If you don't mind investing in the mining sector, then it could pay to listen to what Bell Potter is saying about one ASX mining stock.
That's because the broker believes its shares could be dirt cheap at current levels.
Which ASX mining stock?
The miner that Bell Potter is feeling bullish about is AIC Mines Ltd (ASX: A1M).
It may not be as well known as mining giant Rio Tinto Ltd (ASX: RIO), but perhaps it should be getting more attention.
AIC Mines is a Western Australia based copper production and exploration company focused on the 100%-owned Eloise Copper Project (ECP).
Bell Potter notes that Eloise is an established underground copper-gold mine and processing plant targeting FY 2026 production of 12.8kt 13.1kt of copper in concentrate plus 6.0koz to 6.5koz gold.
But it isn't settling for that. It is concurrently implementing a disciplined growth strategy, developing the nearby Jericho copper deposit which was acquired in January 2023.
The broker highlights that, combined with an expanded processing plant, this supports a clear pathway to +20,000 tonnes per annum of copper production.
It also holds a strategic tenement package covering ~2,000km2 over a highly prospective region surrounding the ECP, which Bell Potter believes positions it as a strategic, foundation asset able to leverage new discoveries and third party stranded assets.
What is the broker saying about AIC Mines?
Bell Potter was pleased with the ASX mining stock's performance in FY 2025, noting that its result was slightly ahead of expectations. It said:
A1M reported an FY25 financial result slightly ahead of our expectations, with the main variation being our more conservative modelled assumptions on realised pricing and net revenues. More broadly, the result reflected a solid operating performance in-line with guidance, combined with good cost control and an improving copper price. Key metrics included revenue of $190m (vs BPe $185m), EBITDA of $63m (vs BPe $59m and statutory NPAT of $15m (vs BPe $12m).
Looking ahead, the broker believes that AIC Mines is well-positioned for growth. It adds:
The highlight of the result, in our view, is the ongoing consistency of delivery and lack of negative surprises. A1M is continuing to build on a track record of meeting guidance, operationally and financially, which should be reassuring to the market. A1M is well positioned to deliver planned production growth to ~20ktpa Cu in concentrate, ramping up from 2HFY27.
Huge potential returns
According to the note, Bell Potter has retained its buy rating and 60 cents price target on the ASX mining stock.
Based on its current share price of 33.5 cents, this implies potential upside of approximately 80% for investors over the next 12 months.
Commenting on its buy rating, the broker said:
A1M represents leveraged copper exposure through its Eloise Copper Project, where a clear, organic growth strategy is being advanced. A1M's regional exploration work also shows high potential for success across its large scale, strategic tenement package. The current share price, in our view, represents compelling value for a well-managed, Australian based copper producer. We retain our Buy recommendation on an NPV-based target price, which we round to $0.60/sh.
