Auric’s Jeffreys Find Exit Raises Questions on Next Growth Moves

A Strong Finish at Jeffreys Find

Auric Mining Limited has officially closed the books on its maiden mining venture with the receipt of the final $2.2 million cash surplus distribution from the Jeffreys Find Gold Mine joint venture. This payment, received on 11 March 2026, caps off a highly successful project that has delivered substantial returns for the company.

Developed as a 50:50 joint venture with BML Ventures Pty Ltd, Jeffreys Find has been a pivotal project for Auric. Since mining began in May 2023, the operation has produced 29,534 ounces of gold, all sold to the Perth Mint at an average price of $3,763 per ounce. This translated into total gold sales revenue of $82 million, with Auric’s share of the cash surplus amounting to approximately $16.5 million, a remarkable return on an initial investment of just $1.2 million.

Operational Highlights and Financial Impact

The final toll milling campaign processed around 60,000 tonnes of ore at the Three Mile Hill Mill near Coolgardie, marking the completion of mining and processing activities at the Jeffreys Find open pit. Over the life of the project, 633,302 tonnes of ore were mined at a head grade of 1.58 grams per tonne, with an impressive recovery rate averaging 92%.

Under the joint venture terms, BML Ventures managed all operational costs, with surplus cash proceeds distributed equally after costs. Auric’s total cash, bullion, and listed investments now stand at $43 million, reflecting the strong financial foundation established by the project.

Looking Ahead: Munda Gold Mine and Beyond

Managing Director Mark English described Jeffreys Find as a “game changer” for Auric, accelerating its transition from explorer to producer. The success of the project has not only bolstered the company’s balance sheet but also underwritten development activities at its Munda Gold Mine. Auric recently completed a Starter Pit mining campaign at Munda with similarly encouraging results and is progressing plans for the Munda Main Pit development.

With the Jeffreys Find joint venture concluded, Auric’s focus now shifts to leveraging this financial momentum to advance its pipeline of projects and explore new opportunities in the gold sector.