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AIC Mines has generated record quarterly net mine cash flow of $33.4 million at its Eloise copper mine in Queensland, while commissioning of an expanded processing plant has commenced ahead of schedule.
The company reported the cash flow after $7.9 million in capital investment during the September 2026 quarter, driven by increased copper sales and a strong metal price environment.
Commissioning of the expanded Eloise processing plant, which will increase capacity from 725,000 tonnes per annum to 1.1 million tonnes per annum, began in September.
Eloise and the nearby Jericho copper-gold project produced 3072 tonnes of copper and 1562 ounces of gold in concentrate during the quarter, achieving an all-in sustaining cost (AISC) of $4.86 per pound (lb) of copper sold.
The first stope was also fired at Jericho around two weeks ahead of schedule, with the ramp-up to a combined mining rate of 1.1Mtpa now underway.
AIC Mines said production was below quarterly guidance due to delayed access to higher-grade material at the Eloise Deeps and Lens 6 deposits, alongside earlier-than-planned processing plant shutdowns to connect new equipment.
A seismic event in the fresh air drive on the z330 level required rehabilitation of local ground support and an escapeway before the Deeps and Lens 6 stopes could be safely accessed. AIC Mines said the rehabilitation work has since been completed and full access re-established.
The company maintained its 2027 financial year (FY27) guidance of 17,500–18,500 tonnes of copper and 7250–7750oz of gold in concentrate, at an AISC of $4.80–$5.20/lb and an all-in cost (AIC) of $5.20–$5.60/lb.
Exploration delivered further copper and gold results during the quarter, including 46.4m at 3.6 per cent copper and 1.0 grams per tonne (g/t) gold at the Brumby prospect. At Eloise South, drilling intersected 3.2m at 92.5g/t gold.
AIC Mines held $37.2 million in cash at September 30, down from $41.7 million at the end of June. The company also drew a further US$10 million from its US$50 million prepayment facility for the Eloise expansion, bringing the total drawn to US$40 million. No further drawdowns are planned.
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