OREMAVEN
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2026-11-06
◂ Monitor A1M ASX

AIC Mines Limited

Producer · Copper · Gold · AU Rating locked: sign in to view v8.1 · a1m-20261030t193733-full
Last 2026-11-06
A$0.63
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$503.7M
EV
A$561.5M
Cash
A$37.2M
Debt
A$73.2M

Portfolio detail

Assets

4 assets

Core asset

Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant)

AU

Producer100% ownedCopperGoldSilver

Producing underground copper mine (since 1996) with the Jericho mine ramping up from first stope on 24 September 2026; Stage 1 plant expansion to 1.1Mtpa commissioning in the December 2026 quarter; Stage 2 to 1.5Mtpa targeted for the December 2028 quarter.

Producer · Producer
Production annualised (attributable)
10.3k td
Production (last FY, 100%)
13.1k t
AISC (latest quarter)
A$10,714/t
AISC margin at spot
45.4%m
Delivery vs guidance
—
Reserve life
5.0 yrsd
Head grade
1.92% Cu

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$15MPublished capital estimate
Operating cost139.8AUD/t ore (Jericho LOM)

Issuer production outlook discloses no NPV; capex is the Stage 2 plant expansion. A$15m oversizing was included in the A$77.6m Stage 1 EPC lump sum.

Resources & reserves11
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured28K t1.6% Cu, 0.6 g/t Au, 7.3 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourceindicated3.7M t2.6% Cu, 0.7 g/t Au, 9.8 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourceinferred2.1M t2.5% Cu, 0.7 g/t Au, 9.9 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourcetotal5.8M t2.6% Cu, 0.7 g/t Au, 9.8 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourceindicated9.3M t2.0% Cu, 0.4 g/t Au, 2.1 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourceinferred12.9M t2.0% Cu, 0.4 g/t Au, 2.5 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourcetotal22.1M t2.0% Cu, 0.4 g/t Au, 2.3 g/t AgCopper · Gold · Silver2025-12-31
Ore Reserveproved28K t1.6% Cu, 0.6 g/t AuCopper · Gold · Silver2025-12-31
Ore Reserveprobable3.1M t2.1% Cu, 0.6 g/t Au, 8.3 g/t AgCopper · Gold · Silver2025-12-31
Ore Reservetotal3.1M t2.1% Cu, 0.6 g/t Au, 8.3 g/t AgCopper · Gold · Silver2025-12-31
Ore Reserveprobable7.1M t1.8% Cu, 0.4 g/t Au, 1.8 g/t AgCopper · Gold · Silver2025-12-31
Tenements6
ml90064Granted— None · No expiry supplied
ml90080Granted— None · No expiry supplied
ml90086Granted— None · No expiry supplied
ml90155Renewal Pending— None · 2026-10-31
ml100348Granted882 ha · 2034-05-31
mla100304Application— None · No expiry supplied
Milestones6
  1. Stage 1 plant expansion to 1.1Mtpa commissioned

    Pending · High materiality

  2. Jericho commercial production

    Pending · High materiality

  3. Stage 2 plant expansion to 1.5Mtpa

    Pending · High materiality

  4. JS4 ventilation shaft (Matilda) commissioned

    Pending · Medium materiality

  5. Jericho access drive reaches J1 (Jolly)

    Achieved · Medium materiality

  6. First Jericho production stope fired

    Achieved · Medium materiality

Permits & approvals6
PermitJurisdictionStatusExpiryCritical path
Jericho site-specific Environmental Authority and PRCPQueenslandGranted—No
Jericho Underground Water Impact ReportQueenslandGranted—No
Eloise EA amendment: plant expansion beyond 1.1Mtpa and up to 100,000tpa concentrateQueenslandGranted—No
TD5 10m lift (major EA amendment)QueenslandGranted—No
Stage 2 EA/PRCP amendment: further 10m raise of TD1-5 to 11.3Mt LOM capacity (deposition to end FY35)QueenslandPending—Yes
ML90155 renewalQueenslandPending2026-10-31Yes
Economic studies1
StudyStageStatusDateSummary
Eloise Three-Year Production Outlook (LOM plan basis for FY27 guidance and FY28-FY29 targets)Operating PlanCurrent2026-07-20Production targets 17.5-18.5kt (FY27), 20-22kt (FY28), 25-27kt (FY29) Cu in concentrate from ~95% Probable Reserves; LOM unit costs A$139.8/t ore (Jericho) and A$156.6/t (Eloise) incl. royalties; recoveries 95% Cu at Eloise, 93% at Jericho; reserve inputs A$11,000/t Cu.

Other

Eloise Regional resources (Sandy Creek and Artemis)

AU

Resource Stage100% ownedCopperGoldSilver

Inferred resources within ~1,700km2 of 100%-owned tenure on the Middle Creek Anticline, 20km-scale from Eloise; no mining study.

Resource / scoping · Resource stage
Contained metal (attributable)
28.1k td
Resource grade
1.10% Cu
% Measured + Indicated
—
Resource tonnes
2.62 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceinferred2.6M t1.1% Cu, 0.3 g/t Au, 4.4 g/t AgCopper · Gold · Silver2025-12-31
Mineral Resourceinferred580K t1.4% Cu, 1.1 g/t Au, 45.5 g/t AgCopper · Gold · Silver2025-12-31

Material

Exploration portfolio (Eloise Regional prospects, Cannington/Brumby, Delamerian NSW, Windsor, Peake and Denison SA)

AU

Discovery Drill Stage100% ownedCopperGold

Active drilling: Brumby BRDD001 46.4m at 3.6% Cu and 1.0g/t Au; Eloise South 3.2m at 92.5g/t Au; Iris 12.0m at 1.0% Cu; Oro Grande 5.6m at 5.1g/t Au. Pyramid gold project divested to Cooper Metals (July 2026); Lamil JV interest sale to Aventine conditional.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
167 %Cu·md
Metres drilled (12M)
—
Exploration spend (12M)
A$8.5md
Tenements2
canningtonGranted636 km2 · No expiry supplied
eloise-regionalGranted1,700 km2 · No expiry supplied
Milestones1
  1. Brumby follow-up drilling results

    Pending · Medium materiality

Material

Mt Cuthbert Copper Project (conditional acquisition of Materra Metals)

AU

Resource Stage0% ownedCopper

Conditional: 100% to be acquired for A$120m (A$100m scrip at A$0.795 plus A$20m cash) subject to the 4 November 2026 EGM and the A$70m placement; long-stop 31 December 2026. Current ownership nil. 8,000tpa SXEW plant on care and maintenance; 21 granted Mining Leases and 32 Exploration Permits (~2,400km2).

Resource / scoping · Resource stage
Contained metal (attributable)
0 td
Resource grade
1.30% Cu
% Measured + Indicated
34.2%d
Resource tonnes
18.67 Mt
Our value per attrib. contained unit
Locked
Mining method
Historic open pit oxide heap-leach SXEW; sulphide concept crush-grind-float (open pit and underground cut-offs)
Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated7.6M t1.1% CuCopper2026-05-01
Mineral Resourceinferred11.1M t1.5% CuCopper2026-05-01
Mineral Resourcetotal18.7M t1.3% CuCopper2026-05-01
Tenements1
mtc-mlsGranted2,400 km2 · No expiry supplied
Milestones2
  1. EGM approval of consideration and placement shares

    Pending · High materiality

  2. Start ~60,000m resource definition drilling after wet season

    Pending · Medium materiality

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Artemis copper-gold-silver deposit (Eloise Regional) · Resource / scoping · Resource stage
Contained metal (attributable)
8.1k td
Resource grade
1.40% Cu
% Measured + Indicated
—
Resource tonnes
0.58 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Cooper Metals Limited shares (13.04%) · Equity investment · Held
Investee
Cooper Metals Limited (ASX: CPM)
Holding
13%
Shares held
15.00m
Market value
A$1.1mm
% of holder's market cap
0.2%m
Cost basis
Pyramid Gold Project (non-cash)
Jericho Copper Mine · Producer · Ramping producer
Production annualised (attributable)
1.5k td
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
1.64% Cu