AWJ
Auric Mining Limited
ASX
Net Profit Up By 212% To $4.1 Million For 2024 Year
Sentiment:
Annual Report
30 March 2025 5:17 PM
Auric Mining Limited reports a net profit before tax of $4.1 million for the financial year ended December 31, 2024, marking a significant increase in revenue and profitability.
Better than expected
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.
Summary
- Auric Mining Limited (ASX: AWJ) announced its financial results for the year ending December 31, 2024.
- The company recorded a net profit before tax of $4.1 million, a 212% increase compared to the previous year.
- Total revenue increased by 76% to $8.45 million.
- Adjusted net profit before tax, after major non-cash adjustments, was $5.72 million, up 101% from the previous year.
- Total assets increased by 62% to $21.6 million.
- Auric Mining and its partner BML Ventures Pty Ltd achieved a total gold production of 11,579 ounces in 2024.
- The company successfully acquired the mining interests off WIN Metals Limited at the Munda project, M15/87.
- During the year, the company raised $2.7 million before costs from the exercise of options.
- The company anticipates a stable demand outlook for gold in the coming year, with prices averaging around $4,700 per ounce in 2024.
- Auric Mining signed a Native Title Agreement with the Ngadju Native Title Aboriginal Corporation (NNTAC) on December 17, 2024.
- Subsequent to the end of the financial year, Auric Mining Limited successfully completed due diligence for the acquisition of the Burbanks Gold Facility, located in Coolgardie, Western Australia for $4.4 million (plus GST).
- On 27 February 2025, Auric Mining Limited executed a Binding Letter Agreement to acquire Lindsays Gold Project from Top Global Mining Pty Ltd and NBC Mining Pty Ltd for $4 million.
- Auric Mining Limited further expanded its landholding in the Widgiemooltha-Higginsville area with the acquisition of the Loded Dog tenements from Loded Dog Prospecting Pty Ltd.
Sentiment
Score: 8
Explanation: The document presents a highly positive outlook with significant increases in revenue, profit, and assets. The strategic acquisitions and agreements further enhance the company's growth potential. However, the going concern note tempers the overall sentiment.
Positives
- The company achieved a significant increase in net profit before tax, up 212% to $4.1 million.
- Total revenue increased substantially by 76% to $8.45 million.
- The company's total assets grew by 62% to $21.6 million, indicating strong financial health.
- The acquisition of the Burbanks Gold Facility and Lindsays Gold Project will enhance the company's gold production operations.
- The signing of the Native Title Agreement with the Ngadju People provides a stable framework for future exploration and development.
- The company successfully raised $2.7 million through the exercise of options, strengthening its financial position.
Negatives
- Operating cash flow decreased to $1.00 million from $4.22 million in the previous year.
- The company has forecasted significant committed expenditure as a result of the purchase of additional assets, which may cast significant doubt about the consolidated entitys ability to continue as a going concern.
Risks
- Exploration risk is inherent in the company's activities, with no guarantee of discovering economic mineral deposits.
- Regulatory risks exist regarding the maintenance and renewal of tenements.
- Future funding risk is present, as exploration, development, and acquisition activities are capital intensive.
- Fluctuations in gold prices can materially impact profitability and project economics.
- Maintaining positive community and stakeholder relations is crucial to avoid impacts on project timelines and the company's reputation.
- The company has forecasted significant committed expenditure as a result of the purchase of additional assets, 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 in the coming year and is focused on optimising production costs and enhancing resource development to capitalise on market opportunities.
Management Comments
- Mr. Mark English, Managing Director, stated that the company posted an operating profit for the second consecutive year, recording a $4.1 million net profit before tax for the financial year ended 31 December 2024.
- Mr. English noted that total net profit was up 212% compared to 2023 and total assets increased by 62% to $21.6 million in 2024, adding that the Company is in an excellent financial position.
- Mr. English stated that 2024 was a transformative year as the company set about creating a pipeline of cash generating projects.
- Mr. English said that another outstanding year for the Company and our shareholders.
Industry Context
The announcement reflects a positive trend in the gold mining sector, driven by sustained market demand and stable gold prices. The company's strategic investments and operational efficiencies have positioned it well to capitalise on these favorable market conditions.
Comparison to Industry Standards
- While specific competitor comparisons aren't provided, the reported revenue growth of 76% and a 212% increase in net profit before tax indicate a strong performance compared to industry averages.
- Companies like Northern Star Resources and Evolution Mining, which are established gold producers in Australia, serve as benchmarks for operational efficiency and profitability.
- Auric Mining's focus on acquiring near-term gold production assets aligns with industry trends of consolidating resources and expanding production capacities.
Stakeholder Impact
- Shareholders will benefit from the increased profitability and asset growth, potentially leading to higher returns.
- Employees may see increased job security and opportunities for advancement due to the company's expansion.
- Customers can expect a reliable supply of gold as the company enhances its production capabilities.
- Suppliers may experience increased demand for their products and services as the company expands its operations.
- Creditors will view the company as a more creditworthy borrower due to its improved financial performance.
Next Steps
- Complete the acquisition of the Burbanks Gold Facility in late Q2/2025.
- Conduct further assessments to finalise mining plans for the Lindsays Gold Project, with a focus on restarting open-pit mining at Parrot Feathers in 2025.
- Undertake further exploration programmes to assess the full potential of the Loded Dog tenements.
- Commence mining of a starter pit at Munda Gold Deposit in Q2 2025.
- Continue to focus on optimising production costs and enhancing resource development.
Key Dates
- December 14, 2020: Commencement date of Consultancy agreement for Steven Morris and Executive Services agreement for Mark English and John Utley.
- January 1, 2023: Tamara Barr was the Company Secretary from this date.
- December 18, 2023: The Company entered into a subscription agreement with Golden Horse Minerals Ltd.
- May 24, 2024: Employee Securities Incentive Plan approved at the Annual General Meeting.
- May 1, 2024: Catherine Kah Yan Yeo appointed as Company Secretary.
- December 17, 2024: Auric Mining Limited signed a Native Title Agreement with the Ngadju Native Title Aboriginal Corporation (NNTAC) and acquisition of the Burbanks Gold Facility was initially announced to the ASX.
- December 31, 2024: End of financial year.
- February 25, 2025: Auric Mining Limited announced the acquisition of the Loded Dog tenements from Loded Dog Prospecting Pty Ltd.
- February 27, 2025: Auric Mining Limited executed a Binding Letter Agreement to acquire Lindsays Gold Project from Top Global Mining Pty Ltd and NBC Mining Pty Ltd.
- March 28, 2025: Date of the announcement to the Australian Securities Exchange and the date the financial statements were authorised for issue.
- June 1, 2025: Final payment of $200,000 is due to be made to WIN Metals Ltd as part of the acquisition from WIN Metals Limited.
- Late Q2/2025: Completion of the Burbanks Gold Facility transaction is expected to occur.
Keywords
gold mining, financial results, net profit, revenue, gold production, Auric Mining, exploration, 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.
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.
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.
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.
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.
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.