AWJ
Auric Mining Limited
ASX
2024 Annual Report to Shareholders
Sentiment:
Annual Report
30 April 2025 1:45 AM
Auric Mining Limited's 2024 annual report highlights a year of significant growth, increased gold production, and strategic acquisitions, resulting in a net profit of $2.69 million.
Better than expected
The company's net profit before tax increased by over 300% compared to the previous year, indicating a significant improvement in financial performance.
Summary
- Auric Mining Limited's 2024 annual report showcases substantial growth and progress towards becoming a long-term gold producer.
- The company achieved a net profit of $2.69 million, a significant increase from $1.31 million in the previous year.
- Gold production reached 11,579 ounces, driven by successful operations at the Jeffreys Find Gold Mine.
- Stage 2 at Jeffreys Find produced 10,693 ounces of gold at an average sale price of $3,840 per ounce.
- The Munda Gold Mine is expected to commence production in Q2 2025, targeting 6,100 ounces of gold from 125,000 tonnes of ore.
- The company acquired nickel rights at Munda and is progressing with exploration at the Spargoville Project.
- Auric Mining acquired the Burbanks Gold Processing Plant for A$4.4 million and is acquiring the Lindsays Gold Project for A$4 million.
- The company executed a Project Area Wide Agreement with the Ngadju Native Title Aboriginal Corporation.
- The company ended the year as manager of 41 tenements of which 27 are granted, including 6 mining leases and 14 in application, covering an area of 357km².
Sentiment
Score: 8
Explanation: The report presents a positive outlook with strong financial results, strategic acquisitions, and a favorable market environment. However, there are some risks and uncertainties related to exploration, funding, and gold prices.
Positives
- The company achieved a significant increase in net profit, indicating strong financial performance.
- Increased gold production demonstrates successful operational execution.
- Strategic acquisitions, such as the Burbanks Gold Processing Plant and Lindsays Gold Project, position the company for future growth.
- The agreement with the Ngadju Native Title Aboriginal Corporation provides clarity and support for long-term operations.
- The company has a strong portfolio of gold assets, including the Munda Gold Mine and Jeffreys Find Gold Mine.
- The company has a strong cash position with $2.8 million in term deposits and $5.8 million in trade and other receivables.
Negatives
- Combined Mineral Resources have been depleted by 36% between 31 December 2023 and 31 December 2024 due to re-estimation of Mineral Resources for Munda and depletion by mining at Jeffreys Find.
- The information from the close-spaced drilling and conservative treatment of outlier assay grades resulted in a slight reduction in estimated grade relative to previous Mineral Resources.
- The company has significant capital commitments resulting in committed net cash outflows payable during the forecast period.
Risks
- Exploration risk: There is no assurance that exploration will result in the discovery of an economic mineral deposit.
- Regulatory risk: The company is subject to environmental regulations and must maintain tenement licenses.
- Future funding risk: The company's activities are capital intensive and require ongoing funding.
- Gold prices: Fluctuations in gold prices can impact profitability.
- Community and stakeholder relations: Failure to maintain stakeholder support could impact project timelines.
- The forecast cash flow estimates significant expenditure commitments which indicate that a material uncertainty exists which may cast significant doubt about the consolidated entitys ability to continue as a going concern.
Future Outlook
The company anticipates a stable demand outlook for gold and will focus on optimizing production costs and enhancing resource development.
Management Comments
- The trajectory ever upwards of the gold price has been of significant benefit for us to continue our transformation into a long-term gold producer and developer.
- We have made substantial gains this year and everyone has worked extremely hard and diligently in a joint and co-ordinated effort.
Industry Context
The report highlights the favorable global gold market conditions, driven by macroeconomic uncertainties and strong investor demand, which have benefited Auric Mining's performance.
Comparison to Industry Standards
- The document does not contain specific comparisons to industry standards or comparable companies.
- The document does not contain specific comparisons to industry benchmarks.
- The document does not contain specific comparisons to comparable projects.
Stakeholder Impact
- Shareholders: The increased profitability and strategic growth initiatives are likely to positively impact shareholder value.
- Employees: The company's growth has led to an increase in staff, providing employment opportunities.
- Customers: The company's focus on increasing gold production will ensure a stable supply for customers.
- Suppliers: The company's operations and acquisitions will create opportunities for suppliers.
- Creditors: The company's strong financial performance enhances its creditworthiness.
Next Steps
- Commence mining of a starter pit at Munda Gold Deposit in Q2 2025.
- Complete the acquisition of the Burbanks Gold Facility in late Q2/2025.
- Conduct further assessments to finalise mining plans at Lindsays Gold Project.
- Undertake further exploration programmes to assess the full potential of the Loded Dog tenements.
Key Dates
- 14 December 2020: Commencement date of Consultancy agreement for Steven Morris and Executive Services agreement for Mark English and John Utley
- 1 December 2023: Jeffreys Find Gold Mine Stage One Reconcilaition Total Surplus Cash to Auric $4.77million 9,741 Ounces Produced
- 18 December 2023: The Company entered into a subscription agreement with Golden Horse Minerals Ltd
- 23 January 2024: Mining to Recommence in March 2024 at Jeffreys Find
- 3 April 2024: Munda Gold Project Grade Control Drilling Completed Mine Planning Progresses
- 4 June 2024: RC Drilling at Spargoville Fugitive Prospect
- 24 May 2024: Employee Securities Incentive Plan approved at the Annual General Meeting
- 1 May 2024: Catherine Kah Yan Yeo Appointed Company Secretary
- 17 November 2024: The Jeffreys Find Pit
- 10 December 2024: Munda Gold Deposit Updated Mineral Resources Precursor to Starter Pit Mining
- 16 December 2024: Commencement of due diligence period for Burbanks Gold Processing Plant acquisition
- 17 December 2024: Agreement executed between Auric and the Ngadju Native Title Aboriginal Corporation
- 10 February 2025: End of due diligence period for Burbanks Gold Processing Plant acquisition
- 24 February 2025: Steven Morris Appointed Non-Executive Director at EverGreen Lithium Ltd
- 25 February 2025: Auric Mining Limited announced acquisition of the Loded Dog tenements from Loded Dog Prospecting Pty Ltd
- 27 February 2025: Auric Mining Limited executed a Binding Letter Agreement to acquire Lindsays Gold Project
- 28 March 2025: Date of Directors Declaration
- 29 May 2025: Date of Managing Director's Letter
- 30 September 2025: Expected completion of mining at Jeffreys Find
- 1 June 2025: Final payment due to WIN Metals Limited as part of the acquisition
Keywords
gold, mining, exploration, production, Munda, Jeffreys Find, Burbanks, Ngadju, resources, tenements
AWJ
Auric Mining Limited
ASX
Sector: Materials
Filings with Classifications
Better than expected
15 July 2025 9:38 PM
Investor Presentation
- The Jeffreys Find Gold Mine has significantly exceeded expectations by generating over $120 million in gold sales with a low acquisition and development cost of approximately $1.5 million.
- The estimated final cash distribution to Auric from Jeffreys Find of $11.5 million to $12.5 million is a strong financial outcome.
- The company's proforma financial estimates for FY2025 show substantial growth in total revenue to $24 million and net profit before tax to $13 million, indicating a very positive outlook.
Better than expected
8 July 2025 6:28 PM
Operational Update
- The project is expected to yield a 'bumper final payday' with Auric anticipating around $4.0 million from this campaign.
- Auric expects to bank more than $17 million in total from its profit share, described as a 'game changer' for the company.
- The target of 2,750 ounces from the final campaign is considered an 'impressive result'.
Better than expected
6 July 2025 6:20 PM
Commercial Agreement Announcement
- The execution of the toll milling and ore purchase agreement is a significant positive step, enabling the company to monetize gold from the Starter Pit and generate substantial cash flow.
Delay expected
4 July 2025 2:33 AM
Acquisition Update
- The Wardens Court hearing, originally due on 4 July 2025, has been further adjourned to 1 August 2025, delaying the resolution of a key condition precedent for the acquisition.
Worse than expected
4 July 2025 2:33 AM
Acquisition Update
- The Wardens Court hearing, which is a condition precedent for the acquisition, was further adjourned from 4 July 2025 to 1 August 2025, indicating a delay in the acquisition process.
Better than expected
28 May 2025 11:00 PM
Annual General Meeting Presentation
- Net Profit Before Tax increased by a significant 212% from FY 2023 to FY 2024.
- Total Revenue grew by a substantial 76% in FY 2024.
- The Jeffreys Find Mine is projected to yield over $15 million in cash returns from a $1.5 million investment, indicating exceptional profitability.
- Total Assets and Net Current Assets also showed strong growth of 62% and 135% respectively.
Capital raise
22 May 2025 8:26 PM
Capital Raise Presentation
- The document is a capital raise presentation.
- The total allocation of the capital raising is $6,660,000.
- The funds are intended for the Burbanks Gold Facility and Lindsays Project.
Capital raise
20 May 2025 6:58 PM
Trading Halt Request
- Auric Mining is planning a capital raising.
- The details of the capital raising will be announced after the trading halt is lifted.
Worse than expected
1 May 2025 4:57 AM
Legal Update
- The company is facing legal action, which introduces uncertainty and potential financial strain.
Better than expected
30 April 2025 1:45 AM
Annual Report
- The company's net profit before tax increased by over 300% compared to the previous year, indicating a significant improvement in financial performance.
Capital raise
27 April 2025 11:40 PM
Notice of Annual General Meeting
- The company is seeking approval for a 7.1A mandate, allowing it to issue up to 10% of its issued capital without further shareholder approval.
- Funds raised from the 7.1A Mandate will be used for acquisitions, exploration, development, and working capital.
Delay expected
31 March 2025 11:10 PM
Project Update
- The due diligence period for the Lindsays Gold Project has been extended.
Better than expected
30 March 2025 5:17 PM
Annual Report
- The company's net profit before tax increased by 212% compared to the previous year, indicating a significant improvement in profitability.
- Total revenue increased by 76%, demonstrating strong growth in sales.
- Adjusted net profit before tax increased by 101%, reflecting improved operational efficiency.
Better than expected
6 March 2025 2:00 AM
Corporate Presentation
- Stage Two gold production at Jeffreys Find has surpassed $100 million in revenue, exceeding initial expectations.
Delay expected
28 February 2025 1:12 AM
Announcement
- The settlement date will be changed to a date yet to be agreed, indicating a delay in the original timeline.
Better than expected
23 February 2025 5:50 PM
Operational Update
- The gold sales exceeded $100 million, surpassing initial expectations.
- The average gold price achieved was significantly higher than the initial estimate of A$2,600 per ounce.
Delay expected
9 February 2025 5:50 PM
Announcement
- The due diligence timeframe for the exclusive right to purchase the Burbanks Plant has been extended.
Better than expected
30 January 2025 4:13 PM
Quarterly Activities Report
- The company exceeded expectations with gold sales of $58.7 million at an average price of $3,952 per ounce.
- The Munda project has progressed faster than expected with the definition of an Ore Reserve and a clear path to mining.
- The acquisition of the Burbanks Mill at a discounted price is a positive development.
Better than expected
30 January 2025 4:12 PM
Quarterly Report
- The company reported a positive operating cash flow, which is better than many exploration companies that often report negative cash flow.
Better than expected
13 January 2025 4:22 PM
Production Update
- The company has exceeded expectations in terms of gold sales and ore processing compared to Stage One.
- The average gold price achieved is higher than previous sales, leading to increased revenue.
- The company has received significant interim cash distributions, indicating strong financial performance.
Better than expected
22 December 2024 4:24 PM
Operational Update
- The company's gold sales for 2024 have exceeded the previous year's total, indicating better than expected performance.
Better than expected
16 December 2024 4:13 PM
Acquisition Announcement
- The acquisition price is a substantial discount to current and replacement values.
- The acquisition will enable Auric to process its own ore, reducing reliance on third-party toll milling.
- The potential to upgrade the plant's capacity offers significant growth opportunities.
Capital raise
11 December 2024 11:53 PM
Clarification Announcement and Pre-Feasibility Study
- The upfront project capital cost for the starter pit is $6.5M.
- Any delay to the treatment of ore via toll milling leads to a requirement for working capital of $8.3M, including a 35% contingency.
Worse than expected
11 December 2024 11:45 PM
Resource Update
- The updated resource estimate shows a slight reduction in grade compared to the previous estimate.
Capital raise
11 December 2024 1:10 AM
Capital Raise Announcement
- Auric Mining Limited is raising AUD 45,000 through the issue of 300,000 ordinary shares at AUD 0.15 per share.
Worse than expected
9 December 2024 4:46 PM
Exploration Update
- The results are worse than expected due to the high AISC of $2,635 per ounce compared to industry averages, a lower than average gold recovery rate, and a very short mine life for the Starter Pit.
Delay expected
9 December 2024 4:46 PM
Exploration Update
- Any delay to the treatment of ore via toll milling leads to a requirement for working capital, including a 35% contingency, $8.3M.
Worse than expected
9 December 2024 4:44 PM
Exploration Update
- The updated resource estimate shows a slight reduction in estimated gold grade compared to the previous estimate from January 2022.
Delay expected
20 November 2024 4:18 PM
Operational Update
- Heavy rain has slowed down the haulage of ore to the Three Mile Hill Plant, potentially impacting the overall processing timeline.
Better than expected
14 November 2024 4:22 PM
Exploration Update
- The drilling results exceeded expectations, revealing high-grade gold intercepts at the Fugitive Prospect and opening a new exploration target at Anomaly 37.
Delay expected
30 October 2024 10:20 PM
Quarterly Report
- The Munda Gold Project's timeline has been delayed due to DEMIRS requiring a Mining Proposal for a larger area than initially planned.
Better than expected
30 October 2024 10:20 PM
Quarterly Report
- The Jeffreys Find gold mine's second processing campaign exceeded expectations, generating significantly higher revenue than anticipated.
Better than expected
27 October 2024 5:20 PM
Operational Update
- The securing of a toll milling agreement with Focus Minerals for a significant amount of ore surpasses previous expectations and ensures expedited cash flow for Auric.
Better than expected
9 September 2024 12:17 AM
Half Year Financial Report
- Auric Mining reported a net profit for the half-year, a significant improvement from the previous year's loss, exceeding expectations given the previous year's performance.
Better than expected
5 September 2024 6:20 PM
Exploration Update
- The aircore drilling results exceeded expectations by confirming high-grade gold intersections at the Fugitive Prospect and identifying additional promising targets at the Anomaly 37 Prospect.
Capital raise
25 July 2024 6:21 PM
Quarterly Cash Flow Report
- The document includes questions about the entity's plans to raise further cash to fund its operations if it has less than 2 quarters of funding available.
- This suggests a potential need for a capital raise in the future.
Worse than expected
25 July 2024 6:21 PM
Quarterly Cash Flow Report
- The company's net cash from operating activities was negative, indicating it spent more than it earned from operations.
- The company has negative cash available for future operating activities, suggesting potential funding challenges.
Better than expected
24 July 2024 6:23 PM
Production Update
- The company expects cash surpluses well in excess of what they had budgeted and anticipated due to the increasing gold price.
Better than expected
4 July 2024 6:18 PM
Missing type for ID: 5160
- ASX:AWJ announces better than expected results.
Better than expected
28 May 2024 7:11 PM
Production Update
- The average selling price of gold was $543 per ounce better than last year.
Better than expected
29 April 2024 6:32 PM
Quarterly Activities Report
- The company is targeting to mine 300,000 tonnes of ore in 2024, significantly more than the 176,000 tonnes processed in 2023.
Capital raise
22 April 2024 12:33 AM
Notice of Annual General Meeting
- The company is seeking approval for a 7.1A mandate, which would allow it to issue up to an additional 10% of its issued capital without further shareholder approval.
- The funds raised from these equity securities would be used for various purposes, including acquisitions, exploration, development, and working capital.
Better than expected
18 April 2024 11:14 PM
Annual Report
- The company reported a profit after income tax expense for the year attributable to the owners of Auric Mining Limited of $1,313,644 compared to a loss of $1,106,692 in the prior year.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.