AIC Mines (A1M)
i understand A1M is on the Shaw's radar??? Given your conviction to copper, does MM have any interest in this stock?
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Answer
Hi Greg,
Shaw’s recently did a capital raise for AIC Mines (A1M), raising ~$58m through an institutional placement. The copper miner plans to use the funds to build out the Jericho mine in Queensland which runs alongside their operational Eloise mine.
We are copper bulls over the medium term and see A1M as a great way to play that view. While the share price has nearly doubled in 2024, we suspect the move was held back given the market was largely expecting the capital raise. Once Jericho is up and running at planned capacity, AIC will be producing ~20kt of copper and 7.5koz of gold with profits to be reinvested in building out the resource further. We are long Sandfire (SFR) in both the Emerging Companies Portfolio & the Active Growth Portfolio for copper exposure, however, A1M could be a candidate to replace SFR in the Emerging Companies portfolio. We do like it.
