AIC Mines (A1M) Q4 2025 earnings summary

Executive summary

• Eloise mine exceeded production and cost targets for the second consecutive year, producing 3,202 tons of copper and selling 3,469 tons, with net mine cash flow for the quarter at $16 million and full-year net mine cash flow at $27.4 million.

• FY25 guidance was met with 12,863 tons copper produced and 12,295 tons sold, and the eighth consecutive quarter of guidance achievement.

• Major financing was secured, including a US$40 million prepayment facility, $55 million placement, $25 million surety bond, and $10 million share purchase plan to fund Eloise expansion and Jericho development.

• Eloise processing plant expansion to 1.1 Mtpa is underway, with construction starting October 2025 and commissioning targeted for December 2026.

• Jericho project received all necessary approvals, with access drive on schedule for first ore in June 2026 and resource drilling confirming higher-grade, continuous mineralisation.

Financial highlights

• Quarterly copper sales were 3,469 tons at $14,592/t, generating $58.2 million in metal sales post-deductions and $16 million net mine cash flow after capex.

• FY25 copper production totaled 12,863 tons in concentrate, with $189.8 million in metal sales and $27.4 million net mine cash flow.

• All-in sustaining cost (AISC) for the quarter was AUD 4.58/lb ($2.98/lb sold), and AIC was AUD 4.90/lb, both under budget and improved from previous quarter.

• End of quarter cash balance was $60.9 million, up from $30.9 million previous quarter, with 210 tons copper in concentrate awaiting shipment valued at $3.1 million.

• FY25 gross margin per lb copper was approximately $1.43/lb (achieved price minus AISC).

Outlook and guidance

• FY26 production guidance is 12,800–13,100 tons copper and 6,000–6,500 oz gold in concentrate.

• FY26 AISC guidance is $4.85–$5.25/lb and AIC is $5.10–$5.50/lb, assuming a gold price of AUD 5,000/oz.

• Eloise plant expansion and Jericho development are expected to lift annual copper production to over 20,000 tpa from FY28.

• Cost guidance is sensitive to gold price; a AUD 500/oz change impacts AISC by $0.10/lb, and a $1,000/oz decrease would increase AISC/AIC by ~$0.20/lb.

• Jericho mine ramp-up to 600,000 tpa will take all of FY27, with initial development ore in June 2026 and full commissioning of the expanded mill in December 2026 quarter.