Latest news with #Kalgoorlie-based
West Australian
09-07-2025
- Business
- West Australian
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. 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:
The Age
09-07-2025
- Business
- The Age
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. 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. 'Auric will bank more than $17 million in total from its profit share of the mining at Jeffreys Find.' Auric Mining managing director Mark English Auric Mining managing director Mark English said: 'This has been a game-changer for us as we transition to becoming a gold producer in our own right. These additional funds will principally be used to support the operations already underway at Munda.' 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.
Sydney Morning Herald
09-07-2025
- Business
- Sydney Morning Herald
Auric eyes $4.5M windfall from final Jeffreys Find WA mining campaign
Auric Mining has fired up a final toll milling campaign at its Jeffreys Find gold mine near Norseman in Western Australia's Goldfields. The final 60,000-tonne batch of ore is set to produce a handy 2750 ounces of gold to close out the company's wildly successful joint venture with BML Ventures. 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. 'Auric will bank more than $17 million in total from its profit share of the mining at Jeffreys Find.' Auric Mining managing director Mark English Auric Mining managing director Mark English said: 'This has been a game-changer for us as we transition to becoming a gold producer in our own right. These additional funds will principally be used to support the operations already underway at Munda.' 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.
West Australian
19-06-2025
- Business
- West Australian
Auric lights fuse on first blast at WA Munda gold mine
Auric Mining has lit the fuse on the first blast at the company's Munda gold mine near Widgiemooltha in Western Australia's Goldfields region, marking a major milestone as it shifts from planning to production amid a buoyant gold market. The first blast was fired earlier this week at Auric's starter pit, just weeks after excavation began, clearing the way for full-scale mining. The company says it has already managed to shift 70,000 bank cubic metres (BCM) of material in the past month from a pit design encompassing 380,000BCM. Since much of the initial material has been free-digging, with no need for blasting, Auric would likely have scored an early cost-saving bonus before work on harder rock got underway. Auric is using a dry-hire fleet on site that includes a 125-tonne excavator and four 40t 'Moxi' dump trucks, along with ancillary gear. Kalgoorlie-based Total Drilling Services is handling the grade control, blast-hole drilling and blast supervision to ensure operations are managed with experienced local crews. Auric expects to extract 125,000t of ore grading 1.8 grams per tonne (g/t) gold from the starter pit, most of which will come towards the end of the initial mining at the base of the pit. The company is eyeing a maiden 6100-ounce gold haul from early mining at an all-in sustaining cost of just $2635 per ounce. When it first crunched the numbers, Auric based its projections on a conservative $3500 gold price - enough to deliver a tidy $5.3 million in free cash. With gold now trading at a blistering $5100 an ounce, the upside is looking far juicier, setting the stage for a much bigger payday from Munda's opening act. The initial pit, which is part of a larger resource, is expected to be wrapped up by October. Beneath the surface, Munda is also flexing some serious gold muscle. At a 0.5g/t cut-off, the deposit contains 3.65 million tonnes of ore grading at 1.23g/t for a solid 145,000 ounces of gold. If the cut-off is dropped to 0.2g/t, the resource swells to 189,000 ounces across the indicated and inferred categories. A 2023 scoping study by Kalgoorlie-based Minecomp ran the ruler over the broader Munda project and liked what it saw. Using a now-outdated base-case gold price of $2600 per ounce, the numbers pointed to 1.716Mt at an impressive 2.2g/t, which translates to a juicy $76.9 million in undiscounted surplus cash flow. It is anyone's guess what that figure could balloon to in today's hyper-bullish gold price environment. When the first mining phase is complete, Auric plans to finalise detailed plans for a much larger pit development at Munda, which is slated to begin in 2026. The early $6.5 million development cost has been fully funded from gold sales generated by Auric's Jeffreys Find project near Norseman, avoiding the need for further capital raisings or share price dilution. It also kills several other birds with one stone. By removing overburden - with a pre-strip ratio of 7.6:1 - while gold prices are strong, the company says it is likely to cut future mining costs and build resilience into the broader Munda operation against potential market swings. The initial phase will also deliver critical insights into the larger deposit, giving Auric a chance to refine its strategy ahead of scaling up to full production. Meanwhile, work preparing the site for longer-term operations is in full swing. Auric has completed waste dump and run-of-mine pad preparation, setting the scene for efficient ore handling and stockpiling as mining ramps up. Given its proximity to established infrastructure and a gold price that continues to sparkle, Munda is shaping up as a key revenue driver for Auric, especially given its unhedged status, which the company says will give it full exposure to market upside. As the gold price flirts with record territory, it appears Auric's timing couldn't be better. With equipment on the ground, blasting underway and ounces soon to be hauled out of the earth, the company is ticking every box on the path to early cash flow and long-term expansion. Is your ASX-listed company doing something interesting? Contact:
The Age
19-06-2025
- Business
- The Age
Auric lights fuse on first blast at WA Munda gold mine
Auric Mining has lit the fuse on the first blast at the company's Munda gold mine near Widgiemooltha in Western Australia's Goldfields region, marking a major milestone as it shifts from planning to production amid a buoyant gold market. The first blast was fired earlier this week at Auric's starter pit, just weeks after excavation began, clearing the way for full-scale mining. The company says it has already managed to shift 70,000 bank cubic metres (BCM) of material in the past month from a pit design encompassing 380,000BCM. Since much of the initial material has been free-digging, with no need for blasting, Auric would likely have scored an early cost-saving bonus before work on harder rock got underway. Auric is using a dry-hire fleet on site that includes a 125-tonne excavator and four 40t 'Moxi' dump trucks, along with ancillary gear. Kalgoorlie-based Total Drilling Services is handling the grade control, blast-hole drilling and blast supervision to ensure operations are managed with experienced local crews. 'Mining is in full swing and all activities are progressing as we expected.' Auric Mining managing director Mark English Auric expects to extract 125,000t of ore grading 1.8 grams per tonne (g/t) gold from the starter pit, most of which will come towards the end of the initial mining at the base of the pit. The company is eyeing a maiden 6100-ounce gold haul from early mining at an all-in sustaining cost of just $2635 per ounce. When it first crunched the numbers, Auric based its projections on a conservative $3500 gold price - enough to deliver a tidy $5.3 million in free cash. Auric Mining managing director Mark English said: 'Mining is in full swing and all activities are progressing as we expected. We are achieving our targets and are exactly where we expected to be in the mine development. We are pleased to be monetising our major asset in such a bullish gold market, the timing is excellent. It is a great place to be as an unhedged gold producer.' With gold now trading at a blistering $5100 an ounce, the upside is looking far juicier, setting the stage for a much bigger payday from Munda's opening act.
