AIC Mines Limited reported that additional survey data has allowed for an upgrade to the Mineral Resource estimate at the Eloise Copper Mine. Mineral Resources have increased to 103,500 tonnes of contained copper and 93,300 ounces of contained gold, representing a 58% increase in copper and a 55% increase in gold. The initial Eloise Mineral Resource estimate conducted by AIC in August 2021 was restricted to areas beyond historic mining activity due to a lack of survey data to accurately define the underground mining void. Additional surveying has now been completed to build an accurate void model and reclassify areas of mineral inventory as Mineral Resources. The updated Mineral Resource as at 30 June 2021 is estimated at 4.4 million tonnes grading 2.3% copper and 0.7g/t gold containing 103,500 tonnes of copper and 93,300 ounces of gold. As part of the resource update, re-evaluation of the historical drilling database has identified numerous opportunities for further resource growth throughout the mineral system. A second underground drilling rig will be mobilised to site in mid-January 2022 to accelerate infill drilling of the Inferred Resource - to upgrade to Indicated Resource status and potentially Probable Ore Reserves. The priority infill drill areas include the Deeps, Macy, Chloe and Levuka orebodies. Surface exploration drilling at the Macy Far North, Far West and East targets is planned to commence in March 2022. Since taking ownership of the Eloise Copper Mine on 1 November 2021, AIC has completed a surveying program to accurately map all of the underground workings at the mine. This work has been used to build an accurate void model of the underground workings. This model has allowed AIC to upgrade mineral inventory within the Macy, Levuka North and South resource areas to Inferred Mineral Resource status. The requirement to complete the survey program was identified by AIC in its initial due diligence at Eloise and is a normal part of calculating Mineral Resources. The former owner of Eloise, a private company, had not kept the surveying up to date because it did not operate under the JORC Code (2012) reporting requirement. The updated Mineral Resource totals 4,442,000 tonnes contains 103,500 tonnes of copper and 93,300 ounces of gold representing a significant upgrade on the previous estimation. The Mineral Resources are reported and classified in accordance with the JORC Code (2012). Further information is provided in Appendix 1 to this announcement. The upgrade is contributed from Inferred Resources in the Macy, Chloe, Levuka and Deeps areas. The upgrade is a result of incorporating the new void model as no additional drilling information (i.e. beyond 30 June 2021) was used for this update. An underground void model contains three dimensional shapes (DTM's) that represent the size and location of all development and stoping excavations. The Eloise void model comprises of hundreds of DTM's that have been measured by the Eloise mine surveyors, from the upper levels of mine (1110mRL or 80m below surface level, "BSL") to the bottom level in the Deeps (-325mRL or 1,515m BSL). This model was not available when reporting the previous 30 June 2021 Mineral Resource. The upgrade has increased the footprint of Mineral Resource that will be evaluated for future mining. This provides significant opportunity to convert the large Inferred Resource to Indicated status and potentially Probable Reserves by infill drilling these areas. A second underground drilling rig will be mobilised to site in mid-January 2022 to accelerate infill drilling of the Inferred Resource. The priority infill drill areas include the Deeps, Macy, Chloe and Levuka orebodies. The re-evaluation of the historical drilling and the mineral inventory from near surface to the Levuka South Deeps area (2km down plunge), has identified the opportunity for further resource growth throughout the entire mineral system. Specific target areas include Emmerson and along strike and down dip of the Macy, Chloe, Levuka and Deeps orebodies.