Source : THE AGE NEWS
By Andrew Todd
Auric Mining’s record streak continues as it races past 10,500 ounces of gold sales for the year from its flagship Jeffreys Find gold mine outside of Norsemen in Western Australia.
The company’s 10,693 ounces of gold sales has easily eclipsed its 2023 mark of 9741 ounces, with Auric noting a record-breaking $41.1 million in sales, achieved in thanks also to record-breaking gold prices.
Mining activities at Auric Mining’s record setting Jeffreys Find mine outside of Norseman in Western Australia.
Auric says it is building even more momentum for the new year from its dual processing capabilities at its Three Mile Hill and Greenfields mills, outside Coolgardie in the WA goldfields.
The company is propelling towards an early conclusion for its highly successful and expanded stage two mining operations at Jeffreys Find and is on-track to wrap up as soon as January next year, before moving onto its next gold mining play.
Auric says the most recent gold sales from December 13-20 saw 1899 ounces sold at an average price of $4172 per ounce from the Perth Mint, which was well-above the annual average of $3840 per ounce gold.
‘The best is yet to come from Jeffreys Find as gold campaigns from two mills hurtle us towards an early finish for this mine.’
Auric Mining managing director Mark English
With Australian gold prices touching historic highs, Auric has continued to lock-in premium returns this year.
It has not been lost on the market either, with the company’s share price surging from 10c this time last year to a high of 41c two months ago.
Auric is not the only thankful partner in this toll mining arrangement, with Kalgoorlie-based specialist miner BML Ventures also enjoying the fruits of its labour.
Auric says the third-party mining consultant has proven instrumental in maintaining its rapid pace of gold production under their joint venture agreement, in which BML handles mining, haulage and milling operations while the partners share surplus proceeds on a 50:50 basis after deducting costs.
The latest figures show promising progress by the JV partners going into the new year, with the Three Mile Hill Mill processing 64,520t of ore in its initial campaign. Greenfields Mill has been processing since late November, with a target of 142,000t for the current campaign.
Stage two mining aims to blow this progress out of the water by targeting more than 420,000t – which would be a significant leap from the 176,000t processed in stage one.
Auric Mining managing director Mark English said: “The best is yet to come from Jeffreys Find as gold campaigns from two mills hurtle us towards an early finish for this mine. We are seeing a rush of ore going through the mills. A significant amount of gold will be sold over the coming weeks.”
Auric expects a terrific result from the return on investment and free cashflow generated from mining Jefferys Find and says this impetus should carry the company forward into 2025 and subsequent years.
With Jeffreys Find nearing its final stages, Auric is gearing up for its next chapter of growth. High Australian dollar gold prices, hovering at record levels, are expected to continue driving its profitability.
The company’s ability to execute and scale operations at Jeffreys Find will, hopefully, also become a replicated formula for success at its promising Munda mine, near Widgiemooltha in WA.
Auric says next year it will begin a 125,000t starter pit grading 1.8 grams per tonne (g/t) to pull out 6100 ounces of gold at Munda.
After mining and conducting detailed studies on the much bigger 145,000-ounce resource at Munda, the company will then look to ramp up a full-scale mining and toll treatment operation at the project in 2026.
It has also recently picked up the 180,000t per annum Burbanks gold plant south of Coolgardie for a bargain-basement price of $4.4m, with plans to at least double its capacity.
Burbanks offers the company a prime piece of infrastructure in a prime location between Coolgardie and Widgiemooltha and could spell the beginnings of Auric becoming a fully integrated gold miner.
While it may be too early to determine the ramifications and the potential positives of the new gold plant deal, Auric’s stellar 2024 performance looks unlikely to slow down in the new year.
With the gold price looking unlikely to slow down either, and the company set to keep pouring gold at an impressive clip, it seems Auric could be sailing full steam ahead into a promising 2025.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
