Auric Mining (ASX:AWJ) is set to bank $3 million this quarter courtesy of gold sales and repayments from its joint venture partner BML Ventures.
Managing Director Mark English says $2 million will be banked from the proceeds of mining at Jeffreys Find.
“It’s an early payment from our joint venture partners, reinforcing to us that we’re in for a great year at Auric,” he says.
“With another $1 million coming back from our earlier working capital contribution to stage two at Jeffreys Find, we find ourselves in a robust position.”
As of 3 July, 43,402 tonnes of ore has been transported to the Greenfields Mill at Coolgardie by BML.
Greenfields and BML have executed a toll milling notice to process 15,000 dry metric tonnes of ore. Milling will take place over six to seven weeks, starting on 24 July 2024 and concluding in early September.
BML is planning on mining more than 300,000 tonnes of ore during stage two and three of the Jeffreys Find Project this year, with further gold milling campaigns scheduled later this year and early in 2025.
English says discussions are underway as to where this excess tonnage will be toll milled.
“This second gold campaign of the year is expected to generate in excess of $20 million in gross revenue for the joint venture, setting the stage for ongoing cash distributions to Auric,” he says.
“We are exceeding our targets and with the gold price holding around $3,500 an ounce, the timing is perfect.”
The Jeffreys Find Gold Mine lies near Norseman in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
