Auric Mining (ASX:AWJ) has begun processing ore at the Munda Gold Mine in Western Australia, which will be treated at Black Cat Syndicate’s (ASX:BC8) Lakewood Mill.
In May 2025, mining of the Munda starter pit began, with processing of the first 60,000 tonne parcel of ore beginning on 12 October 2025. A second campaign in early 2026 will process the balance of the ore.
Auric, which has a market capitalisation of $44.68 million, expects the first gold sales from Munda’s ore in late October. Cashflows are expected to be received by Auric in November 2025.
This news comes in conjunction with gold’s spot price surging past US$4,100 ($6,290.85) per ounce yesterday. Trading Economics reports this record high comes as US-China trade tensions escalate and Federal Reserve rate cut expectations grow.
Over the past month, gold’s price has increased 11.71% and is up 55.14%, compared to the same time last year.
Auric notes once the starter pit campaign is completed, the company will begin detailed planning and scoping for the Munda Main Pit, with work scheduled to begin in Q1 2026.
The main pit represents a “major” opportunity to expand production and reinforce Auric’s ambition to build into an integrated, sustainable gold producer.
Managing Director Mark English says the agreement with Black Cat covers up to 125,000 tonnes total of ore.
“This package represents a pivotal milestone for Auric as we begin to develop Munda and sets the stage for our future to develop the larger Munda Main Pit in 2026,” English says.
More gold, sooner
Black Cat has also signed an ore purchase agreement with Gibb River Diamonds (ASX:GIB) for the processing of 100,000 tonnes of ore from the Neta Project at the Lakewood Mill.
The milling is expected to begin in late December 2025 and to be completed by mid-January 2026, subject to operational requirements. The first cash proceeds are anticipated to be received between February and March 2026 to Gibb River.
JT Metallurgical Services will oversee the processing campaign on behalf of mining contractor BML Ventures.
To date, 51,000 tonnes of material is being stockpiled on the Neta run-of-mine.
Gibb River’s Edjudina Gold Project includes the Neta prospect which has an indicated and inferred resource of 378,000 tonnes @ 1.9 grams per tonne gold for 24,000 ounces.
Black Cat Managing Director Gareth Solly says the signing of these agreements further secures ore supply for Lakewood while the Fingals open pit and the Majestic underground are brought online.
“The ramp up at Fingals and Majestic is progressing as planned on an accelerated timeframe,” Solly says.
“This is a win-win for all parties and leads to more gold, sooner.”
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining & Gibb River Diamonds
