AIC Mines Doubles Down on Copper Growth at a Discount to Peers

Fund managers say a fully funded expansion and consistent production track record leave the stock under-covered and undervalued

20 Jun 2026 · 4 min read

A copper developer set to nearly double production over the next few years, AIC Mines has drawn a growing list of fund managers who argue the stock trades at a steep discount to larger copper peers despite a fully funded growth pipeline.

A well-funded producer with rising output

DMX Asset Management's October 2025 update described AIC as a copper developer and producer that, having completed a capital raise earlier in the year, was well funded for the period ahead and already significantly profitable, with that profitability expected to ramp meaningfully as production expanded over the next two to three years. Seneca Financial Solutions quantified the growth plan the same month: production expanding from 13,000 tonnes per annum to 20,000 tonnes, a 54 per cent increase, fully funded, at what Seneca called an attractive 3.5 times EV/EBITDA valuation against larger peer Sandfire's 7 times.

AIC has quality management, high grade copper, and operates in a tier 1 jurisdiction. The company is expanding copper production from 13ktpa to 20ktpa over the next few years, a 54% increase, and is fully funded to do so. Despite this, the company trades at an attractive valuation on 3.5x EV/EBITDA.

— Seneca Financial Solutions, Monthly Report, October 2025

A second mine lifts the growth runway further

Oracle Advisory Group's December 2025 update pushed the growth number even higher, expecting production to increase 66 per cent over three years as a new mine adjacent to the existing Eloise operation, Jericho, comes online, benefiting from infrastructure already in place and delivering higher incremental margins than the existing mine. Perennial Partners' May 2026 review reinforced the durability of the base business, noting Eloise had delivered more than ten consecutive quarters of meeting or exceeding guidance, with Jericho and a plant expansion providing a credible path to more than 20,000 tonnes per annum of copper production from FY28.

Profit-taking amid copper price swings

Strong performance drew profit-taking along the way. DMX Asset Management sold around 40 per cent of its AIC position in January 2026 after strong gains, and the stock still fell 26 per cent in March 2026 in sympathy with a broader copper price and sector de-rate, a move DMX said had limited impact given its previously reduced position, while it continued to like management's capital allocation framework.

A high-grade copper producer set to double production, yet trading at half the valuation of its peers. At ~$500 million market cap, A1M is large enough to attract meaningful institutional interest but we think this is just the beginning, there is scope to grow into a $1 billion company. A1M is covered by seven fewer broker analysts than Sandfire, meaning significant scope for incremental investor attention to close the valuation gap.

— Seneca Financial Solutions, Article, June 2026

A valuation gap managers expect to close

Seneca's June 2026 update crystallised the broader thesis: at around a $500 million market cap, AIC was large enough to attract meaningful institutional interest but, in Seneca's view, still early in its re-rating, with scope to grow into a $1 billion company. Seneca pointed to AIC being covered by seven fewer broker analysts than Sandfire as a source of the valuation gap, alongside chief executive Aaron Colleran's mergers and acquisitions pedigree from Evolution Mining as an optionality not yet reflected in the share price.