AWJ
Auric Mining Limited
ASX
Sydney Mining Club Presentation
Sentiment:
Corporate Presentation
6 March 2025 2:00 AM
Auric Mining Ltd highlights its strategy of rapidly monetizing select assets, focusing on gold exploration and production growth in the Kalgoorlie-Coolgardie region, with a vision of achieving operational and financial independence within 3-4 years.
Better than expected
Stage Two gold production at Jeffreys Find has surpassed $100 million in revenue, exceeding initial expectations.
Summary
- Auric Mining Ltd is focused on gold exploration and production in the Kalgoorlie-Coolgardie region of Western Australia.
- The company's strategy involves selecting assets that can be rapidly brought into production and monetized.
- Key milestones include the acquisition of Jeffreys Find from Mincor Resources in September 2020 and the commencement of Stage One mining in May 2023.
- Stage Two gold production at Jeffreys Find has passed $100 million in revenue, with $8.1 million cash received as of February 2025.
- The company estimates final cash to Auric from Jeffreys Find to be between $16 million and $17 million.
- Auric's flagship asset is the Munda Gold Deposit, with a re-estimated mineral resource of 145,000 ounces of gold.
- A starter pit at Munda is planned to commence in September/October 2025, targeting 125,000 tonnes of ore at 1.8 g/t Au, expected to produce about 6,100 ounces of gold.
- Auric has entered into a letter agreement to purchase the Burbanks Gold Plant for $4.4 million.
- The company has also acquired eight tenements around Higginsville for $475,000 plus milestone payments and the Lindsays Project for $4 million in cash and shares.
- Auric's vision is to achieve operational and financial independence within 3-4 years.
Sentiment
Score: 8
Explanation: The document presents a positive outlook for Auric Mining, highlighting significant revenue generation, strategic acquisitions, and a clear path towards future growth and independence. The focus on near-term production and cost control further contributes to the positive sentiment.
Positives
- Auric Mining has achieved significant revenue from its Jeffreys Find gold mine, exceeding $100 million in Stage Two gold production.
- The company has a clear strategy of selecting and rapidly monetizing assets.
- Auric is expanding its land holdings through acquisitions like the Lindsays Project and tenements around Higginsville.
- The company is progressing towards operational and financial independence.
- The Munda Gold Deposit represents a significant flagship asset with a substantial mineral resource.
- Auric's total cash cost on acquisition, development, and associated costs for Jeffreys Find is approximately $1.5 million.
Risks
- Forward-looking statements are subject to risks, uncertainties, and assumptions that may affect actual results.
- The company's ability to achieve its vision of operational and financial independence depends on various factors, many of which are beyond its control.
- Mining operations are inherently risky and subject to unforeseen challenges.
- Toll milling agreements need to be negotiated for the Munda project.
Future Outlook
Auric Mining aims to process the remaining 60,000 tonnes of ore from Jeffreys Find, commence operations at Munda in Q1/Q2 2025, complete the Burbanks and Lindsays acquisitions, and begin exploration at Spargoville and Loded Dog.
Management Comments
- Auric Mining is committed to gold exploration and production growth.
- The company's goal is to reach operational and financial independence within 3-4 years, enabling it to control its own destiny.
Industry Context
Auric Mining operates in the Kalgoorlie-Coolgardie region, a premier gold district in Western Australia, benefiting from established infrastructure and services for gold mining. The company's strategy aligns with the industry trend of focusing on high-value, near-term production opportunities.
Comparison to Industry Standards
- The document does not provide enough information to make a detailed comparison to industry standards.
- However, the focus on near-term production and cost control is a common strategy among junior gold miners.
- Companies like Ramelius Resources and Northern Star Resources also operate in the region, but are much larger in scale.
Stakeholder Impact
- Shareholders can expect potential returns from increased gold production and revenue.
- Employees may benefit from job security and growth opportunities as the company expands its operations.
- Customers (toll milling partners) can expect reliable ore processing services.
- Suppliers can anticipate continued business from Auric Mining's ongoing operations.
- Creditors may view the company as a lower-risk borrower due to its strong revenue generation.
Next Steps
- Process remaining 60,000 tonnes of ore from Jeffreys Find.
- Commence operations at Munda in Q1/Q2 2025.
- Complete Burbanks acquisition and start planning.
- Complete Lindsays acquisition and start development, with mining planned for Q3-Q4 2025.
- Begin exploration initially targeting Spargoville and Loded Dog.
Key Dates
- Aug 2019: Incorporation of Auric Mining
- Sep 2020: Acquisition of Jeffreys Find from Mincor Resources
- May 2023: Commencement of Stage One mining at Jeffreys Find
- Dec 2023: Auric banks $4.76 million from Stage One mining at Jeffreys Find
- Mar 2024: Commencement of Stage Two mining at Jeffreys Find
- Feb 2025: Stage Two Gold Production Passes $100 Million Revenue. $8.1 Million Cash Received
- Feb 2025: Grade Control Drilling at Munda Completed
- Q3 2025: Final cash distribution upon completion of Jeffreys Find
- September/October 2025: Planned commencement of Munda starter pit mining
- Q3-Q4 2025: Planned mining at Lindsays Project
- Q1/Q2 2025: Commence operations at Munda with aim to mine 125,000 tonnes of ore.
Keywords
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.
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.