Ann: Investor Presentation, page-9

Interesting transaction. No doubt that management here has a track record of canny deal-making. This seems like a big step change for them going from explorers to having an operation to worry about. If they can keep as much of the FMR on-site management as possible to run the Eloise Mine then maybe A1M can finally find some additional shallow high-grade ore bodies around Eloise.

Eloise is an interesting one and has essentially been locked up and forgotten about since Barminco/FMR Investments ended up being accidental owners of Eloise since the last copper price plunge that sent a lot of mines to the wall, being private we don't know how profitable or marginal it was but I am guessing it all had to do with the price of copper. In summary, Eloise is deep, hot, and expensive as mines go, and I'm not surprised A1M picked this up cheaply. Being owned by a mining contractor this area has seen little exploration outside the bottom of the mine, and as we saw with MEP/OZL success at Jericho, the broader area has been very under-explored for the last 20 years or so, maybe even longer, as Eloise has always been a scramble to replace mine life at the bottom of Eloise and always been subject to margins being crushed by lower copper prices, and little emphasis was placed on surrounding exploration tenements.

A1M are issuing a lot of paper to FMR Investments but not paying much cash, more dilution is incoming for existing shareholders from the capital raise as well, but that seems to be the price to pay for the step change of being an explorer burning money doing exploration drilling and a copper miner with many exploration projects in WA and QLD and now an underground operation producing copper to fund it.

I don't hold but will be following as all my other copper producers have made a big contribution to my portfolio - particularly OZL, C6C and AIS.

The article above mentions AMI - that's a good example of what can go wrong when you over-pay to purchase an asset of a mining contractor who has become "accidental owners" of a mine due to the previous operators getting into trouble, contract miners sometimes leave "booby traps" and never have the patience or skill at running operations from exploration through to mining and milling. Having said that I don't think Eloise is not another Dargues and A1M certainly haven't overpaid to buy Eloise in my opinion. Does not help that AMI acquired Dargues right at the top of the gold cycle so maybe not the best analogy.