AIC Mines Limited provided an update on the remnant mining strategy at its Eloise Copper Mine in North Queensland. Review work conducted in early 2023 confirmed that modern ground support practices would allow historic remnant areas at Eloise to be mined. Exploration drilling to test these areas has been underway since.

Recent exploration drilling targeted remnant mineralisation to the south and top of the previously mined areas at Eloise. Drilling from the 1070 Level (approximately 115m below surface) has returned excellent results: EN353 - 18.5m (15.7m ETW) grading 3.2% Cu and 0.7g/t Au, EN349 - 4.2m (3.7m ETW) grading 4.2% Cu and 0.7g/t Au, EN349 - 3.1m (2.7m ETW) grading 2.7% Cu and 0.7g/t Au, EN350 - 2.0m (1.8m ETW) grading 1.6% Cu and 0.3g/t Au. This near-surface remnant mineralisation is expected to provide an important supplement to primary ore production over the next 6 to 18 months.

During the original due diligence for the acquisition of the Eloise Copper Mine completed by AIC Mines it became evident that there was a significant remnant mining opportunity at Eloise. The main upside at Eloise was clearly the depth and strike extensions of the known orebodies however it was evident that remnant mineralisation could supplement primary ore production with high-grade and near-surface ore. The remnant mining strategy is supported by the fact that mining in the Upper Levels of the Elrose-Levuka deposits, conducted from 1996 to about 2005, used a 2.0% Cu cut-off.

This compares to the 1.4% Cu cut- off currently used for Ore Reserves in the Upper Levels. Modern ground support practices potentially allow historic remnant areas to be mined. A geological and preliminary geotechnical review was conducted on the remnant areas in the Upper Levels and no significant impediments to access or mining were evident.

Drilling into remnant areas in the Upper Levels continues to intersect significant mineralisation in the Elrose-Levuka North area. An exploration drill program of 12 holes for 1,577.1m on the 1070 Level (approximately 115m below surface) was recently completed. This drilling has returned better than expected results and is expected to extend the Mineral Resource to the south, between the 1055 Level and 1105 Level.

Significant results include: EN353 - 18.5m (15.7m ETW) grading 3.2% Cu and 0.7g/t Au, EN349 - 4.2m (3.7m ETW) grading 4.2% Cu and 0.7g/t Au, EN349 - 3.1m (2.7m ETW) grading 2.7% Cu and 0.7g/t Au, EN350 - 2.0m (1.8m ETW) grading 1.6% Cu and 0.3g/t Au, EN355 - 1.8m (1.5m ETW) grading 3.7% Cu (awaiting gold results), EN347 - 4.7m (3.0m ETW) grading 4.2% Cu and 0.5g/t Au (previously reported), EN348 - 9.0m (9.0m ETW) grading 2.9% Cu and 0.3g/t Au (previously reported). A further five holes have been completed and assays are awaited. It is expected that these assays will be reported with the Quarterly Activities Report for the Period Ending 30 June 2024.

Note that results from holes EN347 and EN348 were previously report in the Quarterly Activities Report for the Period Ending 31 March 2024. All of the intersections have confirmed mineralisation occurs as primary massive sulphides, predominantly chalcopyrite. AIC Mines intends to systematically drill test other remnant areas in the Upper Levels, with the intent of mining and processing during fiscal year 2025 or growing the Upper Zone Ore Reserves.