Auric Mining (ASX:AWJ) has completed processing for the last parcel of ore from the Jeffreys Find Project Western Australia, with expectations of receiving $29 million from the project’s milling campaign.
Managing Director Mark English says this campaign has made a “great final payday” for the company, with further cash distribution still to come.
Auric hauled 60,000 tonnes of ore from Jeffreys Find near Norseman, to Three Mile Hill Mill with its partner BML Ventures, as part of the final parcel.
To date, 1,541 ounces of gold has been sold by The Perth Mint at an average price of $5,139.25 per ounce. Auric has also banked $1 million in a further interim cash surplus distribution.
A further 300 ounces of gold is to be sold within the fortnight with an additional cash distribution expected by month’s end. The final cash distribution is expected in Q4 2025.
“Jeffreys Find has been an absolute game changer for us, accelerating our transition from gold explorer to producer, and now mining in our own right at Munda, with all additional funds principally being applied to supporting the mining operations already underway at Munda,” English says.
Under the terms of the joint venture deal with BML, BML are the miners, operators and managers of the project. BML incurs and pays all mining, haulage, milling costs and related expenses.
After gold is sold, both companies subtract all direct costs before splitting the surplus cash on a 50:50 basis.
Auric expects to bank around $14.5 million. Any additional cash received from the final campaign will be used by Auric to fund mining and other development costs at its Munda Gold Mine.
According to Trading Economics, gold traded at around US$3,550 ($5,446) per ounce yesterday (4 September), remaining close to the record-high of US$3,580 per ounce.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
