Jeffreys Find Surpasses 27,600 Ounces as Auric Secures $4M Lindsay’s Acquisition

Jeffreys Find Delivers Solid Production Milestone

Auric Mining Limited (ASX: AWJ) has marked a significant milestone with the completion of Stage Two mining at its Jeffreys Find Gold Mine, reporting total production of 27,642 ounces of gold to date. This follows Stage One output of 9,741 ounces, bringing combined production to nearly 28,000 ounces. The company’s joint venture partner, BML Ventures, has managed mining operations, with ore processed at Coolgardie’s Three Mile Hill and Greenfields mills.

Looking ahead, Auric plans to process approximately 60,000 tonnes of remaining ore from Jeffreys Find starting early July 2025 at the Three Mile Hill Plant. This processing campaign is expected to last around three weeks and could push total production beyond 30,000 ounces. The gold sales from the project have already surpassed $100 million, benefiting from a rising gold price environment, with recent sales averaging over A$4,000 per ounce.

Advancing Munda Gold Project Towards Production

Progress at the Munda Gold Project, located near Widgiemooltha, continues apace following government approval of the Mining Proposal and Mine Closure Plan for the Starter Pit. Auric has mobilised experienced mining personnel and hired a dry hire fleet to commence operations independently. Site preparations including haul road extensions, waste dumps, and camp facilities for 12 personnel are underway, with mining expected to ramp up shortly.

The Munda Starter Pit pre-feasibility study estimates a Probable Ore Reserve of 125,000 tonnes at 1.8 g/t gold, equating to approximately 7,400 contained ounces. This initial phase is expected to produce around 6,100 ounces after processing, marking a critical step in Auric’s transition from explorer to producer.

Strategic Acquisitions Expand Auric’s Footprint

In a bid to broaden its resource base and operational capacity, Auric has executed a binding agreement to acquire the Lindsay’s Project, including the Parrot Feathers open pit gold mine, for a total consideration of $4 million. Located 50 kilometres northeast of Kalgoorlie, Lindsay’s offers near-term open pit mining potential and toll treatment opportunities, with historical production curtailed in 2013 due to a gold price downturn.

Further expanding its exploration portfolio, Auric purchased five tenements from Loded Dog Prospecting Pty Ltd in the highly prospective Higginsville area. This initial tranche covers 113 square kilometres and includes advanced prospects such as Foote’s Find and Amorphous. The acquisition includes milestone payments and royalties, reflecting Auric’s commitment to unlocking value from these brownfields and greenfields targets.

Burbanks Mill Acquisition to Enhance Processing Capabilities

Auric has completed due diligence on the Burbanks Gold Processing Plant near Coolgardie and intends to finalize the acquisition for $4.4 million in late Q2 2025. The plant, currently inactive but fully permitted and equipped with critical infrastructure, offers Auric a strategic asset to process its own ore and potentially third-party material. Ownership of milling infrastructure is expected to provide significant operational flexibility and cost advantages as Auric scales production.

Financial Position and Outlook

At quarter’s end, Auric reported a robust cash position of $7.5 million and an issued capital base of approximately 149 million shares. Managing Director Mark English highlighted the company’s momentum in transforming into a gold developer and miner, with multiple projects advancing towards production and infrastructure ownership. The company’s strategy to integrate mining operations with processing assets aims to enhance margins and accelerate growth in the competitive Western Australian gold sector.