Join our daily newsletter At The Bell to receive exclusive market insights
Auric Mining (ASX:AWJ) has announced it expects to make $3M in the three months to September with $2M in gold sales and another $1M repayment set to hit the coffers.
In the meantime, the company has sent off a milling notice to toll treat 150,000 tonnes of ore, set to begin late July on the 24th. The 6-7 week campaign will occur as regular deliveries back to the Greenfields mill and ROM Pad continue; already, some 75,000 tonnes of product sits on-site.
At Greenfields, the company is targeting 300Kt processed through the mill in the next eighteen months.
“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,” company MD Mark English said.
“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 company’s JV partner is Kalgoorlie-based BML Ventures which takes the ore to the Greenfields mill. BML is the entity to pay Auric back $1M.
“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,” English added.
AWJ last traded at 22cps.
-1200x645-380x200.jpg)