As part of its second gold milling campaign for 2024 from the Jeffreys Find Gold Mine, Auric Mining’s (ASX:AWJ) gold sales have exceeded $18.23 million.
The company has produced further cash with gold selling at the Perth Mint for an average of $3,667 per ounce. A total of 4,973 ounces have been sold.
Auric Mining, which has a market capitalisation of $43.82 million, says the highest gold price achieved is $3,727 per ounce.
Managing Director Mark English says there is more to come from the company.
“BML have delivered in excess of 154,000 tonnes to the Coolgardie mill with haulage and milling continuing,” English says.
“Some of that ore will be processed in another campaign later in the year. The current campaign is continuing to produce thousands of ounces of gold.
“Already we have passed $13.77 million in gold sales for this current campaign of the year and total gold sales for 2024 passing $18.23 million. We are in the middle of a highly successful time for the company.”
English notes that by the middle of next month, Jeffreys Find is expected to generate in excess of $25 million in gross gold sales for the year.
“This current campaign is due to finish in early September,” he says.
“Unforeseen power outages and some inclement weather have slowed the whole process down, but we are hopeful more than 130,000 tonnes of the 150,000 tonne allocation at the mill will get utilised in this campaign.
“A further campaign is planned at the Greenfields Mill towards the end of the year. The mill contract is to process 300,000 tonnes in 2024 so everyone is focused on making that happen.”
Auric says BML is planning to mine up to 400,000 tonnes into early 2025.
As at today’s date, apart from a small repayment of the working capital cash advance, all gross revenue received has been paid or retained by BML for mining, haulage, milling, and related costs.
The company will receive up to $3 million from BML within a fortnight, being $2 million in initial surplus cash distribution from the joint venture and the balance of the $1 million repayment of working capital contribution.
Under the joint venture, BML are the miners, operators, and managers of the Jeffreys Find Mine. BML incurs and pays all mining, trucking, and milling costs and related expenses.
After the sale of the gold, both companies subtract all direct costs before splitting the surplus cash proceeds on a 50:50 basis.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
