AIC Mines Names Clint Donkin as Managing Director; Aaron Colleran Shifts to Non-Executive Chairman Role

Clint Donkin’s Extensive Executive Experience and Appointment Details

Bringing a wealth of experience in large-scale mining operations, Clint Donkin joins AIC Mines as Managing Director. He has held senior leadership roles at global mining and engineering giants Glencore PLC and Ausenco Pty Ltd. At Glencore, Donkin advanced through positions including Head of Copper – Africa Region, Chief Technology Officer, and most recently Head of Joint Ventures – Copper South America. His expertise spans operational, technical, and strategic leadership across Australia, Africa, and South America, with a strong focus on large-scale copper operations, operational transformation, business improvement, and technology integration.

Per the terms of Donkin’s employment agreement, he will receive a total fixed remuneration of $680,000 annually, inclusive of statutory superannuation. He is eligible for the Company’s annual short-term incentive program with a maximum STI opportunity of 100% of TFR, contingent on Board-approved performance targets. Additionally, Donkin qualifies for long-term incentives up to 150% of TFR through the Company’s Equity Participation Plan, subject to shareholder approval as required by ASX Listing Rules. His employment is ongoing without a fixed term; the Company may terminate with 12 months’ notice or immediately for serious misconduct, while Donkin may resign with 12 weeks’ notice.

Aaron Colleran’s Shift to Non-Executive Chairman

Aaron Colleran, who joined AIC Resources (now AIC Mines) in 2019, will transition to Non-Executive Chairman following the leadership change effective 31 October 2026. Since 2019, Colleran has driven the company’s evolution from an exploration-focused entity to an active copper miner. Under his leadership, AIC Mines acquired the Eloise Copper Mine—a milestone that established the company’s production base—and oversaw the acquisition and development of the Jericho Copper Mine, significantly enhancing production capacity and growth prospects.

In his new role as Non-Executive Chairman, Colleran will continue to provide strategic guidance and support to the Board and executive management, ensuring continuity in key stakeholder relationships. The succession plan preserves institutional knowledge and stakeholder trust built over Colleran’s seven-year tenure, while enabling Donkin to focus on operational management, exploration, development, and acquisition initiatives.

Josef El-Raghy’s Retirement After Nine Years as Chairman

Founder-era Chairman Josef El-Raghy will retire from the Board concurrent with Donkin’s appointment on 31 October 2026 or earlier by agreement, concluding nine years of service. El-Raghy has played a vital role in shaping the Company’s strategic direction since 2017, guiding its transformation from AIC Resources to AIC Mines. The Board credits him with providing invaluable counsel, integrity, and support during a critical growth phase.

The Board expressed gratitude for El-Raghy’s contributions throughout the company’s transition from exploration to a production-focused copper miner operating two underground mines. His retirement alongside Colleran’s elevation to Chairman ensures a smooth governance transition aligned with the company’s maturation and operational optimization stage.

AIC Mines’ Copper Operations in North Queensland

AIC Mines operates two high-grade underground copper mines—Eloise and Jericho—located southeast of Cloncurry in North Queensland. The Eloise Copper Mine, acquired under Colleran’s leadership, forms the foundation of the company’s production platform. The Jericho Copper Mine, a subsequent acquisition and development project, has further strengthened the company’s production profile and growth outlook. Both mines are described as long-life, reliable operations supporting AIC Mines’ growth strategy.

In addition to its operating mines, AIC Mines holds a prospective exploration portfolio targeting copper and gold across Australia. The company’s strategy focuses on building a diversified portfolio of gold and copper assets through exploration, development, and acquisitions. This approach balances exploration upside with revenue generation from established production at Eloise and Jericho. The leadership transition to Donkin and Colleran reflects the Board’s view that the company is entering a phase emphasizing production ramp-up, operational improvements, and inorganic growth.

Strategic Focus on Production Ramp-Up and Operational Enhancements

The Board describes the leadership change as a strategic evolution from strong organic growth toward ramping up production, improving operations, and pursuing acquisitions. This indicates the company has reached a significant milestone with established mining operations generating revenue. Donkin’s background in operational transformation and business improvement at large-scale copper assets aligns with the company’s focus on optimizing current operations while expanding through acquisitions.

Donkin stated that although the Company has a strong track record of delivering results, opportunities exist to enhance production efficiency and reduce costs at Eloise. This underscores a near-term focus on operational improvements rather than solely exploration. The Board believes Donkin’s operational leadership combined with Colleran’s strategic oversight as Non-Executive Chairman creates an optimal governance structure supporting growth through exploration, development, and acquisition.

Board Succession Planning and Governance Transition

A formal succession planning process conducted over six months preceded Donkin’s appointment. The Board concluded that appointing Donkin as Managing Director and transitioning Colleran to Non-Executive Chairman was the best course for the company and shareholders. This deliberate evaluation ensured a smooth, crisis-free leadership transition.

The orderly transition, with a defined start date of 31 October 2026 and clear roles, highlights the Board’s commitment to governance continuity and organizational stability. Colleran’s move to Non-Executive Chairman maintains continuity across key stakeholder relationships, ensuring clients, suppliers, joint venture partners, and financiers continue engaging with familiar leadership. El-Raghy’s retirement creates space for generational leadership change while preserving institutional knowledge through Colleran’s elevated Board role.

Capital Structure and Shareholder Information

AIC Mines has 797,619,821 shares outstanding, representing the capital base that will support growth initiatives under new leadership. This sizable share count reflects the company’s equity financing history and prior dilution from capital raises and equity awards. The Board’s confidence in Donkin’s appointment and leadership restructuring signals belief in the company’s strategic position and operational assets.

Any future long-term incentive awards to Donkin via the Equity Participation Plan, up to 150% of his $680,000 base salary, will require shareholder approval per ASX Listing Rules. This ensures shareholder oversight of significant equity incentive arrangements. Headquartered in Subiaco, Western Australia, and listed on the Australian Securities Exchange under ticker A1M, AIC Mines operates within Australia’s mining regulatory framework.

Investor Outlook and Upcoming Milestones

Investors will likely monitor Donkin’s official start on 31 October 2026 and subsequent operational or strategic updates. The company will separately announce any equity awards to Donkin under the Equity Participation Plan if applicable. The leadership transition coincides with a period of production ramp-up and operational enhancement, making near-term performance at Eloise and Jericho key indicators of new management effectiveness.

The company’s strategy to pursue exploration, development, and acquisitions under the new leadership may lead to announcements on exploration programs, asset acquisitions, or development milestones. Colleran’s statement underscores the Board and management’s belief that the timing is right for leadership change, reflecting operational stability. Retaining Colleran as Non-Executive Chairman provides continuity of institutional knowledge and stakeholder relationships during this transition phase, mitigating potential risks.