AIC Mines Limited has entered into binding agreements to acquire a 100% interest in Materra Metals Limited, owner of the Mt Cuthbert Copper Project in northwest Queensland. Mt Cuthbert is an advanced-stage copper project with Mineral Resources totaling 18.7Mt grading 1.3% Cu for 246,000t of contained copper across five deposits, all on granted Mining Leases.

Hawke’s Point has been working with AIC since 2024 and in 2025 made its initial investment in the company.  The team has worked closely with AIC to review several potential acquisitions, including multiple technical due diligence site visits to Mt Cuthbert.  The team also supported AIC in structuring the transaction, investing $70 million in new AIC Mines shares to fund the cash component of the acquisition and accelerate exploration, resource drilling and development at Mt Cuthbert.

Hawke’s Point views the acquisition as a compelling extension of its existing investment, backed by a strong resource base and clear exploration upside.