Hi Tony,
We own A1M in our Emerging Companies Portfolio, and in a nutshell do continue to like the Copper (Cu) miner.
This is a relatively small mining company with a market cap. of ~$225mn but unlike many of its small-cap peers its producing Cu and has money in the bank: 1H25 results showed a solid increase in earnings after a better half of production at their Eloise mine, they produced 6,657 tonnes of copper at All-In-Sustaining-Cost (AISC) of $5.02/lb.
- Assuming we are correct and Cu prices increase medium term due to rising global demand, primarily due to electrification, and limited supply A1M is very well positioned with production set to rise incrementally into FY26.
Also, like yourself we like the recent purchases by a director ~40c, an unlikely move if issues were brewing in the business.