Auric Mining (ASX:AWJ) has made $105.18 million in gold sales through its stage one and two mining operations at the Jeffreys Find Gold Mine in Western Australia.
Stage one, which comprised the sale of 9,741 ounces of gold, generated $33.14 million in gross revenue. Meanwhile, stage two, which saw 17,901 ounces of gold sold, delivered $72.04 million.
For stage two, the highest gold price achieved was $4,625 per ounce, while the average price was $4,024 per ounce. Meanwhile, the average sale price was $3,006 per ounce during stage one.
Since the beginning of this year, the gold price has increased 11.82%, according to Trading Economics. As of today (24 February), the price is sitting at $4,618.14 per ounce.
Managing Director Mark English says the first ore was shovelled in May 2023 and in a couple of years this short-life mine has generated more than $100 million in gold sales.
“Before starting we estimated a gold price of $2,600 an ounce,” English says.
“Who could have envisaged that we would be selling gold at more than $4,600 an ounce. By measure it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. We are expecting millions more in cash over the next few months.”
English adds that its joint venture partner BML Ventures is negotiating a toll milling agreement for a parcel of up to 60,000 tonnes, which is currently on the run-of-mine pad at the mine site.
“When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been,” he says.
The company has also received a further $1.5 million as an interim payment from BML which brings a total of $8.1 million in total for stage-two payments.
Auric is expecting a further $3 million to $4 million in cash payments once the last of the gold is sold.
During 2024 and early 2025, the ore was milled in multiple campaigns at the Greenfields Mill and the Three Mile Hill plant in Coolgardie.
Under the joint venture, BML are the miners, operators, and managers of the Jeffreys Find Gold Mine. BML incurs and pays all mining, haulage, milling costs and related expenses.
After selling the gold, both companies subtract all direct costs before splitting the surplus cash proceeds on an equal basis.
The Jeffreys Find Mine is a shallow open pit mine that is located 42km from Norseman in Western Australia’s Goldfields region.
Auric Mining is an emerging producer and explorer in the Goldfields region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Auric Mining
