AWJ
Auric Mining Limited
ASX
Milling of 150,000t Underway. Cash to Auric within Weeks
Sentiment:
Production Update
24 July 2024 6:23 PM
Auric Mining's Jeffreys Find Gold Mine commences toll milling of 150,000 tonnes, anticipating first cash distributions this quarter amid rising gold prices.
Better than expected
The company expects cash surpluses well in excess of what they had budgeted and anticipated due to the increasing gold price.
Summary
- Auric Mining has commenced processing 150,000 tonnes of ore from the Jeffreys Find Gold Mine at Greenfields Mill.
- As of July 23, 2024, 75,600 tonnes were on the ROM Pad at Greenfields.
- The second campaign is expected to conclude in early September 2024.
- Auric Mining is on track to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- The company anticipates receiving its first cash distributions this quarter.
- The current gold price is around $3,600 an ounce.
- The 150,000 tonnes parcel is expected to generate well in excess of $25 million through gold sales for the joint venture.
- An additional 120,000 tonnes are slated for milling at Greenfields towards the end of 2024.
- Auric is expected to receive its first surplus cash distribution from the JV in late August and further distributions in September 2024.
Sentiment
Score: 8
Explanation: The announcement is positive due to the commencement of toll milling, expected cash distributions, and rising gold prices. The company is on track to meet its targets, and management expresses confidence in future performance.
Positives
- The company has commenced processing a significant amount of ore (150,000 tonnes).
- The company is on track to meet its processing targets for 2024/2025 (300,000 tonnes).
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- Auric Mining anticipates receiving its first cash distributions this quarter.
- Rising gold prices are expected to increase cash surpluses.
- The current gold price is around $3,600 an ounce.
- The 150,000 tonnes parcel is expected to generate well in excess of $25 million through gold sales for the joint venture.
- Auric is expected to receive its first surplus cash distribution from the JV in late August and further distributions in September 2024.
Risks
- The announcement contains forward-looking statements which are subject to known and unknown risks, uncertainties, and other important factors.
- The Directors cannot and do not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this Announcement will actually occur.
Future Outlook
Auric Mining anticipates further gold milling campaigns scheduled later in 2024 and expects to receive its first surplus cash distribution from the JV in late August and further distributions in September 2024.
Management Comments
- We have the good fortune of pouring gold just as the price firms.
- The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
- While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
- Jeffreys Find will be a substantial cash producer for Auric in 2024.
- We are on target to receive our first distribution within about a month.
Industry Context
This announcement reflects positive momentum in the gold mining sector, with Auric Mining capitalizing on rising gold prices to enhance profitability and cash flow from its Jeffreys Find project. The toll milling agreement with Greenfields Mill allows Auric to efficiently process ore without significant capital expenditure.
Comparison to Industry Standards
- It is difficult to compare the results to industry standards without knowing the grade of the ore being processed and the all-in sustaining costs of production.
- However, the company's expectation of generating well in excess of $25 million from 150,000 tonnes suggests a reasonable margin, assuming costs are well managed.
- Companies like Northern Star Resources and Evolution Mining typically process much larger volumes of ore, but Auric's focus on smaller, high-grade deposits can be a viable strategy.
Stakeholder Impact
- Shareholders can expect potential returns through cash distributions.
- Employees benefit from continued operations and potential job security.
- Customers (Greenfields Mill) gain from the toll milling contract.
- Suppliers benefit from ongoing mining activities.
- Creditors may see improved financial stability of Auric Mining.
Next Steps
- Continue processing 150,000 tonnes at Greenfields Mill.
- Complete the second campaign by early September 2024.
- Mine up to 400,000 tonnes this year and into early 2025.
- Process 300,000 tonnes at Greenfields Mill in 2024/2025.
- Schedule further gold milling campaigns later in 2024.
- Receive first surplus cash distribution from the JV in late August and further distributions in September 2024.
Key Dates
- 16 July 2024: Date of the Jeffreys Find Pit photo.
- 23 July 2024: 75,600 tonnes on ROM Pad at Greenfields.
- 25 July 2024: Date of ASX Announcement.
- Early September 2024: Expected completion of the second campaign.
- Late August 2024: Expected first surplus cash distribution from the JV.
- September 2024: Expected further distributions.
- End of 2024: Additional 120,000 tonnes for milling at Greenfields.
- 2024/2025: Target to process 300,000 tonnes at Greenfields Mill.
Keywords
Jeffreys Find Gold Mine, Auric Mining, Toll Milling, Gold Production, Greenfields Mill, Cash Distribution
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.
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.
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
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.