Auric Mining (ASX: AWJ) Surges Ahead with $6.3 Million Gold Sales from Jeffreys Find

Key Highlights:

- Auric Mining generates $6.3 million from recent gold sales, pushing total 2024 campaign revenue to $10.8 million.

- The second milling campaign processes 150,000 tonnes, with gold selling at an average of $3,697 per ounce.

- Auric is set to receive $3.0 million in cash within a month from the Joint Venture, with expectations of extracting over 20,000 ounces of gold in 2024.

Auric Mining (ASX: AWJ) has announced another successful gold milling campaign at its Jeffreys Find Gold Mine, generating $6.3 million in gross revenue from three parcels of gold sold at an average price of $3,697 per ounce. This latest achievement brings the total revenue from the 2024 campaign to an impressive $10.8 million, underscoring the project's strong performance.

The current campaign has seen 150,000 tonnes of ore processed at the Greenfields Mill, with the project still on track to hit the year’s target of processing 300,000 tonnes. Auric’s Managing Director, Mark English, expressed confidence in the project’s trajectory, noting that the Jeffreys Find Gold Mine is expected to generate approximately $25 million in gross gold sales in the coming month as the milling continues. “We are now at the midpoint of mining Jeffreys Find, and it’s clear that the project will perform much better than originally anticipated,” English commented.

Auric Mining’s operational strategy at Jeffreys Find, in partnership with BML Ventures, has been to capitalize on the surging gold price while maintaining efficient processing and cost management. This approach has not only bolstered the company’s revenue but also ensured a steady cash flow. Auric is set to receive $3.0 million in cash within the month, comprising $2.0 million from surplus cash distribution and a $1.0 million repayment of working capital contribution.

With the second gold processing campaign concluding in early September, Auric is poised to continue its momentum with further milling campaigns scheduled for later in the year. On current projections, the company anticipates extracting over 20,000 ounces of gold in 2024, a result that would exceed initial expectations and significantly enhance shareholder value.

As of  2:45 PM AEST, 16th August 2024, Auric Mining  shares are trading at A $0.24.