External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>We have now included the DRM acquisition into our base case model with an assumed 2Q23 completion.</li><li>This follows A1M passing the +90% compulsory acquisition threshold.</li><li>Whilst there is dilution to our near-term earnings (FY23/24 ~20%), our NAV increases ~A$59m (+A$0.05/sh – diluted) on improved FY25+ metrics (production / opex) and a higher Exploration figure. Furthermore, the acquisition increases A1M’s prominence in terms of scale, liquidity, mine life and risk profile – which should place it on the radar for more investors. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We have now included the DRM acquisition into our base case model with an assumed 2Q23 completion.This follows A1M passing the +90% compulsory acquisition threshold.Whilst there is dilution to our near-term earnings (FY23/24 ~20%), our NAV increases ~A$59m (+A$0.05/sh – diluted) on improved FY25+ metrics (production / opex) and a higher Exploration figure. Furthermore, the acquisition increases A1M’s prominence in terms of scale, liquidity, mine life and risk profile – which should place it on the radar for more investors. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIC Mines Limited - Incorporating DRM – Increasing Domestic Copper Prominence

<div><div><div><div><ul><li>A softer result from A1M (-14% / +8% vs OMLe: prod. / AISC) with lower grades stemming from limited access to the Eloise Deeps, and low trucking availability impacting performance.</li><li>We highlight that both factors have now been rectified and we believe the Company will recoup some of the delayed grade this quarter as higher margin material is prioritised.</li><li>Recent drilling results and the discovery of Lens 6 re-affirms our thesis of near-mine exploration potential at Eloise, which previous owners did not exploit given balance sheet constraints and motivation. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A softer result from A1M (-14% / +8% vs OMLe: prod. / AISC) with lower grades stemming from limited access to the Eloise Deeps, and low trucking availability impacting performance.We highlight that both factors have now been rectified and we believe the Company will recoup some of the delayed grade this quarter as higher margin material is prioritised.Recent drilling results and the discovery of Lens 6 re-affirms our thesis of near-mine exploration potential at Eloise, which previous owners did not exploit given balance sheet constraints and motivation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIC Mines Limited - Soft Result with Limited Access to Eloise Deeps, as Eyes Move to DRM

<div><div><div><div><ul><li>A1M’s proposed ~A$36m scrip acquisition of DRM makes strategic sense to us given the synergistic benefits associated with Eloise.</li><li>To better understand the potential value this adds to A1M we have run a scenario where we incorporate the Jericho deposit into our Eloise valuation.</li><li>This scenario sees our mine life assumption increase to 10 years (prev. 6 years) with peak production of 24kt Cu pa (prev. ~12.5kt cu) and a commensurate ~16% reduction in operating unit costs.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

A1M’s proposed ~A$36m scrip acquisition of DRM makes strategic sense to us given the synergistic benefits associated with Eloise.To better understand the potential value this adds to A1M we have run a scenario where we incorporate the Jericho deposit into our Eloise valuation.This scenario sees our mine life assumption increase to 10 years (prev. 6 years) with peak production of 24kt Cu pa (prev. ~12.5kt cu) and a commensurate ~16% reduction in operating unit costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIC Mines Limited - A1M Begins Regional Consolidation Play...

<div><div><div><div><ul><li>A solid result which reflects a six-month period as A1M transitions their accounting year end to 30 June.</li><li>More importantly, we increase our LOM assumption following the Company’s Resource / Reserve update which leads to our Target Price improving (~8%). We retain our Spec. Buy Rec. and continue to see significant exploration potential at Eloise which should continue to yield additional value beyond the existing operation.</li><li>The balance sheet remains strong (A$28m, no debt), which should easily fund this organic growth opportunity (OMLe FY23 exploration budget: A$3.5m).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

A solid result which reflects a six-month period as A1M transitions their accounting year end to 30 June.More importantly, we increase our LOM assumption following the Company’s Resource / Reserve update which leads to our Target Price improving (~8%). We retain our Spec. Buy Rec. and continue to see significant exploration potential at Eloise which should continue to yield additional value beyond the existing operation.The balance sheet remains strong (A$28m, no debt), which should easily fund this organic growth opportunity (OMLe FY23 exploration budget: A$3.5m).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AIC Mines Limited - Result Solid. R + R Growth Increases Our LOM Assumption

Australia

AIC Mines Limited provides precious metal mining services. The Company offers base metals, lithium, and rare earth minerals. AIC Mines markets its products in Australia.

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AIC Mines Ltd (A1M AU)

AIC Mines Limited - Incorporating DRM – Increasing Domestic Copper Prominence

We have now included the DRM acquisition into our base case model with an assumed 2Q23 completion. This follows A1M passing the +90% compulsory...

Ord Minnett

AIC Mines Limited - Soft Result with Limited Access to Eloise Deeps, as Eyes Move to DRM

A softer result from A1M (-14% / +8% vs OMLe: prod. / AISC) with lower grades stemming from limited access to the Eloise Deeps, and low trucking...

Ord Minnett

AIC Mines Limited - A1M Begins Regional Consolidation Play...

A1M’s proposed ~A$36m scrip acquisition of DRM makes strategic sense to us given the synergistic benefits associated with Eloise.

Ord Minnett

AIC Mines Limited - Result Solid. R + R Growth Increases Our LOM Assumption

The balance sheet remains strong (A$28m, no debt), which should easily fund this organic growth opportunity (OMLe FY23 exploration budget: A$3.5m).

Ord Minnett

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