AIC MINES LIMITED (A1M)
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A1M - AIC MINES LIMITED

FNArena Sector : Gold & Silver

Year End: June

GICS Industry Group : Materials

Debt/EBITDA: 0.77

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$0.425 07 Oct 2025	0.005 OPEN $0.42	1.19% HIGH $0.44	2,244,337 LOW $0.42

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$0.425

07 Oct
2025

0.005

OPEN

$0.42

1.19%

HIGH

$0.44

2,244,337

LOW

$0.42

TARGET

$0.60

41.2% upside

OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	2.6	3.2	xxx
DPS (cps)	xxx	0.0	0.0	xxx
EPS Growth	xxx	59.5%	23.1%	xxx
DPS Growth	xxx	N/A	N/A	xxx
PE Ratio	xxx	N/A	13.4	xxx
Dividend Yield	xxx	N/A	0.0%	xxx
Div Pay Ratio(%)	xxx	N/A	N/A	xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	2.6
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	189.6 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	38.9
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	66.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	7.89 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	6.00 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	5.62 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	4.65 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	6.00 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	5.77 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-46.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	15 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	30 M
Total Debt	xxx	xxx	xxx	xxx	xxx	45 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	61 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.76

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2022	2023	2024	2025
Capex	xxx	xxx	xxx	xxx	xxx	112.7 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	59.45 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	162 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	12 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Shaw and Partners	xx/xx/xxxx	1	xxx, xxxx xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	26/08/2025	1	Buy	$0.60	41.18%	The highlight of AIC Mines' FY25 result for Bell Potter was the consistency and lack of any negative surprises, with operating and financial performance in line with guidance. Revenue of $190m was ahead of the broker's $185m forecast, and EBITDA was also higher. FY26 copper production guidance of 12.8-13.1kt and gold 6.0-6.5koz was unchanged. The broker notes the growth pathway is on track to reach 20ktpa copper from 2H27. Current forecasts suggest funding in place, but there's scope for external funding to provide capital headroom, in the broker's view. Buy. Target unchanged at 60c. FORECAST Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.20 cents. Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.20 cents.
Ord Minnett	xx/xx/xxxx	1	xxxxxxxxxxx xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Shaw and Partners

xx/xx/xxxx

xxx, xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Bell Potter

26/08/2025

Buy

$0.60

41.18%

The highlight of AIC Mines' FY25 result for Bell Potter was the consistency and lack of any negative surprises, with operating and financial performance in line with guidance.

Revenue of $190m was ahead of the broker's $185m forecast, and EBITDA was also higher. FY26 copper production guidance of 12.8-13.1kt and gold 6.0-6.5koz was unchanged.

The broker notes the growth pathway is on track to reach 20ktpa copper from 2H27. Current forecasts suggest funding in place, but there's scope for external funding to provide capital headroom, in the broker's view.

Buy. Target unchanged at 60c.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.20 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.20 cents.

Ord Minnett

xx/xx/xxxx

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Moelis	09/10/2025	3	Downgrade to Hold from Buy	$0.44	3.53%	Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions. The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz) Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%. Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly. In the case of AIC Mines, the broker trimmed FY26 EBITDA and net profit forecasts by -1% and -3%, respectively, but lifted FY27 by 5% and 12%, respectively. Rating downgraded to Hold from Buy. Target price 44c. FORECAST Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents. Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.80 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

09/10/2025

Downgrade to Hold from Buy

$0.44

3.53%

Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.

The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)

Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.

Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.

In the case of AIC Mines, the broker trimmed FY26 EBITDA and net profit forecasts by -1% and -3%, respectively, but lifted FY27 by 5% and 12%, respectively.

Rating downgraded to Hold from Buy. Target price 44c.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.60 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.80 cents.

Access Extra Coverage Research History >

A1M STOCK CHART

FNArena News on A1M

1	Rudi’s View: Don’t Fight The Fed, Inflation, Gold, Copper & More Sep 25 2025 - Rudi's View

2	Australian Broker Call Extra Edition – Aug 27, 2025 Aug 27 2025 - Daily Market Reports

3	Australian Broker Call Extra Edition – Aug 25, 2025 Aug 25 2025 - Daily Market Reports

4	FNArena Corporate Results Monitor – 22-08-2025 Aug 22 2025 - Australia

5	Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More Aug 14 2025 - Rudi's View

Latest Gold & Silver News

1	Compelling Story Drives Pantoro Gold Rally Oct 06 2025 - Commodities

2	Vault’s Cash Flow Potential ‘Under-Appreciated’ Sep 25 2025 - Commodities

3	Trend Remains Positive For Newmont Corp Aug 19 2025 - Technicals

4	Aurelia Metals’ Shift To Copper Excites Jul 11 2025 - Commodities

5	Plenty Of Potential For Greatland Resources Jul 04 2025 - Commodities

6	Evolution’s Pullback An Opportunity? Jul 01 2025 - Technicals

7	Silver Is On the Move Jun 10 2025 - Technicals

8	De Grey Offsets Northern Star’s Production Doubt May 05 2025 - Commodities

9	Evolution Mining Outperforming, Too Much Apr 17 2025 - Australia

10	Favourite ASX-Gold Exposures Apr 09 2025 - Commodities

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AIC MINES LIMITED (A1M)
Share Price Analysis and Chart