AIC Mines (A1M) Guidance summary

Opening remarks and agenda

• Announced acceleration of stage two expansion to 1.5 million tons/annum, now targeted for completion in December 2028, two years earlier than previously planned.

• Announced FY27 production and cost guidance, and FY28–FY29 production targets for Eloise and Jericho copper mines.

Guidance on key objectives

• FY27 copper production expected at 17,500–18,500t in concentrate, with AISC of A$4.80–5.20/lb and AIC of A$5.20–5.60/lb.

• FY28 target: 20,000–22,000t copper; FY29 target: 25,000–27,000t copper, reflecting staged plant expansions and Jericho ramp-up.

• Targeting 25,000 tons/annum copper in concentrate by FY 2029, with full 1.5 million ton/annum rate achieved in the second half of FY 2029.

• FY 2027 will see strong production and free cash flow in the first half, with Eloise performing at its best and Jericho ramping up.

• Jericho expected to be declared commercial from an accounting perspective by January 2027, shifting expenses from capital to operating.

Market trends and strategic opportunities

• Higher copper prices (spot at AUD 18,500/ton) and strong gold price fundamentals have enabled the acceleration of expansion and improved project economics.

• Put options in place for 500 tons/month at AUD 17,500 to protect against downside price risk, with ongoing monitoring of market conditions.

• Production increase of ~50% expected from FY28, with further 25% growth by FY29 due to plant and mine expansions.