At the smaller end of the copper spectrum is A1M with a market cap of ~$520m. Aic are ramping up operations at their flagship Eloise mine and showing very strong operational execution. They also have good exploration prospects, along with a fully funded plant expansion at Eloise, targeting 20ktpa Cu by FY28.
Demand drivers are strong, production is increasing, and cash flows will continue to grow. While junior miners are inherently volatile, we think AIC Mines (AIC) has put in the foundations for strong performance over the coming years, with a management team that has demonstrated good execution.
- We own A1M in the Emerging Companies Portfolio
MM remains long & bullish A1M ~65c
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