Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
The ore is now being processed at Focus Minerals' Three Mile Hill mill in Coolgardie, tying a bow on Auric's 30,000-ounce total gold target from Jeffreys Find. The final push is projected to generate up to $9 million in surplus cash. Auric's 50:50 share is expected to be between $4 million and $4.5 million.
Under the joint venture, Kalgoorlie-based BML will again carry the mining, haulage and milling costs for Jeffreys Find. Auric says it has already invoiced BML for a $3.6 million interim distribution to be paid in July and August, with final accounting slated for the next quarter.
Auric has closely studied BML's toll treating strategy, as it looks to replicate the joint venture's success and mining practices at its latest and largest flagship Munda gold project, just up the road from Jeffreys Find.
The Jeffreys Find project has been a financial springboard for Auric. With its $17 million war chest from its share of gold sales, the company will now deploy its fully funded mining operation at the 125,000-tonne starter pit, which is already underway at Munda. The initial pit is targeting a minimum 6100 ounces at 1.8 grams per tonne (g/t) gold from a broader resource at Munda of 3.65 million tonnes grading 1.23g/t gold for 145,000 ounces.
The 145,000-ounce Munda deposit is one of the largest undeveloped gold resources in the Kalgoorlie region, which is a key factor in Auric securing a lucrative toll treatment agreement with mid-cap gold producer Black Cat Syndicate for the Munda starter pit ore.
Black Cat has opened its gates to Auric and will process ore at its currently under-capacity Lakewood mill in Kalgoorlie. Spare capacity is an absolute rarity in the region. The soaring gold price means toll treating options have become notoriously hard to find and the region's mills are reportedly backed up well into 2027.
Auric says its Munda deal will generate more than $28 million in revenue at current gold prices. The deal also benefits Black Cat, slotting nicely into its 'more gold, sooner' strategy in the booming Kalgoorlie goldfields.
Auric's first 40,000t ore parcel from a smaller starter pit is slated for September, with one or two additional campaigns to follow, wrapping up by early next year.
Auric's 2023 scoping study - based on a then $2600 per ounce gold price - projected $76.9 million in surplus cash from Munda's main pit. With gold now trading at nearly double that figure, the financial upside could be staggering for the company as it looks to become a standalone gold producer.
The company recently scooped up the old Burbanks processing plant outside Coolgardie, two prospective leases near Westgold's Higginsville operation and the Lindsay's gold project for $4 million, signalling its ambition to become self-sufficient in the not-too-distant future.
With Jeffreys Finds final gold haul hitting the mill and Munda's starter pit in full swing, Auric looks to be turning its once modest toll-mining plays into fully-fledged standalone Aussie gold production.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
an hour ago
- The Advertiser
Starbucks calls remote workers back into the office
Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks Chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate "people leaders" must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. "We are re-establishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster," Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. While many workers grew to enjoy working from home during the pandemic, the call for workers to return to offices full-time has been growing over the past year. Major US employers such as Amazon, AT&T and the federal government have required employees to work in office sites five days per week. Competition for fully-remote jobs is fierce. Starbucks spokeswoman Lori Torgerson said she did not have a count of employees who are currently working as "people leaders" or are working remotely. Starbucks has 16,000 corporate support employees worldwide but that includes coffee roasters and warehouse staff. Niccol was not required to relocate to Seattle when he was hired to lead Starbucks last August. Instead, the company said it would help him set up an office near his home in Newport Beach, California, and would give him the use of a corporate jet to commute to Seattle. Since then, Niccol has bought a home in Seattle and is frequently seen at the company's headquarters, Torgerson said. Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks Chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate "people leaders" must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. "We are re-establishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster," Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. While many workers grew to enjoy working from home during the pandemic, the call for workers to return to offices full-time has been growing over the past year. Major US employers such as Amazon, AT&T and the federal government have required employees to work in office sites five days per week. Competition for fully-remote jobs is fierce. Starbucks spokeswoman Lori Torgerson said she did not have a count of employees who are currently working as "people leaders" or are working remotely. Starbucks has 16,000 corporate support employees worldwide but that includes coffee roasters and warehouse staff. Niccol was not required to relocate to Seattle when he was hired to lead Starbucks last August. Instead, the company said it would help him set up an office near his home in Newport Beach, California, and would give him the use of a corporate jet to commute to Seattle. Since then, Niccol has bought a home in Seattle and is frequently seen at the company's headquarters, Torgerson said. Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks Chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate "people leaders" must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. "We are re-establishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster," Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. While many workers grew to enjoy working from home during the pandemic, the call for workers to return to offices full-time has been growing over the past year. Major US employers such as Amazon, AT&T and the federal government have required employees to work in office sites five days per week. Competition for fully-remote jobs is fierce. Starbucks spokeswoman Lori Torgerson said she did not have a count of employees who are currently working as "people leaders" or are working remotely. Starbucks has 16,000 corporate support employees worldwide but that includes coffee roasters and warehouse staff. Niccol was not required to relocate to Seattle when he was hired to lead Starbucks last August. Instead, the company said it would help him set up an office near his home in Newport Beach, California, and would give him the use of a corporate jet to commute to Seattle. Since then, Niccol has bought a home in Seattle and is frequently seen at the company's headquarters, Torgerson said. Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks Chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate "people leaders" must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. "We are re-establishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster," Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. While many workers grew to enjoy working from home during the pandemic, the call for workers to return to offices full-time has been growing over the past year. Major US employers such as Amazon, AT&T and the federal government have required employees to work in office sites five days per week. Competition for fully-remote jobs is fierce. Starbucks spokeswoman Lori Torgerson said she did not have a count of employees who are currently working as "people leaders" or are working remotely. Starbucks has 16,000 corporate support employees worldwide but that includes coffee roasters and warehouse staff. Niccol was not required to relocate to Seattle when he was hired to lead Starbucks last August. Instead, the company said it would help him set up an office near his home in Newport Beach, California, and would give him the use of a corporate jet to commute to Seattle. Since then, Niccol has bought a home in Seattle and is frequently seen at the company's headquarters, Torgerson said.
Perth Now
3 hours ago
- Perth Now
Starbucks calls remote workers back into the office
Starbucks is requiring some remote workers to return to its headquarters and increasing the number of days that corporate employees are required to work in an office. In a letter to employees posted on Monday, Starbucks Chairman and CEO Brian Niccol said corporate employees would need to be in the office four days a week starting in early October instead of three days a week. The Seattle-based company said that all corporate "people leaders" must be based in either Seattle or Toronto within 12 months. That is a change from February, when it required vice presidents to relocate to Seattle or Toronto. Starbucks said individual employees working under those leaders would not be asked to relocate. But the company said all hiring for future roles and lateral moves will require employees to be based in Seattle or Toronto. "We are re-establishing our in-office culture because we do our best work when we're together. We share ideas more effectively, creatively solve hard problems, and move much faster," Niccol wrote in the letter. Niccol said affected workers who choose not to relocate will be eligible for a one-time voluntary exit program with a cash payment. While many workers grew to enjoy working from home during the pandemic, the call for workers to return to offices full-time has been growing over the past year. Major US employers such as Amazon, AT&T and the federal government have required employees to work in office sites five days per week. Competition for fully-remote jobs is fierce. Starbucks spokeswoman Lori Torgerson said she did not have a count of employees who are currently working as "people leaders" or are working remotely. Starbucks has 16,000 corporate support employees worldwide but that includes coffee roasters and warehouse staff. Niccol was not required to relocate to Seattle when he was hired to lead Starbucks last August. Instead, the company said it would help him set up an office near his home in Newport Beach, California, and would give him the use of a corporate jet to commute to Seattle. Since then, Niccol has bought a home in Seattle and is frequently seen at the company's headquarters, Torgerson said.
The Age
14 hours ago
- The Age
Knights in crisis: Ponga prepares to walk away, club set to move on from O'Brien
Ponga has not yet approached the Knights to formally request a release. He is contracted to Newcastle until the end of 2027 on a deal worth around $1.4 million a season. The Ponga camp have indicated to relevant parties that they would be willing to request a release at the end of the season if there is a suitable option available to them. Knights sources told this masthead there is a willingness from some quarters of the club to explore the prospect of releasing Ponga from the final two years of his monster deal. Such a move would allow the Knights to move young gun Fletcher Sharpe into his preferred fullback position and save 12-13 per cent of their salary cap to try and balance their roster. With Dylan Brown joining the Knights next season on a record $13 million, 10-year deal, Newcastle would be able to hit the market in search of a halfback despite the lack of quality options currently available. Ponga's name has been thrown up to European rugby clubs as well as the organisers of the lucrative breakaway R360 competition being mooted to start next year. There's also the appeal of a Rugby World Cup in Australia in 2027. Kalyn's father Andre, who represents his son in negotiations, did not respond to this masthead's attempts to contact him. The New Zealand-based rugby union agent the Ponga camp has engaged also did not respond to messages and calls on Monday. The Knights have been privately bracing for the potential of Ponga seeking a release for some months. Loading Ponga has previously indicated his desire to represent the All Blacks and was originally given a clause in his Knights contract that would enable him to pursue the possibility of switching codes. In a 2018 TV interview, Ponga said: 'I think it's [The All Blacks] the pinnacle. Well, they are. They're the best sporting organisation in the world ... so to put that jersey on would be pretty special.' The Knights removed that clause from his deal when he agreed to a lengthy and lucrative extension of his contract through until the end of 2027.
