Auric Mining (ASX:AWJ) has received firm commitments to raise $17 million through a two-tranche placement.
The placement will comprise 91.89 million shares at $0.185 each, backed by new Australian and international institutions, resource funds, and existing shareholders.
The company’s directors have also agreed to participate in the placement and a subsequent share purchase plan (SPP).
The first tranche will raise the first $8.7 million. Meanwhile, the remaining $8.3 million is subject to shareholder approval at an extraordinary general meeting in mid-December 2026.
Canaccord Genuity, Taylor Collison, and MA Moelis Australia Advisory acted as joint lead managers, with Lazarus Advisory acting as co-manager.
Auric will allocate the funds to support grade control and extensional drilling at the Munda Project to grow its resource estimate, resource growth drilling at the Union Jack Project, and the acquisition and drilling at the Iron Maiden Project.
The company will also deploy funds to the relocation of a recently purchased infrastructure package and equipment for Burbanks and general working capital.
Burbanks is expected to receive this package in December 2026.
Managing Director Mark English says the placement will allow Auric to “consolidate two new projects”, further increasing its global resource base.
“With additional funds, we will accelerate drilling activities across our expanded project portfolio targeting near-term resource expansion,” English says.
“Importantly, our activities at Burbanks continue on schedule with the infrastructure package on track to be delivered to Burbanks this quarter and regulatory approval processes advancing as expected.
“The company’s aim is to become a standalone gold producer in the fastest possible time. To that end, we are rapidly expanding and growing the business through smart acquisitions to ensure long term feed for the Burbanks processing plant.”
CEO Gareth Solly says the company has a “clear pathway to cash flow in the heart of the Kalgoorlie region”.
“With a healthy cash balance, we are well positioned to rapidly grow our gold resources, targeting potential near-term production assets,” Solly says.
“Our focus is disciplined capital allocation to systematically derisk the business through exploration and mine life growth and ultimately converting that into cash flow.”
The company is also offering an SPP for eligible shareholders to subscribe for additional shares at this same issue price.
The SPP will raise up to $3 million, with directors already committing to the SPP in their full capacity by subscribing up to $90,000.
The record date is listed at 5pm on 11 November 2026.
Auric Mining is focused on discovering, developing, and mining gold in Western Australia.
Write to Maddison Elliott at Mining.com.au
Main image: Auric Mining
