AIC Mines (A1M) Q2 2026 earnings summary

Executive summary

• Eloise mine achieved record quarterly ore production of 189,000 tons and produced 3,202t copper and 1,501oz gold in concentrate, meeting production and cost guidance despite significant weather and geological challenges.

• Strong net mine cash flow of $11.5 million after $14.1 million capital investment, with $44.9 million cash at bank at quarter end.

• Large ore and concentrate stockpiles built up due to weather-related logistics issues, impacting cash flow timing.

• Jericho project continues to progress, with deep drilling success and ongoing development despite water ingress slowing access.

• Progressed Eloise plant expansion to 1.1Mtpa and Jericho mine development, with significant resource growth potential confirmed by drilling.

Financial highlights

• Eloise produced 3,202 tons of copper in concentrate at an all-in sustaining cost of AUD 4.87/lb ($3.26/lb) and all-in cost of AUD 5.22/lb ($3.50/lb), with metal sales for the quarter totaling $54.9 million.

• Eloise mine operating cash flow was $25.6 million; net mine cash flow after capital investment was $11.5 million.

• Group cash flow for the quarter was negative $22.9 million, reflecting heavy investment in expansion and development.

• Approximately AUD 8 million worth of copper concentrate stockpiled at quarter end, expected to boost March quarter results.

• Closing cash balance was $44.9 million, down from $67.8 million at the previous quarter end.

Outlook and guidance

• If current commodity prices persist, Eloise could generate approximately AUD 30 million more cash flow than originally forecast for the next six months.

• Eloise plant expansion to 1.1Mtpa is on schedule for commissioning in December 2026; stage two expansion to 1.5Mtpa under engineering review.

• Additional development at Jericho planned to accelerate ramp-up to 1.1 million and then 1.5 million tons per annum mining rates.

• Updated mineral resource and ore reserve estimate for Jericho expected in April, potentially formalizing higher production targets.

• March 2026 quarterly production expected to be similar to December 2025, at 3,100–3,300t Cu and 1,500oz Au.