Auric Mining Pays $400K Upfront, Eyes $3.3M More Pending Court Win
Auric Mining has secured four key tenements near Kalgoorlie for its Lindsay’s Gold Project, with further payments and share issuance contingent on a pending court ruling.
- Tenement Sale Agreement executed for Lindsay’s Gold Project
- Four tenements acquired immediately, including sole rights over disputed M27/169
- $400,000 paid upfront, with $1.3 million cash and $2 million in shares pending court outcome
- Next Warden’s Court hearing scheduled for 21 November 2025
- Share issuance subject to shareholder approval post-litigation
Strategic Acquisition Bolsters Gold Project
Auric Mining Limited (ASX – AWJ) has taken a significant step forward in its ambitions for the Lindsay’s Gold Project, located 60 kilometres northeast of Kalgoorlie. The company announced the execution of a Tenement Sale Agreement with Top Global Mining Pty Ltd, securing four key tenements that form a critical part of the project’s landholding.
This acquisition is not just a routine land purchase; it includes sole rights to manage and undertake work on tenement M27/169, which is currently subject to litigation in the Warden’s Court. Auric’s management of this legal process underscores the company’s commitment to resolving outstanding issues and advancing the project’s development.
Financial Terms and Conditional Payments
To date, Auric has paid $400,000, comprising a $100,000 deposit and a further $300,000 as part consideration. The agreement stipulates that upon a successful resolution of the Warden’s Court action concerning M27/169, Auric will pay an additional $1.3 million in cash and issue $2 million worth of shares to the vendors. The share issuance will be based on a 15-day volume weighted average price prior to the court’s final decision and will require ratification at a general meeting of shareholders.
This structure reflects a cautious but optimistic approach, balancing immediate acquisition benefits with contingent payments tied to legal outcomes. It also signals Auric’s confidence in its ability to navigate the regulatory and legal complexities surrounding the tenements.
Looking Ahead – Legal and Operational Milestones
The next critical milestone is the Warden’s Court hearing scheduled for 21 November 2025. The outcome will determine the finalisation of the tenement acquisition and trigger the subsequent payments and share issuance. Auric’s Managing Director, Mark English, expressed enthusiasm about the deal, describing it as a "significant step" toward fulfilling the company’s strategic goals for the Lindsay’s Gold Project.
With the Parrot Feathers Gold Deposit also in proximity, this acquisition enhances Auric’s footprint in a highly prospective gold region. The company’s ability to consolidate these tenements could unlock further exploration and development opportunities, potentially increasing shareholder value.
Investor Considerations
While the deal marks progress, investors should note the contingent nature of the final payments and share issuance, dependent on the resolution of ongoing litigation. The outcome of the Warden’s Court proceedings will be pivotal in shaping Auric’s near-term capital structure and project timeline.
Overall, this tenement acquisition represents a strategic move by Auric Mining to solidify its position in a competitive gold exploration landscape, balancing opportunity with legal prudence.
Bottom Line?
Auric’s next moves hinge on the Warden’s Court ruling, setting the stage for a pivotal phase in its gold project journey.
Questions in the middle?
- What is the likely outcome of the Warden’s Court litigation over tenement M27/169?
- How will the share issuance impact Auric’s capital structure and shareholder dilution?
- What exploration or development plans will Auric prioritize once full tenement control is secured?
