AIC Mines Limited (ASX:A1M) has received a notice of initial substantial holding disclosing that Mr Wai Mun Lee, Mr Way Kee Tai, and the Lee Group Entities collectively held 88,462,163 fully paid ordinary shares, representing 8.73% voting power, as of 11 November 2026, following the completion of a Subscription and Investment Deed tied to the sale of Materra Metals Limited to AIC.

Key Points

  • The Lee Group Entities became a substantial holder in AIC Mines on 11 November 2026, holding 88,462,163 shares with 8.73% voting power.
  • Global Minerals (Holdings) Limited holds 48,147,318 shares as registered holder under the Subscription Deed and has relevant interest over a further 40,314,845 shares held by Other Subscribers under a Pre-emptive Rights Deed.
  • Shares were issued as non-cash consideration for the sale of Materra Metals Limited ACN 140 474 693 to AIC, as set out in the Subscription Deed dated 11 November 2026.
  • Mr Wai Mun Lee and Mr Way Kee Tai are identified as controlling Global Minerals (Holdings) Limited, with the Lee Group Entities acting in concert in relation to AIC's affairs.

Subscription Deed and Share Issuance on 11 November 2026

According to the filing, the shares giving rise to the substantial holding were issued pursuant to a Subscription and Investment Deed between AIC, Dragon Field International Limited, and subscribers listed in Schedule 3 of the deed, dated 11 November 2026. Global Minerals (Holdings) Limited received 48,147,318 shares, YGL IBay International Sdn. Bhd. received 1,704,734 shares, and Right Winner Limited received 1,802,186 shares under the Subscription Deed. The consideration for these shares was non-cash, constituting consideration for the sale of Materra Metals Limited ACN 140 474 693 to AIC as set out in the Subscription Deed.

Pre-emptive Rights Deed Covering Additional 40,314,845 Shares

The filing discloses that Global Minerals holds a relevant interest in a further 40,314,845 shares held by Other Subscribers, by virtue of a Pre-emptive Rights Deed dated 11 November 2026 between AIC, Dragon Field International Limited, and the Other Subscribers. Under that deed, Global Minerals has the power to dispose of, or control the exercise of a power to dispose of, those shares. No cash consideration was paid in respect of the relevant interest arising under the Pre-emptive Rights Deed, according to the filing.

Control Structure and Associate Relationships of the Lee Group

The filing states that Mr Wai Mun Lee controls Global Minerals (Holdings) Limited, Right Winner Limited, and YGL IBay International Sdn. Bhd., giving him relevant interests in 51,654,238 shares under the Subscription Deed and a further 40,314,845 shares through Global Minerals under the Pre-emptive Rights Deed. Mr Way Kee Tai is also disclosed as controlling Global Minerals, with relevant interests in 48,147,318 and 40,314,845 shares respectively. The filing identifies all named persons as associates of each other under section 12(2)(c) of the Corporations Act, acting in concert in relation to AIC's affairs.