Auric Mining To Bank A$3M This Quarter From Jeffreys Find Gold Mine

Auric Mining Ltd (ASX:AWJ) plans to start the second gold milling campaign of 2024 from the Jeffreys Find Gold Mine by the end of the month.

As of 3 July 2024, 43,402 tonnes of ore have been transported to the Greenfields Mill at Coolgardie from Jeffreys Find near Norseman, Western Australia.

Six to seven weeks of milling

Auric’s joint venture partner BML Ventures is mining around the clock with an estimated 30,000+ tonnes of high-grade ore on the ROM Pad at Jeffreys Find, awaiting transport to Greenfields.

Greenfields and BML have executed a toll milling notice to process 150,000 dry metric tonnes of ore.

Milling will take place across six to seven weeks, starting 24 July 2024 and concluding in early September 2024.

First cash distribution

BML is planning on mining more than 300,000 tonnes of ore during Stages 2 and 3 of the Project in 2024 with further gold milling campaigns scheduled later in 2024 and early 2025.

Auric has also received notification from BML that it will receive A$2 million in cash, being the first distribution of surplus cash for Stage 2 of the project, this quarter.

In addition, BML has advised it will repay A$1 million to Auric this quarter, working capital Auric had advanced to the JV for the start of Stage 2 mining at Jeffreys Find.

In for a great year

Auric Managing Director Mark English said: “We’ll bank $2 million this quarter, first proceeds to Auric from the 2024 mining of Jeffreys Find.

“It’s an early payment from our JV partners, reinforcing to us that we’re in for a great year at Auric.

“With another $1 million coming back from our earlier working capital contribution to Stage 2 at Jeffreys Find, we find ourselves in a robust position.

“The Coolgardie mill has now agreed with BML that it will toll treat 150,000 tonnes of gold ore starting 24 July 2024.

“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.”

Substantial cash producer

English added: “BML has a contract with the mill to process 300,000 tonnes in 2024, but it will extract considerably more tonnes than that.

“Discussions are underway as to where this excess tonnage will be toll milled.

“We are exceeding our targets and with the gold price holding around $AUD3,500 an ounce the timing is perfect.

“Jeffreys Find will be a substantial cash producer for Auric in 2024 and 2025.”

 

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