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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
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Upside
Locked: sign in to view
Mkt cap
A$503.7M
EV
A$561.5M
Cash
A$37.2M
Debt
A$73.2M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$37.2M2024-12-31: 44,700,000 A$2025-03-31: 30,900,000 A$2025-06-30: 60,900,000 A$2025-09-30: 67,800,000 A$2025-12-31: 44,900,000 A$2026-03-31: 31,100,000 A$2026-06-30: 41,700,000 A$2026-09-30: 37,200,000 A$ Self Funding
Debt A$73.2M2025-06-30: 12,842,000 A$2026-06-30: 56,572,000 A$2026-09-30: 73,190,000 A$ Net cash A$-36M
Basic shares 799.5MFY25A: 718,482,640FY26A: 797,619,821 2026-09-15
Runway Self Funding Eloise generated A$33.4m net mine cash flow in the September 2026 quarter; the remaining FY27 Jericho and plant capital is guided to be funded from cash, operations and the drawn prepayment; no further drawdowns planned.

Liquidity

Financial position

Cash A$37.2m at 30 September 2026 against Trafigura debt of US$40m (A$60.2m at drawdown rates; repayments US$1.5m in each of the March and June 2027 quarters then US$3.7m a quarter to December 2029) and ~A$13m equipment finance. US$10m of the prepayment remains undrawn and the equipment facility was lifted to A$35m. Group cash flow was -A$19.0m in the quarter before the A$15.0m drawdown, so liquidity is adequate but thin until the expanded plant ramps up; the conditional Hawke's Point placement adds A$50m net of the Mt Cuthbert cash price. A A$25m surety bond facility (A$22.2m issued to Queensland Treasury) covers rehabilitation bonding.

Inventory composition1

Concentrate stockpile of 682 dmt at 30 September 2026 (notional A$4.1m at A$20,570/t Cu), down from 2,503 dmt at 30 June 2026; stores and ROM stocks A$19.5m at 30 June 2026.

Eloise copper concentrate on hand awaiting shipment (682 dmt, 169t Cu) stockpile
— carrying · 169 t Cu

Capital structure

Ownership and dilution

Ordinary shares
799.5M
Fully diluted
844.2M

797,619,821 shares at 30 June 2026 (after 33.3m SPP, 40.5m tranche-2 placement, 4.8m rights conversions and 0.5m employee shares in FY26) plus 1,865,092 shares on vesting of performance rights on 8 September 2026 = 799,484,913. Pending, not counted: 125,786,164 Mt Cuthbert consideration shares and 88,050,315 placement shares subject to the 4 November 2026 EGM (pro forma 1,013,321,392).

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share799.5M——
A1MAB performance rights (unquoted, 43 holders)Performance Right44.7MA$0—

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Operations
Ore processedtFY25A: 633,735 tFY26A: 662,843 t633,735662,843
Copper head grade%FY25A: 2.14 %FY26A: 2.03 %2.1%2.0%
Copper in concentratetFY25A: 12,863 tFY26A: 13,064 t12,86313,064
Payable coppertFY25A: 12,383 tFY26A: 12,257 t12,38312,257
Unit costs
AISC (net of by-products)AUD/lbFY25A: 4.98 AUD/lbFY26A: 4.99 AUD/lb4.984.99
Profit and loss
RevenueAUDmFY25A: 189,554,000 AUDFY26A: 245,230,000 AUD189.6245.2
Site operating costs (excl. royalties, D&A)AUDmFY25A: 94,996,000 AUDFY26A: 106,250,000 AUD95.0106.2
Royalties and transportAUDmFY25A: 10,113,000 AUDFY26A: 11,861,000 AUD10.111.9
Corporate, exploration and other (net)AUDmFY25A: 21,200,000 AUDFY26A: 19,012,000 AUD21.219.0
EBITDAAUDmFY25A: 63,245,000 AUDFY26A: 108,107,000 AUD63.2108.1
Depreciation and amortisationAUDmFY25A: 43,125,000 AUDFY26A: 45,259,000 AUD43.145.3
EBITAUDmFY25A: 20,120,000 AUDFY26A: 62,848,000 AUD20.162.8
Net interest expenseAUDmFY25A: 1,746,000 AUDFY26A: 2,248,000 AUD1.72.2
Income taxAUDmFY25A: 3,416,000 AUDFY26A: 19,114,000 AUD3.419.1
Net profit after taxAUDmFY25A: 14,958,000 AUDFY26A: 41,486,000 AUD15.041.5
Cash flow
Operating cash flowAUDmFY25A: 50,883,000 AUDFY26A: 106,976,000 AUD50.9107.0
Total capexAUDmFY25A: 112,685,000 AUDFY26A: 180,139,000 AUD112.7180.1
Free cash flowAUDmFY25A: -61,802,000 AUDFY26A: -73,163,000 AUD(61.8)(73.2)
Net debt drawdown / (repayment)AUDmFY25A: -4,110,000 AUDFY26A: 32,754,000 AUD(4.1)32.8
Net change in cashAUDmFY25A: -13,416,000 AUDFY26A: -19,231,000 AUD(13.4)(19.2)
Balance sheet
CashAUDmFY25A: 60,925,000 AUDFY26A: 41,694,000 AUD60.941.7
Debt (Trafigura + equipment finance, excl. leases)AUDmFY25A: 12,842,000 AUDFY26A: 56,572,000 AUD12.856.6
Net debt / (cash)AUDmFY25A: -48,083,000 AUDFY26A: 14,878,000 AUD(48.1)14.9
Book equityAUDmFY25A: 279,298,000 AUDFY26A: 344,880,000 AUD279.3344.9
Per share
Ordinary shares (period end)m sharesFY25A: 718,482,640 sharesFY26A: 797,619,821 shares718.5797.6
EPSAUD/shareFY25A: 0.03 AUD/shareFY26A: 0.05 AUD/share0.030.05
DPSAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: 9.57 xFY26A: 5.60 x9.65.6
P / E (x, current market cap)xFY25A: 36.61 xFY26A: 13.20 x36.613.2
FCF yield (current market cap)%FY25A: -0.11 fractionFY26A: -0.13 fraction-11.3%-13.4%
EBITDA margin%FY25A: 0.33 fractionFY26A: 0.44 fraction33.4%44.1%
Net debt / EBITDA (x)xFY25A: -0.76 xFY26A: 0.14 x(0.8)0.1

KPI history

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

Payable copper produced (consolidated) shown
09281,8572,7853,714Dec-24: 3,316 t CuDec-24Mar-25: 2,891 t CuMar-25Jun-25: 3,081 t CuJun-25Sep-25: 3,197 t CuSep-25Dec-25: 3,079 t CuDec-25Mar-26: 3,298 t CuMar-26Jun-26: 2,987 t CuJun-26Sep-26: 2,952 t CuSep-26
MetricUnitTrendDec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26
Payable copper produced (consolidated)t CuDec-24: 3,316 t CuMar-25: 2,891 t CuJun-25: 3,081 t CuSep-25: 3,197 t CuDec-25: 3,079 t CuMar-26: 3,298 t CuJun-26: 2,987 t CuSep-26: 2,952 t Cu3,3162,8913,0813,1973,0793,2982,9872,952
Copper in concentrate (consolidated)t CuDec-24: 3,444 t CuMar-25: 3,004 t CuJun-25: 3,202 t CuSep-25: 3,324 t CuDec-25: 3,202 t CuMar-26: 3,432 t CuJun-26: 3,106 t CuSep-26: 3,072 t Cu3,4443,0043,2023,3243,2023,4323,1063,072
Eloise AISC per lb copper soldAUD/lbDec-24: 4.99 AUD/lbMar-25: 5.49 AUD/lbJun-25: 4.58 AUD/lbSep-25: 4.97 AUD/lbDec-25: 4.87 AUD/lbMar-26: 4.18 AUD/lbJun-26: 6.15 AUD/lbSep-26: 4.86 AUD/lb4.995.494.584.974.874.186.154.86
Copper grade processed (consolidated)% CuDec-24: 2.20 % CuMar-25: 2.10 % CuJun-25: 2.10 % CuSep-25: 1.89 % CuDec-25: 1.96 % CuMar-26: 2.32 % CuJun-26: 1.92 % CuSep-26: 1.88 % Cu2.202.102.101.891.962.321.921.88
Copper recovery (consolidated)%Dec-24: 95.90 %Mar-25: 94.70 %Jun-25: 93.50 %Sep-25: 94.80 %Dec-25: 95.30 %Mar-26: 93.60 %Jun-26: 94.10 %Sep-26: 94.50 %95.994.793.594.895.393.694.194.5
Ore processed (consolidated)ktDec-24: 163 ktMar-25: 151 ktJun-25: 163 ktSep-25: 185 ktDec-25: 172 ktMar-26: 157 ktJun-26: 172 ktSep-26: 173 kt163151163185172157172173
Achieved copper priceAUD/tDec-24: 13,814 AUD/tMar-25: 14,996 AUD/tJun-25: 14,592 AUD/tSep-25: 14,815 AUD/tDec-25: 17,139 AUD/tMar-26: 18,250 AUD/tJun-26: 19,078 AUD/tSep-26: 19,660 AUD/t13,81414,99614,59214,81517,13918,25019,07819,660
Eloise net mine cash flow after capitalAUD mDec-24: 8.70 AUD mMar-25: 0.02 AUD mJun-25: 16.00 AUD mSep-25: 11.80 AUD mDec-25: 11.50 AUD mMar-26: 27.70 AUD mJun-26: 12.30 AUD mSep-26: 33.40 AUD m8.700.0216.0011.8011.5027.7012.3033.40
Operating metric source table82
MetricProjectPeriodPeriod typeValueStatus
Payable copper produced (consolidated)Eloise ProjectDec-24 quarterQuarter3,316 t CuReported
Copper in concentrate (consolidated)Eloise ProjectDec-24 quarterQuarter3,444 t CuReported
Eloise AISC per lb copper soldEloise ProjectDec-24 quarterQuarter4.99 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectDec-24 quarterQuarter2.2 % CuReported
Copper recovery (consolidated)Eloise ProjectDec-24 quarterQuarter95.9 %Reported
Ore processed (consolidated)Eloise ProjectDec-24 quarterQuarter163 ktReported
Achieved copper priceEloise ProjectDec-24 quarterQuarter13,814 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectDec-24 quarterQuarter8.7 AUD mReported
Cash at bankCompanyCash at 2024-12-31Point In Time44.7 AUD mReported
Payable copper produced (consolidated)Eloise ProjectMar-25 quarterQuarter2,891 t CuReported
Copper in concentrate (consolidated)Eloise ProjectMar-25 quarterQuarter3,004 t CuReported
Eloise AISC per lb copper soldEloise ProjectMar-25 quarterQuarter5.49 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectMar-25 quarterQuarter2.1 % CuReported
Copper recovery (consolidated)Eloise ProjectMar-25 quarterQuarter94.7 %Reported
Ore processed (consolidated)Eloise ProjectMar-25 quarterQuarter151 ktReported
Achieved copper priceEloise ProjectMar-25 quarterQuarter14,996 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectMar-25 quarterQuarter0.02 AUD mReported
Cash at bankCompanyCash at 2025-03-31Point In Time30.9 AUD mReported
Payable copper produced (consolidated)Eloise ProjectJun-25 quarterQuarter3,081 t CuReported
Copper in concentrate (consolidated)Eloise ProjectJun-25 quarterQuarter3,202 t CuReported
Eloise AISC per lb copper soldEloise ProjectJun-25 quarterQuarter4.58 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectJun-25 quarterQuarter2.1 % CuReported
Copper recovery (consolidated)Eloise ProjectJun-25 quarterQuarter93.5 %Reported
Ore processed (consolidated)Eloise ProjectJun-25 quarterQuarter163 ktReported
Achieved copper priceEloise ProjectJun-25 quarterQuarter14,592 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectJun-25 quarterQuarter16 AUD mReported
Cash at bankCompanyCash at 2025-06-30Point In Time60.9 AUD mReported
Payable copper produced (consolidated)Eloise ProjectSep-25 quarterQuarter3,197 t CuReported
Copper in concentrate (consolidated)Eloise ProjectSep-25 quarterQuarter3,324 t CuReported
Eloise AISC per lb copper soldEloise ProjectSep-25 quarterQuarter4.97 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectSep-25 quarterQuarter1.89 % CuReported
Copper recovery (consolidated)Eloise ProjectSep-25 quarterQuarter94.8 %Reported
Ore processed (consolidated)Eloise ProjectSep-25 quarterQuarter185 ktReported
Achieved copper priceEloise ProjectSep-25 quarterQuarter14,815 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectSep-25 quarterQuarter11.8 AUD mReported
Cash at bankCompanyCash at 2025-09-30Point In Time67.8 AUD mReported
Payable copper produced (consolidated)Eloise ProjectDec-25 quarterQuarter3,079 t CuReported
Copper in concentrate (consolidated)Eloise ProjectDec-25 quarterQuarter3,202 t CuReported
Eloise AISC per lb copper soldEloise ProjectDec-25 quarterQuarter4.87 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectDec-25 quarterQuarter1.96 % CuReported
Copper recovery (consolidated)Eloise ProjectDec-25 quarterQuarter95.3 %Reported
Ore processed (consolidated)Eloise ProjectDec-25 quarterQuarter172 ktReported
Achieved copper priceEloise ProjectDec-25 quarterQuarter17,139 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectDec-25 quarterQuarter11.5 AUD mReported
Cash at bankCompanyCash at 2025-12-31Point In Time44.9 AUD mReported
Payable copper produced (consolidated)Eloise ProjectMar-26 quarterQuarter3,298 t CuReported
Copper in concentrate (consolidated)Eloise ProjectMar-26 quarterQuarter3,432 t CuReported
Eloise AISC per lb copper soldEloise ProjectMar-26 quarterQuarter4.18 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectMar-26 quarterQuarter2.32 % CuReported
Copper recovery (consolidated)Eloise ProjectMar-26 quarterQuarter93.6 %Reported
Ore processed (consolidated)Eloise ProjectMar-26 quarterQuarter157 ktReported
Achieved copper priceEloise ProjectMar-26 quarterQuarter18,250 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectMar-26 quarterQuarter27.7 AUD mReported
Cash at bankCompanyCash at 2026-03-31Point In Time31.1 AUD mReported
Payable copper produced (consolidated)Eloise ProjectJun-26 quarterQuarter2,987 t CuReported
Copper in concentrate (consolidated)Eloise ProjectJun-26 quarterQuarter3,106 t CuReported
Eloise AISC per lb copper soldEloise ProjectJun-26 quarterQuarter6.15 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectJun-26 quarterQuarter1.92 % CuReported
Copper recovery (consolidated)Eloise ProjectJun-26 quarterQuarter94.1 %Reported
Ore processed (consolidated)Eloise ProjectJun-26 quarterQuarter172 ktReported
Achieved copper priceEloise ProjectJun-26 quarterQuarter19,078 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectJun-26 quarterQuarter12.3 AUD mReported
Cash at bankCompanyCash at 2026-06-30Point In Time41.7 AUD mReported
Payable copper produced (consolidated)Eloise ProjectSep-26 quarterQuarter2,952 t CuReported
Copper in concentrate (consolidated)Eloise ProjectSep-26 quarterQuarter3,072 t CuReported
Eloise AISC per lb copper soldEloise ProjectSep-26 quarterQuarter4.86 AUD/lbReported
Copper grade processed (consolidated)Eloise ProjectSep-26 quarterQuarter1.88 % CuReported
Copper recovery (consolidated)Eloise ProjectSep-26 quarterQuarter94.5 %Reported
Ore processed (consolidated)Eloise ProjectSep-26 quarterQuarter173 ktReported
Achieved copper priceEloise ProjectSep-26 quarterQuarter19,660 AUD/tReported
Eloise net mine cash flow after capitalEloise ProjectSep-26 quarterQuarter33.4 AUD mReported
Cash at bankCompanyCash at 2026-09-30Point In Time37.2 AUD mReported
Sales revenueCompanyFY25Year189.55 AUD mReported
Sales revenueCompanyFY26Year245.23 AUD mReported
Group EBITDACompanyFY25Year63.24 AUD mReported
Group EBITDACompanyFY26Year108.11 AUD mReported
Copper in concentrate FY26Eloise ProjectFY26Year13,064 t CuReported
AISC FY26Eloise ProjectFY26Year4.99 AUD/lbReported
AISC FY25Eloise ProjectFY25Year4.98 AUD/lbReported
Trafigura prepayment drawnCompanyTrafigura drawn 30 Sep 2026Point In Time40 USD mReported
Interest-bearing liabilities excl. leasesCompanyInterest-bearing liabilities 30 Jun 2026Point In Time56.57 AUD mReported
Interest-bearing liabilities excl. leasesCompanyInterest-bearing liabilities 30 Jun 2025Point In Time12.84 AUD mReported
Company guidance16
MetricProjectPeriodLowHighStatus
Copper In Concentrateeloise_projectFY2717,50018,500 tCurrent
Gold In Concentrateeloise_projectFY277,2507,750 ozCurrent
AISC (A$/Lb Cu Sold, At A$5,750/Oz Au, A$80/Oz Ag, A$1.26/L Diesel)eloise_projectFY274.85.2 AUD/lbCurrent
Aic (A$/Lb Cu Sold)eloise_projectFY275.25.6 AUD/lbCurrent
AISC H1 Fy27 (Eloise Only)eloise_projectH1 FY274.14.4 AUD/lbCurrent
Copper In Concentrate, December 2026 Quartereloise_projectDec-26 quarter4,5004,900 tCurrent
Production Target Copper In Concentrate (96% Probable Reserves)eloise_projectFY2820,00022,000 tCurrent
Production Target Copper In Concentrate (93% Probable Reserves)eloise_projectFY2925,00027,000 tCurrent
Mine Sustaining Capital (P&E Incl. Leases 25.0, Eloise Dev 13.0, Jericho Dev 8.0, Resource Definition 3.0)eloise_projectFY274949 AUD mCurrent
Mine Growth Capital (Long Term Development Eloise 3.0, Jericho 10.0)eloise_projectFY271313 AUD mCurrent
Jericho Project Capital Gross (Access/Development 50, Plant 12.5, Spares 3, Non Plant 8, Drilling 2, Tailings/Water 14) Before A$18M Net Jericho Contributioneloise_projectFY2789.589.5 AUD mCurrent
ExplorationCompanyFY2777 AUD mCurrent
CorporateCompanyFY2710.510.5 AUD mCurrent
Stage 2 Plant Expansion To 1.5Mtpa (Spent In Fy28)eloise_projectFY281515 AUD mCurrent
AISC Fy26eloise_projectFY264.855.25 AUD/lbAchieved
Copper In Concentrate H1 Fy27eloise_projectH1 FY277,7508,250 tCurrent

Capital history

Capital events

11 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-30DebtA$15M——Completed—
2026-09-23RaisingA$70M88.1MA$0.795AnnouncedPlacement to Hawke's Point conditional on EGM approval (4 November 2026) and the Mt Cuthbert SSA; funds the A$20m cash consideration and Mt Cuthbert drilling.Max 88.1M · Until 2026-12-31 · Holder approval required
2026-09-23RaisingA$100M125.8MA$0.795AnnouncedConsideration shares to Materra vendors (Dragon Field to distribute to its shareholders) for the Mt Cuthbert acquisition.Max 125.8M · Until 2026-12-31 · Holder approval required
2026-09-08RaisingA$01.9MA$0CompletedShares issued on vesting of A1MAB performance rights.
2026-07-20DebtUS$10M——Ongoing—
2026-07-01DebtA$35M——Ongoing—
2026-06-30Ann. 2026-03-31DebtA$45.2M——Completed—
2025-08-01Ann. 2025-07-03RaisingA$10M33.3MA$0.3CompletedShare purchase plan raising A$10.0m.Period 2025-07-03 to 2025-07-25
2025-06-30Ann. 2025-06-24RaisingA$43.7M144.4MA$0.3CompletedTranche 1 of the June 2025 A$55m placement (incl. A$5m from Hawke's Point) to fund the Eloise expansion and Jericho; A$43.7m received in FY25.
2025-08-27Ann. 2025-06-24RaisingA$12.2M40.5MA$0.3CompletedTranche 2 institutional placement after shareholder approval (incl. director participation).Holder approval required
2025-06-20DebtUS$40M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-30

2026 Annual Report notes (revenue, derivatives, provisions, borrowings, subsequent events), Trafigura prepayment/offtake announcement, September 2026 quarterly and the Mt Cuthbert transaction documents.

Life-of-mine offtake of Eloise concentrate with Trafigura (relationship since 2021); concentrate sold to one customer with provisional pricing.

Offtake · Active
Counterparties
Trafigura Pte Ltd
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Volume: 100% of Eloise concentrate, life of mine
Pricing: LME-linked with provisional pricing and 1-4 month quotation period
How it affects our valuation

No valuation treatment is available for this arrangement.

Jericho concentrate offtake of at least ~400,000dmt to Trafigura until mid-2035, linked to the prepayment; market-based benchmark TC/RC terms.

Offtake · Active
Counterparties
Trafigura Asia Trading Pte Ltd
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper · Gold · Silver
Economic direction
Mixed
Period
2025-06-20 to 2035-06-30
Key terms
Minimum volume: 400,000 dmt concentrate
TC/RC: benchmark annual settlement
Payment: 90% provisional within 3 business days of shipping documents
How it affects our valuation

No valuation treatment is available for this arrangement.

US$50m prepayment facility (US$40m drawn) secured by first-ranking charge over group assets and the Eloise/Jericho leases; no hedging requirement.

Other · Active
Counterparties
Trafigura Asia Trading Pte Ltd
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper
Economic direction
Burden
Period
2025-06-20 to 2029-12-31
Key terms
Facility: 50,000,000 USD
Drawn: 40,000,000 USD
Interest: SOFR + 3% p.a.
Repayment: US$1.5m Mar-27 and Jun-27 quarters, then US$3.7m per quarter to Dec-29; accrued interest ~US$6.5m repaid over same period
Covenant: DSCR >= 1.30x tested quarterly from 31 March 2027
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory Queensland mineral royalty under the Mineral Resources (Royalty) Regulation 2025, rising with price; A$0.47/lb in the September 2026 quarter.

Royalty · Active
Counterparties
State of Queensland
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Basis: prescribed percentage of value of minerals sold after permitted deductions
Recent rate: 0.47 AUD/lb Cu sold
How it affects our valuation

No valuation treatment is available for this arrangement.

A$2.75m contingent payment due on commencement of mining at Jericho (provision A$2.57m current at 30 June 2026).

Other · Active
Counterparties
Third party (undisclosed)
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Amount: 2,750,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent liability: up to US$8.8m payable when Jericho Measured and Indicated resources exceed 200,000t of payable copper (186,600t Indicated contained at 31 December 2025) or production exceeds 200,000t.

Other · Active
Counterparties
Former Jericho vendor (undisclosed)
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Maximum payment: 8,800,000 USD
Rate: 0.04 USD/lb payable Cu above 200,000t
How it affects our valuation

No valuation treatment is available for this arrangement.

Purchased copper put options with an A$17,500/t floor over June-September 2026 sales; expired.

Commodity Hedge · Expired
Counterparties
Undisclosed bank
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper
Economic direction
Benefit
Period
2026-06-01 to 2026-09-30
Key terms
Floor: 17,500 AUD/t
How it affects our valuation

No valuation treatment is available for this arrangement.

FX forwards over USD drawdowns of the Trafigura facility; last contract settled with the September 2026 drawdown.

FX Hedge · Expired
Counterparties
Undisclosed bank
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Copper
Economic direction
Benefit
Period
Through 2026-09-30; start date not stated
Key terms
Hedged rate FY26 drawdowns: 0.66 USD/AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Hawke's Point heads of agreement rights activate on completion of the A$70m placement.

Strategic Partnership · Conditional
Counterparties
Hawke's Point Holdings L.P. · Hawke's Point Critical Metals Fund L.P.
Applies to
Eloise Copper Project (Eloise and Jericho underground mines, Eloise processing plant) · Mt Cuthbert Copper Project (conditional acquisition of Materra Metals) · Copper
Economic direction
Mixed
Period
From 2026-11-04; no end date stated
Key terms
Trigger: >= 9.0% voting power (expected ~10.3% after placement)
Rights: board nominee; technical steering committee nominee; participation in up to 50% of future debt, royalty or streams; placement notice; consent rights
How it affects our valuation

No valuation treatment is available for this arrangement.

A 1% NSR royalty and an offtake apply to copper cathode from oxide ore at Mt Cuthbert, not to concentrate or sulphide ore; becomes relevant only on completion.

Royalty · Conditional
Counterparties
Pre-existing holder (undisclosed)
Applies to
Mt Cuthbert Copper Project (conditional acquisition of Materra Metals) · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty: 1 % NSR on cathode from oxide ore
Offtake: pre-existing offtake over cathode from oxide ore
How it affects our valuation

No valuation treatment is available for this arrangement.

Pyramid gold project sold to Cooper Metals for 15m CPM shares and contingent consideration linked to exploration milestones.

Other · Active
Counterparties
Cooper Metals Limited
Applies to
Exploration portfolio (Eloise Regional prospects, Cannington/Brumby, Delamerian NSW, Windsor, Peake and Denison SA) · Gold
Economic direction
Benefit
Period
From 2026-07-20; no end date stated
Key terms
Upfront: 15,000,000 CPM shares
Contingent: linked to future exploration milestones (terms not disclosed)
How it affects our valuation

No valuation treatment is available for this arrangement.

Sale of the 50% Lamil JV interest to Aventine, conditional on its IPO.

Other · Conditional
Counterparties
Aventine Resources Ltd
Applies to
Exploration portfolio (Eloise Regional prospects, Cannington/Brumby, Delamerian NSW, Windsor, Peake and Denison SA) · Copper · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Cash: 200,000 AUD
Shares: 300,000 AUD
Royalty: 0.5 % NSR
How it affects our valuation

No valuation treatment is available for this arrangement.