AIC Mines Limited (A1M) AI Stock Analysis

• Market Cap: AU$518.45M
• Dividend Yield: N/A
• Average Volume (3M): 2.05M
• Price to Earnings (P/E): 25.0
• Beta (1Y): 1.34
• Revenue Growth: 5.01%
• EPS Growth: 59.51%
• Country: AU
• Employees: 56
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): 0.01
• Shares Outstanding: 797,619,800
• 10 Day Avg. Volume: 2,320,371
• 30 Day Avg. Volume: 2,050,483
• PEG Ratio: 0.19
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.90
• P/FCF Ratio: -3.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.77
• Price Target Upside: 18.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: AU$0.67 ▲(3.08% Upside)

AIC Mines Limited demonstrates strong technical performance with a bullish trend, supported by positive financial performance in terms of revenue growth and profitability improvements. However, the lack of dividend yield and negative free cash flow are concerns that temper the overall score.

Positive Factors

Conservative capital structure

A low debt-to-equity ratio of 0.16 is a durable strength for a mining developer: it reduces refinancing and default risk through commodity cycles, preserves capacity to fund exploration or partner transactions, and improves strategic flexibility for project financing.

Improving profitability margins

Improved net, EBIT and EBITDA margins signal sustainable operational progress rather than one-off gains. For a resource company, higher margins reflect better cost control, processing or grade management and bolster the firm's ability to retain cash from operations for reinvestment in development.

Operating cash generation

An operating cash coverage ratio of 1.57 indicates core operations generate meaningful cash versus accounting profits. This durability supports ongoing exploration and short-term project funding, reducing immediate reliance on equity raises or expensive external debt in normal cycles.

Negative Factors

Negative free cash flow

Persistently negative free cash flow is a structural risk for a capital-intensive miner: it limits internal funding for development, increases likelihood of dilution or higher-cost financing, and constrains the company's ability to self-fund project scale-up over the medium term.

Sharp gross margin decline

A drop in gross margin from 38% to 15% indicates meaningful cost, grade or processing pressures that can persist if not addressed. Such structural margin compression reduces operating leverage, limits retained cash for reinvestment, and weakens the buffer against commodity price downturns.

Modest revenue growth

Single-digit revenue growth around 3.7% implies limited scale expansion relative to capital needs. For mining developers, modest top-line growth can slow improvement in unit economics, delay project paybacks, and extend the timeline to generate consistent, self-sustaining free cash flow.

AIC Mines Limited Business Overview & Revenue Model

Company Description

AIC Mines Limited explores for and develops gold and copper deposits in Australia. It holds a 100% interest in the Marymia project comprising an area of approximately 3,600 square kilometers located in the Eastern Gascoyne region of Western Australia; the Eloise copper mine located in North Queensland; and 65% interest in the Lamil project that covers an area of 1,200 square kilometers located in the Paterson Province of Western Australia. The company has also applied for two large exploration licenses located in the Delamerian Orogen in western New South Wales. AIC Mines Limited was incorporated in 1993 and is based in Subiaco, Australia.

How the Company Makes Money

AIC Mines Limited generates revenue primarily through the exploration and development of its mineral projects, with a focus on copper and gold. The company earns money by extracting and selling these minerals to various markets, including industrial and commercial sectors. Key revenue streams include the sale of ore and concentrates, royalties from mining operations, and potential joint ventures with other mining companies. Strategic partnerships with other firms in the mining sector also enhance AIC's ability to fund exploration activities and share resources, thereby contributing to its overall earnings.

AIC Mines Limited Financial Statement Overview

Summary

AIC Mines Limited shows positive revenue growth and improved net profit margins, indicating better cost management. The balance sheet is strong with low leverage, but negative free cash flow poses a risk to financial flexibility.

Income Statement

AIC Mines Limited has shown positive revenue growth of 3.75% in the latest year, indicating a growing business. The gross profit margin has decreased significantly from 38.48% to 14.76%, suggesting increased cost pressures. However, the net profit margin improved to 7.89%, reflecting better cost management and profitability. The EBIT and EBITDA margins also improved, indicating operational efficiency gains.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.16, indicating conservative leverage and financial stability. Return on equity has improved to 5.36%, showing better utilization of shareholder funds. The equity ratio remains strong, suggesting a solid capital structure with a high proportion of equity financing.

Cash Flow

Operating cash flow is strong with a coverage ratio of 1.57, indicating good cash generation relative to net income. However, free cash flow remains negative, which could be a concern for long-term sustainability. The free cash flow to net income ratio is negative, highlighting potential cash flow challenges despite profitability improvements.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	189.55M	189.55M	182.47M	125.60M	25.04M	0.00
Gross Profit	27.97M	27.97M	70.20M	37.11M	14.39M	-35.00K
EBITDA	65.45M	65.45M	53.09M	23.48M	6.17M	-5.92M
Net Income	14.96M	14.96M	7.69M	-5.82M	2.50M	-6.84M
Balance Sheet
Total Assets	376.92M	376.92M	266.79M	194.70M	194.70M	94.37M
Cash, Cash Equivalents and Short-Term Investments	60.97M	60.97M	87.60M	37.75M	37.75M	29.26M
Total Debt	45.30M	45.30M	6.99M	2.83M	2.83M	0.00
Total Liabilities	97.62M	97.62M	47.67M	40.41M	40.41M	25.18M
Stockholders Equity	279.30M	279.30M	219.11M	154.29M	154.29M	69.19M
Cash Flow
Free Cash Flow	-46.27M	-46.27M	-13.63M	-36.83M	-33.20M	-21.15M
Operating Cash Flow	66.42M	66.42M	51.93M	22.85M	26.48M	-5.41M
Investing Cash Flow	-101.55M	-101.55M	-66.35M	-50.95M	-50.95M	-12.72M
Financing Cash Flow	37.25M	37.25M	57.88M	30.89M	30.89M	31.02M

AIC Mines Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:A1M, the sentiment is Positive. The current price of 0.65 is above the 20-day moving average (MA) of 0.61, above the 50-day MA of 0.56, and above the 200-day MA of 0.41, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 66.94 is Neutral, neither overbought nor oversold. The STOCH value of 48.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:A1M.

AIC Mines Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
A1M	66 Neutral	AU$518.45M	25.00	5.89%	―	5.01%	59.51%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CEL	56 Neutral	AU$400.17M	9.32	13.77%	―	―	―
MM8	52 Neutral	AU$393.64M	-33.90	-34.16%	―	-100.00%	-52.08%
MTM	50 Neutral	AU$695.17M	-12.70	-150.61%	―	―	-186.15%

AIC Mines Limited Corporate Events

AIC Mines Issues Investor Presentation with Cautious Guidance on Forward-Looking Information

AIC Mines Limited has released an investor presentation for the Blue Ocean Equities Base and Precious Metals Conference in February 2026, outlining summary information on its operations and exploration activities while directing stakeholders to its ongoing ASX disclosures for comprehensive details. The company emphasises that the presentation is informational only, not an offer of securities, and includes extensive disclaimers about the accuracy and completeness of the data, the inherent uncertainty of forward-looking information, and its lack of obligation to update the material, underscoring a cautious stance on forecast reliability for investors and other stakeholders.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Hits Jericho Copper Orebody, De-Risks Expansion of Eloise Operations

AIC Mines has achieved a major development milestone by driving an underground access from its Eloise copper mine into the Jericho copper deposit ahead of schedule, successfully intersecting the J1 lens and confirming mineralisation style, ground conditions and hanging wall competence in line with its geological model. This breakthrough materially reduces technical risk for the Jericho project, underpins mine design and planning, and supports the ongoing expansion of the Eloise processing plant from 725,000 tonnes per annum to 1.1 million tonnes per annum, positioning the company to lift copper output above 20,000 tonnes a year and advance trial mining, bulk sampling and further underground development at the Jolly and Matilda shoots.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Maintains Eloise Output and Cash Flow While Accelerating Expansion and Exploration

AIC Mines reported that its Eloise copper mine delivered reliable production in the December 2025 quarter, with 3,202 tonnes of copper and 1,501 ounces of gold in concentrate produced at costs in line with guidance, generating $11.5 million in net mine cash flow despite weather-related disruptions that delayed concentrate sales and left significant ore and concentrate stockpiles on site. The company advanced key growth initiatives, including plant expansion works to lift Eloise processing capacity from 725,000 tonnes per annum to 1.1 million tonnes per annum and underground development towards the Jericho deposit, underpinned by strong drilling results at Eloise Deeps, Lens 6 and deeper parts of Jericho that point to potential resource growth, while maintaining a solid balance sheet with $44.9 million in cash and an undrawn US$40 million prepayment facility.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Sets Date for December Quarter Report and Investor Call

AIC Mines Limited has announced that it will lodge its Quarterly Activities Report for the period ended 31 December 2025 with the ASX before market open on 29 January 2026. Following the release, Managing Director and CEO Aaron Colleran will host an audio-only conference call at 11:00am AEST on the same day to review the December quarter, with investors and other stakeholders required to pre-register online to receive dial-in details and access credentials, underscoring the company’s ongoing engagement with the market and its commitment to regular operational and financial disclosure.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.75 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Extends Jericho Copper Deposit with Promising Drilling Results

AIC Mines announced successful drilling results from the Jericho copper deposit in Northwest Queensland, extending the known mineralisation of the J1 lens significantly. This development highlights the quality and potential scale of the Jericho system, reinforcing confidence in its long-term growth potential. The deposit, located near the Eloise copper mine, shows mineralisation over a 5-kilometer strike length and remains open in multiple directions, suggesting further exploration opportunities.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Limited Announces Director’s Interest Change

AIC Mines Limited announced a change in the director’s interest, with Aaron Colleran acquiring 3,245,750 performance rights under the company’s Employee Incentive Plan, valued at approximately $958,924. This change reflects the company’s ongoing commitment to aligning management interests with shareholder value, potentially impacting the company’s operational strategies and market positioning.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Issues Performance Rights to Boost Employee Incentives

AIC Mines Limited announced the issuance of 3,245,750 performance rights under its employee incentive scheme, which are not intended to be quoted on the ASX. This move is part of the company’s strategy to incentivize and retain talent, potentially impacting its operational efficiency and aligning employee interests with company growth objectives.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Reports Promising Exploration Results at Eloise Regional Project

AIC Mines has reported promising exploration results from its Eloise Regional Project in North Queensland, with eight prospects drilled in the latter half of 2025. Notably, the Eloise South prospect showed high-grade gold and increased copper grades, warranting further drilling. Encouraging copper anomalies were also found at Arlington and Defiance prospects, and the presence of the Kevins Down South Shear Zone was confirmed, indicating potential for significant mineralization. These developments could lead to transformational discoveries that may impact production at the Eloise mine.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Limited Successfully Passes All Resolutions at Annual General Meeting

AIC Mines Limited held its Annual General Meeting on November 19, 2025, where all proposed resolutions were successfully passed by shareholder vote. Key resolutions included the re-election of Linda Hale as a director, approval of incentives for Aaron Colleran, renewal of the Equity Participation Plan, and the appointment of a new auditor. These decisions reflect the company’s ongoing commitment to effective governance and strategic growth, potentially enhancing its operational efficiency and stakeholder confidence.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Limited Releases Investor Update for November 2025 AGM

AIC Mines Limited has released an investor update in conjunction with its Annual General Meeting scheduled for November 2025. The update provides a summary of the company’s activities and emphasizes the importance of reviewing this information alongside other disclosures made to the Australian Securities Exchange. The document includes disclaimers regarding the accuracy and completeness of the information provided, and highlights that forward-looking statements are subject to risks and uncertainties that could impact the company’s future performance.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.

AIC Mines Reports Strong Operational Progress and Expansion Plans

AIC Mines Limited has reported significant operational progress over the past year, with the Eloise mine producing 12,863 tonnes of copper in concentrate, generating substantial revenue and cash flow. The company is advancing its Jericho project and expanding the Eloise processing plant, with all major approvals and financing secured. The next year is expected to be transformative, with increased production targets and plant commissioning set against a backdrop of high copper and gold prices.

The most recent analyst rating on (AU:A1M) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on AIC Mines Limited stock, see the AU:A1M Stock Forecast page.