AWJ
Auric Mining Limited
ASX
Quarterly Activities Report
Sentiment:
Quarterly Activities Report
30 January 2025 4:13 PM
Auric Mining reports strong gold production at Jeffreys Find, progress at Munda project, and acquisition of Burbanks Mill in its December 2024 quarterly activities report.
Better than expected
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.
Summary
- Auric Mining's Jeffreys Find gold mine produced 14,853 ounces of gold up to January 13, 2025, generating $58.7 million in revenue at an average price of $3,952 per ounce.
- The company completed an updated Mineral Resource estimate for the Munda Gold Project and defined an Ore Reserve for a Starter Pit containing 125,000 tonnes of ore at 1.8 g/t Au, with mining expected to commence in March 2025.
- Significant RC drilling results at the Spargoville Gold Project, including 7m at 4.88 g/t Au and 2m at 10.69 g/t Au, indicate strong potential for economically viable deposits.
- Auric has entered into an agreement to acquire the Burbanks Mill for A$4.4 million, including 180,000 tpa gold resources, which is expected to provide significant value and infrastructure.
- The company reported a strong financial position with $3.6 million in cash at the end of the quarter, with additional cash received in January 2025 from gold sales.
- Auric has signed an agreement with the Ngadju Native Title Aboriginal Corporation, providing clarity on future operations and development across Ngadju country.
Sentiment
Score: 8
Explanation: The document presents a very positive outlook with strong production, strategic acquisitions, and promising exploration results. The company's financial position is also strong, and management's comments are optimistic. The only negative is the rescission of the lithium rights purchase, but this is not a major concern.
Positives
- The Jeffreys Find mine has generated substantial revenue from gold sales.
- The Munda project is progressing with a defined Ore Reserve and a clear path to mining.
- Exploration at Spargoville is yielding promising results with high-grade gold intercepts.
- The acquisition of the Burbanks Mill provides a strategic advantage with milling infrastructure.
- The company has a strong cash position.
- The agreement with the Ngadju Native Title Aboriginal Corporation provides clarity for future operations.
Negatives
- The purchase of lithium rights at Munda was rescinded due to a dispute over a royalty deed.
- The Burbanks Mill requires a complete review and upgrades, which may incur additional costs.
- The Munda project is dependent on permit approvals which are expected in Q1 2025.
Risks
- The Munda project is subject to regulatory approvals, which could cause delays.
- The Burbanks Mill acquisition is subject to due diligence, and the deal may not be completed.
- The company is reliant on third-party milling facilities for the Munda project.
- Future exploration results at Spargoville may not yield economically viable deposits.
- The company is exposed to fluctuations in gold prices.
Future Outlook
Auric remains focused on delivering value to shareholders and advancing projects towards long-term sustainable success. The company anticipates commencing mining operations at Munda in March 2025 and is working towards completing the acquisition of the Burbanks Mill.
Management Comments
- The December quarter has created substantial value and opportunities for Auric Mining, reflecting strong operational progress and strategic advancements.
- With gold sales generating $58.7 million in revenue at an average price of AUD $3,952 per ounce, we are in an excellent place.
- This project aligns with our growth strategy and promises to be a valuable addition to our production pipeline.
- I am proud of the teams dedication and the significant progress achieved this quarter.
- As we move into 2025, Auric remains focused on delivering value to our shareholders and advancing our projects toward long term sustainable success.
Industry Context
This announcement reflects a positive trend in the gold mining sector, with Auric demonstrating strong production and strategic acquisitions. The company's focus on exploration and development aligns with the broader industry's efforts to secure future resources and improve operational efficiency. The acquisition of the Burbanks Mill is a strategic move to gain more control over milling operations, which is a common goal for mining companies.
Comparison to Industry Standards
- The average gold price of $3,952 per ounce achieved by Auric is above the current spot price, indicating strong sales execution.
- The Munda project's all-in cost of $2,635 per ounce is competitive, but further details on the cost structure would be needed to compare to other similar projects.
- The acquisition of the Burbanks Mill for A$4.4 million is a significant discount to replacement value, which is a positive sign for the company's strategic decision-making.
- The drilling results at Spargoville, with intercepts like 7m at 4.88 g/t Au and 2m at 10.69 g/t Au, are comparable to other successful exploration projects in the region, such as the Wattle Dam Gold Mine which produced 268,000oz gold @ 10g/t.
Stakeholder Impact
- Shareholders will likely view the report positively due to the strong financial performance and progress on key projects.
- Employees will benefit from the company's growth and expansion.
- Customers will benefit from the company's increased production capacity.
- Suppliers will benefit from the company's increased activity.
- Creditors will be reassured by the company's strong financial position.
Next Steps
- Commence mining operations at the Munda Starter Pit in March 2025.
- Complete due diligence and finalize the acquisition of the Burbanks Mill.
- Conduct further RC drilling at the Spargoville project.
- Obtain necessary permits for the Munda project.
- Complete final GIC calculations and grade reconciliation for Jeffreys Find processing campaigns.
Key Dates
- 28 January 2022: Previous Munda Mineral Resource estimate was announced.
- 20 November 2024: Two gold processing campaigns commenced at Three Mile Hill.
- 28 November 2024: A processing campaign commenced at the Greenfields Mill.
- 16 December 2024: Exclusivity period for Burbanks Mill acquisition commenced.
- 31 December 2024: End of the reporting quarter.
- 5 January 2025: Two gold processing campaigns completed at Three Mile Hill.
- 13 January 2025: Gold sales from Jeffreys Find reached 14,853 ounces.
- 20 January 2025: Processing campaign at the Greenfields Mill was completed.
- Late January 2025: BML Ventures expects to complete mining activities at Jeffreys Find.
- 10 February 2025: Exclusivity period for Burbanks Mill acquisition ends.
- March 2025: Mining operations at Munda are expected to commence, and settlement for Burbanks Mill acquisition is scheduled.
Keywords
gold, mining, exploration, mineral resources, ore reserve, drilling, milling, acquisition, Jeffreys Find, Munda, Spargoville, Burbanks Mill
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.