AIC Mines (A1M) Q1 2027 earnings summary

Executive summary

• Produced 3,072t of copper and 1,562oz of gold in concentrate; record quarterly net mine cash flow of $33.4m after $7.9m of capital investment.

• Jericho stoping began ahead of schedule, commissioning of the expanded 1.1Mtpa Eloise plant started early, and binding agreements were signed to acquire Mt Cuthbert.

Financial highlights

• September-quarter metal sales net of TC/RC were $69.6m; operating mine cash flow was $41.3m and net mine cash flow was $33.4m.

• Eloise sold 3,078t of copper at a realized price of A$19,648/t; sales benefited from concentrate inventory built during the prior quarter.

• Jericho generated $8.0m in metal sales and a $5.8m cash margin, treated as pre-commercial and credited to project capital.

• Cash at bank was $37.2m at quarter-end, down from $41.7m at 30 June 2026.

• Eloise expansion capital was largely spent, with $1m remaining; aggregate spend was within $1m of guidance.

Outlook and guidance

• FY27 guidance maintained at 17,500–18,500t copper and 7,250–7,750oz gold; AISC guidance is $4.80–$5.20/lb and AIC $5.20–$5.60/lb.

• December-quarter guidance is 4,500–4,900t copper and 2,000oz gold; management targets the midpoint despite September production below plan, with high-grade ore potentially supporting the top end.

• Jericho targets initial production of ~37,000t/month and commercial production from January 2027, when its operating results will be consolidated with Eloise.

• Expanded Eloise plant completion remains scheduled for December 2026 and on budget; commissioning is progressing through a 4–12 week rocks-through-equipment phase.

• Mt Cuthbert acquisition and placement require shareholder approval at an EGM scheduled for 4 November 2026.