Auric’s Munda Restart Faces Execution Risks Ahead of Expected Cash Flow

Restarting Operations at Munda

Auric Mining Limited has taken a significant step forward by restarting mining activities at its Munda Gold Mine in Western Australia. As of 31 December 2025, the company had amassed approximately 67,000 tonnes of high-grade ore on its Run of Mine (ROM) stockpiles, providing a solid foundation for the upcoming processing campaign.

Mining operations resumed in early January 2026 after a brief pause, signalling Auric's commitment to advancing its gold production ambitions. The company began transporting ore to Black Cat Syndicate Ltd's Lakewood Mill on 10 January, preparing for the next phase of processing.

Toll Processing and Revenue Prospects

The toll processing of ore at the Lakewood Mill is scheduled to commence around 27 January 2026. This arrangement allows Auric to leverage existing milling infrastructure without the immediate capital expenditure of building its own facility. The company expects to generate its first cash flow from gold sales by late February 2026, a milestone that could provide much-needed liquidity and validate the economic potential of the Munda asset.

Managing Director Mark English emphasised the importance of this phase, noting that the current gold price environment could translate into substantial cash inflows for a company of Auric's size. He also highlighted the ongoing value of the Munda project, which continues to demonstrate its quality as a near-term revenue generator while Auric plans for the larger Munda Main Pit development.

Strategic Positioning and Future Outlook

This operational update marks a pivotal moment for Auric as it transitions from development to production. The successful restart and imminent processing campaign could position the company as a sustainable gold producer in the medium term. However, the company remains cautious, acknowledging the inherent risks and uncertainties typical of mining ventures, including operational challenges and fluctuating commodity prices.

Investors will be watching closely for confirmation of production volumes, processing efficiencies, and cash flow generation in the coming months. These indicators will be critical in assessing Auric's ability to build momentum and deliver on its growth aspirations.