AIC Mines Limited

I would now like to hand the conference over to Mr. Aaron Colloran, Chief Executive Officer. Please go ahead.

Thank you, Mel. I'll provide a brief overview of the June quarter and then open for questions. The June quarter was a good quarter. As you'll see from the chart on page four, though, page four of the quarterly, it was a good quarter that contained our worst month and our best month. It was a rollercoaster ride of a quarter, but a great effort by the Eloise team to deliver the quarter on guidance and bring the year home on guidance. Thank you to the team at Eloise, but for the record, I don't need the suspense. I'm happy for you to come out of the blocks hard each quarter and then coast home. Eloise produced 3,202 tonnes of copper in con and importantly sold 3,469 tonnes of copper in due to the big stockpile decision we had at the end of March. Costs were down, a great all in sustaining cost result of Aussie $4.58 per pound which translates to US $2.98 a pound sold and an AIC of Aussie $4.90 per pound copper sold as the level of capital spend decreased as the budget year came to a close. So lots of copper sold, plus low costs, saw an excellent cash flow result. Aloise generated net mine cash flow of $16 million after capital expenditure. A great little mine, a truly great little mine. Aloise achieved its quarterly guidance and also full year FY25 guidance. For the full year, Aloise came in 3% above the production target, 5% under the AISC target, and 2% under the AIC target. An amazing level of accuracy there. It's almost as though we know what we're doing. This is the second year and eighth quarter in a row that Eloise has met or exceeded guidance. We do know what we're doing at Eloise. We have a great team at Eloise led by Ben McInerney. Thank you to the team. Turning now to Jericho. During the quarter, the Jericho site-specific environmental authority and associated progressive rehabilitation enclosure plan were approved and a minor amendment to the Aloise environmental authority was also approved. So we now have all the approvals we need for the Jericho mine and the Aloise plant expansion. We are good to go. Good to develop, construct, mine and process. We appointed GR Engineering to construct the new plant items. Earthworks commence in August and construction will commence in October with an expected commissioning period in the December 2026 quarter. One thing I want to reiterate is that although we have engaged GR Engineering to expand the Aloys plant to 1.1 million tonne per annum capacity, Key equipment is being upgraded to one and a half million tonne per annum capacity to allow for a straightforward later expansion. The oversize equipment provides the flexibility to do the second stage expansion quickly and cheaply. We estimate as cheaply as $10 million. Including the oversize equipment upfront avoids higher costs and delays associated with retrofitting or replacing equipment. Given the exploration success we're having at Jericho, and I'll talk more about that later, We are very confident that over time we can ramp up production from Jericho alone to 1.5 million tonnes per annum. Adding the potential for extensions at Eloise and for regional exploration success, I'm confident that we could maintain that rate for well over 10 years. At a 1.5 million tonne per annum throughput rate, copper production is 100% higher than where it is today and operating costs are expected to be 20% lower. Production up and costs down has a big impact on cash flow. It'll be a great asset. The Jericho access drive was at 1549 metres of its planned 3000 metre total distance at the end of the quarter. It remains on schedule to reach first development ore in June 2026. The real highlight at Jericho though was the resource extension and infill drilling we did at the north end at Matilda North, Jolly and Tucker. These chutes are all shaping up as high grade continuous chutes as good as anything in the centre of Jericho. This has important positive implications for the mine ramp up and we are looking at the potential for faster ramp up now. Also, don't overlook the drill hole completed at the Billabong shoot. A 380 metre step out and bang, we hit 4.1 metres, estimated true width, grading 2.4% copper. It was a big quarter for financing, a very big quarter. We locked in US $40 million prepayment facility with Trafigura. We launched a two-trunch $55 million placement to institutional and sophisticated investors. We entered into a $25 million surety bond facility with Swiss Re, and we launched a share purchase plan to raise up to $10 million. There is a lot of information released about those transactions, so I won't cover that again here, other than to say that with only one tranche of the placement issued the second to be issued on shareholder approval at an egm on 20th of august and the spp is still open our issued capital is a bit hard to work out so we have included a reconciliation on page 18 of the quarterly also worth noting is the surety bond facility it's not a big transaction but it's something of a breakthrough transaction for aic mines It's one of the first surety bond facilities to be put in place by a junior mining company and is significantly cheaper and more flexible than the previous arrangement. Less than half the price we were paying previously. Now to guidance. We are expecting a slightly better year in FY26. The guidance ranges are set out on pages 18 and 19 of the quarterly, so I won't read them out here. FY26 should again see good cash flow from LOEs. You'll note, though, my normal caution. The comment on page 18 that achieving the cost guidance will require tight cost control given the increased depth and complexity of operations at LOEs. Don't try to read between the lines here. That is a fair and reasonable statement and is a reflection of our cautious style and that our numbers aren't padded, that's all. Note also that we are currently benefiting from historically high gold prices. Gold revenue is treated as a byproduct credit, so reduces our all in sustaining cost. The AISC guidance assumes a gold price of $5,000 per ounce, which compares to the current price of around $5,150 per ounce, Aussie dollars. A change in the gold price of Aussie $500 an ounce impacts our all in sustaining cost by approximately 10 cents a pound. So long may the current prices last. That concludes my review, so I'll ask the operator to open the lines for questions. Thank you, Mel.

Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Richard Adams, who is a private investor. Please go ahead.

Hi, Erin. Just looking, you were saying this last quarter was fairly bipolar. And it finished, I think, in June, I think you put through 700, sorry, 75,000 tons. On a run rate that takes it to 900 per annum. With Jericho coming on next June, with a plant not being finished until December, I mean, do you think you'll be able to gain more consistency of throughput? Because, I mean, throughput for this coming quarter looks at 550, 575, as I say, per month. Last month, it was 750. And as you said, I think April was 400. So there's quite a lot of variability in there. Do you think with Jericho coming on board, you know, you will be able to average above nameplate capacity for that six-month period next year.

Richard, just to confirm, those numbers, sorry, what were you quoting there, like a per annum, a bulked up sort of per annum number?

Yeah, I mean, if you actually look at June, where I think the throughput was 750, sorry, sorry, 75,000 tons.

Right.

If you were to multiply that, I think April was 400. This quarter's projected about 550, 570 per month. Hence, if you look at June, you multiply that by 12, you get 900, which is obviously above the 725 nameplate capacity.

I understand the question. Good, good. Thank you. Let me answer it as best I can. The chart you're looking at, chart one, I'm guessing on slide four, that's all produced rather than all milled. So we average that out and it will come as no surprise to you. And I think we noted in here that at the end of quarter, there it is on that same page, end of quarter ROM stocks of 26,000 tonnes will be processed during the September quarter. That's because we had such a big month in June, we couldn't process everything we produced in June. So there's 26,000 tonnes left over at the end of the month. So if we go back to the table on page three, say, the tons process line for the year, 634,000 tons process, that's more or less exactly what we were targeting, around 625,000 tons. It was a good year, 650,000 tons, a better year, a very good year. Anywhere between 150,000 to 165,000 tons per year. through that mill in a quarter is achievable. Now remember, we are mine constrained. We're not mill constrained. FY25 full year, 634,000 tonnes. That's a mill that can do probably 725,000 tonnes per annum. So we've got in the order of 100,000 tonnes per annum of available capacity. Jericho is slightly harder, so it's not the full 100. It's somewhat less than that. So there is capacity in the current mill to start putting some Jericho all through if we came across that. Now, to the beginning of your question, when you talked about that June period, December period, so the link drive gets to the ore body in June next year. Now, let's be clear. That's when the link drive, sorry, as we now call it the access drive, that's when the JAD, Jericho access drive, gets to the ore body. And we'll start getting some ore, but that'll be development ore. That won't be stoping ore. So, you know, on a relative basis, very little ore. It actually takes us the full FY27 to ramp up to 600,000 tonnes per annum out of Jericho ore. So in that first six months, we're not mining at the get-go at 600,000 tonnes per annum. We ramp up. So in that first six months, as we're commissioning the larger mill, if commissioning is on time, we'll have built up a little bit of stockpile. which is useful. So when we do really open up that new crusher, we've got plenty of ore to start feeding it for the commissioning. If it's late, that's not good. If it's early, we'll have to push mining harder and everywhere in between. But that slight stockpile buildup post-June 2026, Richard, We'll catch that up, we'll process that very quickly through the mill. As it is currently lined up, a June 2026 reach the ore body and a December 2026 quarter ramp up the new mill is actually an appropriate overlap. So I think that answers your question. I hope that answers your question. Thanks, Richard.

It does answer my first question, but I do have a second one if that's possible.

Yes, go.

Second one, exploration. Obviously, you've done plenty of drilling, very successful drilling around Jericho, Eloise, Lens 6, la, la, la. We haven't had great, uniquely new success elsewhere yet. You know, Sandy, Artemis, we've got some results waiting at the moment, which look interesting. Are you, last quarter you did mention

the anomaly or the um below jericho a long way down you indicated you might drill that this year have you got any has that tightened up at all in your timeline or ability to do that yeah um thanks richard um let me um give as much background as i can to exploration at the moment um you know firstly you know i i just sort of go back to strategy We don't need more 2% ore, and that's probably where we left Sandy Creek, almost Artemis and things like that, is that those ore bodies won't displace Eloise or Jericho ore in the next, let's say, five years. They'll be milled one day, there's no doubt about that, they will go through the mill, but they don't displace ore that we've got at either Eloise or Jericho ore. To displace ore, we want 3%, 4% copper ore, and that's what we're looking at. So as I've said in the past, we're moving through the regional prospects quickly with only one to three holes. That's not a true test of those anomalies, but it's probably a sufficient test at those initial stages to see if there's something better than what we already have. or something similar to Eloise in its upper levels. And, you know, I remind people, you know, Eloise in its upper levels, or, you know, what is now the deeps when that was, you know, when Elro's Lavruca in its early days, when it was mined selectively as the individual lenses, that was regularly producing 4.5, 4.6% copper. You know, a fantastic project. So imagine finding another one of those. And that's exactly what we're looking for. And hence, we're moving through these projects quickly. That said, you'll see we hit Arlington, Yukon, Defiance and Baghdad. And the interesting, these deep holes that you never know what's quite down there below Jericho, as well as Kevin down south. Those two holes at this stage are likely to be, I'm sorry to say this, Richard, but the way we've got the year set up, they're likely to be in the December quarter or at least the December quarter when we get those results. They're both deep holes. We can set the rig up there. It's not as much of a problem if we get rain in that period. on a hole that you're sitting on the hole for a couple of weeks anyway. So, look, every hole we drill is interesting. Cuba at the moment, Oro Grande, have all got great geophysics, dare I say it. Let's see what the core looks like. But specifically, those nice two deep Jericho holes, as well as the nice deep one at Kevin down south, December quarter.

Okay, thank you very much. Thanks for that. Cheers. Cheers, Richard.

Thank you. Your next question comes from Peter Cormandy with Shorin Partners. Please go ahead.

Good morning, Erin. Thank you for taking my question. Firstly, congratulations to you and the team. Eight quarters consecutively of meeting guidance is not something we're used to when we're looking at junior mining companies. So that really is outstanding. And now that I've got that out of the way, at the risk of upsetting you, just in terms of the cost guidance for the year ahead, there's a wide range there. I understand you've explained that as a result of increased depth and complexity at Eloise. I'm just wondering, is there something else to note around labour market conditions in your part of the world or turnover or anything else going on there?

No, no. I would say other than the gold price, Peter, and look, the oil, you know, diesel price has actually been, you know, reasonably good for 12 months now. So if we put... Gold and diesel aside, most of the costs are now within our control. And so that range is probably the conservatism you expect out of us or caution. Very hard to do with a 12-month outlook. I don't want to promise, Peter, but I'd suggest that we might tighten that up for you during the year would be the best way to approach it. Okay, thank you. Sorry, to clearly answer your question, no, there's nothing in particular that I'm worried about in terms of inflation. We're seeing nothing more than you know, basically sort of CPI at the moment, um, you know, able to get people, um, equipment, you know, contracts were re-letting at the moment, nothing, nothing coming in as a surprise, uh, at all. So no, um, uh, what, what feels like, uh, a nice flat year ahead of us, um, dare I say it. And, uh, it's an unusual position to be in after the last couple of years. Thanks.

Yeah. Oh, that's pleasant. Um, yeah, thank you. And question number two, just, um, just in terms of your progress for the ventilation on the link drive, your commentary does make mention of competent ground conditions. Is there any more colour you can provide on the next race ball?

Oh, yeah. Look, the competent ground conditions is the JAD itself, the access drive. As we've always said, it's three kilometres, but it's all in country rock. We weren't expecting anything complicated in it. We certainly haven't come across anything complicated. No water, no structures, albeit a structure might be something interesting. So the access drive itself, the ground conditions are great. The vent shaft that we're about to kick off pilot drilling, the sequent piles have all been drilled, are in place. The concrete platforms in place, we'll put a rig over that, put the pilot hole down for Raising Australia to get to site shortly. Shortly. I'm not going to give you an exact date. These things are always plus or minus a couple of weeks, depending on how quickly the last job finishes or doesn't. But they're probably a little bit late at the moment. That's fine. That's fine. They'll be on site shortly and we'll hitch up that raise bore and start to test this one. As I think I've run through, and there's a good photo of it in the last quarterly, how we've approached this vent rise with the piling holes drilled around the circumference of the rise backfilled with cement. So in that incompetent ground, the top 40 to 50 metres will actually be raised boring through that ring of cement. A more conservative approach this time. Does that answer the question, Peter? Yes, it does. Thank you very much. Thank you. Okay. Cheers. Cheers all.

Thank you. Your next question comes from Daniel Roden with Jefferies. Please go ahead.

Hi, Aaron, and congratulations on the quarter. Just a quick one from me on your FY26 codecs. I just wanted to You haven't put any, I guess, band ranges around that. Is there, I guess, probably two things in indicative bands that you'd want to slap around that? And then the other one was just, I guess, in terms of profilings that, you know, weighted towards a specific half or generally just flat across the entire year?

Yeah, interesting question, Dan. As you know, in the past, we haven't even put ranges around our production and cost guidance. It's all a bit of a game, really. There's actually a point target. You guys will take midpoint, and that's the target. How you put a top-end guidance to some of these things is a bit of a moot point. Look, I would say... on our capital guidance that they're tight. There is no room, there's no padding in any of those numbers. They're simply the numbers we have to hit. And I see no, personally, I see no reason to put out different numbers externally to what we're targeting internally. And that's what they are, Dan. You know us. Every IR manager in the country is probably now either sniggering or sweat has broken out on their brow to think that we actually put out our internal forecast. But, yeah, that's a reality. I could put a whole lot of padded forecasts out here that would be easy for us to hear. That would also put you into palpitations because we'd add 10% to everything. So these are the targets we're going to work hard to hit. I hope that sufficiently answers the question.

No, no, maybe coming at it from probably the angle that I'm trying to come at it from is... you know i think you've got a lot of capex projects kind of uh going on concurrently and yeah it's not unreasonable to expect maybe some either pull forward or slippage in terms of timeline so whether it's in 526 or 527 that's kind of i guess where i'm coming from so maybe maybe maybe i'll see a different way um i guess when if you're going like maybe maybe not line by line, but maybe just groups, like what are the general timeframes for the capital spend of, you know, like I guess the plant expansion and the remainder of the link drive. So maybe from that perspective, thanks.

Yeah, yeah, no, great, great. Sorry, I forgot to answer that part of your question. Um, sustaining, um, yep. Um, you know, roughly even, um, oh, well, yeah, the res def drilling, you know, won't specifically be even, but at 2.5 million, you know, that's, you know, that won't wag the dog here. Uh, similarly long-term mine development. So, you know, the underground mine development and the long-term mine development component, you know, roughly even. year, so we're moving. We're moving ahead all year advancing in the deeps on a continuous basis basis rather than the stop start basis we've done in the past, so that should be relatively even. Jericho. Hard to answer access drive even other than the. well, yeah, other than the vent rise in this quarter and a vent rise in the final quarter. Then plan expansion, roughly even over the quarter, you'll see that very 12-month weighted rather than the 18-months effective guidance that we gave in the capital raise presentation, which may well be the source of your question. The MPI, probably back-end weighted. ResDef drilling, again, a small piece there. I would say front-end weighted, only because we try not to do that during the wet season. Exploration, similar, as you've seen in the past, slows down during the wet season. Corporate, you'll see, well, We'll see if I'm on the final call once we hit that 7.5. That's when the money stops. We may not be able to dial in at June next year. No, all good. Is that a better answer? Well, that's as best as I can give, Dan. Is that a better answer to your question?

No, no, that's good colour. Thank you. And maybe just a final one for me, and it's kind of around the edges. But the working capital bills in the quarter, I assume a lot of that is the ROM bills that you've heard? Correct. So maybe just a bit of colour around expectations, like is that all Q1? And I assume this stockpile change there is included in your Wednesday spending cost as well? It's just been more just a flag, but expect that in Q1 as well?

Yeah, that's correct. We'll get rid of that stockpile. Yeah, all going well. We'll get rid of that stockpile this quarter. If you can't match, I can't do it for you, especially on this call, but if you can't sort of match that adjustment when you go through your numbers, just give us a shout, come through to Duncan or John, sorry, I ran them together. come through to Duncan or John directly and they can lead you through how that sort of working capital adjustment is built up and where that robbed stockpile has impacted the quarter's numbers. Because, Dan, as we know, your numbers are amazing in their precision. You do come in as... out of all the analysts that cover us, the closest every quarter, every year. It's quite amazing the level of detail you do and how accurate you get it. Thank you. Thank you for paying so close attention.

Matt, I appreciate the marketing, but thank you very much. And congrats on a good quarter again. Cheers, Matt. Cheers.

Thank you. Your next question comes from Shane Laplastria, who is a private investor. Please go ahead.

Hi, Erin. Thanks for the chance to take a question. I'm wondering what your thoughts are about the LME copper price over the next 12 months, particularly in light with the arbitrage closing off to the United States.

Yeah, look, a difficult, an extremely difficult question, Shane, you know, because it really opens up the whole tariff piece, you know, the tariff question and, you know, what impact are tariffs going to have? You know, and there's, you know, I've seen, you know, reasonable arguments, you know, for both sides, you know, for positive and negative around tariffs. Tariffs, the obvious, to be honest, the obvious one is tariffs are a stupid idea and they won't drive, especially in the short term, they won't drive additional supply into the market and potentially impact demand. And is that sustainable? That sort of carry on isn't sustainable and the economy is big enough to adjust for that over time, over a relatively short amount of time, I would say. So the arbitrage you're seeing at the moment, obviously, to make the obvious statement, will unwind. What does that do? It has bought forward some demand, bought effectively artificial demand. And has that had an impact on price? Clearly it has. Let's drag the LME copper price up a bit with it, emptied out LME warehouses. So what does that do forward? Can true demand settle in there and hold that price? I think that's a reasonable assumption. The more we see of true demand coming out of China now, as well as the rebuild, the restock in Europe, is that I'm not particularly worried about an effective collapse. I don't like to use the sort of emotive terms, but I can't see the copper price falling hard or fast at all. In fact, it should well be able to hold. And we're seeing that at the moment. We're seeing the copper price or the LME price hold pretty well. We're forecasting $14,500 AUD per tonne over the year to meet all our objectives. We've seen recently the price go as low as 14,600, 650. So far, so good. And I think that's a fair outlook. Every dollar above 14,500 a tonne is good for us. We are on true demand fundamentals and copper price fundamentals. Remember, we've got an Aussie dollar offset or you know inherent hedge as it would be which is helping us so that you know Aussie dollar Aussie dollar copper price is very good for us at the moment um look I hope that answers the question well it doesn't answer your question Shane because yeah it'd be quite obvious I can't you know if I knew exactly where the copper price was going over the next 12 months I'm probably doing uh a slightly different job um or or um I'm probably fooling myself, but look, we're confident of where it is, what Eloise can achieve over the next 12 months based on a 14,500 forecast. And I hope that gives you some background on our thinking on the commodity price.

Yes, yes. No, that's excellent. Also, any thoughts on any recent developments at Mount Isa with the smelter? We might be weeks away from hearing of some financial support from either state or federal government for the smelter. I guess even if that support doesn't come through, it doesn't need re-bricking until 2030. Is that correct?

Yeah, that's right. So look, The Mount Isa smelter question is a bit of a vexed one. Like everybody in northern Queensland, I'd love to see that stay there, stay open and be able to, and importantly, be able to operate efficiently, economically, profitably. That's the piece. Holding that smelter open with subsidies is probably as clever as the tariff debate. But let's step aside from that, just some facts from an AIC mind or an Eloise point of view. We do currently deliver all Eloise concentrate to the Mount Isa Spelter for processing, albeit we sell our concentrate to Trafigura on a long-term offtake agreement. Delivery in the Mount Isa gives us a saving on the state government royalties because we're producing copper in country rather than exporting concentrate. And there's also reduced freight costs compared to shipping our concentrate to an offshore smelter. Now, Mount Isa is not a low-cost smelter by any means. And to be able to run it, Glencore clipped some of those savings from us. Net-net, we do better than sending it to Japan. Our estimate is the savings equate to approximately Aussie $1.8 million a year. But if we had to send concentrate offshore to Japan, say, most likely where a nice, clean, high-gold concentrate would go, that's fine. Aloise has done that in the past. We could set up to do that reasonably quickly, and it's not going to have a significant impact on Eloise. A little bit of a working capital issue as we change over to a three-month payment timeframe rather than one month out of Mount Isa. The real issue is the broader issue with the jobs from Mico, the copper miner, go, and they've effectively gone. And then if jobs go from the concentrator and the smelter It makes all those other services in ISA hard to provide, hard for those service providers to stay there in Mount Isa. That's probably the biggest concern. We like and it's good for us to have a strong Mount Isa and a strong service provider base in Mount Isa. And that's what we need to see and that's what the whole industry needs to see. potentially with a closure that provider base would move, I would guess, elsewhere in Queensland, probably back to Townsville. That's not the end of the world for us by any means. It just means they're not close, they're not as quick to respond, not as quick to get to site. And there's something about always a transport or time delay cost involved. So we'd love to see Mount Isa at Smelga stay open. but fully recognise that that's very difficult for a smelter that I would guess is not currently making money.

Great. Thank you.

Thanks, Shane. Cheers.

Thank you. Your next question comes from Nick McRusty with Morwellis Australia. Please go ahead.

Hey Aaron, thanks for taking my question. Just circling back to your earlier comment on grade displacement, what sort of internal threshold are you using to justify follow-up drilling across the regional targets, particularly as you weigh that up against your existing ore sources in the context of the plant expansion?

Look, Nick, that's a really good question, and I've got a terrible answer for it. If we really haven't had to yet, I'd love to have been right at that precipice, right at that level. Should we follow this up or shouldn't we? But we haven't come close. I've had to guess a number. It really probably is. If we're getting plus 2% hits over plus 5 metre widths, um we wouldn't we wouldn't slow down um where where we're happy with what we call you know what we're initially looking for is 15 uh percent meters um you know so five at three um type of numbers um would keep us there um so i guess look look nick the the best answer to your question is that you know 15 meters in a drill hole will get get followed up less than that um goes back to join the queue.

Perfect. That's great. Thanks. No worries. Cheers, Nick.

Thank you. Your next question comes from Richard Adams, who is a private investor. Please go ahead.

Sorry, Aaron, me again. I just forgot one question. More of an update. Tailings dams. You mentioned a couple were being proposed. I was wondering, has that has that gone through and also are they budgeted for within this recent financing agreement?

Yeah, good question. Tough question, Richard. We shouldn't let you back on, but no. So there's two. There's the tailings dam five, the current tailings dam, the lift. And so that amendment has gone in. Tailings dam six, the new, the longer term tailings dam, post tailings dam five, which is actually to be built on top of the current footprint, the Tarling Stan 1234 footprint. That EA amendment has gone in as well. That's quite a long timeframe for that one to get a response. But both of those approvals are in and aren't time critical to us. So they're fine and yes, both the lift and the planning for TD6 is included in the money we raise.

Great. Thank you for that. I won't bother you again. Thank you again.

No worries. Anytime. Cheers, Richard.

Thank you. There are no further questions at this time. I'll now hand back to Mr Collaren for closing remarks.

Thank you, Mel. FY25 was a great year. Eloise again achieved guidance. If I mentioned that we achieved guidance, sorry. It produced 12,863 tonnes of copper in concentrated and generated net mine cash flow of $27.4 million after capital. A truly great little copper mine. The expansion of 20,000 tonnes per annum is underway and this will transform Eloise into a great copper mine with good production, low costs and a long mine life. A well-understood mine with a great team running it, fully permitted, in a mining-friendly jurisdiction, with further organic growth upside. AIC Mines is a company that ticks all the boxes. It's got to be the best value and most leveraged copper miner listed on the ASX. FY26 will be a transformational year for AIC Mines. as we complete the Jericho Access Drive and expand the Aloys plant. We expect AIC Mines to become the go-to ASX stock for copper leverage, and there are many reasons to want your investment portfolio leveraged to copper over the next few years. Thank you for dialling in. That concludes the call. And for anybody who's at the NUSA conference later this week, please call by and say hello to myself and Duncan. We'll be there. Cheers, everyone.

That does conclude our conference for today. Thank you for participating. You may now disconnect.