Auric Mining (ASX:AWJ) is preparing to begin stage two production from its Jeffreys Find Gold Mine in Western Australia in early 2024 as stage one nears completion.
The $7.72 million market capitalisation company says it has produced more than 9,400 ounces of gold from the mine over stage one so far, with total stage one production expected to top close to 10,000 ounces.
Last week, Auric sold 1,264 ounces of gold at Perth mint for just shy of $4 million — meaning as of 27 October, 8,293 ounces of gold had been sold for a gross revenue of $24.83 million.
The company plans to begin stage two mining at Jeffreys Find early next year with its partner, BML Ventures.
Auric says the Jeffreys Find project life is short, and the final mining is anticipated to be completed in late 2024 or early 2025.
Auric Mining Managing Director Mark English says with soaring gold prices, combined with its ‘excellent’ production, Jeffreys Find is anticipated to produce more than $9 million surplus cash for the 2 partners.
“We will soon complete all processing and gold sales for stage one. Both parties are enthusiastic about getting into stage two early in 2024.
“We expect stage two to also be very friendly to us and not provide anything unexpected”
We expect stage two to also be very friendly to us and not provide anything unexpected.”
Auric Mining is a Western Australia-based gold explorer and developer focused on discoveries in the Widgiemooltha District.
As of 30 September 2023, the company had $302,000 cash and cash equivalents at hand, according to its latest quarterly report.
By 24 October, Auric had received about $2.2 million from Jeffreys Find gold sales.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
