How Did AIC Mines Boost Copper-Gold Resources by Up to 15% at Eloise and Jericho?
AIC Mines reports significant growth in Mineral Resources and Ore Reserves at its Eloise Copper Mine and Jericho Copper Project, underpinning potential mine-life extensions and production growth.
- 10% increase in Eloise Mineral Resources and 14% increase in Ore Reserves
- 15% growth in Jericho Mineral Resources and Ore Reserves
- Jericho underground development ahead of schedule, confirming geological models
- Eloise processing plant expansion to 1.1Mtpa on track for December 2026 commissioning
- Strong copper demand driven by renewable energy and electrification trends
Resource Growth Highlights
AIC Mines Limited (ASX:A1M) has announced a substantial uplift in its copper and gold Mineral Resources and Ore Reserves at the Eloise Copper Mine and Jericho Copper Project in North Queensland, as at 31 December 2025. The combined Mineral Resources at Eloise increased by 10% to 31.2 million tonnes grading 2.0% copper and 0.4 grams per tonne gold, while Ore Reserves rose 14% to 10.2 million tonnes grading 1.9% copper and 0.4 grams per tonne gold.
Jericho’s Mineral Resources grew by 15% to 22.1 million tonnes grading 2.0% copper and 0.4 grams per tonne gold, with Ore Reserves also up 15% to 7.1 million tonnes grading 1.8% copper and 0.4 grams per tonne gold. These increases translate to a 12% and 10% rise in contained copper and gold at Eloise, and a 17% and 12% increase respectively at Jericho.
Advancing Underground Development and Processing Capacity
The Jericho underground access drive intersected the J1 mineralised lens four months ahead of schedule in February 2026, validating the geological and geotechnical models and reducing mining and ramp-up risks. Ore development on the J1 lens has already yielded approximately 12,000 tonnes grading 1.5% copper, earmarked for batch processing in the June 2026 quarter to confirm metallurgical parameters.
Meanwhile, the Eloise processing plant is undergoing a significant expansion to increase throughput to 1.1 million tonnes per annum, with commissioning expected in the December 2026 quarter. This expansion, contracted to GR Engineering Services for $77.6 million, includes new comminution, electrical, and filtration circuits designed to support future growth potential.
Strategic Outlook Amid Rising Copper Demand
Managing Director Aaron Colleran emphasised the quality of the deposits and the strength of the geological understanding underpinning these results. He highlighted that the resource and reserve growth at Eloise and Jericho strengthens the long-term outlook, supporting potential mine-life extensions and production growth.
Colleran also noted the surging global demand for copper, driven by the rapid expansion of renewable energy, electric vehicles, and AI infrastructure projects. Copper’s critical role in electrification and electrical wiring is steadily increasing its value, making copper mining operations more profitable and strategically important.
Robust Technical and Regulatory Foundations
The updated Mineral Resource and Ore Reserve estimates are supported by comprehensive drilling, geological modelling, metallurgical test work, and financial evaluations. All estimates comply with the JORC Code 2012 standards and have been independently reviewed by qualified Competent Persons employed by AIC Mines.
Environmental and regulatory approvals are in place or progressing, including mining leases granted for Jericho, environmental authorities, and rehabilitation plans. The Stage 1 life-of-mine expansion of the Eloise Tailings Facility has been approved, with Stage 2 expansion applications under review, aiming to extend tailings storage capacity through to FY37.
Bottom Line?
With resource and reserve growth confirmed and infrastructure expansion underway, AIC Mines is well-positioned to capitalise on rising copper demand, though regulatory approvals for tailings expansion remain a key watchpoint.
Questions in the middle?
- How will the pending Stage 2 tailings facility expansion approval impact AIC Mines’ long-term production plans?
- What are the expected timelines and ramp-up rates for Jericho’s ore production following underground development?
- How might fluctuating copper prices affect the economic viability of the expanded Eloise processing plant?
