AIC Mines (ASX:A1M) payable copper production of 3,197 tonnes in the September quarter, at its Eloise copper mine in North Queensland, was a "modest" miss to expectation, due to lower grades from mining and an elevated stockpile feed, said Jefferies in a Thursday note.

The company is one of the few copper producers with clear potential to grow from its own projects, Jefferies said.

Expansion of its plant is critical to achieve fiscal 2028 production growth of 20,000 tonnes of copper each year, Jefferies added.

Jefferies also believes that the company will benefit from rising copper prices, growth from the Jericho project, opportunities to increase resources, and the ability to strike value-accretive deals.

Shares of the company rose past 1% at market close and earlier hit a 52-week high.