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No surprise the stock is back down to 20c after the shareholders voted to keep the current board. IMO this will now fall below cash backing as the board have stated they have a war chest of cash that they are prepared to use to get back their rights to Tujut Bukit. Waste of time and money IMO. It ain't coming back, especially after the vote.
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  • 3 years later...

Who would be silly enough to invest in this if it did???

Indonesian mine 'stolen' from Intrepid could return to the ASX


The world-class Tujuh Bukit copper-gold mine in Indonesia, famously "stolen" from Australia's Intrepid Mines in 2012, is likely to return to the ASX under new ownership.


Merdeka Copper Gold chief executive Colin Moorhead said the company, which has spent the past 18 months bringing the project into production, would be interested in a secondary listing, mostly likely in Australia, when it moved to fund a second phase of the project within the next few years.


Intrepid famously lost its 80 per cent stake in Tujuh Bukit in July 2012 when its Indonesian partner suddenly seized control of the site and transferred ownership of the project to other parties.


Read more: http://www.afr.com/business/mining/indones...u#ixzz4pGXX9NO1


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  • 4 years later...

Dec 2017 .... Following a comprehensive process undertaken by PCF Capital Group Pty Ltd, IAU embarked on a process of selecting a preferred bidder to acquire 100% of the Company's interest in the Mumbwa and Kitumba Copper projects located in Zambia.


Intrepid Mines to takeover AIC Resources in a reverse takeover that will see the combined entity with around $20 million cash in the bank and a ~3,200km² contiguous land position in the underexplored Plutonic and Marymia region of Western Australia. ... Sept 2018


on or about this date the company made a capital return of 75 cents per share ....18/02/2019


On 13 June, 2019, Intrepid Mines Limited (IAU) changed its name and ASX code to AIC Mines Limited (A1M).






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AIC Mines Limited (A1M), formerly Intrepid Mines Limited, is involved in gold and copper exploration. The Company has two main projects, the Marymia gold and copper exploration project and the Lamil gold copper exploration project located in the northwest of Western Australia.



The Marymia Project is prospective for both gold and copper mineralisation and is strategically located within trucking distance of the Plutonic gold mine and the Degrussa copper mine. The tenement area held by AIC Mines has seen limited previous exploration.

The Lamil Project is in the Patterson Province of WA, and A1M is in a JV with Rumble Resources.


Been up and down, but mainly sideways, in the last 2 years. Has been in trading halt for a while, and now an acquisition, a transition from explorer to producer and, clearly, a capital raise in the pipeline.


Transformational Acquisition : AIC to Acquire the Eloise Copper Mine


• Eloise is a high grade operating underground mine located 60 kilometres southeast of Cloncurry in North Queensland. It commenced production in 1996 and has since produced approximately 339,000t of copper and 167,000oz of gold.

• The mine is currently producing at an annual rate of 11,500t of copper and 7,000oz of gold in concentrate.

• AIC will pay approximately $27 million to acquire Eloise subject to certain inventory adjustments on closing. The consideration comprises:

.... A payment of $5 million in cash and $20 million in AIC shares payable on completion; and

.... A contingent payment of $2 million in cash payable six months after completion if certain production milestones are achieved.

• On completion, FMR will hold approximately 28-30% of the issued capital of AIC.

• Capital raising of up to $35 million being undertaken to fund the Transaction as well as hold sufficient capital for working capital movements, accelerated exploration expenditure and environmental performance bonds.

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The copper output from the Eloise mine is about 9 per cent of the cumulative volumes that OZ Minerals expects to produce from its three mines this year.


But the built infrastructure at Eloise makes AIC Mines a potential consolidator of this base metal region around Cloncurry, where a host of nearby copper assets lack their own processing infrastructure.


The 25-year old Eloise mine has about four years of official resource life left, and AIC will prioritise drilling with the hope of extending the life further.


A1M is led by Aaron Colleran who worked in business development for Evolution Mining from its inception in 2011 until 2018.

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  • 2 months later...

 A1M raised $40,000,000 pursuant to the offer made under its prospectus dated 27 September 2021 by the issue of 160,000,000 shares at an issue price of $0.25 per share.

The company was reinstated to the ASX on 07 Nov after a three month hiatus. It opened at 36c and has had interest shown, moving up for 9 out of the last 10 trading days. Now changing hands at 52c.

Definition drilling of the Eloise Deeps deposit has returned excellent results and supports near term production forecasts. Reinvigoration of exploration at Eloise has commenced with electromagnetic geophysical surveys underway and planning for surface drilling and additional underground drilling now well advanced.


Our exploration strategy at Eloise has two objectives .... to delineate extensions to the known resource areas and to discover satellite deposits within the Eloise mining tenements. During our due diligence review we recognised a clear opportunity to extend the mine life well beyond five years. We are confident that we can add significant value at Eloise as we ramp up exploration.


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but on a day when Copper got smashed, below levels not seen for a while. US$3.50 a lb (was $5 in April).   A1M went down 15%

  • thinly traded
  • small cap $160 mill
  • $30 million in cash
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