# A1M: Transformational Copper Project Acquisition Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142702 Publisher: asx Original announcement: 2026-09-22T23:53:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T00:23:35.540Z Atlas analysis updated: 2026-09-23T00:23:35.540Z - Company: AIC Mines Limited - Ticker: A1M - Exchange: ASX - Region: northwest Queensland - Primary commodity: Copper - Secondary commodities: None reported - Document categories: Resource update, Agreement transaction, Capital raise, Drill results - Extracted: 2026-09-23 00:23:36 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary AIC Mines Limited is acquiring the Mt Cuthbert Copper Project in northwest Queensland for $120 million, comprising shares and cash. The acquisition includes a JORC 2012 compliant Mineral Resource of 18.7 Mt at 1.3% Cu for 246,000 tonnes of contained copper, with significant exploration upside. The company is undertaking a $70 million placement to fund the cash component and accelerate exploration and development studies, aiming to transform its scale and production profile. Reasoning: AIC Mines is acquiring a transformational copper project with a substantial JORC 2012 compliant resource base and significant exploration upside, funded by a well-supported placement, positioning the company for material growth and a clear pathway to becoming a multi-asset copper producer. - Positive factor: Acquisition of significant copper project - Positive factor: JORC 2012 compliant resource - Positive factor: Significant exploration upside - Positive factor: Existing infrastructure - Positive factor: Strategic synergies with existing operations - Positive factor: Funding secured through placement - Positive factor: Highly accretive to existing shareholders - Negative factor: High proportion of Inferred Resources \(60%\) - Negative factor: No Ore Reserves defined Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 20 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource estimates are prepared in accordance with the JORC Code 2012. Evidence · text > The Mineral Resource estimate has been prepared as at an effective date of 1 May 2026 and in accordance with the JORC Code 2012. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mark Berry, a Competent Person, has signed off on the Mineral Resource estimates. Evidence · text > The information in this announcement that relates to Mineral Resources at the Mt Cuthbert Project is based on information compiled by Mark Berry, a Competent Person who is a Member of the Australian Institute of Geoscientists. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Approximately 60% of the total Mineral Resources are classified as Inferred, indicating lower geological confidence. Evidence · text > Approximately 60% of the total Mineral Resources are currently classified as Inferred. **No Ore Reserves** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document explicitly states that there are no Ore Reserves defined for the project. Evidence · text > There are no Ore Reserves defined at any of the mineral assets and detailed technical studies may not result in the estimation of Ore Reserves. **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions QA/QC measures including blanks, field duplicates, certified reference materials, and check analyses for drilling programs. Evidence · text > Most drilling programs have included QA/QC measures that include some or all of the following – insertion of blank samples, field duplicates, and certified reference materials to monitor performance. Some operators have also periodically sent repeat samples to an independent laboratory for check analyses. **Compositing Transparent** Polarity: positive Story-specific tag Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: The cut-off grade and internal dilution rules for drill intercepts are clearly stated. Evidence · text > minimum grade truncation comprises of copper assays greater than 0.5% Cu • no high assay cuts have been applied to copper grades • 2m minimum width downhole • maximum internal dilution of 2 metres downhole containing assays below 0.5% Cu **True Width Disclosed** Polarity: positive Story-specific tag Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: Estimated True Width \(ETW\) is provided for drill intercepts. Evidence · table > 9.60 Context: 12.00 **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results presented in Appendix 4 are historical, with no new drilling reported since 1999 for Mighty Atom and 1995 for Orphan and Dobbyn. Evidence · text > Samples used in this announcement were obtained through Rotary Air Blast \(RAB\), Reverse Circulation \(RC\) and Diamond Drilling \(DD\) carried out between May 1992 and October 1995. No drilling has occurred at either location since that time. ## Extracted facts Stored fact records: 18. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### CORC22 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-14) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: CORC22 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 2.7 - Grade Unit: % - Intercept: 12 m - True Width: 9.6 m - From: 30 m - To: 42 m - Intercept Depth: 30 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: CORC22:30-42 - Mining Method: mixed #### Location - Location: Orphan - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1995-10-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Orphan shows a high-grade copper zone over a good width, indicating strong potential for sulphide mineralization at depth. - Positive factor: High copper grade - Positive factor: Good intercept length - Positive factor: True width disclosed - Negative factor: Historical data - Negative factor: Inferred resource category Evidence · table > 2.7% Context: 12.00 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 9.6 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ### CORC08 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-15) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: CORC08 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 2.2 - Grade Unit: % - Intercept: 7 m - True Width: 5.6 m - From: 44 m - To: 51 m - Intercept Depth: 44 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: CORC08:44-51 - Mining Method: mixed #### Location - Location: Orphan - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1995-10-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Orphan confirms high-grade copper mineralization, supporting the potential for deeper sulphide targets. - Positive factor: High copper grade - Positive factor: True width disclosed - Negative factor: Historical data - Negative factor: Inferred resource category Evidence · table > 2.20 Context: 7.00 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 5.6 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ### DC04 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-16) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DC04 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 1.3 - Grade Unit: % - Intercept: 20 m - True Width: 15 m - From: 57 m - To: 77 m - Intercept Depth: 57 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: DC04:57-77 - Mining Method: mixed #### Location - Location: Dobbyn - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1995-10-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Dobbyn shows a good copper grade over a substantial width, confirming potential for mineralization to continue into the sulphide zone. - Positive factor: Good copper grade - Positive factor: Significant intercept length - Positive factor: True width disclosed - Negative factor: Historical data - Negative factor: Inferred resource category Evidence · table > 1.30 Context: 20.00 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 15 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ### DC06 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-17) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: DC06 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 2.6 - Grade Unit: % - Intercept: 12 m - True Width: 9 m - From: 66 m - To: 78 m - Intercept Depth: 66 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: DC06:66-78 - Mining Method: mixed #### Location - Location: Dobbyn - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1995-10-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Dobbyn shows a high-grade copper zone over a good width, providing confidence in the potential for deeper sulphide resources. - Positive factor: High copper grade - Positive factor: Good intercept length - Positive factor: True width disclosed - Negative factor: Historical data - Negative factor: Inferred resource category Evidence · table > 2.60 Context: 12.00 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 9 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ### MADDH08 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-18) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: MADDH08 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 1.35 - Grade Unit: % - Intercept: 14 m - True Width: 9.8 m - From: 156 m - To: 170 m - Intercept Depth: 156 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: MADDH08:156-170 - Mining Method: mixed #### Location - Location: Mighty Atom - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1999-12-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Mighty Atom demonstrates significant sulphide potential at depth with a good copper grade over a substantial width. - Positive factor: Good copper grade - Positive factor: Significant intercept length - Positive factor: True width disclosed - Positive factor: Indicates sulphide potential at depth - Negative factor: Historical data - Negative factor: Deeper intercept Evidence · table > 1.35 Context: 14.00 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 9.8 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ### MAM1 [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-drill-facts-19) Mt Cuthbert · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: MAM1 - Project: Mt Cuthbert - Commodity: copper - Region: australia\_qld - Reported Region: australia\_qld - Ticker: A1M #### Geometry - Grade: 3.35 - Grade Unit: % - Intercept: 6.5 m - True Width: 4.6 m - From: 61.5 m - To: 68 m - Intercept Depth: 61.5 m #### Classification - Deposit Type: iocg - Program: exploration - Sample Type: drill - Group ID: MAM1:61.5-68 - Mining Method: mixed #### Location - Location: Mighty Atom - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Compositing - Cutoff Grade: 0.5 - Cutoff Unit: % - Dilution Disclosed: Yes - Max Dilution: 2 m #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 1999-12-31T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: This historical intercept from Mighty Atom shows a very high-grade copper zone, highlighting the bonanza potential within the prospect. - Positive factor: Very high copper grade - Positive factor: Good intercept length - Positive factor: True width disclosed - Negative factor: Historical data Evidence · table > 3.35 Context: 6.50 #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 4.6 **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Compositing Transparent** Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. Why it applies: cutoff\_grade and internal dilution are both stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "• Conduct and Compensation Agreements are in place with the relevant landholders for the MLs and the areas of the EPM ad" ## Resource Estimates (12) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-2) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:5947967bcc7d896e8ceb - Deposit or zone: Mt Cuthbert-Kalkadoon - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 920000 - Grade: 1.4 - Grade Unit: % - Contained Metal: 12500 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Mt Cuthbert-Kalkadoon deposit contributes a solid indicated resource to the overall project, with a good copper grade. - Positive factor: Indicated resource category - Positive factor: Good copper grade for open pit Evidence · table > 1.4% Context: 920,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-3) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:baaf26055ca24fbe3287 - Deposit or zone: Mt Cuthbert-Kalkadoon - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 4960000 - Grade: 1.7 - Grade Unit: % - Contained Metal: 86200 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Mt Cuthbert-Kalkadoon deposit has a substantial inferred resource, indicating significant potential for future conversion with further drilling. - Positive factor: Significant tonnage in inferred category - Positive factor: Good copper grade - Negative factor: Inferred resource category Evidence · table > 1.7% Context: 4,960,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-4) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:30d1dcba6b5ce54a6a78 - Deposit or zone: Crusader - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 2220000 - Grade: 1.8 - Grade Unit: % - Contained Metal: 40000 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Crusader deposit provides a strong indicated resource with a high copper grade, contributing significantly to the project's value. - Positive factor: Indicated resource category - Positive factor: High copper grade Evidence · table > 1.8% Context: 2,220,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-5) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:7236dcfd71e5a51b9cad - Deposit or zone: Crusader - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 3740000 - Grade: 1.4 - Grade Unit: % - Contained Metal: 53400 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Crusader deposit has a large inferred resource, offering significant potential for resource growth and future conversion. - Positive factor: Substantial inferred tonnage - Positive factor: Good copper grade - Negative factor: Inferred resource category Evidence · table > 1.4% Context: 3,740,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-6) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:92512031a079525d246b - Deposit or zone: Mt Watson - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 4460000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 31600 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Mt Watson deposit contributes a large indicated resource, though with a moderate copper grade, suitable for bulk mining methods. - Positive factor: Large indicated tonnage - Negative factor: Moderate copper grade Evidence · table > 0.7% Context: 4,460,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-7) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:eaa965f7f4d1abdf530f - Deposit or zone: Mt Watson - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1270000 - Grade: 0.7 - Grade Unit: % - Contained Metal: 8700 - Contained Unit: t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Mt Watson deposit includes an inferred resource with moderate grade, offering further exploration potential. - Positive factor: Additional inferred tonnage - Negative factor: Inferred resource category - Negative factor: Moderate copper grade Evidence · table > 0.7% Context: 1,270,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-8) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:278055b5f142aa06c6da - Deposit or zone: Warwick Castle - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 110000 - Grade: 2.3 - Grade Unit: % - Contained Metal: 2300 - Contained Unit: t - Cutoff Grade: 0.35 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Warwick Castle is a small inferred resource with a high copper grade, indicating potential for high-grade zones. - Positive factor: High copper grade - Negative factor: Small tonnage - Negative factor: Inferred resource category Evidence · table > 2.3% Context: 110,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-9) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:dabae7d178d6353e7cf3 - Deposit or zone: Leichhardt - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 1.13 - Grade Unit: % - Contained Metal: 11200 - Contained Unit: t - Cutoff Grade: 0.45 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Leichhardt provides a moderate inferred resource with a good copper grade, adding to the project's overall potential. - Positive factor: Moderate tonnage in inferred category - Positive factor: Good copper grade - Negative factor: Inferred resource category Evidence · table > 1.13 Context: 1.00 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-10) Mt Cuthbert Project · gold #### Identity - Project: Mt Cuthbert Project - Commodity: gold - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:dabae7d178d6353e7cf3 - Deposit or zone: Leichhardt - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 1000000 - Grade: 0.05 - Grade Unit: g/t - Cutoff Grade: 0.45 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Leichhardt shows minor gold grades in the inferred category, indicating potential for byproduct credits, though at very low concentrations. - Positive factor: Presence of gold as a byproduct - Negative factor: Very low gold grade - Negative factor: Inferred resource category Evidence · table > 0.05 Context: 1.00 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-11) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:d95fc7b13cd84b7b37f0 - Deposit or zone: Combined Total - Mining method: combined #### Resource Data - Category: measured - Tonnes: 7600000 - Grade: 1.1 - Grade Unit: % - Contained Metal: 84200 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The combined indicated resource for Mt Cuthbert is substantial, providing a strong foundation for future development. - Positive factor: Significant indicated resource tonnage - Positive factor: Good overall copper grade Evidence · table > 1.1% Context: 7,600,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-12) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:0b85e469def6f580a5b4 - Deposit or zone: Combined Total - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 11070000 - Grade: 1.5 - Grade Unit: % - Contained Metal: 161800 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The combined inferred resource is very large with a high copper grade, indicating significant long-term potential and exploration upside. - Positive factor: Very large inferred resource tonnage - Positive factor: High overall copper grade - Negative factor: Inferred resource category Evidence · table > 1.5% Context: 11,070,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Combined Total [Link to this fact](https://atlas-staging.minestarters.com/news/a1m-transformational-copper-project-acquisition--b703090a-9f58-49b8-8b21-6b22b672c14f#fact-resource-facts-13) Mt Cuthbert Project · copper #### Identity - Project: Mt Cuthbert Project - Commodity: copper - Region: australia\_qld - Reported Region: northwest Queensland - Ticker: A1M #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mark Berry - Resource group id: resource:7a76192ebedb0913dfce - Deposit or zone: Combined Total - Mining method: combined #### Resource Data - Tonnes: 18670000 - Grade: 1.3 - Grade Unit: % - Contained Metal: 246000 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: The Mt Cuthbert Project boasts a very large total resource with an excellent copper grade, making it a highly material acquisition for AIC Mines. - Positive factor: Very large total resource tonnage - Positive factor: Excellent overall copper grade Evidence · table > 1.3% Context: 18,670,000 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.