AIC Mines Limited entered into an earn-in and joint venture agreement with Rumble Resources Limited. Under the terms of the JVA, AIC Mines had the right to earn a 50% interest in the Lamil Project by spending $6 million over 4 years (Stage 1). AIC Mines recently met the Stage 1 expenditure requirement.

Completion of the Stage 1 expenditure requirement triggers a milestone payment from AIC Mines to Rumble. AIC Mines has completed this requirement by issuing 544,573 AIC Mines shares to Rumble and subscribing for 962,094 Rumble shares at a cost of $250,000. Rumble has not elected to form a joint venture in which AIC Mines and Rumble will each hold a 50% interest and contribute equally to exploration expenditure moving forward.

AIC Mines can now elect to earn an additional 15% interest by sole funding a further $4 million in exploration expenditure within 12 months (Stage 2). If AIC Mines does not elect to sole fund and earn the additional 15%, then each party will hold a 50% interest in the joint venture and can either contribute to ongoing exploration expenditure equal to its interest or have its interest in the joint venture diluted according to a standard dilution mechanism. AIC Mines has until the end of September 2022 to make this election.

Further updates will be provided once the Stage 2 position is finalised. The key terms of the earn-in and exploration joint venture agreement are described in the Company's ASX announcement dated 22 July 2019.