A1M: General Comments, page-257

Is anyone going to the AGM on Wednesday?
I spoke to AC the other day. He certainly seems very professional, insightful and methodical in his approach. Sounds like they are fine tuning the roadmap for Jericho and the expanded plant whilst keeping an eye out for M&A opportunities. That said at the current SP its very hard to see any M&A happening which is probably not such a bad thing, ie it keeps them very focused on getting to 20,000t via Eloise / Jericho without being distracted. In my exp M&A is way more distracting than its given credit for!

One thing i would be keen to find out about if anyone is attending, or i can call him later in the week, is how much they expect costs to fall by as they are seemingly focusing more on Macy and Lens 6/7 over the next 6 months. Macy being cheaper to mine as its significantly shallower and the 6/7 based on what seems to be incredible grade. This combined with all the capital invested recently via reconfigured trucks etc we might see a meaningful drop in AISC which would be pretty impressive in this inflationary environment.

The big one coming up is clearly the funding timeline for Jericho. I'm pretty sure it will be a debt instrument of some kind, and locked in next quarter, but another question to ask. Breaking earth on the Jericho box cut at the end of next quarter, and a really positive December quarterly would give the SP a decent boost i would think.

Last thing. Can anyone tell me of another OZ copper miner that is cash flow positive producing 10 - 20,000t? I'm not being sarcastic, just interested as it seems to be a very very small pond atm with plenty of very average stories. I'm very positive about the next 12 months for AIC. Lovely story and incredibly honest and consistent reporting that is making them very accountable. Lets hope AC isn't head hunted to run Optus or Rugby Australia!