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Highlights
Auric Mining dispatches final ore from Jeffreys Find Gold Mine for processing
Final campaign expected to deliver substantial cash inflow
Funds to support ongoing development at Munda Gold Mine
Auric Mining Ltd (ASX:AWJ), listed on the ASX 200 index, operates within the gold exploration and production sector. The company has initiated its final phase of ore processing from the Jeffreys Find Gold Mine, located near Norseman in Western Australia. This move is part of Auric’s strategy to transition into a standalone gold producer, supported by recent successful mining activities.
Final Ore Processing Underway at Coolgardie Facility
The final batch of ore, estimated at several tens of thousands of tonnes, has been sent from Jeffreys Find for toll treatment at the Three Mile Hill Mill in Coolgardie. Initial loads have already reached the mill, with transportation ongoing to complete the remaining deliveries. Processing is scheduled to commence in early July and is anticipated to be completed within the third quarter of the calendar year.
Production Output Expected to Surpass Previous Totals
The final campaign is forecasted to deliver a significant amount of gold ounces. If achieved, this would push the overall yield from the Jeffreys Find project well beyond previous milestones. This final push adds to an already productive lifecycle for the project and sets the stage for a strong financial outcome in the coming months.
Joint Venture Drives Operational Efficiency
The mining operations at Jeffreys Find were carried out under a joint venture arrangement with BML Ventures Pty Ltd. Under this structure, BML assumed the role of miner, operator, and manager, bearing responsibility for all expenses related to mining, transportation, and processing. This setup has allowed Auric to optimise costs while maximising returns.
Expected Cash Distribution Supports Growth Pipeline
Auric anticipates that the revenue generated from this campaign will contribute a notable cash distribution to the business over the upcoming quarter. A surplus generated from the campaign will be equally shared with BML Ventures, following the agreed terms. With the majority of mining expenses already covered, the expected returns from this phase are projected to be highly accretive for the company’s financial position.
Strategic Use of Proceeds Towards Munda Gold Mine
Following the conclusion of operations at Jeffreys Find, Auric has commenced rehabilitation and demobilisation works at the site. The financial proceeds from this final campaign are earmarked to fund development and mining costs at the Munda Gold Mine. Located in the Eastern Goldfields, the Munda site is currently undergoing initial production activities, with the Starter Pit now in operation.
Initial Mining Activities Underway at Munda
Auric has begun mining ore from the Starter Pit at Munda, with a production objective focused on delivering a defined volume of gold. The processing of this ore is planned as part of the company’s broader strategy to increase gold output and establish itself as a long-term producer within the region.
Transition into Gold Production Strengthens Market Standing
With a market capitalisation reflective of its exploration and development progress, Auric Mining’s recent moves mark a pivotal step in its evolution. The operational success at Jeffreys Find, coupled with the ramp-up at Munda, reinforces its position in the resource sector and on the ASX 200 index.
