This AI-picked miner jumps 14.5% as a $120M copper deal lands

In a remarkable turn of events, AIC Mines (ASX: A1M), an Australian copper miner, saw a 14.5% surge in its stock price on September 22, soaring from $0.795 to $0.91 just before trading halted. AI-powered Strategies models had already predicted this move. The company's ProPicks AI, available in Investing.com’s ProPicks, identified this stock as a prime candidate for investment.

The full list of picks can be found in InvestingPro for members. AIC Mines is now managed by Aussie Materials, a Strategy that has been outperforming the S&P/ASX 200 Materials index over the past month, gaining 4.66% compared to a 6.14% decline for the benchmark. This Strategy is currently the top-performing Strategy on Investing.com's global sheet.

AIC Mines is an active holding in Aussie Materials and has seen a 12.35% increase this month, even before Tuesday's significant jump. The driving force behind this stock's performance is the announcement of a $120 million acquisition of Materra Metals, owner of the Mt Cuthbert copper project in northwest Queensland. The deal, funded partially by a $70 million placement to Hawke's Point Resource Finance at $0.795 a share, is expected to finalize in early November, subject to shareholder approval.

The acquisition will boost AIC's total copper resources by 39%, reaching 878,000 tonnes, a 17% increase per share.