AIC Mines to acquire Materra Metals for $120 million

AIC Mines Limited has entered into binding agreements to acquire 100% of Materra Metals Limited, the owner of the Mt Cuthbert Copper Project in northwest Queensland, for $120 million. The deal is expected to close in early November 2026, subject to shareholder approval and a concurrent capital placement.

The $120 million consideration consists of $100 million in AIC Mines ordinary shares and $20 million in cash. To fund the cash component and support development, AIC Mines has secured a $70 million share placement with major shareholder Hawke’s Point Resource Finance. These funds are also earmarked for accelerated exploration, resource drilling, and development studies.

The Mt Cuthbert Copper Project is an advanced asset located approximately 150 kilometers northwest of AIC Mines’ existing Eloise-Jericho operations. The project holds mineral resources totaling 18.7 million tonnes at 1.3% copper, containing approximately 246,000 tonnes of copper. The site includes an 8,000 tonnes per annum solvent extraction and electrowinning (SXEW) processing facility and various supporting infrastructure.