AWJ
Auric Mining Limited
ASX
AMEC & Austex Brisbane Resources Lunch - 16 July 2025
Sentiment:
Investor Presentation
15 July 2025 9:38 PM
Auric Mining Ltd, a highly profitable gold producer, showcases its strategic asset base in Western Australia's world-class Goldfields, strong financial performance, and experienced leadership team in a recent investor presentation.
Better than expected
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.
Summary
- Auric Mining Ltd is positioned in the Goldfields of Western Australia, a region known for its excellent infrastructure and mineral potential.
- The company's share structure as of 30 June 2025 shows 185.98 million shares on issue, 11.55 million unlisted options, a market capitalization of $29.75 million, and $13.32 million in cash at bank, debtors, and investments.
- The Jeffreys Find Gold Mine has generated over $120 million in gold sales, with Auric's total cash cost for acquisition, development, and associated costs being approximately $1.5 million.
- Auric splits all surplus cash from Jeffreys Find with BML Ventures Pty Ltd on a 50:50 basis, having received $8.1 million to date and an estimated final cash distribution of $11.5 million to $12.5 million.
- Final toll milling at Jeffreys Find commenced on 9 July 2025, with final cash distributions expected in Q3/2025.
- The Munda Starter Pit is underway with a production target of 125,000 tonnes of ore at 1.8 g/t Au, estimated to produce around 6,100 ounces of gold over approximately five months.
- The company is acquiring the Burbanks Gold Processing Facility for $4.4 million, with settlement expected mid-August 2025, aiming to accelerate development and reduce capital outlay.
- A binding term sheet has been executed for the Lindsays Project, with settlement hoped for early September 2025, offering potential for near-term open pit gold mining.
- Auric has also expanded its holdings around Higginsville by purchasing eight tenements for $475,000 plus milestone payments and royalties, with drilling programs planned for 2025.
- The company's short-term strategy includes processing the final 60,000 tonnes from Jeffreys Find targeting 2,750 ounces in Q3/2025, and completing Munda Starter Pit mining targeting 6,100 ounces from Q4/2025 to Q1/2026.
- Auric aims for a short-term production target of 8,500 to 9,000 ounces.
- Medium-term goals include optimizing a larger pit at Munda, mining and treating first ore from Lindsays, refurbishing Burbanks to process ore from 2028 onwards, and growing resources at Munda and Lindsays to over 300,000 ounces.
- The company's overarching medium-term strategy is to rapidly grow its resource base via exploration or acquisition to 500,000 ounces by December 2028.
Sentiment
Score: 9
Explanation: The document presents a highly positive outlook, highlighting significant past financial success from Jeffreys Find, a strong cash position, strategic acquisitions, and ambitious growth targets for production and resources, all underpinned by an experienced management team in a world-class mining region.
Positives
- Auric Mining operates in the highly prospective Goldfields of Western Australia, a world-class mining address with excellent infrastructure.
- The company boasts a board with a proven track record of successful gold discovery, development, and production.
- Jeffreys Find Gold Mine has been a significant cash generator, contributing $8.1 million to Auric to date with an estimated final cash of $11.5 million to $12.5 million.
- The Munda Starter Pit is expected to produce 6,100 ounces of gold with robust project economics due to the gold price around A$5,000 an ounce.
- Strategic acquisitions like the Burbanks Gold Processing Facility for $4.4 million and Lindsays Project are set to accelerate development and expand production potential.
- The purchase of eight Loded Dog tenements for $475,000 adds to the company's holdings in a gold-rich area near the 1 million+ ounce Trident deposit.
- The company has a healthy cash balance of $13.32 million as of 30 June 2025, providing financial flexibility.
- Auric has a clear short-term production target of 8,500 to 9,000 ounces and ambitious medium-term resource growth targets of 300,000+ ounces and 500,000 ounces by December 2028.
Risks
- The presentation contains forward-looking statements that involve known and unknown risks, uncertainties, assumptions, and other important factors, many of which are beyond the company's control.
- The company does not guarantee that the results, performance, or achievements expressed or implied by forward-looking statements will be realized.
- Specific operational or market risks beyond general industry factors are not detailed in the document.
Future Outlook
Auric Mining plans to escalate gold production and rapidly grow its resource base, aiming to optimize a larger pit at Munda, mine and treat first ore from the Lindsays Project, and refurbish the Burbanks Gold Processing Facility to process Auric ore from 2028 onwards. The company targets growing resources at Munda and Lindsays to over 300,000 ounces and expanding its overall resource base to 500,000 ounces by December 2028 through exploration and strategic acquisitions.
Management Comments
- The board has a track record of successful gold discovery, development, and production, having grown Auric into a highly profitable gold producer.
- Mark English, Managing Director, spearheaded Auric's march to an ASX listing and is actively involved in all business activities since inception, with particular responsibility for company strategy, financial management, corporate development, and acquisition opportunities.
- The on-ground leadership team is skilled in overseeing safe, efficient, and productive operations at Munda Gold Mine.
Industry Context
Auric Mining's projects are strategically located in the Goldfields of Western Australia, a globally recognized gold-producing region with established infrastructure and support services. The Spargoville Project tenements are situated near the historical Wattle Dam Gold Mine, which produced 267,000 ounces at an average of 10.6g/t Au for Ramelius Resources, and just south of Spargos Reward, owned by Westgold Resources, which produced 37,439 ounces at 3.1g/t Au. The Loded Dog tenements are close to the 1 million+ ounce Trident deposit, also owned by Westgold Resources, indicating the prospectivity of Auric's expanded landholdings within a highly active gold mining district.
Comparison to Industry Standards
- The Spargoville Project's proximity to the Wattle Dam Gold Mine, which produced 267,000 ounces of gold at an average of 10.6g/t Au for Ramelius Resources between 2006 and 2012, suggests a high-grade gold potential for Auric's targets.
- The Spargoville tenements also sit just south of Spargos Reward, owned by Westgold Resources, which produced 37,439 ounces of gold at 3.1g/t Au between 2021 and 2022, providing a recent comparable production example in the immediate vicinity.
- Auric's Loded Dog tenements are located close to the 1 million+ ounce Trident deposit, owned by Westgold Resources, indicating the potential for significant gold discoveries within Auric's expanded land package.
Stakeholder Impact
- Shareholders are likely to benefit from increased company value due to strong financial performance, strategic acquisitions, and ambitious growth plans.
- Employees at the Munda Gold Operation and future projects can expect stable employment and potential growth opportunities as operations expand.
- Suppliers may see increased demand for services and equipment as the company progresses with mining, exploration, and facility refurbishment.
- Creditors could view the company as a more stable and attractive borrower given its strong cash position and projected profitability.
Next Steps
- Process the final 60,000 tonnes from Jeffreys Find in Q3/2025, targeting 2,750 ounces.
- Complete Starter Pit mining at Munda from Q4/2025 to Q1/2026, targeting 6,100 ounces.
- Complete the Lindsays acquisition, publish resource estimates, and advance mine planning and permitting from Q3/2025 to Q2/2026.
- Conduct technical and feasibility studies for the Burbanks Gold Processing Facility refurbishment or rebuild in 2025/2026.
- Undertake focused drilling campaigns at Loded Dog and Spargoville from Q3/2025 to Q1/2026.
- Optimise a much larger pit at Munda based on validated and refined Starter Pit resource model.
- Mine and treat first ore from the Lindsays Project and expand resources at Lindsays.
- Refurbish Burbanks with the aim to process Auric ore from 2028 onwards.
- Grow resources at Munda and Lindsays to over 300,000 ounces.
- Conduct exploration and resource definition at Loded Dog and Spargoville to add additional ounces.
- Rapidly grow the resource base via exploration or acquisition with the aim to build to 500,000 ounces by December 2028.
Key Dates
- 18 November 2020: Independent Geologists Report included in Auric Mining Limited Prospectus.
- 25 November 2024: Announcement of encouraging RC drilling results from the Spargoville Project.
- 24 February 2025: Announcement that Jeffreys Find Gold Mine gold sales exceeded $100 million.
- 25 February 2025: Announcement of Auric's acquisition of Loded Dog Tenements proximal to Higginsville Gold Deposits.
- 30 April 2025: Release of the 2024 Annual Report to Shareholders.
- 13 May 2025: Announcement of mining commencing at Munda Gold Mine.
- 15 May 2025: Update on activities at Jeffreys Find Gold Mine.
- 30 June 2025: Date for the company's financial structure snapshot, including shares on issue, options, market cap, and cash at bank.
- 7 July 2025: Blasthole rigs were operating at Munda Gold Mine.
- 9 July 2025: Final toll milling started at Jeffreys Find Gold Mine.
- 16 July 2025: Date of the Investor Presentation in Brisbane.
- Mid August 2025: Expected settlement date for the acquisition of the Burbanks Gold Processing Facility.
- Early September 2025: Hoped for settlement date for the Lindsays Project acquisition.
- Q3/2025: Expected period for final cash distributions from Jeffreys Find, processing of the final 60,000 tonnes from Jeffreys Find, and commencement of focused drilling campaigns at Loded Dog and Spargoville.
- October 2025: Scheduled date for the first toll milling parcel from Munda.
- Q4/2025: Expected period for completing Starter Pit mining at Munda.
- Q1/2026: Expected period for completing Starter Pit mining at Munda and continuing focused drilling campaigns at Loded Dog and Spargoville.
- Q2/2026: Expected period for completing Lindsays acquisition, publishing resource estimates, and advancing mine planning and permitting.
- 2025/2026: Period for conducting technical and feasibility studies for the Burbanks Gold Processing Facility refurbishment or rebuild.
- 2028 onwards: Target period for processing Auric ore from the refurbished Burbanks facility.
- December 2028: Target date to build the resource base to 500,000 ounces.
Keywords
Gold mining, Goldfields, Western Australia, Gold production, Gold exploration, Jeffreys Find Gold Mine, Munda Gold Mine, Burbanks Gold Processing Facility, Lindsays Project, Loded Dog Tenements, Spargoville Project, Mineral resources, Toll milling, Mining investment
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.