AIC Mines : Drilling Results from Marymia Project, Murchison WA

ASX ANNOUNCEMENT

28 March 2022

ABOUT AIC MINES

AIC Mines is a growth focused Australian resources company. Its strategy is to build a portfolio of gold and copper assets in Australia through exploration, development and acquisition.

AIC Mines owns the Eloise Copper Mine, a high-grade operating underground mine located SE of Cloncurry in North Queensland.

AIC Mines also has significant gold, copper and nickel exploration projects in Western Australia and New South Wales.

CAPITAL STRUCTURE Shares on Issue: 308.8m

CORPORATE DIRECTORY

Josef El-Raghy Non-Executive Chairman

Aaron Colleran Managing Director & CEO

Brett Montgomery Non-Executive Director

Tony Wolfe Non-Executive Director

Jon Young Non-Executive Director

Linda Hale

Company SecretaryCORPORATE DETAILS ASX: A1Mwww.aicmines.com.au

ABN: 11 060 156 452

P: [phone]

F: [phone]

E:[e-mail] A: A8, 435 Roberts Rd, Subiaco, WA, 6008 Share Register:

Computershare Investor Services

Drilling Results from Marymia Project,

Murchison WA

AIC Mines Limited (ASX: A1M) ("AIC Mines" or the "Company") is pleased to report assay results from reverse circulation (RC) drilling programs completed at the Copper Hills prospect and the Middle Island target at the Marymia Project. The results have confirmed the presence of copper sulphide mineralisation below an extensive copper oxide zone at the Copper Hills prospect and anomalous gold in oxide and fresh rock at the Middle Island target.

HIGHLIGHTS

• • Drilling at Copper Hills returned:

  • o 16m grading 0.12% Cu from 64m in Hole 21ACHC0004

    • o including 4m grading 0.25% Cu from 76m

  • o 4m grading 0.12% Cu from 160m also in Hole 21ACHC0004

  • o 4m grading 0.22% Cu from 172m in Hole 21ACHC0005

• • Assays are pending for the remainder of the Copper Hills program, however given the wide spaced reconnaissance nature of these holes, further exploration is definitely warranted.

• • Drilling at Middle Island returned:

  • o 4m grading 0.93 g/t Au from 24m in Hole 21AMIC0012

  • o 4m grading 0.24g/t Au from 44m also in Hole 21AMIC0012

  • o 8m grading 0.32 g/t Au from 40m in Hole 21AMIC0005

    • o including 4m grading 0.44g/t Au from 44m

1

Marymia Project (predominantly 100% owned tenements)

AIC Mines holds a very large area of tenements located about 790 kilometres northeast of Perth on the northern margin of the Yilgarn Craton. The project includes joint ventures with Ausgold Limited (ASX: AUC) and Venus Metals Corporation Limited (ASX: VMC) (Figure 1).

Figure 1. Marymia Project Target Locations

The Marymia Project is prospective for both gold and copper deposits. It is strategically located within trucking distance of the Plutonic Gold Mine and the DeGrussa Copper Mine.

Copper Hills - Drilling Results

The Copper Hills Belt (100% AIC Mines) is interpreted as a preserved portion of Paleoproterozoic basin rocks, equivalent to the Bryah, Yerrida or Padbury basins, accreted to the northern margin of the Archean Marymia Inlier. It hosts the Copper Hills prospect where oxide copper mineralisation associated with discontinuous stringers of malachite and azurite were discovered in the 1970's (for further details see AIC Mines' ASX announcement "Marymia Project Exploration Update" dated 24 June 2020).

A total of 9 RC holes for 1,820m was drilled testing for primary copper sulphide mineralisation below an historical 7 kilometre trend of surficial copper oxide mineralisation defined by both soil geochemistry and sporadic historic shallow drilling (Figure 2). Assay results from 5 holes have been received. Results confirm the continuation of copper mineralisation in fresh rock. Significant intervals include:

• • Hole 21ACHC0002 - 4m grading 0.08% Cu from 188m

• • Hole 21ACHC0004 - 16m grading 0.12% Cu from 64m Including 4m grading 0.25% Cu from 76m and 4m grading 0.12% Cu from 160m

• • Hole 21ACHC0005 - 4m grading 0.22% Cu from 172m

Disseminated sulphides to quartz-sulphide stockwork veins (dominantly chalcopyrite and pyrrhotite) are hosted in steep north dipping mafic to felsic schists, associated with a narrow interval of hematite-silica (jaspilite) and chlorite-sericite alteration. These characteristics are considered analogous to other volcanic hosted massive sulphide settings in Paleoproterozoic basins, such as the nearby DeGrussa copper deposit.

Figure 2. Copper Hills Prospect showing copper oxide trend defined by soil geochemistry and shallow drilling on interpreted geology.

Middle Island - Drilling Results

A total of 16 RC holes for 1,936m was drilled to test a series of discrete targets within a mineralised NE-SW trending package of sediments and intercalated mafic bodies that define the southern margin of the Plutonic-Marymia greenstone belt (Figure 3). Seven holes targeted a western extension of shallow oxide gold intercepts located on the southern boundary of the tenement (Sandfire Resources' Far North Prospect). The remaining holes targeted an untested mafic-sedimentary contact associated with a fault jog in the NE corner of the tenement.

Significant intervals are as follows:

• • Hole 21AMIC0012 - 4m grading 0.93 g/t Au from 24m, and 4m grading 0.24g/t Au from 44m.

• • Hole 21AMIC0014 - 4m grading 0.17g/t Au from 104m.

These results extend the footprint of the Far North Prospect a further 500m onto AIC Mines' tenure.

In the NE area hole 21AMIC0005, located closest to the fault jog, returned 8m grading 0.32g/t Au from 40m including 4m grading 0.44g/t Au from 44m with a second interval of 8m grading 0.17g/t Au from 84m.

It is expected that once splitting of composite samples has been completed, further drilling at Middle Island will be warranted.

Figure 3. Middle Island Target showing historical and AIC drilling on geology with the location of nearby third party open pits

Further information on the collar coordinates and assay results is reported in Appendix 1 at the end of this announcement.

Authorisation

This announcement has been approved for issue by, and enquiries regarding this announcement may be directed to Aaron Colleran, Managing Director, [e-mail].

Exploration Information Extracted from ASX Announcements

This announcement contains information extracted from previous AIC Mines ASX market announcements reported in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code"). Further details, including 2012 JORC Code reporting tables where applicable, can be found in the following announcement lodged on the ASX:

• • Marymia Project Exploration Update

24 June 2020

These announcements are available for viewing on the Company's websitewww.aicmines.com.au under the Investors tab.

AIC Mines confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement.

Competent Person's Statement - Marymia Drilling Results

The information in this announcement that relates to Geological Data and Exploration Results is based on information, and fairly represents information and supporting documentation compiled by Mike Taylor who is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Taylor is a full-time employee of AIC Mines Ltd. Mr Taylor consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Forward-Looking Statements

This Announcement includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond AIC Mines' control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this announcement, including, without limitation, those regarding AIC Mines' future expectations. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause AIC Mines' actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete the project in the time frame and within estimated costs currently planned; the failure of AIC Mines' suppliers, service providers and partners to fulfil their obligations under supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. Although AIC Mines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.