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. New drilling results at Lens 6 include: ED352 - 18.1m (11.5m ETW) grading 5.3% Cu and 3.1g/t Au. - anomalous gold, silver and base metal results, typically associated with epithermal gold systems, returned from maiden drilling program.

Areas of focus included critical control effectiveness auditing and the implementation of new safety management software. Driving this was improved mining fleet and plant availability, access to multiple ore sources and improved sublevel cave performance in the Deeps. Production is on track to commence mining the short haul (1.2km to ROM) Elrose-Levuka North 1090 level in the March 2024 Quarter, whilst new stoping fronts in the Deeps z355 level and Lens 6 are scheduled to commence early in the June 2024 Quarter.

Being immediately adjacent to active mine workings, no new capital infrastructure was required for Lens 6 development and production. The Lens 6 mining method is a bottom-up modified Avoca method upwards from the z305 level and longitudinal sublevel caving method upwards from z305 level post completion of the upward sequence.capitalisation of the mining fleet is almost complete. This is an impressive result and a credit to the new processing and fixed plant maintenance teams built under AIC Mines ownership.

Employee retention and availability improvements are also noteworthy. One of the highlights of the December 2023 Quarter was completion of updated Mineral Resource and Ore Reserve (MROR) estimates for the high-grade Lens 6 deposit following completion of the CY23 resource drilling program. Lens 6 resource definition drilling completed during the Quarter returned outstanding results, confirming the high-grade zone up plunge.

Jericho Exploration and Resource Drilling. During the Quarter, further results were received from the diamond and RC drilling program targeting extensions to the Jericho resource and infill of high-priority areas of the Jericho resource. The program was completed in September 2023.

A total of 38 diamond holes for 9,334m and 42 reverse circulation (RC) holes for 7,357m were completed. All assay results from this program have now been received. Results will be used to update the Jericho Mineral Resource and Ore Reserve estimates for release with the March 2024 Quarterly Report (April 2024).

Resource extension drilling of the Jumbuck shoot successfully traced the high-grade shoot a further 200m down-plunge. Information from resource drilling completed in 2023 was used to refine the Jericho mine design. A conceptual design for the Jericho to Eloise haul road and powerline corridor was completed.

The detailed design is due to be completed in the June 2024 Quarter. The Processing Equipment Options Study is due to be completed in The March 2024 Quarter. During the Quarter AIC Mines successfully completed agreements with the McKinlay Shire Council, Levuka Pastoral Station and the Mitakoodi and Mayi People (Traditional Owners).

As a result, the grant of the Mining Lease is now expected to be delayed into the June 2024 Quarter. A total of 10 reverse circulation (RC) drillholes for 1,586m were completed, testing five prospects - Gettysberg South, Marrakesh, Pradesh, Djoser and Khufu. Anomalous gold, silver and base metals results, typically associated with ep epithermal systems, were returned from three prospects - Pradesh, Djoser andKhufu.

For further details, including JORC Code 2012 Assessment and Reporting Criteria, see AIC Mines ASX announcements "Drilling Results from the Pyramid Gold Project - Updated.