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Highlight:
- Auric Mining (ASX:AWJ) generates $5.2 million from 1,243oz of gold sold from Jeffrey’s Find.
- The operation, a joint venture with BML Ventures, processed 64,520 dry metric tonnes at Three Mile Hill mill.
- Stage Two mining at Jeffrey’s Find has contributed over $33 million in gold sales to date.
Auric Mining (ASX:AWJ) has announced a significant milestone in its mining operations, with the sale of 1,243 ounces of gold from the Jeffrey’s Find goldmine for just under $5.2 million. This marks a major achievement for the company, highlighting the successful progress of Stage Two operations at the site, which is located near Norseman in Western Australia’s Goldfields-Esperance region.
The mining at Jeffrey’s Find is a joint venture between Auric Mining and BML Ventures Pty Ltd, a Kalgoorlie-based company. Together, the two partners have overseen the processing of a total of 64,520 dry metric tonnes of ore through the Three Mile Hill mill located in Coolgardie. The gold produced from this campaign was sold through the Perth Mint, contributing a total revenue of $5,194,311.
Strong Revenue from Toll Milling Campaigns
The gold sold from the current toll milling campaign forms part of Auric’s broader Stage Two mining operation at Jeffrey’s Find. To date, gold sales from these toll milling campaigns have generated a substantial total of $33,140,445. This positive cash flow from the gold sales is a testament to the potential of the mine, with further opportunities for growth as the project continues to develop.
Managing director of Auric Mining, Mark English, expressed his satisfaction with the performance of Jeffrey’s Find, calling it an outstanding investment for the company and its shareholders. He highlighted the strong return on investment and the significant free cash flow being generated from the mining activities, which he believes will support the company’s future growth.
Positive Outlook for Auric Mining’s Future
Looking ahead, Mr. English noted that 2024 had been an excellent year for Auric Mining, with the operations at Jeffrey’s Find proving to be a key part of the company’s business strategy. The strong performance from this project has set a solid foundation for continued success in the years to come, positioning Auric for a promising future as it moves into 2025.
The success of Jeffrey’s Find, along with other initiatives undertaken by the company, has provided a significant boost to Auric Mining’s profile in the sector. The strong revenue generated by gold sales, coupled with the ongoing expansion of mining operations, has demonstrated the potential for further value creation at the mine.
Partnership with BML Ventures
The joint venture with BML Ventures, which has been a critical part of the development of Jeffrey’s Find, has played a significant role in enabling Auric Mining to successfully execute its mining plans. By collaborating with BML Ventures, Auric has been able to access additional resources and expertise, enhancing the efficiency and effectiveness of the toll milling operations.
The Three Mile Hill mill in Coolgardie, where the ore is processed, has proven to be an essential component of the project. Toll milling involves processing ore at an established facility in exchange for a fee, allowing companies like Auric to focus on mining while outsourcing the processing and refining aspects. This approach has allowed Auric to maximize revenue without the upfront capital costs associated with building and operating its own processing plant.
Significant Return on Investment
The results from the toll milling campaigns at Jeffrey’s Find reflect the strong financial returns that have been realized since the commencement of Stage Two mining. Auric Mining’s strategic decision to progress with Stage Two has clearly paid off, with revenues now surpassing $33 million. The strong cash flow generated by the project provides the company with the financial flexibility to explore additional growth opportunities, reinvest in future mining operations, and reward shareholders with continued value creation.
Mark English’s comments regarding the outstanding return on investment underscore the importance of the Jeffrey’s Find operation in Auric’s overall strategy. He noted that the successful gold sales and the resulting cash flow are indicative of the mine’s ongoing value, which will continue to play a central role in the company’s plans moving forward.
Long-Term Strategy and Growth
Auric Mining’s success at Jeffrey’s Find is not only a reflection of the project’s current profitability, but also a key element of the company’s long-term growth strategy. With the continued success of Stage Two operations and the strong revenue from gold sales, Auric is positioned to expand its activities and explore new opportunities within the mining sector.
Looking ahead to 2025 and beyond, the company aims to leverage the momentum generated by its current operations to drive further growth. The strong performance of Jeffrey’s Find and the strategic decisions made thus far have laid the groundwork for continued success, ensuring that Auric Mining remains well-placed to capitalize on future developments.
Bottomline
Auric Mining’s sale of 1,243 ounces of gold from the Jeffrey’s Find goldmine for nearly $5.2 million represents a major achievement in the company’s ongoing operations. With more than $33 million in gold sales from Stage Two mining to date, the joint venture with BML Ventures has proven to be a valuable partnership, contributing to the success of the project. The positive financial returns and the strong cash flow generated from the mining operations highlight the ongoing potential of Jeffrey’s Find, positioning Auric for continued growth and success in the years ahead.
The company’s solid performance in 2024, coupled with its strategic focus on profitable mining projects, ensures that Auric Mining remains well-positioned to navigate the future of the gold sector, continuing to deliver value for its shareholders and stakeholders.
