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Auric Mining (ASX:AWJ) has banked the final $2.2 million cash surplus distribution from its “game-changing” Jeffreys Find gold mine tolling deal in Western Australia. The company has now received a total cash share of approximately $16.5 million from its 50:50 joint venture with BML Ventures.
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The explorer’s MD, Mark English, said a total of 29,534 ounces of gold were produced and sold to Perth Mint under the toll mining agreement at an average of $3,763 per ounce, generating total sales of $82 million.
“We are delighted to be signing off on these stellar results from the final toll milling campaign of Jeffreys Find ore,” he declared. “The receipt of this final $2.2M distribution represents a robust closing result for Auric from our maiden mining venture.”
The company boss also said: “Jeffreys Find has been an absolute game-changer for Auric, accelerating our transition from explorer to producer. The success of the project has significantly strengthened the company’s balance sheet and supported the development of our Munda gold mine, where Auric has recently completed its starter pit mining campaign to similar outstanding results.”
Jeffreys Find was developed as a 50/50 joint venture between Auric and BML Ventures, with BML acting as the mining contractor and project operator.
Under the terms of the joint venture agreement, BML Ventures funded and managed all mining, haulage, processing and associated operating costs. After the sale of gold, all direct costs were deducted, and the remaining surplus cash proceeds were distributed equally between Auric and BML Ventures.
The final campaign processed approximately 60K tonnes of ore at the Three Mile Hill mill near Coolgardie, wrapping up the mining and processing program. Since mining commenced, 633,302 tonnes of ore have been mined at a head grade of 1.58 grams per tonne (g/t) and recovery averaging 92%.
Auric’s total combined value of cash, bullion and listed investments, as at March 11, CY26, totalled as much as $43 million.
AWJ is down -3.85%, to 37.5¢. Mkt cap $72.96M.
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