Key points
- Acquisition of Mt Cuthbert Copper Project in NW Queensland
- Total Mineral Resources: 246,000t Cu at 1.3%
- Strategic fit with existing Eloise Copper Mine
- $120M acquisition funded by scrip and cash
- $70M equity raising to support exploration and development
Full summary
AIC Mines Limited (ASX: A1M) has announced the acquisition of the Mt Cuthbert Copper Project in northwest Queensland for $120 million. The acquisition includes $100 million in new fully paid AIC Mines ordinary shares and $20 million in cash. Mt Cuthbert has a significant Mineral Resource of 18.7Mt grading 1.3% Cu, totaling 246,000t of contained copper. The project is strategically located 150 km northwest of AIC Mines' Eloise Copper Mine, offering regional exploration, operational, and administrative synergies. AIC Mines plans to accelerate exploration and development activities at Mt Cuthbert, leveraging its experience from the Eloise-Jericho project. The acquisition is expected to be accretive to existing shareholders, with the Mt Cuthbert Mineral Resources being acquired at approximately 50% less than AIC Mines' current implied valuation.