Auric Mining is wrapping up at its Jeffreys Find gold project, pocketing another $1 million in cash to take its share of profits from the mine to about $14.5 million.
The final toll milling campaign saw around 60,000 tonnes of ore transported to the Three Mile Hill mill at Coolgardie. Since production began in May 2023, the joint venture with BML Ventures has yielded about 30,000 ounces of gold.
To date, 1541 ounces have been sold through the Perth Mint at an average $5139 per ounce, with another 300 ounces to be sold within a fortnight.
Auric anticipates an additional cash distribution by the end of September, before the project is formally wound up in the fourth quarter of 2025.
Auric Mining managing director Mark English said the company is pleased with the project’s last toll milling campaign now complete.
“This last campaign has made for a great final payday for Auric, with further cash distributions still to come once all gold has been sold, all costs paid and final accounting complete,” he said.
“By any measure it’s an impressive result overall that’s seen the total ounces mined and sold from Jeffreys Find of around 30,000 ounces, for expected total profit from Jeffreys Find of approximately $29 million of which we receive 50 per cent.
“Jeffreys Find has been an absolute game changer for us, accelerating our transition from gold explorer to producer, and now mining in our own right at Munda, with all additional funds principally being applied to supporting the mining operations already underway at Munda.”
Jeffreys Find was mined with joint venture partner BML Ventures over the past two years. Under the terms of the partnership, BML managed mining, haulage and processing costs before splitting surplus cash with Auric on a 50:50 basis.
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