Auric Mining Reports Successful Second Gold Milling Campaign for 2024

Auric Mining Limited (ASX: AWJ) has announced the successful completion of its second gold milling campaign for 2024, generating significant revenue from the Jeffreys Find Gold Mine near Norseman, Western Australia.

Gold from the mine has been sold at the Perth Mint for an average price of A$3,697 per ounce, marking another profitable milestone for the company. The ore processing, conducted at the Greenfields Mill, is part of a contract to process 150,000 tonnes of ore, undertaken by Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie.

As of mid-August, nearly 129,000 tonnes of ore have been delivered to the Greenfields Mill. The current milling campaign, which spans approximately six weeks, is set to conclude in early September 2024. Auric Mining has also revealed plans for additional milling campaigns in November and December at the same facility.

Looking ahead, BML Ventures is preparing to mine up to 400,000 tonnes of ore into early 2025, with a contract already in place for the processing of 300,000 tonnes at Greenfields Mill.

To date, all gross revenue from this campaign has been retained by BML to cover the costs of mining, haulage, and milling. Auric Mining is expected to receive $3.0 million within the next month, including $2.0 million as an initial surplus cash distribution from the Joint Venture and $1.0 million for the repayment of working capital contributions.

The Joint Venture agreement positions BML as the operator of the Jeffreys Find Gold Project, responsible for all mining and operational expenses. Following the sale of gold, direct costs are subtracted before the remaining profits are split equally between the partners.

Auric Mining has committed to providing regular updates on the progress of gold processing and sales as they occur.