Cash piles up as Auric smashes WA gold production targets

The West Australian02-27 02:10

While many gold juniors have struggled to quickly capitalise on the soaring gold price, Auric Mining has taken a far more direct route – dig it up, process it, and count the ounces.That strategy is ...

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The company is now sitting on a whopping $34 million in cash, bullion and listed investments, providing plenty of financial firepower to fund the next phase of growth without the usual small-cap funding stress.Over the course of its second campaign, Auric processed 68,500 dry metric tonnes – slightly more than planned – with performance improving as the campaign progressed.What impressed most, however, were the ore grade and recovery, which, after processing at Black Cat Syndicate’s Lakewood mill, have consistently beaten targets. Management says the results have strengthened confidence the main pit – Auric’s bigger prize - will mirror the starter pit over its mine life once it comes online. Gold grade and recoveries continued to improve over the duration of this second campaign, and with further outturns and Gold In Circuit (GIC) calculations still to come, it augurs well for exceptional results from our Munda Starter Pit. Auric Mining managing director Mark EnglishNon-executive chairman Steve Morris added that the company has focused from day one on acquiring proven, infrastructure-adjacent gold assets capable of fast-tracked production. Success at Jeffreys Find unlocked the move into production at Munda, a project long seen as high quality and now validated by well-above-budgetresults.A key takeaway from the starter pit outcomes is that they have provided real-world data on mining conditions, metallurgy, and recoveries that will feed directly into planning for the much larger Munda main pit. With more than 125,000 tonnes processed across two campaigns since October last year, Auric now has a solid operational dataset to work from.Once reconciliation of the mining and processing data is complete, the company plans to roll straight into detailed scoping and design work for the main pit.With gold already flowing, cash piling up and confidence building in the Main pit at Munda Auric is fast shifting from a starter-pit success story into a credible growth producer.As scoping work on the Munda main pit moves into focus, the company now has the ounces, the data and the balance sheet to turn a strong start into a much bigger gold opportunity.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614001753","isCrawlerRequest":true}