Auric Mining Limited Announces Successful Gold Milling Campaign in Western Australia

Strategic Insights -

Auric Mining Limited (ASX: AWJ) has reported a successful gold milling campaign for 2024, with the second campaign of the year producing significant cash flow from the Jeffreys Find Gold Mine near Norseman, Western Australia. The campaign, which is expected to conclude in early September 2024, has seen nearly 129,000 tonnes of ore delivered to the Greenfields Mill. The company's joint venture partner, BML Ventures Pty Ltd, has executed a contract for 300,000 tonnes to be processed at the mill, with a planned mining program to reach up to 400,000 tonnes by early 2025.

Key Takeaways:

  • Auric Mining Limited has completed its second gold milling campaign for 2024, producing cash flow from the Jeffreys Find Gold Mine in Western Australia.
  • The campaign, which will conclude in early September 2024, has seen nearly 129,000 tonnes of ore delivered to the Greenfields Mill.
  • BML Ventures Pty Ltd, the company's joint venture partner, has executed a contract for 300,000 tonnes to be processed at the Greenfields Mill.
  • The joint venture will split surplus cash on a 50:50 basis after subtracting direct costs, with Auric receiving $3.0 Million from BML within a month.
  • The Jeffreys Find Gold Project is expected to reach up to 400,000 tonnes of mining by early 2025.
  • Auric will update the market regularly on the progress of the gold sales and processing.
  • The Greenfields Mill is contracted to process 150,000 tonnes of ore for the current campaign through Auric's joint venture partner, BML Ventures Pty Ltd.

Statistics:

  • Average price of gold sold: A$3,697 per ounce at the Perth Mint.
  • Net tonnes of ore delivered to the Greenfields Mill as of 14 August 2024: 129,000 tonnes.
  • Total tonnes of ore to be processed in the current campaign: 150,000 tonnes.
  • Total tonnes of ore planned to be mined and processed in the 2024-2025 period: up to 400,000 tonnes.
  • Total revenue expected from the sale of gold in the current campaign: $3.0 Million.
  • $2.0 Million of the revenue will be from the initial surplus cash distribution from the joint venture, and $1.0 Million will be for the repayment of working capital contribution.

Sources:

  • Auric Mining Limited (ASX: AWJ), [2024] (No publication date mentioned)
  • [Online News Source], Auric Mining Limited (2024)