Auric Mining Ltd (ASX:AWJ) says that total gold sales generated in the month of August will deliver $6.3 million dollars to the company and its JV partner BML Ventures Pty Ltd, as the yellow metal taken from the Jeffreys Find gold mine in Western Australia is selling for an average of A$3,697 per ounce.
With the Greenfields Mill set to process 150,000 tonnes of ore as part of the company’s second campaign for 2024, the JV is expecting meet its target of 300,000 tonnes for the whole year, with BML in charge of mining, operating and managing work at Jeffrey’s Find – paying all mining, haulage, milling costs and related expenses.
As of August 14, the mill has already received nearly 129,000 tonnes.
Managing Director Mark English said a solid gold price had boosted the project’s economics.
“Total gross gold sales for 2024 have now been received by the Joint Venture at just shy of $3,700 an ounce,” he said.
“It’s a very satisfying result and reflects the surging gold price. Over the coming month, Jeffreys Find Gold Mine is expected to generate around $25.0 Million in gross gold sales as 150,000 tonnes gets processed at the mill.
“Everything is right on target: Auric will bank cash within the month – $3.0 Million in total, being an initial $2.0 Million surplus cash distribution from the Joint Venture plus the repayment of $1.0 Million working capital contribution.
“We are now at the midpoint of mining Jeffreys Find. It will perform much better than
originally anticipated.”
Mr English said that on current projections, the mine would produce 20,000 ounces of gold this year.
After subtraction of all direct costs, surplus cash proceeds are split between Auric and BML on a 50:50 basis.
At 12:28 AEST, Auric shares were trading at 25.5 cents, a rise of 6.25% since the market opened.