Auric Mining (ASX:AWJ) has banked another $1.65 million in additional surplus funds from its joint venture partner BML Ventures of Kalgoorlie.
The company says stage one mining from the Jeffreys Find Gold Mine near Norseman is now complete with reconciliation and final cash to Auric due imminently.
Stage two mining will begin in early 2024. The entire project life is short and final mining is expected to be completed late 2024 or early 2025.
Auric Mining Managing Director Mark English says the company has now received $3.85 million in cash so far from stage one of the project with more to come, adding the first phase has surpassed expectations.
“Though we don’t have final results, the project will produce in excess of 9,500 ounces of gold from stage one and it will generate more than $9 million in surplus cash, which will be split equally between BML and Auric“
“Though we don’t have final results, the project will produce in excess of 9,500 ounces of gold from stage one and it will generate more than $9 million in surplus cash, which will be split equally between BML and Auric.
BML have built a great understanding of the deposit and are very capable miners whilst the Greenfields Mill processed the ore without a hitch. Near record gold prices are the icing on the cake. The final numbers from stage one will be impressive for us. This all bodes well for stage two.”
On 10 November, 1,448 ounces of gold were sold to the Perth Mint for $3,073 per ounce, generating just over $4.451 in revenue.
The company notes that stage one mining is now complete with 175,838 dry metric tonnes processed in two campaigns at the Greenfields Mill, Coolgardie. Gold in circuit (GIC) has been calculated with final reconciled production, yield, revenue, costs, and surplus cash to be known imminently.
Final results and remaining cash distribution to Auric will be known shortly.
BML is incurring and paying all mining costs and expenses. After completing stage one of mining the 2 partners will subtract all costs, including a cash retention for the Stage Two pit, before splitting the surplus cash proceeds on a 50:50 basis.
Write to Adam Orlando at Mining.com.au