AIC Mines Limited reported updated Mineral Resource and Ore Reserve (?MROR?) estimates for the Lens 6 deposit at its Eloise Copper Mine. Lens 6 Mineral Resources: Since reporting the initial Lens 6 MROR estimate as at 31 December 2022, AIC Mines has completed another 39 drillholes for 7,818 metres. The drilling has extended the high-grade mineralisation by 200m above the 31 December 2022 Mineral Resource limits and has delivered a significant increase in the Mineral Resource.

The Lens 6 Mineral Resources have increased to 34,200 tonnes of contained copper and 27,100 ounces of contained gold, representing a 74% increase in copper and a 56% increase in gold compared to the 31 December 2022 estimate. Lens 6 Ore Reserves: Similar to the outcome with Mineral Resources, infill drilling at Lens 6 has delivered a significant increase in the Ore Reserve estimate in terms of ore tonnes and contained copper, gold and silver. The Ore Reserves for Lens 6 have increased to 22,300 tonnes of contained copper and 18,100 ounces of contained gold, representing a 119% increase in copper and a 101% increase in gold compared to the 31 December 2022 estimate.

Ongoing Exploration and Resource Definition Drilling: The Lens 6 Mineral Resource remains open up and down dip. There is no drilling between the top of the Lens 6 resource (z200 Level) and the Levuka Upper zone (100mRL), a gap of 300m vertical metres. AIC Mines has planned a step-out drill program, on 100m spacings, to test the up-dip continuation of the Lens 6 mineralisation as well as DHEM (Down Hole Electromagnetic) surveys.

This campaign is scheduled to be drilled from drill platforms on the 0m Level and z100 Level during the second half of Fiscal Year 24. Ongoing evaluation of the Eloise drillhole database continues to identify opportunities for Mineral Resource and Ore Reserve growth. AIC Mines currently has two drill rigs underground at Eloise.

One rig is dedicated to exploration drilling to the east and west of the mine workings. The other rig is focused on Mineral Resource and Ore Reserve definition drilling. Lens 6 demonstrates the potential for additional mineralisation in the east and west corridors.

The in-mine EM loop, currently under construction at Eloise, will be a rapid, cost-effective way of testing large undrilled areas deeper in the mine for parallel lenses and structural offsets of known lenses. Underground Development and Mine Planning: Underground development into Lens 6 commenced in September 2023 from the z275 and z305 Levels and first development ore was mined in October 2023. A total of 157m of access and ore development has since been completed.

Being immediately adjacent to active mine workings, no new capital infrastructure is required for Lens 6 development and production. The Lens 6 mining method will be a bottom-up modified Avoca method upwards from the z305 and longitudinal sublevel caving method downward from z305 post completion of the upward sequence. The selected stoping methods provide operational flexibility given the deposit is open both up and down dip.

Stoping in Lens 6 is due to commence in the June 2024 Quarter.