AIC Mines Limited

A1M.AX

Other Precious Metals · Basic Materials

Price

A$0.80

+0.03 (+3.23%)

Market Cap

A$638.1M

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Good

Stability

Strong

Valuation

Strong

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Share count rising — dilution

+58.4% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 383.6M (2020) → 607.6M (2025)

Winston Score History

The full picture

AIC Mines Limited is an Australian copper mining company. It operates the Eloise Copper Mine in Queensland, Australia, producing copper concentrate — a processed form of copper ore that is sold to smelters and metal traders. Copper is a key material used in electrical wiring, construction, and electronics, making it an important industrial metal globally.

The company earns revenue by selling copper concentrate, with prices tied to global copper markets, meaning earnings can swing significantly with commodity prices. AIC Mines operates entirely in Australia and is a small-cap producer with a market cap around $0.5 billion. Its competitive position depends heavily on keeping mining costs low and extending the life of the Eloise mine through exploration. The main growth driver is discovering additional copper resources near its existing operations, while the key risk is that falling copper prices or rising production costs could quickly compress its already thin margins.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+3.5% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

38.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

A$61M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

AIC Mines Limited is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.9%

Modest — 28.9% gross margin

Profit after running costs

Operating Margin

23.8%

Excellent — 23.8% operating margin

Return on the money invested

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+13.3%

Fast-growing sales (+13.3% YoY)

Profit growth

EPS YoY

+37.3%

Earnings growing fast (+37.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

413%

Turns 413% of profit into real cash

Spare cash per sale

FCF Margin

-19.3%

Burning cash (-19.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.13

Conservative — low debt load (0.13)

Covers its interest

Interest Cover

3.53x

Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.4x

Growth-priced — P/E 23.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+17.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.4 → 6.4)

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Dividends

Not applicable for this business.

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