Auric Mining Shines with Jeffreys Find Gold Mine Success

Image Courtesy: Auric Mining

Key Highlights:

• Stage Two Mining Milestone: 1,243 ounces sold from recent toll milling; total sales hit $5.2M.
• 2024 Gold Output: Over 8,794 ounces produced, generating $33.14M in revenue.
• Strategic Progress: Highest gold price achieved at AUD$4,233/oz with further sales anticipated.

Auric Mining: Delivering Value from Jeffreys Find Gold Mine

Auric Mining Limited (ASX: AWJ) continues to exceed expectations with impressive results from its Jeffreys Find Gold Mine near Norseman, Western Australia. The company’s latest update highlights the remarkable success of its Stage Two mining efforts, which have already yielded $33.14 million in gold sales during 2024.

A Successful Toll Milling Campaign

Through a joint venture with BML Ventures Pty Ltd, Auric processed approximately 64,520 dry metric tonnes of ore at the Three Mile Hill Mill in Coolgardie, achieving 1,243 ounces of gold sold, valued at $5.2 million. The company expects additional sales in the coming weeks, further bolstering its financial performance.

Overall, 8,794 ounces of gold have been produced from three toll milling campaigns throughout 2024, with a notable average sale price of AUD$3,768/oz. Auric also achieved a record highest gold price of AUD$4,233/oz, showcasing its ability to capitalize on favorable market conditions.

Strategic Impact and Future Plans

Managing Director Mark English expressed enthusiasm about Jeffreys Find’s contribution to the company’s success, stating:
“Jeffreys Find will soon deliver further substantial cash for Auric. It has been an outstanding investment for the company and our shareholders.”

The project not only provides substantial free cash flow but also aligns with Auric’s long-term strategic goals. The momentum generated in 2024 positions the company for continued growth into 2025 and beyond.

Auric's joint venture model ensures operational efficiency, with BML Ventures handling all mining, milling, and related expenses. The surplus proceeds, split 50:50 between the partners, will include further interim cash distributions by the end of 2024 and into 2025.

Expanding Horizons: What’s Next?

Auric Mining is set to process an additional 142,000 tonnes at Greenfields Mill in early 2025, with final reconciliations underway for the current milling campaigns. This operational continuity reflects the company’s commitment to maximizing Jeffreys Find’s potential as a flagship asset.

At the time of writing this article, Auric Mining Ltd (AWJ) shares were trading at A$ 0.33