AWJ
Auric Mining Limited
ASX
AGM Notice of Meeting & Proxy Form
Sentiment:
Notice of Annual General Meeting
27 April 2025 11:40 PM
Auric Mining Limited's Notice of Annual General Meeting outlines key resolutions for shareholder voting, including director re-election, approval of a 7.1A mandate, and incentive option issuances.
Capital raise
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.
Summary
- Auric Mining Limited will hold its Annual General Meeting (AGM) on Thursday, 29 May 2025, at 11:00am WST in East Perth, WA.
- Shareholders registered by 5:00 pm WST on Tuesday, 27 May 2025, are eligible to vote.
- The agenda includes receiving the annual financial report for the year ended 31 December 2024 and adopting the Remuneration Report.
- Shareholders will vote on the re-election of Steven Morris as a Director.
- Approval is sought for a 7.1A mandate, allowing the company to issue up to 10% of its issued capital.
- The meeting will also address the issuance of incentive options to directors Steven Morris, Mark English, and John Utley.
- Shareholders will vote on the approval to issue corporate advisor options.
Sentiment
Score: 7
Explanation: The document is neutral to positive. It outlines standard corporate governance procedures and seeks approvals for measures that could benefit the company's growth, such as the 7.1A mandate and incentive options. However, there are potential dilution risks for shareholders.
Positives
- The proposed incentive options for directors are designed to align their interests with those of shareholders by incentivizing increased gold production.
- The 7.1A mandate, if approved, provides the company with greater flexibility to raise capital without requiring shareholder approval for each issuance.
- Re-election of experienced directors like Steven Morris can provide stability and expertise to the board.
Negatives
- The issuance of new equity securities under the 7.1A mandate could dilute the holdings of existing shareholders.
- The incentive options for directors are contingent on achieving a cumulative gold production of 80,000 ounces before the expiry date, with production calculated from the date of issue of the Incentive Options.
- If the 7.1A mandate is not approved, the company will have less flexibility in issuing equity securities.
Risks
- The market price of the company's shares may be lower on the issue date of equity securities than on the date of the meeting.
- Shares may be issued at a discount to the market price.
- Failure to achieve the vesting conditions for the incentive options would mean the directors do not receive the intended benefits.
- Dilution of existing shareholders' holdings if the 7.1A mandate is fully utilized.
Future Outlook
The company intends to use funds raised from issues of Equity Securities under the 7.1A Mandate for the acquisition of new resources, assets and investments, continued exploration expenditure on the Company's current assets/or projects, development of the Company's current business, and general working capital.
Management Comments
- The Board has reviewed Steven Morris's performance and considers that his skills and experience will continue to enhance the Board's ability to perform its role.
- The Board (excluding Steven) recommend that Shareholders vote in favour of the re-election of Steven Morris.
Industry Context
The approval of the 7.1A mandate is a common practice among smaller ASX-listed companies to provide flexibility in raising capital for exploration and development activities, aligning with industry norms for junior mining companies.
Comparison to Industry Standards
- Granting incentive options to directors is a standard practice in the mining industry to align management's interests with shareholders and incentivize performance, similar to companies like De Grey Mining Ltd (DEG) and EverGreen Lithium Ltd (ASX:EG1).
- The vesting condition of achieving a cumulative gold production of 80,000 ounces is a performance-based metric common in the mining sector, comparable to production targets set by other gold mining companies.
- The use of a corporate advisor and the issuance of options as compensation is a typical arrangement in the industry, similar to engagements made by other ASX-listed companies seeking capital and strategic advice.
Stakeholder Impact
- Shareholders may experience dilution if the 7.1A mandate is fully utilized.
- Directors are incentivized to improve company performance through the proposed incentive options.
- Employees may benefit from the company's growth and development if the funds raised are used effectively.
- The company's ability to acquire new assets and continue exploration could benefit suppliers and contractors.
Next Steps
- Shareholders need to review the resolutions and vote by the specified deadline.
- The company will proceed with the resolutions based on the outcome of the shareholder vote.
- If approved, the company will implement the 7.1A mandate and issue incentive options to directors and corporate advisors.
Key Dates
- 31 December 2024: Financial year end for the annual financial report to be considered at the meeting
- 25 April 2025: Date of the Notice of Annual General Meeting
- 27 May 2025: Shareholders must be registered by 5:00 pm WST to be eligible to vote at the Meeting
- 27 May 2025: Proxy forms must be received by 11:00am (AWST)
- 29 May 2025: Date of the Annual General Meeting at 11:00am WST
- 24 May 2024: Date of the previous annual general meeting where the Company previously obtained approval from its Shareholders pursuant to Listing Rule 7.1A
- 26 May 2023: Steven Morris was last re-elected on this date.
- 31 January 2028: Expiry date for 1,250,000 corporate advisor options exercisable at $0.40 each
- 31 January 2029: Expiry date for 1,250,000 corporate advisor options exercisable at $0.60 each
Keywords
AGM, Annual General Meeting, Shareholder Vote, 7.1A Mandate, Incentive Options, Director Re-election, Equity Securities, Auric Mining
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.
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 4:46 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.
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.
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.
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.
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.