Jericho Copper Project
Mining and exploration leases
1,700km2
Metals Produced
Status
Operating
Combined Regional Ore Reserves
7,105kt @ 1.8% Cu and 0.4g/t Au containing 125,400t copper and 81,900oz gold
Combined Regional Mineral Resources
22,137kt @ 2.0% Cu and 0.4g/t Au containing 444,900t copper
and 275,800oz gold (inclusive of reserves)
Key Highlights
Jericho De-risking Process
The Jericho access drive reached Jericho four months ahead of schedule confirming the geology and geotechnical conditions of the ore body.
Growing Resource Base
Mineral Resources at Jericho form key part of largest resource base at Eloise in over 30-year history.
Plant Expansion On Track
The construction of the expanded Eloise processing facility is on schedule and budget, preparing for commissioning in the December 2026 quarter.
Jericho Copper Project
Overview
The Jericho Copper Project is located 4km to the south of the Eloise Copper Mine and is now under active underground development. Jericho will supplement Eloise ore feed, reduce unit costs through scale, extend mine life, and diversify ore sources – positioning the Eloise processing facility as a long-term, high-volume hub for AIC Mines.
Acquired in 2022 from Demetallica Limited, the Jericho deposit shares similar geology, mineralisation style and metallurgy with Eloise – an iron-sulphide-copper-gold system commencing below shallow cover. The geometry of the orebody lends itself to long-hole open stoping, the same mining method used in the upper levels of Eloise.
Development Status
The Jericho Access Drive (JAD) reached the J1 mineralised lens at the Jolly shoot in February 2026 – four months ahead of schedule. Subsequent development along the lens confirmed that the mineralisation style, hanging wall competence and ground conditions are all consistent with the Jericho geological and geotechnical models, materially reducing mining and ramp-up risk.
A total of approximately 12,000 tonnes of Jericho development ore has been mined and processed in a batch trial through the existing Eloise plant to validate the metallurgical characteristics of the Jericho ore, with results pending.
The next critical-path milestone is completion of the JS3 ventilation shaft at the Jolly shoot, expected to be operational in July 2026. This will provide ventilation to commence stoping and continue the access drive south toward Matilda – enabling ore production to ramp up in line with the commissioning schedule of the expanded 1.1Mtpa processing plant in the December 2026 Quarter.
Mineral Resources and Ore Reserves (as at 31 December 2025)
Production Growth Case
Jericho represents a natural step change in production for the Eloise processing facility. The combined Eloise and Jericho Mineral Resource now stands at 31.2Mt grading 2.0% Cu, containing 631,800 tonnes of copper – the largest resource base available to the Eloise plant in its 30-year history. Of this resource, 191,000 tonnes of copper is classified as Ore Reserves.
This combined Mineral Resource and Ore Reserve position supports the staged expansion of the processing facility. The initial expansion targets 1.1Mtpa throughput, with key infrastructure components oversized to support a potential future scale-up to 1.5Mtpa. Together, Eloise and Jericho are forecast to lift annual copper production to over 20,000 tonnes from FY28 – transforming AIC Mines into Australia’s next mid-tier copper producer.
The EPC contract for the processing plant expansion has been awarded to GR Engineering Services on a fixed-cost basis of A$77.6 million, with overall EPC progress at 60% and construction at 31% as at end of the March 2026 Quarter. Commissioning is targeted for the December 2026 Quarter, aligned with the Jericho ore production ramp-up.
Funding for the expansion and Jericho development has been secured through a US$40 million Prepayment Facility with Trafigura Asia Trading Pte Ltd – the existing offtake partner for Eloise concentrate – linked to a Jericho offtake agreement. This facility underpins a fully funded path to production growth.
