Final Jeffreys Find Milling Ends, But What Risks Lie Ahead for Auric?
Auric Mining has completed the final toll milling campaign at Jeffreys Find, securing a substantial profit share and setting the stage for expanded operations at its Munda Gold Mine.
- Final toll milling campaign processed 60,000 tonnes of ore
- Total gold sold from Jeffreys Find reaches approximately 30,000 ounces
- Auric’s expected profit share around $14.5 million
- Interim cash distribution of $1 million received, more expected by Q4 2025
- Funds to support ongoing mining at Munda Gold Mine
Completion of Jeffreys Find Milling Marks a Milestone
Auric Mining Limited has announced the completion of the final toll milling campaign at its Jeffreys Find Joint Venture, processing roughly 60,000 tonnes of ore through the Three Mile Hill Mill in Coolgardie, Western Australia. This milestone concludes a two-year partnership with BML Ventures, which managed mining and operational activities at the site near Norseman.
Strong Gold Sales and Cash Returns
Since mining began in May 2023, the project has yielded about 30,000 ounces of gold, with Auric’s share of the profits expected to total approximately $14.5 million. The company has already received $1 million in interim cash distributions from the latest campaign, adding to prior distributions of $12.9 million. The gold was sold through the Perth Mint at an average price exceeding $5,100 per ounce, underscoring the project's financial success.
Strategic Impact on Auric’s Growth
Managing Director Mark English highlighted the significance of Jeffreys Find as a transformative project for Auric. The venture accelerated the company’s evolution from an explorer to a producer, providing vital capital to fund operations at its Munda Gold Mine. The joint venture structure, where BML handles all operational costs before profits are split equally, has proven effective in delivering strong returns without Auric bearing upfront expenses.
Looking Ahead to Final Accounting and Distributions
While the final cash distribution and accounting are expected in the fourth quarter of 2025, Auric’s management remains optimistic about the overall outcome. The remaining gold inventory, approximately 300 ounces, is slated for sale within the coming fortnight, which will trigger additional cash flow. These funds will be strategically reinvested to support ongoing mining and development activities at Munda, reinforcing Auric’s growth trajectory.
A Turning Point for Auric Mining
The successful completion of Jeffreys Find’s inaugural mining campaign not only delivers a strong financial boost but also validates Auric’s operational strategy and partnership model. As the company transitions fully into production, investors will be watching closely how the proceeds from Jeffreys Find fuel further expansion and value creation at Munda and beyond.
Bottom Line?
Auric’s Jeffreys Find success sets a solid foundation for its next growth phase at Munda.
Questions in the middle?
- What will the final Q4 2025 accounting reveal about total profits and costs?
- How will Auric allocate the remaining cash distributions to maximize growth?
- What operational challenges might Auric face as it scales up at Munda Gold Mine?
