AIC MINES LIMITED — M&A Activity 2018

Dec 18, 2018

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19 December 2018

ASX Limited 20 Bridge Street SYDNEY NSW 2000

Dear ASX

Intrepid Mines Limited off-market takeover bid for AIC Resources Limited - Defeating conditions fulfilled

We act for Intrepid Mines Limited ACN 060 156 452.

We attach by way of service under section 630(5)(b) of the Corporations Act 2001 (Cth) ( Corporations Act ) a notice that two defeating conditions have been fulfilled under section 630(4) of the Corporations Act.

Yours sincerely

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Derek Pocock Partner

49657972v1

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Notice of defeating condition being fulfilled Section 630(4) of the Corporations Act 2001 (Cth)

TO: The Directors AIC Resources Limited A8, 431-435 Roberts Road SUBIACO WA 6008

AND TO: Australian Stock Exchange

Intrepid Mines Limited ACN 060 156 452 ( Intrepid ) has made offers under an off-market takeover bid for all the ordinary shares in AIC Resources Limited ACN 619 035 737 ( Offers ). The Offers are contained in a bidder’s statement dated 3 October 2018 ( Bidder’s Statement ).

Intrepid gives notice under section 630(4) of the Corporations Act 2001 (Cth) ( Corporations Act ) that the conditions in items 2 and 3 of Schedule 2 of the Bidder’s Statement (in relation to shareholder approval of Intrepid being obtained for the purposes of ASX Listing Rule 7.1 and ASX Listing Rule 10.1) have been fulfilled so that the Offers have become free of those conditions.

Dated: 19 December 2018

Executed by

Intrepid Mines Limited ACN 060 156 452 by:

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 Director

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 Director/S ecretary

Richard Baumfield

• Full name of Director

Andrew James Crawford

 Full name of Director/S ecretary

49657860v1 | Notice of defeating condition being fulfilled