Auric Mining Ltd (ASX:AWJ) has enjoyed a steady stream of cash from sales of gold from the Jeffreys Find joint venture (JV) project with BML Ventures Ltd, the latest of which has netted the company a further $1.65 million.
This brings the total cash the company has received from Jeffreys Find to $3.85 million from the first stage of mining at the project.
On Friday, November 10, 1,448 ounces of gold were sold to the Perth Mint for $3,073 per ounce, generating $4,451,573 in revenue.
Surpassed expectations
“We have received $3.85 million in cash so far, with more to come. This first phase has surpassed expectations,” Auric Mining managing director Mark English said.
“Though we don’t have final results, the project will produce in excess of 9,500 ounces of gold from Stage One and it will generate more than $9 million in surplus cash, which will be split equally between BML and Auric.
“BML has built a great understanding of the deposit and are very capable miners whilst the Greenfields Mill processed the ore without a hitch.
“Near record gold prices are the icing on the cake. The final numbers from Stage One will be impressive for us.
“This all bodes well for Stage Two.”
Auric expects to receive the final results and remaining cash distribution shortly. BML is incurring and paying all mining costs and expenses.
After completing stage one of mining the two partners will subtract all costs, including a cash retention for the stage two pit, before splitting the surplus cash proceeds on a 50:50 basis.
Stage Two mining of Jeffreys Find will commence early in 2024. The entire project life is short and final mining is expected to be completed late 2024/early 2025.
Auric says the cash will be used to develop the Munda Gold Project at Widgiemooltha, for other exploration and working capital.