Auric Mining has reported final production results from its Munda Starter Pit, delivering 8,886 ounces of gold; 46% above budget; and confirming a larger, higher-grade resource than previously estimated.
- 8,886 ounces of gold produced, exceeding budget by 46%
- Average head grade of 2.46g/t, well above forecast
- Recovery rate of 89.5%, outperforming expectations
- Additional 18,000 tonnes of ore remains unprocessed on site
- Cash, bullion and investments total A$43 million
Strong Finish to Munda Starter Pit Campaign
Auric Mining Limited (ASX:AWJ) has delivered an impressive final tally from its Munda Starter Pit, producing 8,886 ounces of gold, 46% above the initial budgeted 6,100 ounces. This result comes after processing 126,000 tonnes of ore through two milling campaigns at Black Cat Syndicate’s Lakewood Mill, with the second campaign alone achieving a head grade of 3.18 grams per tonne.
The company’s Managing Director, Mark English, described the outcome as a "stellar finish," highlighting that the production not only exceeded expectations but also demonstrated the robustness of the Munda gold resource. The average recovery rate of 89.5% further underscores the efficiency of the processing arrangements and the quality of the ore.
Implications for Resource Potential and Future Development
The standout performance is attributed in part to localised zones of very high-grade gold that were previously difficult to model. These findings suggest that the Munda deposit is larger and richer than earlier estimates indicated. Auric plans to remodel the resource to reflect these new insights, which could significantly enhance the project's valuation and mining potential.
With approximately 18,000 tonnes of ore still stockpiled on the ROM pad at an estimated grade of 1.8g/t, there remains further upside in near-term production. This unprocessed ore could add an estimated 935 ounces to the total recovered gold, reinforcing the Starter Pit’s contribution to Auric’s growth trajectory.
Financial Position and Strategic Outlook
As of 18 March 2026, Auric holds a combined total of A$43 million in cash, bullion, and listed investments, providing a solid financial foundation to advance its mining ambitions. The successful ore treatment partnership with Black Cat has proven to be a cost-effective strategy, enabling Auric to monetise its Starter Pit ore while preparing for larger-scale operations.
Looking ahead, Auric has commenced detailed scoping and planning for the Munda Main Pit, which represents a significant opportunity to scale production and establish the company as a sustainable gold producer. The insights gained from the Starter Pit campaign are expected to inform mining techniques and processing strategies for this next phase.
Overall, the Munda Starter Pit results mark a pivotal milestone for Auric Mining, validating its exploration and development approach and setting the stage for future growth in Western Australia’s gold sector.
Bottom Line?
Auric’s Munda Starter Pit results not only beat expectations but also lay the groundwork for a potentially transformative expansion at Munda Main Pit.
Questions in the middle?
- How will the resource remodel impact Auric’s reserve estimates and valuation?
- What are the timelines and capital requirements for developing the Munda Main Pit?
- How sustainable and scalable is the current ore treatment arrangement with Black Cat?