AUS
NZ
UK
CA
USA
IND
Highlights
- Eloise Copper Mine recorded its highest annual output since 2017, producing 13,412 tonnes of copper in FY24.
- In FY24, A1M’s revenue rose 43.7% YoY to AUD 180.5 million, with operating cash flow up 127% YoY.
- The company targets annual production of 20,000 tonnes of copper and 7,500 ounces of gold at Eloise Mine.
AIC Mines Limited (ASX:A1M) is an ASX-listed resources company that is committed to create a diverse portfolio of gold and copper assets. The company operates Eloise copper mine, located in North Queensland. Additionally, the company is developing multiple exploration projects with copper and gold potential. In the financial year 2024 (FY24), the Eloise copper mine recorded the highest annual output since 2017.
During the reported period, the company’s production stood at 49,994 dry metric tonnes of concentrate containing 13,412 tonnes of copper at AISC of AUD 5.15/lb. This is a record production under the ownership of company.
In November 2024, the company released drilling results from its Jericho and Sandy Creek project, located near the Eloise Copper Mine. The results highlighted the copper and gold mineralisation as well as resource expansion potential. Further drilling is planned to continue exploration in these areas.
Top 10 shareholders of A1M
The top 10 shareholders of A1M have around 37.20% of the shareholding, while top four have nearly 28.58% of the shareholding. FMR Investments Pty. Ltd. and El-Raghy (Josef) have the highest stakes with a shareholding of ~14.30% and ~6.69%, respectively.
Recent financial performance
In FY24, the company recorded 43.7% YoY increase in its revenue to AUD 180.5 million and 127% YoY jump in operating cash flow to AUD 51.9 million. the period saw turnaround in the yearly profit after tax to AUD 7.7 million from loss of AUD 5.8 million in FY23.
In the first quarter of FY25 (1QFY25), the company recorded production of 3,123 tonnes of copper in concentrate at an AISC of AUD 5.05 per pound. During the quarter, sales stood at 2,936 tonnes of copper and by-product gold and silver, creating a net mine cash flow of AUD 2.8 million after capital expenditure.
Outlook
In FY25, the company targets production of nearly 12,500 tonnes of copper and 5,000 ounces of gold in concentrate. Notably, 4,586 tonnes of copper is already produced in the first four months at an AISC of AUD 4.75/lb copper.
The company aims to transform the Eloise copper mine into a cornerstone asset, with expected annual production of 20,000 tonnes of copper and 7,500 ounces of gold in concentrate.
Share performance of A1M
A1M shares closed 2.94% lower at AUD 0.33 apiece on 17 December 2024. Over the past year, A1M’s share price has dropped by almost 1.49%, while in the past three months, the share price has surged by almost 6.45%.
52-week high of A1M is AUD 0.615, recorded on 21 May 2024 and 52-week low is AUD 0.26, recorded on 28 February 2024.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 17 December 2024. The reference data in this report has been partly sourced from EODHD/Others.
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