FY2021
Eloise acquired
Completion on 1 November added copper production. Only November and December enter the first ownership-period operating record.
ASX: A1M · Five-year financial review
(ASX: A1M) AIC Mines Financial Review - FY2021~25
AIC Mines moved from acquiring Eloise to financing the next stage of its copper business. The latest year combined higher revenue and profit with heavier Jericho development spending. This review follows five report editions without treating the six-month FY2022 transition as a full year.
Reading the figures: * FY2021 ends in December and includes two months of Eloise. † FY2022 covers six months. Later periods are twelve months. Brackets mean negative amounts; each table states its units.
FY2025 sales revenue
A$189.6m
Financial-statement basis.
FY2025 net profit
A$15.0m
Statutory profit after tax.
FY2025 operating cash flow
A$50.9m
Before net investing outflows of A$101.5m.
Cash at 30 June 2025
A$60.9m
Undrawn prepayment capacity is not cash.
Five years in context
Eloise was acquired on 1 November 2021, so the first reporting year contains only two months of mine ownership. The next report covers a six-month transition to a June year-end. Those changes matter more than an apparent five-column growth curve: neither period is a normal twelve-month operating baseline. FY2021 financial figures below use the revised comparative presentation where available.
By FY2025 the question had shifted from establishing a producing business to funding expansion. Eloise generated cash, but construction and mine-property spending exceeded group operating cash inflows. New equity and other financing supported that programme; a reported profit should not be confused with cash left after development.
Events behind the numbers
FY2022 · 6 months
Reporting clock changes
The company shifted from December to June year-end. Eloise purchase-price accounting also restated the FY2021 comparatives.
FY2023
Jericho joins the portfolio
The Demetallica takeover completed in January, bringing the nearby Jericho deposit and surrounding exploration ground into the group.
FY2024
Development moves underground
The Jericho mining lease enabled work on the underground link from Eloise. Development became a concrete capital-allocation commitment.
FY2025
Plant expansion contracted
An A$77.6m EPC contract was awarded for the Eloise processing expansion. Commissioning remained a future target, not completed production.
FINANCIAL REVIEW / 01
Earnings improved, but the early periods are not comparable
Higher realised copper and gold prices supported FY2025 sales revenue despite lower copper sales volumes. Cost of sales also fell, while depreciation increased. Keeping depreciation on its own line avoids overstating the margin left after sustaining the asset base.
Statutory sales revenue
A$ million
Sales revenue
AI-generated presentation · values from Statutory income across five reporting periods; no missing values plotted as zero.
Profit after tax
A$ million
Net profit / (loss) after tax
AI-generated presentation · values from Statutory income across five reporting periods; no missing values plotted as zero.
Statutory income across five reporting periods
A$ million
| Metric | FY2021* | FY2022† | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Sales revenue | 24.8 | 79.3 | 125.6 | 180.5 | 189.6 |
| Cost of sales, before separately presented D&A | (10.7) | (45.5) | (88.5) | (112.3) | (105.1) |
| Depreciation and amortisation | (3.1) | (8.0) | (29.6) | (39.9) | (43.1) |
| Profit / (loss) before tax | 1.8 | 20.3 | (7.2) | 11.2 | 18.4 |
| Income tax benefit / (expense) | 0.0 | 0.8 | 1.3 | (3.5) | (3.4) |
| Net profit / (loss) after tax | 1.8 | 21.2 | (5.8) | 7.7 | 15.0 |
| Basic earnings / (loss) per shareAustralian cents per share | 1.6 | 6.9 | (1.5) | 1.6 | 2.6 |
* FY2021: year ended 31 December 2021, restated where applicable; Eloise contributes only November and December. † FY2022: six months ended 30 June 2022. FY2023-FY2025: twelve months ended 30 June. No annualisation or like-for-like growth rate is implied.
Depreciation and amortisation is presented separately from cost of sales in the stored financial-statement rows; it is not treated as already included. FY2021-FY2022 EPS is converted from dollars per share to cents; later periods already report cents.
Financial-statement sales revenue is used consistently. Some operating-review narratives show a different revenue measure; those narrative totals are not inserted into this statutory series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Development absorbs more cash than current operations generate
Operating cash remained positive in FY2025 but did not cover net investing outflows. The issuer attributes the modest operating-cash reduction to working capital and a changed concentrate-invoicing strategy, while the investment increase was driven by mines under construction, principally the Jericho Access Drive.
Operating plus investing cash flow below is a transparent editorial subtotal. It is not the mine-level “net mine cashflow” measure, and it is not a substitute for the group cash-flow statement. Acquisition cash and financing transactions remain in their reported categories.
Operating cash flow and the pre-financing balance
A$ million
Operating cash flowOperating plus investing cash flow
AI-generated presentation · values from Cash generation and investment; no missing values plotted as zero.
Capital spending changes shape
A$ million
PP&E cash expenditureMine-property cash expenditureMines under constructionExploration-property cash expenditure
AI-generated presentation · values from Where recent investment cash went; no missing values plotted as zero.
Cash generation and investment
A$ million
| Metric | FY2021* | FY2022† | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | 5.9 | 26.5 | 22.9 | 51.9 | 50.9 |
| Payments for property, plant and equipment | (1.4) | (9.0) | (19.8) | (14.9) | (33.2) |
| Payments for mine property | (4.8) | (17.9) | (38.5) | (41.4) | (35.4) |
| Net investing cash flow | (19.5) | (27.6) | (50.9) | (66.4) | (101.5) |
| Operating plus investing cash flow | (13.6) | (1.2) | (28.1) | (14.4) | (50.7) |
| Net financing cash flow | 37.8 | 0.0 | 30.9 | 57.9 | 37.2 |
* FY2021: year ended 31 December 2021, restated where applicable; Eloise contributes only November and December. † FY2022: six months ended 30 June 2022. FY2023-FY2025: twelve months ended 30 June. No annualisation or like-for-like growth rate is implied.
Net investing cash flow includes acquisitions and other investing items as well as the selected capital-spending lines. It is not simply PP&E plus mine-property expenditure.
FY2021 cash flows use the comparative presentation in the FY2022 extraction. The original FY2021 narrative has different investing/financing classifications; the two versions are not mixed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Where recent investment cash went
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| PP&E cash expenditure | (14.9) | (33.2) |
| Mine-property cash expenditure | (41.4) | (35.4) |
| Mines under construction | 0.0 | (44.1) |
| Exploration-property cash expenditure | (9.3) | 0.0 |
Outflows are shown as negative. These are expenditure categories, not additions to the net investing subtotal. The issuer identifies Jericho Access Drive work as the major component of FY2025 mines-under-construction expenditure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Growth enlarged both the asset base and funding commitments
The balance sheet shows development investment rather than cash accumulation alone. In the latest year, total assets and equity increased while cash fell. Lease liabilities also rose materially, so comparing cash only with interest-bearing borrowings would omit an important category of commitments.
Funding announcements span reporting dates. The US$40m Trafigura facility was undrawn at 30 June 2025, and the broader placement and share-purchase-plan announcements are not all equivalent to cash received by that date. The table retains actual cash-flow proceeds and separates Australian-dollar balances from the US-dollar facility limit. No dividends were paid in the five reported periods.
Cash at the five balance dates
A$ million
Cash and cash equivalents
AI-generated presentation · values from Financial position at each reporting date; no missing values plotted as zero.
Recognised borrowings versus leases
A$ million
Interest-bearing liabilities at year-endLease liabilities at year-end
AI-generated presentation · values from Recent funding: cash raised, borrowings and leases; no missing values plotted as zero.
Financial position at each reporting date
A$ million
| Metric | FY2021* | FY2022† | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 29.3 | 28.1 | 30.9 | 74.3 | 60.9 |
| Current assets | 47.2 | 51.4 | 49.6 | 99.1 | 107.1 |
| Current liabilities | 17.3 | 19.8 | 18.2 | 23.4 | 42.4 |
| Net current assets (calculated) | 29.9 | 31.6 | 31.4 | 75.7 | 64.7 |
| Total assets | 99.6 | 123.7 | 194.7 | 266.8 | 376.9 |
| Total liabilities | 31.1 | 33.5 | 40.4 | 47.7 | 97.6 |
| Total equity | 68.5 | 90.2 | 154.3 | 219.1 | 279.3 |
Reporting dates are 31 December 2021 and 30 June 2022-2025. Unlike flow measures, these are point-in-time balances; the six-month FY2022 designation does not make its closing cash a half-year amount.
The FY2021 balance-sheet column uses the restated FY2022 comparative. Net current assets is not the same as immediately available cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Recent funding: cash raised, borrowings and leases
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Net cash proceeds from new shares | 53.7 | 41.4 |
| Interest-bearing liabilities at year-end | 6.8 | 12.8 |
| Lease liabilities at year-end | 0.2 | 32.5 |
| Lease principal cash repayments | (0.3) | (9.4) |
Cash proceeds are net cash-flow-statement proceeds, not the headline placement size or all future tranches. Borrowings and leases are separate balances.
The US$40m Trafigura prepayment facility was undrawn at 30 June 2025. It is not added to A$ cash, recognised debt or FY2025 funding inflows.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Volume, realised prices and the next project stage
FY2025 revenue growth did not come from higher copper tonnes sold. The price-and-volume table makes that distinction explicit. Production and sales are shown separately, rather than manufacturing sales volumes from output or assuming copper alone explains total concentrate revenue.
At year-end the Jericho Access Drive had advanced 1,549m of its planned 3,000m. First development ore was targeted for June 2026, and the Eloise plant expansion for commissioning in the December 2026 quarter. These are the company’s stated future milestones at the report date, not a claim that either milestone has subsequently occurred.
Eloise copper in concentrate
Tonnes of contained copper
Copper in concentrate
AI-generated presentation · values from Copper produced across the reporting periods; no missing values plotted as zero.
Copper produced across the reporting periods
Tonnes of contained copper
| Metric | FY2021* | FY2022† | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Copper in concentrate | 2,392 | 5,874 | 10,559 | 13,412 | 12,863 |
* FY2021: year ended 31 December 2021, restated where applicable; Eloise contributes only November and December. † FY2022: six months ended 30 June 2022. FY2023-FY2025: twelve months ended 30 June. No annualisation or like-for-like growth rate is implied.
Contained copper in concentrate is not concentrate mass and is not copper sold. The FY2021 production quantity covers the two months of Eloise ownership, not a full-year mine output.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
The latest revenue drivers: price versus volume
Units stated by metric
| Metric | FY2024 | FY2025 |
|---|---|---|
| Copper soldTonnes | 13,056 | 12,295 |
| Realised copper priceA$ per tonne | 13,329 | 14,128 |
| Realised gold priceA$ per ounce | 3,233 | 4,506 |
Different units are retained row by row. These are the issuer’s selected drivers, not a complete revenue bridge; multiplying copper tonnes by copper price does not reproduce total concentrate revenue including other metals and adjustments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- * FY2021: year ended 31 December 2021, restated where applicable; Eloise contributes only November and December. † FY2022: six months ended 30 June 2022. FY2023-FY2025: twelve months ended 30 June. No annualisation or like-for-like growth rate is implied.
- Only the five existing annual extraction datasets were used. No original PDF, parsed body, web financial research or new database gap lookup was performed.
- Financial-statement data takes precedence within this report over differently stated operating-review headline values. FY2021 restated comparative values are identified instead of silently mixing original and revised figures.
- Amounts are A$ million unless otherwise labelled. EPS is expressed in Australian cents, production in tonnes, and achieved prices in their stated units. Underlying precision is retained in the evidence and chart data.
- The report is selective, not a reproduction of every extracted item. Items not presented are not asserted to be absent from the issuer’s disclosures. Original-source accuracy has not been independently re-audited.
- Project timing and capacity statements are historical issuer plans. The 1.5Mtpa longer-term aspiration is not treated as an achieved capacity or committed production forecast.
- This is a GPT-authored review, checked against the frozen extracted packet; no independent second-agent financial review is claimed.
Annual-report source registry
- AIC Mines Limited - Annual Report 31 December 2021Period end 2021-12-31; registered report date 2022-03-14. Existing extracted data only.
- AIC Mines Limited - Appendix 4E and Annual Report 2022Period end 2022-06-30; registered report date 2022-08-26. Existing extracted data only.
- AIC Mines Limited - Updated Annual Report 2023Period end 2023-06-30; registered report date 2023-10-23. Existing extracted data only.
- AIC Mines Limited - Annual Report 2024Period end 2024-06-30; registered report date 2024-10-18. Existing extracted data only.
- AIC Mines Limited - Annual Report 2025Period end 2025-06-30; registered report date 2025-10-17. Existing extracted data only.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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