AIC MINES LIMITED (A1M)
Share Price Analysis and Chart

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30/01/2026

1

Speculative Buy

$0.80

42.86%

AIC Mines delivered a marginally softer Dec Q result, Ord Minnett reports, in which rainfall saw inventory levels increase. This should unwind this quarter and combine with first ore from Jericho.

Jericho mining rates should progressively ramp-up to 1.1mtpa by FY28 which will fill an expanded mill (1.1mtpa). This will see a step change in production, Ord Minnett notes.

Speculative Buy retained. Target rises to 80c from 75c.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.80 cents.

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07/04/2026

1

Buy

$0.75

33.93%

Moelis notes copper has traded in a relatively tight range throughout the March quarter before weakening late to close at US$5.50/lb.

Amid a growing narrative of potential price weakness as US stockpiles are unwound, the price has held up, which the broker suggests could be a reminder that decarbonisation remains essential to negate reliance on fossil fuel supplies.

Prices are increased between 8-11% throughout the forecast period. Long-term estimates are increased by around 2% and are now at US$4.66/lb.

Moelis has also made upward revisions to capital and operating expenditures to reflect the re-emergence of inflation, which negates some of the upside to cash flow and therefore valuation.

Buy rating retained for AIC Mines and the target rises to $0.75 from $0.71.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.10 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents.