Argonaut acted as Joint Lead Manager to a $40 million Capital Raising for AIC Mines Limited (A1M:ASX) (“AIC” or the “Company”) to fund the acquisition of the Eloise Copper Mine (“Eloise”), a high grade operating underground mine located in North Queensland.

The acquisition creates a new junior ASX copper miner with strong free cashflow to add value through exploration success, resource growth, operational reliability and regional consolidation. The Capital Raising was underpinned by very strong support from domestic and international institutional and sophisticated investors, as well as existing shareholders.

Argonaut is delighted to continue to provide support to AIC and looks forward to AIC’s ongoing success.