AIC Mines has entered the year in a strong position, with financial performance hitting $110.6 million in revenue, and operational headways as its Eloise mine produced 6526 tonnes of copper.

Recorded for the half-year ending on December 31, 2025, Eloise copper mine’s first half of the 2026 financial year performance produced 6526 tonnes of copper at an all-in sustaining cost (AISC) of $4.92 per pound, and an all-in cost (AIC) of $5.26 per pound.

The company said this meets both production and cost guidance, and was underpinned by “disciplined cost control” and strong gold and silver credits.

Meanwhile, AIC’s financial standpoint included earnings before interest, taxes, depreciation and amortisation (EBITDA) of $48.6 million, and net profit after tax (NPAT) of $17.4 million.

The result marked a significant lift on the prior corresponding period, driven by stronger realised copper and gold prices.

AIC reported average realised copper prices of $15,845 per tonne for the half, up from $13,576 per tonne in H1 FY25, while realised gold prices averaged $5839 per ounce.

Basic earnings per share rose to 2.23 cents, compared to 1.41 cents in the prior half.

Operationally, Eloise continued its run of consistent delivery, achieving production guidance for the tenth consecutive quarter.

Ore mined totalled 358,165 tonnes at an average grade of 1.92 per cent copper, with copper recovery of 95 per cent.

However, extreme weather conditions in northwest Queensland late in December temporarily disrupted concentrate shipments, limiting drying capacity and restricting access to the Mt Isa smelter.

As a result, Eloise ended the period with a concentrate stockpile containing 464 tonnes of copper.

Beyond steady-state production, AIC is pressing ahead with growth. Development of the Jericho copper deposit, located 4 kilometres south of Eloise, progressed during the period, with the Jericho access drive reaching 2281 metres and nearing the J1 Lens.

The broader Eloise plant expansion project remains on schedule, with earthworks and concrete works well advanced and overall EPC contract progress exceeding 30 per cent.

The upgrade will lift processing capacity from 725,000 tonnes per annum to 1.1 million tonnes per annum, with commissioning targeted for the December 2026 quarter.

Engineering work for a potential stage two expansion to 1.5 million tonnes per annum is also underway.

AIC generated $51.2 million in net cash from operating activities during the half and closed the period with $44.9 million in cash on hand.

The company’s $US40 million pre-payment facility remains undrawn, providing additional funding flexibility as development ramps up.

With stable production at Eloise, Jericho advancing toward development and plant expansion progressing on schedule, AIC enters the second half of FY26 positioned to convert operational momentum into long-term growth.

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