AWJ
Auric Mining Limited
ASX
2025 Annual General Meeting Presentation
Sentiment:
Annual General Meeting Presentation
28 May 2025 11:00 PM
Auric Mining Limited announced robust financial growth for 2024, marked by significant increases in revenue and profit, alongside strategic advancements in gold production and asset acquisitions, as presented at its Annual General Meeting.
Better than expected
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.
Summary
- Auric Mining Limited reported a dynamic 2024 calendar year, demonstrating rapid progress and strong financial performance.
- The Jeffreys Find Mine is expected to conclude with approximately 60,000 tonnes of ore processed, yielding around 2,750 ounces of gold and a payment to Auric of more than $3 million in Q3/2025.
- The total cash investment into Jeffreys Find Mine was about $1.5 million, which is projected to generate over $15 million in cash returns for Auric.
- The Munda Gold Mine's Starter Pit is now in production, with an expectation to produce about 6,000 ounces of gold.
- Auric entered an agreement in December 2024 to purchase the Burbanks Gold Facility at Coolgardie for $4.4 million, with contract execution imminent.
- The company plans to commence the process of rebuilding Burbanks to enable in-house ore processing and gold production.
- An offer was made to purchase the Lindsays Project, including the Parrot Feathers Gold Mine, which previously produced over 6,000 ounces in 2013, with plans for the team to be onsite in late 2025.
- An historic Native Title Agreement was executed in December 2024 with the Ngadju Native Title Aboriginal Corporation, providing long-term clarity for exploration and development on Ngadju country.
- A $6.7 million capital raising via share placement was completed last week, strengthening the company's financial position.
- The company's employee base grew from 6 to approximately 25 over the past 12 months.
Sentiment
Score: 9
Explanation: The document conveys overwhelmingly positive sentiment, highlighting significant financial growth, successful project execution, strategic acquisitions, and a strong outlook for future integration and production, with no negatives or risks mentioned.
Positives
- The company achieved a significant increase in Net Profit Before Tax by 212% to $4,098,978 in FY 2024.
- Total Revenue saw a substantial 76% increase to $8,453,164 in FY 2024.
- Total Assets grew by 62% to $21,621,856, indicating strong balance sheet growth.
- Net Current Assets increased by 135% to $8,372,633, improving liquidity.
- Total Equity rose by 50% to $17,937,048, reflecting increased shareholder value.
- The Jeffreys Find Mine is a resounding success, expected to generate over $15 million in cash returns from a $1.5 million investment.
- The Munda Gold Mine's Starter Pit is now in production, with an expectation to produce about 6,000 ounces.
- The acquisition of the Burbanks Gold Facility for $4.4 million is a logical step towards becoming a significant mining house with processing capabilities.
- The offer to purchase the Lindsays Project, including the near-mine-ready Parrot Feathers Gold Mine, expands the resource base.
- The execution of an historic Native Title Agreement with the Ngadju Native Title Aboriginal Corporation provides long-term clarity for operations.
- A $6.7 million capital raising was successfully completed, placing the company in a strong financial position.
- The company's team has grown substantially from 6 to around 25 employees, indicating operational expansion and increased capacity.
Future Outlook
Auric Mining aims to become a significant mining house and an integrated gold company, controlling its own destiny by milling its own ore and producing its own gold. The company plans to accelerate gold production, expand its resource base through acquisitions like the Lindsays Project, and continue developing its flagship Munda asset, with a vision for a rewarding 2025 and beyond.
Management Comments
- Steven Morris, Non-Executive Chair, stated that the acquisition of the Burbanks Mill is a logical step towards their stated aim of becoming a significant mining house in one of the world's best gold mining regions.
- Steven Morris also commented that refurbishment of Burbanks and its re-opening would firmly place them in the category of a significant mining house.
- Steven Morris expressed gratitude to shareholders for their continued support and thanked Wiggy Saunders and the team at Munda for being terrific.
- Mark English, Managing Director, affirmed that shareholders can be confident the company is on the right path and moving forward rapidly.
- Mark English highlighted that the Jeffreys Find Mine looks certain to generate more than $15 million in cash returns for Auric, making it a resounding success.
- Mark English thanked BML Ventures for their proficient open pit mining and the tremendous outcome for Auric.
- Mark English expressed delight that the contract to purchase the Burbanks Gold Facility will shortly be executed, marking the road to milling their own ore.
- Mark English acknowledged the Ngadju elders for their willingness to interact positively, leading to the historic Native Title Agreement.
- Mark English stated that the recently completed $6.7 million capital raising places them in a strong financial position to accelerate gold production and control their own destiny.
- Mark English reiterated the vision to be an integrated gold company, noting that many pieces of the puzzle were put in place in 2024.
- Mark English expressed delight with the caliber and skills of the growing team.
Industry Context
Auric Mining is actively expanding its footprint in the Kalgoorlie and Coolgardie regions of Western Australia, a globally recognized premier gold mining area. The company's strategy to acquire and refurbish processing facilities like the Burbanks Mill aligns with a broader industry trend among junior miners seeking to gain greater control over their value chain and reduce reliance on third-party processing, thereby improving margins and operational flexibility. Their focus on expanding resource bases through projects like Lindsays and securing Native Title Agreements demonstrates a commitment to long-term sustainable growth within the Australian gold sector.
Comparison to Industry Standards
- The document does not provide specific comparisons to other comparable companies, projects, or global benchmarks.
- It generally states the aim to become 'one of the world's best gold mining regions' but offers no specific comparative data points.
Stakeholder Impact
- Shareholders are positively impacted by the strong financial performance, including significant increases in revenue, profit, and total equity, as well as the successful $6.7 million capital raising.
- Employees benefit from the substantial growth in the team, from 6 to approximately 25 employees, indicating job creation and expansion.
- The Ngadju people are positively impacted by the historic Native Title Agreement, which provides ongoing benefits to them.
- BML Ventures, as a key partner, is acknowledged for their proficient work at Jeffreys Find, indicating a successful collaboration.
Next Steps
- Processing of Jeffreys Find ore at the Three Mile Hill Mill at Coolgardie is expected to commence at the beginning of July.
- The contract to purchase the Burbanks Gold Facility is expected to be executed shortly.
- The company will, in the foreseeable future, start the process of rebuilding Burbanks to get into the world of processing.
- The company intends to have its team onsite at the Lindsays Project in late 2025.
Key Dates
- 2013: The Parrot Feathers Gold Mine produced more than 6,000 ounces.
- December 2024: Auric entered into an agreement to purchase the Burbanks Gold Facility for $4.4 million.
- December 2024: An historic Native Title Agreement was executed with the Ngadju Native Title Aboriginal Corporation.
- 31 December 2024: End of the financial year for which the Annual Financial Report was considered.
- 2024 calendar year: Described as another dynamic year for Auric, with significant financial results.
- early 2025: Mining of the Munda Gold Mine Starter Pit was achieved.
- 29 May 2025: Date of the Annual General Meeting (AGM) and presentation.
- beginning of July: Processing of Jeffreys Find ore at the Three Mile Hill Mill at Coolgardie is expected to start.
- Q3/2025: Payment to Auric of more than $3 million from Jeffreys Find is expected to be received.
- late 2025: Auric's team intends to be onsite at the Lindsays Project.
Keywords
gold mining, gold exploration, gold production, mining company, Western Australia, Jeffreys Find Mine, Munda Gold Mine, Burbanks Mill, Lindsays Project, Native Title Agreement, capital raising, ASX: AWJ, Coolgardie, Kalgoorlie
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.