Auric Reports $58.7M Gold Sales, 7,400oz Ore Reserve at Munda

Strong Production and Revenue at Jeffreys Find

Auric Mining Limited (ASX: AWJ) has delivered a compelling quarterly report for the period ending 31 December 2024, underscoring significant operational progress and strategic initiatives. The Jeffreys Find Gold Mine's Stage Two mining produced 14,853 ounces of gold up to mid-January 2025, adding to the 9,741 ounces from Stage One to reach a total of 24,594 ounces. This output translated into $58.7 million in gold sales revenue at an average price of AUD $3,952 per ounce, reflecting strong market conditions and efficient processing campaigns conducted at Coolgardie's Greenfields and Three Mile Hill mills.

Munda Gold Project: From Resource to Reserve and Permitting

At the Munda Gold Project, Auric has completed an updated Mineral Resource estimate and a subsequent Pre-feasibility Study (PFS) that defined 7,400 ounces of Probable Ore Reserves within a Starter Pit. This pit is projected to have a five-month life starting around March 2025, pending regulatory approvals. The company has lodged critical permits, including a Mining Proposal and Mine Closure Plan, with approvals expected in the first quarter of 2025. Grade control drilling is actively underway on a tight 5m x 5m grid, signaling readiness for imminent mining operations. Financial modelling from the PFS suggests a robust project economics with an all-in sustaining cost (AISC) of AUD $2,635 per ounce against a conservative gold price assumption of AUD $3,500 per ounce.

Strategic Acquisition of Burbanks Gold Processing Plant

In a move that could reshape its operational footprint, Auric has entered into a letter agreement to acquire the Burbanks Gold Processing Plant for AUD $4.4 million, subject to due diligence. The plant, located 15km south of Coolgardie, offers 180,000 tonnes per annum capacity and critical infrastructure, including power and tailings dams. The acquisition, if completed by the scheduled settlement date of 15 March 2025, would grant Auric direct ownership of milling infrastructure, enhancing control over processing and potentially reducing costs. The non-refundable deposit of AUD $100,000 has already been paid, and the due diligence period extends until 10 February 2025.

Exploration Upside at Spargoville

Exploration activities at the Spargoville Project continue to yield promising results. Recent reverse circulation (RC) drilling at the Fugitive and Anomaly 37 prospects has identified significant gold mineralisation, including intercepts such as 7m at 4.88 g/t Au and 2m at 10.69 g/t Au. These findings suggest strong potential for economically viable deposits. Auric plans further RC drilling in 2025 to test these mineralisation trends more extensively, focusing on areas with the highest potential for resource expansion.

Corporate and Community Engagement

Financially, Auric reported a solid cash position of $3.6 million at quarter-end, bolstered by ongoing gold sales revenue received in January 2025. The company also strengthened its relationship with the Ngadju Native Title Aboriginal Corporation through a Project Area Wide Agreement, providing clarity on operations across Ngadju country and facilitating future approvals. This partnership underscores Auric’s commitment to responsible and sustainable development within its operating regions.

Managing Director Mark English highlighted the quarter as a period of substantial value creation and strategic advancement, emphasizing the company’s focus on delivering shareholder value and progressing its projects toward sustainable success.