A1M is a relatively small Copper mining company with a market cap. of ~$225mn, but unlike many of its small-cap peers, it’s 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. After a tough 2024 for the stock, it looks poised to benefit from the rally in Cu prices.
NB We like recent purchases by a director ~40c, an unlikely move if issues were brewing in the business.
- We can see A1M testing 45c in the short term, or 15% higher. MM holds A1M in its Emerging Companies Portfolio.
MM is long and bullish A1M
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