AIC Mines (A1M) AGM 2025 summary

Opening remarks and agenda

• AGM opened at 11:00 A.M. with directors and KPMG representatives present; quorum confirmed and proxies representing 46.94% of share capital received.

• Notice of meeting dispatched on 17 October 2025; minutes of previous extraordinary meeting available for inspection.

• Emphasized a growth-focused strategy to build a portfolio of copper and gold assets in Australia through exploration, development, and acquisition.

• Reiterated core values: safety, responsibility, delivery, and transparency guiding all decisions.

Financial performance review

• Eloise produced 12,863 tons of copper in concentrate and 5,955oz gold in FY2025, generating AUD 198 million in revenue and net mine cashflow of AUD 27.4 million after capital.

• Free cash flow from Eloise was AUD 27.4 million; at current copper prices, this would have been AUD 58.4 million.

• Analysts are updating FY2026 free cash flow estimates to AUD 50–60 million due to higher copper prices.

• FY26 guidance targets 12,800–13,200t Cu and 6,000–6,500oz Au at AISC of $4.85–5.25/lb Cu sold.

• Cash position as of 30 September 2025 was $67.8M, with no debt drawn on a $40M facility.

Board and executive committee updates

• John Callagher appointed CFO, successfully securing funding for Eloise expansion.

• Development and mining teams strengthened, with new leaders for operations, exploration, and safety.

• Board includes Josef El-Raghy (Chairman), Aaron Colleran (Managing Director), Linda Hale, Brett Montgomery, and Jon Young.

• Board representation from major shareholders, including FMR Investments.