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AIC Mines Reports Strong Q2 2023 Results and Advances Exploration Projects Aic Mines Limited

AIC Mines Reports Strong Q2 2023 Results and Advances Exploration Projects

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AIC Mines, a growth-focused Australian resources company, has released its Quarterly Activities Report for the period ending June 30, 2023, showing strong progress in its copper and gold assets portfolio in Australia.

The company owns and operates the Eloise Copper Mine, an underground high-grade mine situated SE of Cloncurry in North Queensland. The mine produced 11,197dmt of concentrate, containing 2,890t of copper, with an AISC of A$5. 63/lb Cu and an AIC of A$6. 16/lb Cu. Additionally, reliability enhancements and efficiency improvements resulted in a 34% increase in ore mined and a 17% increase in copper production compared to the previous quarter. Sales for Q2 generated a net revenue of $32.

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2 million and operating cash flow of $7. 0 million, while net mine cash flow was negative $6. 4 million after capital of $13. 4 million.

AIC Mines' Jericho project reached a significant milestone, with the completion of a maiden ore reserve of 1. 8Mt grading 1. 8% copper and 0. 3g/t gold containing 32,800 tonnes of copper and 19,900 ounces of gold. The ore reserve will accelerate the development of the Jericho Deposit and provide a detailed mine plan for the project's early stages.

The company's exploration projects also showed promising results, with Eloise Deeps Lens 6 and new Lens 7 returning excellent drill results.

Looking ahead, AIC Mines is targeting a full-year production from Eloise of about 12,500t of copper and 5,000oz of gold in concentrate, with an AISC of approximately A$5. 00/lb Cu.

In addition to its operational progress, AIC Mines released its sustainability strategy, highlighting the company's commitment to environmental and social responsibility while undertaking its exploration and development works.

AIC Mines CEO, Aaron Colleran, said the company is pleased with its results for the quarter and is optimistic for the future, with the ongoing exploration and capital investments aimed at realising the company's growth-focused strategy.

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