Auric Mining managing director Mark English says the company’s Jeffreys Find gold mine near Norseman has been an ‘outstanding’ investment for the junior.
Mr English’s comments come following news that total gold sales reached $23.5 million during its most recent toll mining campaign.
A total of 6,295 ounces of gold was produced from 128,000 tonnes milled, with another campaign penciled in for November.
“We are in the sweetest possible place with the mining of Jeffreys Find,” Mr English said.
“Total production for the year has passed 7,500 ounces. Another toll milling campaign is scheduled for the end of November.
“It will be a mighty run home for Auric as the project draws to conclusion.
“Whilst the campaign processed lower tonnes than expected, the gross revenue was higher due to the extraordinary gold price.
“The reconciled yield of 1.65 grams per tonne was marginally below expectation but the recovery of 93.2 per cent was excellent.”
Auric, which has a market cap of $52.7 million, operates within joint venture at Jeffreys Find with Kalgoorlie-based BML Ventures.
Following the completion of gold sales, both entities receive half of the surplus cash proceeds, following the deduction of direct costs – while BML passes on all surplus cash distributions to the East Perth-based junior.
In September, Auric announced it had made a net profit after tax of $411,944 during the first six months of the 2024 calendar year – following a 602,593 loss during the prior corresponding period.
This result was spurred on by $2 million in gold sale receipts.
As of 1.37pm WST, Auric shares were down 11 per cent to 31 cents.
