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Murray Ward
Auric Mining has delivered a masterclass in transitioning from explorer to producer, amassing a record-breaking A$46 million in cash and receivables following an exceptional performance during the March quarter.
The company’s primary engine room, the Munda gold mine 82 kilometres south of Kalgoorlie in WA, significantly outperformed expectations, providing Auric with the financial firepower to accelerate its goal of becoming a fully integrated gold player in Western Australia.
The standout result came from the completion of production from its Munda Starter Pit, which yielded a total of 8886 ounces of gold. This figure represented a staggering 46 per cent increase over the original budget of 6100 ounces.
The outperformance was largely driven by the company’s second mining campaign, which targeted the deeper, higher-grade sections of the pit and delivered a reconciled head grade of 3.18 grams per tonne(g/t) gold. The gold sold at a mouthwatering average of A$7178 per ounce.
‘Auric is now in the strongest financial position in the company’s history.’
Auric Mining managing director Mark English
In total, 126,054 tonnes were processed, with an average head grade of 2.46g/t and a solid 89.5 per cent recovery rate.
Crucial to this success was Auric’s savvy partnership with Black Cat Syndicate and its Lakewood Mill. In a region where processing capacity is often the ultimate bottleneck, the agreement to use Black Cat’s facility just outside Kalgoorlie was a game-changer. Notably, it allowed the company to monetise the Munda starter pit almost immediately, capturing the record-high gold prices on offer.
While Munda grabbed the headlines, the company also wrapped up its lucrative partnership at Jeffreys Find. Auric received a final cash distribution of A$2.2 million from joint venture partner BML Ventures on 11 March 2026, ringing the till with a total return of A$16.5 million for its share from Jeffreys – a remarkable result from an initial A$1.2 million investment. In total, Jeffreys generated a hefty A$112 million in gold sales.
Auric Mining managing director Mark English said: ‘Auric is now in the strongest financial position in the company’s history. We are very well placed to progress the Main Pit and to continue building a sustainable, integrated gold producer.’
Auric appears to be in rude corporate health after the stellar quarter. Audited financial statements released on 30 March 2026 for the 2025 financial year, ending in December, showcased a bumper year, with a net profit after tax of A$5.2 million, up 92 per cent on revenue of A$20.6 million, up a hefty 144 per cent.
Perhaps most impressively, the company generated A$6.5 million in free cash flow for the year, leaving it completely debt-free and unhedged, and fully leveraged to any further upside in gold prices.
The company’s plan for growth has now turned to its 100 per cent-owned Burbanks gold processing plant, where a formal scoping study has been initiated under the processing lead of recent hire, Scott Bailey. Refurbishing Burbanks is key to Auric’s plan to process its own ore in-house, capturing the maximum dollar amount from each ounce of gold produced.
Meanwhile, at its Lindsay’s gold project, mapping continues to refine future drilling targets. Auric picked up the project mid-last year, recognising its potential for quick gold. The Parrot Feathers deposit, which forms part of the lease, was last mined in the mid1990’s for 6153 ounces of gold at a grade of 1.93g/t. However, with falling metal prices, the mine was never fully exploited, with 75 per cent of the resource still in situ.
Lindsay’s sits near the historic Gindalbie/Kalgoorlie gold belt, 60km northeast of Kalgoorlie. The region has a long mining history and existing infrastructure – a clear reason for Auric’s interest in potentially developing the asset for near-term production.
Looking ahead, the company has shifted its mining focus to developing the key Munda Main Pit. A 2023 scoping study outlined a resource of 145,000 ounces grading 1.23g/t.
However, Auric’s recent data from the Starter Pit campaign, which recovered many more ounces than originally estimated, suggests the Main Pit may be far bigger and higher grade than previously modelled.
The company says that a re-estimation and potential expansion of the resources at Munda might justify a much larger Main Pit. Auric expects ongoing design work, and economic analysis will lead to permitting of the Main Pit in due course.
It is fair to say the team at Auric is knocking it out of the park. With a strong balance sheet, a mountain of cash in the bank and its own mill on the horizon, this is a company that is no longer just a player in the game; it’s starting to run the game.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
