AIC Mines (ASX:A1M) announced financial results for the quarter ended 30 September 2022.

Production ? 9,828dmt of concentrate produced containing 2,629t of copper at an AISC of A$5.35/lb Cu and AIC of A$6.93/lb Cu.

Cashflow ? sales of 2,334t Cu, 1,203oz Au and 18,632oz Ag generated net revenue of $27.2 million and operating cashflow of $6.2 million.

Mineral Resources were increased to 115,000 tonnes of contained copper and 101,100 ounces of contained gold, representing an 11% increase in copper and a 7% increase in gold year-on-year net of mining depletion.

Ore Reserves were increased to 36,000 tonnes of contained copper and 32,600 ounces of contained gold, representing a 19% increase in copper and a 22% increase in gold year-on-year net of mining depletion.

Lens 6 Discovery ? near-mine exploration in the Deeps discovered a repetition of the mine sequence and returned exceptional results including: ED226 ? 27.6m (20.7m ETW) grading 4.14% Cu & ED232 ? 24.5m (18.3m ETW) grading 4.41% Cu.

2,190m of RC drilling was completed at the Black Hills and Middle Island gold prospects and a single 710m diamond drillhole was completed at Copper Hills.

2,316m of diamond drilling to test high-priority targets at Lamil Dome and Goodenia was completed and 4,580m of RC drilling was completed at the Sundew and Flame Pea prospects.

At 30 September 2022, AIC held $22.1 million in cash plus $6.8 million on account for the Eloise performance bond.

Following the announcement the company?s share price unchanged.