AIC Mines Limited

I would now like to hand the conference over to Mr. Aaron Coleran, Chief Executive Officer. Please go ahead.

Thank you, Darcy. I'll provide a brief overview of the September quarter and then open for questions. The September quarter was a great quarter. Eloise produced 3,324 tonnes of copper and 1,722 ounces of gold in concentrate at an all-in sustaining cost of Aussie $4.97, US $3.23 per pound copper sold and an all-in cost of AUD$5.29 or US$3.44 per pound of copper sold. Eloise achieved guidance for the ninth consecutive quarter and generated net mine cash flow of AUD$11.8 million after Eloise's capital expenditure. $11.8 million free cash flow. Of a realized copper price of Aussie, $6.72 per pound, realized gold price of Aussie, $5,442 per ounce, and realized silver price of Aussie, $63 per ounce. All great prices, but today's prices, as you would well know, are 10%, 20%, and 30% higher respectively. would have generated an additional $7 million in free cash flow, a 60% increase. So you can see why we're excited about what the December quarter might deliver. In fact, we're massively excited about what the December quarter might deliver. At the end of the September quarter, we were 380 metres away from the J1 lens at Jericho. So you know where that puts us at the end of the December quarter. Yes, it could be a jolly good Christmas indeed. You'll also see on page four of the quarterly that we will mine a lot of LEN6 in the December quarter. So we are expecting another good quarter, guiding 3,200 to 3,400 tonnes of copper and 1,600 ounces of gold in concentrate. While I'm talking about LEN6, take a look at the LEN6 drilling results on page five of the quarterly. These results are up to 50 metres below the current resource. Sensational results. Great copper grades and great gold grades too. ED529. 5.2 metres of estimated true width, grading 3.5% copper, 0.8 grams per tonne gold. ED 547, 8.8 metres estimated true width, grading 3.2% copper and 1.8 grams per tonne gold. ED 548, 9.3 metres, 3.4% copper, 1.2 grams per tonne gold. ED 549, 3.4 metres. 4.9% copper and half a gram gold. Sensational results. Now let's get back to the quarterly result. The AISC might be a bit higher than some people were expecting, but you'll see that underground development costs were relatively high due to the higher than average capital development completed in the quarter. This is largely timing related, and these costs should normalize over the remainder of the year. Capital expenditure was broadly in line with guidance. That is, most of the line items we're at about the 25% mark of full year guidance. Being one quarter into the year, that's where they should be. Those CapEx items that are ahead of budget are Alois mine development, Alois resource definition drilling, exploration expenditure, and corporate expenditure. Let me run through these exceptions. Alois underground mine development is guided at $25 million for the year, and we spent $8.8 million in the September quarter, so 35% spent. As I just mentioned, this will normalise over the rest of the year. LOA's resource definition, drilling is guided at $2.5 million for the year and we've spent $1 million, so 40% of full-year guidance. That is effectively over budget, but what would you expect us to do when we're drilling holes like ED548? Let me repeat it. 16.2 metres, grading 3.4% copper and 1.2 grams per tonne gold in LEN6. Expiration expenditure, that's at 33% of full year guidance. This will wind back as the wet season rolls in, happens every year. And corporate expenditure is at 30% of the full year guidance. This will wind back as we continue to tighten our belts and there's no more Tim Tams in the head office. More importantly, the big ticket item. The Alloways expansion project is progressing well and although it is early in the construction period, it is on budget and on schedule. Expansion project funding, and expenditure is very clearly set out on page 15 of the quarterly, and I would direct analysts there. As we note there, the funding parameters for the project remain in line with the sources and uses outlined in the equity raise presentation we issued on the 20th of June this year. Over the next 15 months, i.e., through to the 31st of December, 2026, we have $69.2 million remaining to be spent at the Alois plant expansion, $53.3 million required to complete the Jericho link drive and commence mine development and $33.7 million remaining to be spent on non-plant infrastructure for a total funding requirement of $156.2 million. We have current liquidity of $128 million with cash and the Trafigura facility, and we expect Eloise and Jericho to generate roughly $70 million over the next 15 months. So funding sources continue to match users comfortably. And as noted earlier, if current copper prices persist, then sources are well in excess of users. If any of those numbers are difficult to calculate or you're having... trouble running those through your model, please call in this afternoon to either myself or Duncan, and we'll clarify and lead you through it. Resource definition drilling results at the JOLI shoot at Jericho are worth highlighting. We announced these on Tuesday this week. JOLI is still at resource status, but it looks eminently, imminently mineable. Reasonable grades, reasonable widths, and as at the 30th of September 2025, the Jericho access drive was only 380 metres away. This means that we could be grey control drilling this shoot from underground this quarter and mine development could commence as early as the March 2026 quarter. The Aloise processing plant has spare capacity to immediately treat any early Jericho material and early mine production will also allow for a good stockpile to be built ahead of commissioning of the expanded processing plant. This de-risks our startup and speeds up our ramp up. This is great news for shareholders. Regional expiration, I know a lot of people were looking forward to those holds. Unfortunately, no results to report this quarter as we pushed the JOLI samples through the lab ahead of the regional targets. We should get results over the next four to six weeks, so we'll likely do a mid-quarter expiration update announcement. That concludes my review, so I'll ask the operator to open the line for questions. Thank you.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Richard Adams, private investor. Please go ahead.