AIC Mines LimitedA
AIC Mines Limited 100%-owns and operates the Eloise Copper Mine, an underground copper-gold operation in the Cloncurry district of North Queensland (acquired from FMR Investments in November 2021), alongside the adjacent Jericho underground copper development. The company delivered its third consecutive year of production guidance in FY26, producing 13,064 tonnes of copper and 6,621 ounces of gold in concentrate, generating A$63.3 million in net mine cash flow after A$57.2 million of capital investment. The Eloise processing plant is being expanded from 725,000tpa to 1.1 million tonnes per annum, on track for commissioning in the December 2026 quarter, to treat additional ore from Jericho as its underground mine ramps up. Combined Eloise + Jericho production is guided at 17,500-18,500 tonnes of copper in concentrate for FY27 (weighted to the second half of the year), rising to more than 20,000 tonnes per annum -- an approximately 50% increase -- from FY28. The company holds a US$40 million Prepayment Facility (US$10 million drawn, US$30 million undrawn) alongside its cash position, and continues to report strong drilling results from both the Jericho deposit and Eloise Deeps extensions.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- May 2024 · Source
- May 2024 · Source
- Jun 2024 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: grid power.
Jurisdiction (40%)9/10
Queensland: Fraser PPI 2025 is 82.72 of 100 (rank 18 of 68), which maps to 9 on this site's scale. Queensland, Australia -- top-tier, low political-risk mining jurisdiction, matching this schema's established Queensland convention.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Eloise Copper Mine.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Ernest Henry (Evolution Mining Limited), 64 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.5/10
Nearest producing mine: Ernest Henry (Evolution Mining Limited), 64 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director and Chief Executive Officer of AIC Mines Limited. A transition to incoming MD & CEO Clint Donkin (copper specialist), with Colleran moving to Non-Executive Chairman, has been announced effective 31 October 2026 or earlier by agreement.
Chief Financial Officer of AIC Mines Limited, appointed effective May 12, 2025.
Chief Operating Officer of AIC Mines Limited.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
AIC Mines owns and operates the Eloise underground copper-gold mine in the Cloncurry district of North Queensland, acquired from FMR Investments in November 2021, and is developing the adjacent Jericho underground copper deposit through a 3 km link drive from the Eloise decline. FY2026 production was 13,064 t of copper and 6,621 oz of gold in concentrate, its third consecutive year within guidance. The combined Eloise and Jericho ore reserve at 31 December 2025 is 10,244,000 t at 1.9% copper and 0.4 g/t gold, containing 191,000 t of copper and 139,600 oz of gold, which supports a reserve life of about 9.3 years at the expanded plant rate. The Eloise plant is being expanded from 725,000 to 1.1 million t a year, with commissioning due in the December 2026 quarter, and production is guided at 17,500-18,500 t of copper in FY2027, rising to more than 20,000 t a year from FY2028. AIC says its life-of-mine model returns a positive NPV but has not published the value.