Auric gold strategy rings till with $46m in war chest
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Murray Region
Auric Mining has delivered a masterclass in transitioning from explorer to producer, generating a record-breaking A$46 million in cash and receivables following an outstanding performance in the March quarter.
The company’s main engine room, the Munda gold mine, 82 kilometers south of Kalgoorlie in Western Australia, has significantly exceeded expectations, providing Auric with the financial firepower to accelerate its ambition to become a fully integrated gold player in Western Australia.
The standout result came from the completion of production at the Munda Starting Pit, which yielded a total of 8886 ounces of gold. This figure represented a staggering 46 percent increase over the original budget of 6,100 ounces.
This superior performance was largely driven by the company’s second mining campaign, which targeted deeper, higher-grade sections of the pit and delivered a consensus headline grade of 3.18 grams per tonne (g/t) gold. Gold sold at a mouth-watering average of AU$7178 per ounce.
‘Auric is now in the strongest financial position in the company’s history.’
Auric Mining managing director Mark English
A total of 126,054 tonnes were processed; It had an average head grade of 2.46 g/t and a solid recovery rate of 89.5 percent.
Auric’s conscious partnership with Black Cat Syndicate and Lakewood Mill was crucial to this success. In a region where processing capacity is often the biggest bottleneck, the agreement to use Black Cat’s facility just outside Kalgoorlie was a game-changer. In particular, it allowed the company to monetize the Munda seed pit almost immediately and capture the record high gold prices offered.
While Munda was making headlines, the company also completed its lucrative partnership in Jeffreys Find. Auric received a final cash distribution of A$2.2 million from joint venture partner BML Ventures on 11 March 2026, generating a total return of A$16.5 million on its stake from Jeffreys; This was a remarkable result from an initial investment of A$1.2 million. In total, Jeffreys sold gold worth A$112 million.
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 advance the Main Pit and continue to build a sustainable, integrated gold producer.’
Auric’s corporate health looks poor after a stellar quarter. Audited financial statements published on 30 March 2026 for the 2025 financial year ending in December showed a bumper year, with net profit after tax up 92 per cent to A$5.2 million, while revenue rose a whopping 144 per cent to A$20.6 million.
Perhaps most impressively, the company generated free cash flow of AU$6.5 million in the year, leaving the company completely debt-free and unhedged, and fully leveraged against any rise in gold prices.
The company’s growth plan is now focused on its 100 percent owned Burbanks gold processing facility; where a formal scoping effort was initiated under the processing leadership of recently hired Scott Bailey. Burbanks’ renovation is key to Auric’s plan to extract the maximum dollar amount from every ounce of gold produced by processing its own ore in-house.
Meanwhile, mapping at Lindsay’s gold project continues to refine future drilling targets. Auric took over the project in the middle of last year and recognized its rapid gold potential. The Parrot Feathers deposit, which forms part of the lease, was last mined in the mid-1990s for 6153 ounces of gold graded 1.93 g/t. But with metal prices falling, the mine was never fully exploited as 75 percent of the resource was still in place.
Lindsay’s is located near the historic Gindalbie/Kalgoorlie gold belt, 60km north-east of Kalgoorlie. The area has a long mining history and existing infrastructure; This is 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 significant Munda Main Pit. A 2023 scoping study outlined a 145,000-ounce resource grading 1.23 g/t.
But Auric’s latest data from its Starting Pit campaign, which collected many more ounces than initially anticipated, suggests that the Main Pit may be much larger and higher grade than previously modelled.
The company says re-estimating and potentially expanding resources at Munda could justify a much larger Main Pit. Auric expects design work to continue and economic analysis will enable the Main Hearth to be permitted in due course.
It’s fair to say that the team at Auric has achieved this. With a strong balance sheet, a mountain of money in the bank and its own mill on the horizon, this company is no longer just a player in the game; It starts running the game.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
