AIC Mines (A1M) investor relations material

Executive summary

• Delivered strong March quarter results with production exceeding guidance for the 11th consecutive quarter, producing 3,432 tons of copper and 1,692 ounces of gold in concentrate at an AISC of AUD 4.18/lb and AIC of AUD 4.49/lb.

• Generated AUD 27.7 million in net mine cash flow after AUD 14.5 million capital investment, with record metal sales of AUD 72 million post-TCRC deductions, despite weather-related disruptions.

• Expansion projects at Eloise and Jericho are on schedule and on budget, with significant progress in underground development and resource growth.

• Underground development at Jericho reached mineralisation ahead of schedule, confirming the geological model and reducing ramp-up risk.

Financial highlights

• Metal sales reached a record AUD 72 million after TCRC deductions, benefiting from strong copper prices (achieved AUD 18,250/t).

• Net mine cash flow for the quarter was AUD 27.7 million, with an additional AUD 8.3 million in concentrate sold post-quarter.

• Operating mine cash flow was AUD 42.2 million; ended quarter with AUD 31.1 million cash (down from AUD 44.9 million at Dec 2025).

• First drawdown of US$10 million on US$40 million Prepayment Facility; US$30 million remains undrawn.

• Capital expenditure is ahead of plan in some areas due to accelerated development and additional activities.

Outlook and guidance

• On track to beat the top end of production guidance and possibly the lower end of cost guidance for the June quarter; full-year copper production expected to exceed 12,800–13,100t guidance.

• Eloise expansion project remains on schedule for commissioning in the December quarter; JS3 ventilation shaft to be operational in June 2026.

• Life of mine plan and long-term production outlook to be released in July, with potential ramp-up to 1.5 million tonnes per annum at Jericho.

• AISC and AIC expected to remain at low end of guidance, but diesel price increases may add AUD 0.12–0.15/lb to FY26 costs.