Auric Mining

Jeffreys Find Gold Mine Gold Sales Exceed $100 Million

Auric Mining Limited (ASX: AWJ) (Auric or the Company)) is pleased to announce an update to the Jeffreys Find Gold Mine (the Project), near Norseman, WA.
HIGHLIGHTS
  • Stage One & Stage Two mining generates more than $100 million in gold sales.
  • Auric has received a further $1.5 million interim cash distribution making the total received to date for Stage Two of $8.1 million. This is in addition to the $4.8 million received for Stage One.
  • BML advises Stage Two on target to deliver $11-$12 million cash surplus for Auric.
  • Stage Two gold sold passes 17,900 ounces.
  • Latest gold sold at A$4,625 per ounce, for an average of A$4,024 per ounce.
  • Remaining 60,000 tonne parcel to be milled in coming months.

Management Comment

Mr. Mark English, Managing Director:

“The first ore was shovelled at Jeffreys Find in May 2023. In just a couple of years this short-life mine has now generated more than $100 million in gold sales for the Project.

“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged that we would be selling gold at more than A$4,600 an ounce. By any measure it’s a brilliant result.

“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. we are expecting millions more in cash over the next few months.

For the 2024/25 period, Stage Two of the Project, we’ve produced more than 17,900 ounces of gold with more processing to come. Our partner BML is negotiating a toll milling agreement for a parcel of up 60,000 tonnes, which is currently on the ROM Pad at the mine site. When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been.

“Our JV agreement with BML Ventures stipulates that only after all the gold has been sold and all costs have been paid is the final surplus cash distribution paid.

“We’ve just received a further $1.5 million as an interim payment from BML which brings us to $8.1 million in total for Stage Two payments.

“BML has advised to expect an additional $3 million to $4 million in cash payments once the last of the gold is sold.

“Jeffreys Find Gold Mine has been a defining experience for Auric,” said Mr English.

Photo: The Goodbye Cut at Jeffreys Find Pit. Photo – 27 January 2025.

Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 17,901 ounces of gold has been sold from Stage Two mining at Jeffreys Find as of 21 February 2025.

Ore was milled in multiple campaigns at The Greenfields Mill, Coolgardie (Greenfields) and at the Three Mile Hill Plant, Coolgardie (Three Mile Hill) during 2024 and early 2025.

For Stage Two the highest gold price achieved was A$4,625 an ounce whilst the average price was A$4,024 per ounce.


Click here for the full ASX Release

This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


AWJ:AU
The Conversation (0)
Auric Mining (ASX:AWJ)

Auric Mining

Western Australian gold producer, explorer and developer with world-class deposits

Silver and gold coins stacked, one 2015 coin in focus.

Gold Price Breaks US$3,900; Silver Above US$48, Platinum Over US$1,600

Gold continued to set new records on Monday (October 6), breaking US$3,900 per ounce. After spending the summer months consolidating, the yellow metal began pushing higher toward the end of August. It quickly reached US$3,500 and continued on up, rising as high as US$3,972.60 on on Monday. The... Keep Reading...
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...
Gold bars and rising graph; "5 Top Canadian Mining Stocks This Week" text overlay.

Top 5 Canadian Mining Stocks This Week: Prospector Metals Gains 356 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.The big event impacting markets this week was the shutdown of the US government. Although... Keep Reading...
Gold nugget, stock chart,and US flag with "Weekly Editor's Picks" text.

Editor's Picks: Gold Price Sets Sights on US$3,900, Silver Breaks US$48

The gold price continued to move this week, approaching the US$3,900 per ounce level and setting a fresh all-time high on the back of a US government shutdown.The closure came after Congress failed to reach an agreement on a spending bill ahead of the new American fiscal year, which began on... Keep Reading...
Gold "M&A" letters on textured wood background with lighting effects.

Minera Alamos Closes Nevada Mine Acquisition, Expands US Gold Footprint

Minera Alamos (TSXV:MAI,OTCQX:MAIFF) has completed its purchase of the Pan gold mine and two development-stage projects in Nevada from Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX).The Toronto-based company said Wednesday (October 1) that it closed the previously announced transaction to acquire the... Keep Reading...
Option Exercise Nets $2.3M to Expand Exploration at Pinjin

Option Exercise Nets $2.3M to Expand Exploration at Pinjin

Kalgoorlie Gold Mining (KAL:AU) has announced Option exercise nets $2.3M to expand exploration at PinjinDownload the PDF here. Keep Reading...

Latest Press Releases

Related News