When it comes to copper, many investors will turn to Rio Tinto Ltd (ASX: RIO) shares.
That makes sense, the mining giant owns Oyu Tolgoi in Mongolia, which is one of the largest known copper-gold deposits in the world.
But there's another name that could be worth considering if you're looking for copper exposure according to Bell Potter.
Image source: Getty Images
Which ASX copper share?
The share that Bell Potter is recommending to investors is AIC Mines Ltd (ASX: A1M).
It is a copper production and exploration company focused on the 100%-owned Eloise Copper Project (ECP) in Queensland.
Bell Potter is feeling positive following a site visit to the Eloise copper mine, which is undergoing an expansion to its production capacity. It said:
We attended a recent site visit to A1M's 100%-owned Eloise copper mine in QLD. It is currently being expanded from nameplate of 725ktpa to nameplate of 1.1Mtpa. The expansion is targeting to lift Eloise's copper production from ~12-13ktpa to ~20ktpa. The expansion commenced during the September quarter 2025, with a scheduled 18- month construction period targeting commissioning in the December quarter 2026, for which it remains on schedule.
The good news is that Bell Potter believes the expansion is on target. It explains:
Based on our observations at the site visit, we are comfortable with the view that the Eloise mine expansion is on schedule and mill commissioning will commence in the December quarter 2026. Major components of the process plant are on site, including the recent installation of the ball mill onto its foundations, marking a key critical path milestone. Structural steel erection is largely complete with the crushing circuit 95% mechanically complete and dry commissioning planned for July.
Integration of the new crushing and grinding circuit with the existing circuit is well progressed, with 8 of 9 tie-ins complete. Much of the plant is sized for 1.5Mtpa throughput, providing optionality for a low-cost staged expansion later in Eloise's mine life.
Time to buy
According to the note, the broker has retained its buy rating on the ASX copper share with an improved price target of $1.00.
Based on its current share price of 70.5 cents, this implies potential upside of approximately 42% for investors over the next 12 months.
Commenting on its recommendation, the broker said:
EPS changes with this update are: FY26: -1%, FY27: +5% and FY28: +8%, on a less conservative ramp-up schedule. A1M represents leveraged copper exposure via its Eloise Copper Project with a clear, organic growth strategy being advanced. We retain our Buy recommendation and lift our NPV-based target price to $1.00/sh.
