Auric Mining (AWJ.AX) recently completed its second toll milling campaign of this year, wherein it processed 128,000 tonnes of rock (the average grade was approximately 1.65 g/t which was slightly below expectations but the recovery rate of 93.2% was pretty good). This yielded a total of 6,295 ounces of gold which were sold at an average of A$3,731 per ounce for a total revenue of approximately A$23.5M. Auric has already received an A$2M surplus cash distribution on top of the A$1M working capital advance repayment.
The successful completion of the second campaign has now pushed the total production for the year to 7,500 ounces of gold, and a third campaign is currently scheduled to start at the end of November. This should bring the total amount of rock processed at Greenfields to 300,000 tonnes, which is part of the existing milling contract. Subsequent to the completion of the 300,000 tonnes milling contract, Auric estimates the Jeffreys Find pit will contain a final 100,000 tonnes of rock that will likely be processed sometime in 2025 either at Greenfields, or somewhere else.
Disclosure: The author has no position in Auric Mining. Please read the disclaimer.
