Highlights

  • FY26 net profit after tax was $41.5 million, with revenue of $245.2 million.
  • Eloise produced 13,064 tonnes of copper and 6,621 ounces of gold in concentrate.
  • The Eloise plant expansion is intended to process ore from both Eloise and Jericho.
  • FY27 guidance envisages higher copper output alongside the plant commissioning programme.
  • Operational delivery, underground development and cost control remain key considerations.

AIC Mines Limited (ASX:A1M) operates the underground Eloise Copper Mine in north Queensland and is developing the nearby Jericho Copper Project. Both deposits are intended to supply the expanded Eloise processing facility. The company’s FY26 financial results, released in August 2026, provide a view of existing mine performance as it advances a larger integrated copper operation.

FY26 Earnings and Mine Production

For the year ended 30 June 2026, AIC Mines (ASX:A1M) reported sales revenue of $245.2 million, an increase of 29%, and EBITDA of $108.1 million, up 71%. Net profit after tax reached $41.5 million, a 177% rise, while operating cash flow increased 110% to $107 million. The figures reflect the reporting period and should be distinguished from future operating targets.

Eloise delivered 13,064 tonnes of copper and 6,621 ounces of gold in concentrate during FY26. Reported all-in sustaining cost was A$4.99 per pound of copper. Net mine cash flow after sustaining and development capital was A$63.3 million. AIC Mines (ASX:A1M) reported cash of $41.7 million at 30 June 2026; expenditure on the plant upgrade and Jericho development forms part of its capital requirements.

How Jericho Connects With the Eloise Expansion

Jericho is located approximately four kilometres south of Eloise. Its ore is planned to be treated at the Eloise facility rather than at a separate processing plant. The Jericho access drive reached the J1 mineralised lens in February 2026, four months ahead of the company’s original schedule. This underground development is an important precursor to sustained ore deliveries.

The Eloise plant expansion targets throughput of 1.1 million tonnes per annum. AIC Mines (ASX:A1M) has identified commissioning in the December 2026 quarter as a project milestone. Its configuration also accommodates a potential further expansion, although any subsequent capacity increase would require separate operational and commercial assessment.

Production Guidance and Execution Factors

The company’s FY27 guidance is 17,500 to 18,500 tonnes of copper and 7,250 to 7,500 ounces of gold from the combined operation. It has also outlined medium-term copper production targets of 20,000 to 22,000 tonnes in FY28 and 25,000 to 27,000 tonnes in FY29. These figures are company targets, not achieved production.

For AIC Mines (ASX:A1M), delivery depends on commissioning the expanded processing plant, advancing Jericho underground mining and coordinating ore feed from two deposits. Throughput, grades, metallurgical recoveries and operating costs may differ from plans. Copper and gold prices, currency movements, equipment performance and underground conditions also affect operating outcomes.

Key Insights

AIC Mines (ASX:A1M) enters the Eloise–Jericho development phase with FY26 operating cash generation from its existing mine and a defined plant expansion programme. The distinction between completed FY26 performance and future production guidance is important: the next operational evidence will come from commissioning progress, Jericho ore delivery and reported production against FY27 guidance.