AIC Mines Raises $55 million to Fund Eloise Expansion and Jericho Mine Development

Highlights:

• AIC Mines Limited (ASX: A1M) successfully raised $55 million through a two-tranche placement to fund Eloise plant expansion and Jericho mine development.
• Strategic investor Hawke’s Point joined the raise, committing $5 million and entering a two-year support agreement to back future funding needs.
• AU$10 million Share Purchase Plan will offer eligible investors the chance to participate at the same $0.30 issue price as the placement.

Capital boost supported by major investors including Hawke’s Point

AIC Mines Limited (ASX: A1M), an Australian copper and gold-focused resources company, has successfully secured $55 million through a two-tranche share placement to fund its expansion initiatives. At the time of writing, the placement has drawn strong participation from both existing shareholders and new institutional investors across Australia, North America, and the UK.

Funding to Accelerate Growth Projects

The proceeds will be used to support the expansion of the Eloise copper processing facility in North Queensland, the development of the new Jericho copper mine, and ongoing exploration activities. The Placement, priced at $0.30 per share, represents a 9.1% discount to AIC Mines’ closing share price of $0.33 on June 19.

This capital injection complements a previously secured US$40 million prepayment facility from Trafigura Asia Trading Pte Ltd, reinforcing the company’s financial position to deliver on its growth plans. AIC Mines also plans to raise up to $10 million through a Share Purchase Plan open to eligible shareholders in Australia and New Zealand.

Strategic Partnership with Hawke’s Point

As part of the raise, asset management firm Hawke’s Point invested $5 million and signed a strategic agreement with AIC Mines. The agreement outlines a framework for further support over the next two years, reducing future funding risk and highlighting long-term commitment. Managing Director Aaron Colleran said, “This funding allows us to fully pursue expansion at Eloise and develop the Jericho project. We are pleased to welcome Hawke’s Point and other long-term investors to our register.” The new shares, totaling around 183.3 million, will represent approximately 23.1% of AIC Mines’ post-issue capital assuming the SPP is fully subscribed.

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