AIC Mines (A1M) AGM 2024 summary

Opening remarks and agenda

• AGM opened at 11:00 A.M. on 20 November 2024 with board members and audit partner present; quorum confirmed and proxies representing 42% of shares received.

• Notice of meeting and annual reports dispatched to members on 18 October 2024; minutes of prior EGM available for inspection.

Financial performance review

• Eloise produced 13,412 tonnes of copper in concentrate at an all-in sustaining cost of $5.15/lb, a 27% production increase and 8% cost reduction year-on-year.

• Eloise Copper Mine generated $23.1M positive cashflow in FY24, with market capitalisation at $184.2M and $62.6M cash and no debt as of 30 September 2024.

• Copper contained in mineral resources and ore reserves increased by 49% and 40% respectively compared to the prior year.

• FY 2025 production target set at 12,500 tonnes copper and 5,000 oz gold at $5.25/lb; first four months already produced 4,586 tonnes at $4.75/lb.

• Recent cost reductions due to lower diesel prices and expected drop in copper treatment charges.

Board and executive committee updates

• Board led by Chairman Josef El-Raghy and Managing Director Aaron Colleran, supported by experienced non-executive directors.

• Two new executives introduced: Tim Benfield (COO) and Duncan Bristow (Business Development & IR Manager), both hired in 2024.

• Board and executive team focused on building a mid-tier copper and gold miner through exploration, development, and acquisition.

• Board described as experienced in mining and capital markets, with plans to improve diversity and independence as company grows.