AIC Mines (A1M) Q1 2026 earnings summary

Executive summary

• Eloise mine produced 3,324 tons of copper and 1,722 oz of gold in concentrate for the September quarter, achieving guidance for the ninth consecutive quarter and generating AUD 11.8 million in net mine cash flow after capital expenditure.

• Realized copper, gold, and silver prices were strong, with current market prices significantly higher, which would have increased free cash flow by 60%.

• The Eloise expansion project is on budget and schedule, with major plant upgrades sized for 1.5 million tons per annum capacity.

Financial highlights

• All-in sustaining cost (AISC) was AUD 4.97 ($3.23) per pound of copper sold; all-in cost was AUD 5.29 ($3.44) per pound.

• Realized copper price was AUD 6.72 per pound, gold at AUD 5,442 per ounce, and silver at AUD 63 per ounce.

• Net mine cash flow after capital expenditure was AUD 11.8 million.

Outlook and guidance

• December quarter guidance is 3,200–3,400 tons of copper and 1,600 oz of gold in concentrate.

• Anticipation of higher free cash flow if current commodity prices persist.

• FY 2026 is expected to be transformational, with expansion to 20,000 tons per annum copper underway.