new regional discoveries. The acquisition strategy targets late-stage projects where the organization can add value through exploration, development, or operational improvements, while maintaining strict discipline in evaluating opportunities. Operational priorities emphasize enhancing safety standards and improving operational reliability through significant capital investment in mining fleet upgrades, underground development, and resource definition drilling. This approach is designed to de-risk production by diversifying ore sources and achieving economies of scale.

Executive leadership features a Managing Director and CEO with extensive experience in public market mergers and acquisitions and strategic planning, including a foundational role in the creation of a major domestic producer. The Non-Executive Chairman brings deep experience in developing and managing mining companies, having previously overseen a junior explorer's transition to a successful producer as Chairman of Centamin Plc. The board of directors consists of 5 members, including the Managing Director and 4 Non-Executive Directors. Governance is structured through 3 primary committees: Audit, Risk and Sustainability, and Remuneration and Nomination. The Risk and Sustainability Committee, which includes all 5 directors, meets quarterly to oversee the company's risk management systems and sustainability strategy. The Audit and Remuneration committees are composed of the 4 Non-Executive Directors. The remuneration framework directly links executive incentives to a scorecard of key performance indicators covering financial delivery, sustainability, operational excellence, and growth, reflecting a performance-oriented management philosophy.

The sustainability framework is guided by a formal Climate Change Position Statement and a commitment to align with emerging reporting standards. A key environmental initiative involves a Climate Change Risk Assessment for core operations, with a long-term decarbonization focus on connecting to a major high-voltage transmission line to access renewable power. Water stewardship practices ensure operations do not impact local freshwater resources, utilizing a closed-loop system of mine dewatering, recycled water, and rainwater harvesting. Social responsibility is demonstrated through a formal Cultural Heritage Protection Agreement with First Nations peoples and a screening system for main suppliers to prevent modern slavery in the value chain. The organization achieved an 80% reduction in its Total Recordable Injury Frequency Rate to 3.2 in FY24. The Board has approved diversity targets to be achieved by FY28, including at least 30% representation of each gender at the Board level and 20% across the entire workforce. Governance oversight is managed by a dedicated Risk and Sustainability Committee, comprising the full Board, which meets quarterly.

The corporate structure has been shaped by strategic acquisitions and joint ventures. In 2023, the company finalized the acquisition of Demetallica Limited, which was subsequently delisted, to consolidate its asset portfolio. The organization holds a 50% interest in a joint venture with Rumble Resources for the Lamil project, where a search for a new partner to advance the project is underway. A previous earn-in and joint venture arrangement with BHP Group Limited for the Peake and Denison project was terminated, with the company retaining 100% ownership and now seeking a new partner. Substantial shareholders include FMR Investments Pty Limited, holding 14.47%, an entity associated with the Non-Executive Chairman, holding 7.34%, and Firetrail Investments Pty Ltd, holding 5.25%. Key wholly-owned operational subsidiaries, including AIC Copper Pty Ltd and Demetallica Pty Ltd, are parties to a deed of cross guarantee, under which each company guarantees the debts of the others, simplifying internal financial arrangements.