Copper pricing has continued to strengthen with tightened supply and an ongoing positive outlook for demand from traditional and electrification sectors. A1M’s share price has followed copper’s trend and we update our recommendation for improved spot pricing and reduced capital raising dilution. A1M is ideally positioned to benefit from a copper bull market with the Eloise mine transitioning to positive cash flow and significant expansion scheduled for the coming years. Future price catalysts include results from drilling at Swagman, near-mine exploration success guided by the new in-mine EM loop, and progression of funding/studies/permitting associated with the Jericho development and upscaled Eloise plant. We anticipate any further improvement in copper and gold metal prices would be closely reflected in A1M’s share price.
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