AIC Mines Limited announced updated Mineral Resource and Ore Reserve (?MROR?) estimates for its Eloise Copper Mine and regional projects Sandy Creek and Artemis following exploration and resource definition drilling completed in 2023. Eloise Copper Mine - Mineral Resources Exploration and resource definition and extension drilling at Eloise over the twelve months to 31 December 2023 has delivered an increase in Mineral Resource tonnes and contained copper, gold and silver. The updated Eloise Mineral Resource Estimate is based on a conservative long-term copper price of AUD 10,500/t and is reported and classified in accordance with the JORC Code (2012).

The commodity prices, economic inputs and cut-off grades used for this Mineral Resource update are identical to those used in the previous estimate as at 31 December 2022. Eloise Mineral Resource tonnes have increased by 9%, contained copper has increased by 13% and contained gold has increased by 14% after mining depletion (875,050t grading 2.3% Cu) from 31 December 2022 to 31 December 2023. Mineral Resources increased in the Lower Zone (Deeps and Lens 6) by 969,000t due to new drilling and changes in geological interpretation.

Mineral Resources decreased in the Upper Zone (Macy, Elrose Levuka South) by 476,000t due to mining depletion, infill drilling, and changes in geological and geotechnical interpretation. The major changes include: Addition of 1,740,400t grading 2.5% Cu contributed by: Drilling and extension of the resource interpretation by 100 vertical metres (to z550mRL) in the Deeps, adding 686,100t at an average grade of 2.3% Cu. Drilling and interpretation changes at Lens 6, adding 645,900t at an average grade of 2.9% Cu.

o Changes to the interpretation and estimation methodology at Emerson and Elrose Levuka North adding 402,400t at an average grade of 2.3% Cu. Inclusion of end of period stockpiles of 6,000t grading 2.4% Cu. Reduction of 1,241,400t grading 2.1% Cu due to: Infill drilling and changes in geological interpretation and estimation in the Upper Zone (Macy, Levuka South) removing 366,350t at an average grade of 1.5% Cu.

Mining depletion and geotechnical pillars in the Upper Zone (Macy, Levuka South) removing 512,050t at an average grade of 2.0% Cu. Mining depletion and geotechnical pillars included in the Deeps sublevel cave, removing 363,000t at an average grade of 3.0% Cu. Eloise Copper Mine - Ore Reserves Similar to the outcome with Mineral Resources, infill drilling, reinterpretation, resource reclassification and mine planning evaluation have delivered an increase in Ore Reserve tonnes and contained copper, gold and silver.

The majority of the increase has been in the Emerson, Deeps and Lens 6 mining areas. The Eloise Ore Reserve Estimate is based on a conservative long-term copper price of AUD 10,500/t and is reported and classified in accordance with the JORC Code (2012). The commodity prices, economic inputs and cut-off grades used for this Ore Reserve update are identical to those used in the previous estimate as at 31 December 2022.

Eloise Ore Reserve tonnes have increased by 11%, contained copper has increased by 10% and contained gold has increased by 9% after mining depletion (761,800t grading 2.2% Cu) from 31 December 2022 to 31 December 2023. Ore Reserves increased in the Lower Zone (Deeps and Lens 6) by 460,750t and decreased in the Upper Zone (Macy, Levuka South) by 214,750t due to new drilling, changes in the geological interpretation and mining depletion. The major changes by mining area include: · Addition of 1,008,800t grading 2.2% Cu contributed by: Infill drilling and changes in geological interpretation in the Upper Zone at Emerson, Elrose Levuka North and South adding 188,100t at an average grade of 2.3% Cu.

Infill drilling and changes in geological interpretation in the Lower Zone at Lens 6 and the Deeps adding 819,700t at an average grade of 2.2% Cu. Additional end of period ore stockpile of 1,000t. Reduction of 761,800t grading 2.2% Cu due to: Mining depletion, changes in the geological interpretation at Levuka 200 and infill drilling at Macy removing 402,850t at an average grade of 2.0% Cu.

o Mining depletion and geotechnical pillars included in the Deeps sublevel cave removing 358,950t at an average grade of 2.4 % Cu. An updated geological interpretation and Mineral Resource Estimate has been completed for the Sandy Creek deposit following the completion of four diamond drillholes in 2023 that were aimed at extending historical resources down dip and testing the concept of a southerly plunge. The mineralisation at Sandy Creek commences at surface and extends to a depth of approximately 300m, as defined by wide-spaced drilling.

Mineralisation is defined over a strike of 650m in two parallel lenses that are 2m - 12m wide, with the main lens defined by a moderate southerly plunge trending southeast. Mineralisation remains open along strike to the southeast and down plunge. The Mineral Resource reported here is comparable to the historical Mineral Resource of 2Mt grading 1.32% Cu and 0.30g/t Au.

Net gains in resource tonnes were due to drilling conducted by AIC Mines in the calendar year 2023 successfully extending resources down plunge. These gains were offset by the removal of near-surface historical resources that are not supported by drilling. The Artemis prospect was discovered in 2012 and has seen several drilling campaigns, the latest being a short program completed by AIC Mines in 2023.

The deposit is polymetallic, composed of chalcopyrite, sphalerite and galena, with significant credits of silver and gold. The deposit commences approximately 100m below surface. Mineralisation is typically 20m wide and has a strike length of 250m with a down plunge extent of 250m.

Mineralisation has a steep plunge to the south and remains open down plunge. The maiden Artemis Mineral Resource Estimate has been reported using a 0.5% Cu cut-off grade.