Auric Mining Delivers Record Quarter: Munda Starter Pit Produces 8,886 Ounces, 46% Above Budget
Auric Mining Limited has delivered its strongest quarter on record. Gold production from the Munda …
Auric Mining Limited (ASX: AWJ): Company Overview, Share Price, Latest News & Announcements
Highly prospective Western Australian based Gold opportunity
Auric Mining Limited (ASX: AWJ): Company Overview
Auric Mining Limited (ASX: AWJ) is a Western Australian gold exploration, development, and production company. It was incorporated in 2019 and is headquartered in East Perth, WA.
The Company operates entirely within Western Australia’s Eastern Goldfields, one of the world’s most established and respected gold-producing regions. Its tenement portfolio now covers 471 km² across the Widgiemooltha-Norseman corridor.
| Detail | Information |
|---|---|
| Full Company Name | Auric Mining Limited |
| ASX Ticker | AWJ |
| Sector / Industry | Gold Mining, Exploration & Production |
| Headquarters | East Perth, Western Australia |
| Incorporated | 2019 |
| Tenement Area | 471 km² |
| Registered Office | Level 1, 1 Tully Road, East Perth WA 6004 |
| Website | auricmining.com.au |
Auric’s core business is acquiring underexplored or previously underdeveloped gold assets, mining them cost-effectively, and building toward fully integrated, in-house gold processing. It also holds exploration interests in nickel, lithium, and rare earth elements across its tenements.
Auric Mining Limited (ASX: AWJ): Recent News & Announcements
Stay up to date with the latest ASX announcements, production updates, and strategic developments from Auric Mining (ASX: AWJ) below.
Auric Mining Names Black Cat Syndicate Founder Gareth Solly as Incoming CEO
Auric Mining Limited (ASX: AWJ) has appointed Gareth Solly, founding Managing Director of Black Cat…
Auric Mining Names Processing Lead to Drive Burbanks Mill Development
Auric Mining appoints Scott Bailey to lead Burbanks Mill construction at Coolgardie.
Auric Mining Achieves Record $5.2 Million Profit after Tax Amid Landmark Transition to Gold Producer
Auric Mining Limited (ASX: AWJ) has concluded a transformative year, reporting a net profit after t…
Auric Mining Limited (ASX: AWJ): Business Core Insights
What Auric Mining Does
Auric covers the full gold value chain, from exploration and open-cut mining through to gold sales. Its model is built for low capital intensity: the Company mines its own ore, uses toll processing arrangements to generate cash quickly, and is progressively moving toward owning its own processing plant.
Core Operations
- Open-cut gold mining at the Munda Gold Mine
- Toll milling arrangements through Black Cat Syndicate’s Lakewood Mill (near Kalgoorlie)
- In-house processing under development at the Burbanks Gold Processing Facility
- Ongoing exploration across Spargoville, Higginsville, Chalice West, and Lindsay’s tenements
Revenue Streams
Revenue comes from gold sales generated through mining campaigns. The Company does not hedge its gold production, meaning it sells gold at prevailing spot prices, a significant advantage in today’s strong gold market. With gold trading well above $6,000/oz in early 2026, Auric’s margins are at their strongest since inception.
Geographic Presence
All projects are located in Western Australia’s Eastern Goldfields. The region is home to some of Australia’s largest gold operations, including Gold Fields’ St Ives Mine and Karora Resources’ Beta Hunt and Higginsville operations. Auric’s assets sit within trucking distance of major infrastructure, including road, rail, power, and processing facilities.
Auric Mining Limited (ASX: AWJ): Key Highlights / Investment Snapshot
Fast Facts for Investors
- Three consecutive profitable years – FY2023, FY2024, and FY2025
- FY2025 net profit: $5.2 million after tax
- FY2025 revenue: $20.6 million – up 144% year on year
- FY2025 free cash flow: $6.5 million – up 129%
- FY2025 total assets: $34.8 million – up 61%
- Total gold production from Jeffreys Find: 29,537 oz; total sales: $112 million
- Munda Starter Pit gross revenue: $16.85 million from first production campaign
- JORC-compliant gold resource: over 220,000 oz across the portfolio
- Munda Main Pit resource: 3.65 million tonnes at 1.23 g/t for 145,000 oz
- Burbanks processing facility acquired for $4.4 million – 180,000 tpa capacity, no corporate debt carried
- $6.6 million placement completed to fund growth pipeline
- Board ownership: approximately 17% of the Company – strong insider alignment
- No corporate debt on the balance sheet
Competitive Advantages
- Lean, low-overhead operating structure with a self-operating mining fleet
- All assets in a proven, tier-one Australian gold jurisdiction
- Proven ability to acquire low-cost, high-return assets (Jeffreys Find purchased for $1.5M; returned over $14.5M net)
- Clear pathway to self-sufficient production via the Burbanks mill (commissioning targeted for 2028)
- Unhedged gold sales – full exposure to gold price upside
Auric Mining Limited (ASX: AWJ): Projects & Assets Portfolio
Auric controls a growing portfolio of gold assets across the Eastern Goldfields of Western Australia.
Munda Gold Mine
| Detail | Information |
|---|---|
| Location | 34km SW of Kambalda; 5km west of Widgiemooltha |
| Status | Active – Main Pit planning underway (Q1 2026) |
| Ownership | 100% |
| Main Pit Resource | 3.65Mt @ 1.23 g/t gold for 145,000 oz |
Munda is Auric’s flagship operating asset. The Starter Pit campaign wrapped up in late 2025, producing 8,886 oz across two processing runs at Black Cat’s Lakewood Mill, beating production targets by 46%.
A second 65,000-tonne processing campaign at Lakewood began in January 2026, with first cash receipts forecast for late February 2026. Detailed planning and scoping for the much larger Munda Main Pit commenced in Q1 2026. The Main Pit is targeted to begin mining in mid-to-late 2026, with ore processed over 13 quarters.
Burbanks Gold Processing Facility
| Detail | Information |
|---|---|
| Location | 11km south of Coolgardie |
| Status | Acquired – refurbishment planning underway |
| Ownership | 100% |
| Acquisition Cost | $4.4 million + GST (settled September 2025) |
| Current Capacity | 180,000 TPA |
| Target Capacity | Up to 500,000 TPA (under evaluation) |
| Target Commissioning | 2028 |
The Burbanks plant is a fully permitted, carbon-in-leach (CIL) processing facility. It has been idle since 2019 but remains fully equipped with crushing, grinding, and CIL infrastructure. The acquisition removes Auric’s long-term reliance on third-party toll millers.
Scott Bailey, a seasoned processing industry veteran who previously led the recommissioning of Black Cat’s Lakewood plant, has been appointed as processing lead to spearhead the refurbishment.
Lindsay's Gold Project
| Detail | Information |
|---|---|
| Location | 60km northeast of Kalgoorlie |
| Status | Acquisition in final stages |
| Tenement Area | 33 km² |
| Granted Mining Leases | 3 |
| Key Asset | Parrot Feathers open pit |
Lindsay’s is Auric’s next planned mining operation after Munda. The Parrot Feathers open pit was partially mined in 2013 by KalNorth Gold Mines (6,153 oz produced) before the gold price slump caused operations to stop. Around 75% of the resource remains unmined. The last recorded mine grade was 1.93 g/t gold. Auric has progressively secured tenements at the project and expects to redeploy its Munda mining fleet to Lindsay’s once the Main Pit planning is complete.
Jeffreys Find Gold Mine
| Detail | Information |
|---|---|
| Location | ~40km east of Norseman |
| Status | Completed – all campaigns concluded August 2025 |
| Ownership | 100% (previously operated as JV with BML Ventures) |
| Total Production | 29,537 oz gold |
| Total Cash to Auric | ~$14.5 million net |
Jeffreys Find was Auric’s maiden production asset. Originally acquired for $1.5 million, it returned over $14.5 million in net cash — a track record the Company uses as proof of its disciplined acquisition and execution model.
Exploration Projects
| Project | Location | Focus |
|---|---|---|
| Spargoville | ~35km SW of Kambalda | Gold, lithium, nickel – along strike from Wattle Dam mine (268,000 oz at 10 g/t) |
| Higginsville (Loded Dog Tenements) | Higginsville area | 8 tenements, 113 km² – gold exploration at Amorphous & Foote's Find prospects |
| Chalice West | Widgiemooltha area | Gold, nickel, lithium, rare earth elements |
Auric Mining Limited (ASX: AWJ): Financial Performance
Auric has delivered three consecutive profitable years – a milestone that remains rare among ASX-listed junior gold producers.
FY2025 Full-Year Results (Year Ended 31 December 2025)
| Metric | FY2025 | Change vs FY2024 |
|---|---|---|
| Net Profit After Tax | $5.2 million | +92% |
| Revenue | $20.6 million | +144% |
| Free Cash Flow | $6.5 million | +129% |
| Total Assets | $34.8 million | +61% |
Recent Cash Generation Highlights
- Jeffreys Find JV total net receipts: approximately $14.5 million over the life of the project
- Munda Starter Pit gross revenue: $16.85 million from the first production campaign (2025)
- Average gold sale price achieved from Munda: approximately $6,200–$6,406/oz
- Cash and investments on hand (30 September 2025): $1.1 million — reflecting active capital deployment into acquisitions
- Corporate debt: nil
Key Financial Indicators
Auric carries no corporate debt. Its balance sheet growth over FY2025 reflects strategic acquisitions, Burbanks ($4.4M), Lindsay’s tenements ($1.9M+ cash component), and Higginsville tenements ($475,000 initial payment). All growth has been funded through a combination of operating cash flows and a $6.6 million placement completed in mid-2025.
Auric Mining Limited (ASX: AWJ): Leadership Team
Auric is led by a lean, experienced three-person board. The directors collectively own approximately 17% of the Company, a clear signal that leadership has skin in the game.
Mark English – Managing Director
Mark English brings a 40-year career as a Chartered Accountant to the role. He holds a Bachelor of Business and has deep experience managing ASX-listed public companies across capital raising, corporate governance, and operational execution.
Before Auric, Mark was the founding director of Bullion Minerals Ltd. He managed the company for seven years before taking it to IPO. That business eventually spun out into two significant ASX-listed companies: Chalice Gold Mines (ASX: CHN) and Liontown Resources (ASX: LTR).
His track record of identifying value in early-stage gold assets and building them into producing operations underpins Auric’s current growth strategy.
Steve Morris – Non-Executive Chairman
Steve Morris has more than 25 years of experience across financial markets and the resources sector. His background includes:
- Head of Private Clients (Australia), Patersons Securities
- Managing Director, Intersuisse Ltd
- Founder and Managing Director, Peloton Shareholder Services
- Senior executive roles within the Little Group
- Current board member, Melbourne Football Club
Steve provides financial market expertise and strong investor relations experience, critical capabilities as Auric grows its capital base and expands its project portfolio.
John Utley – Technical Director
John Utley brings 35 years of hands-on experience in gold exploration and development in Western Australia and internationally. He provides geological and technical oversight across all of Auric’s projects, from resource definition drilling through to mine planning and grade control.
His technical leadership has been central to Auric’s ability to identify and de-risk assets before committing capital, a discipline that has directly contributed to the Company’s track record of profitable outcomes.
Auric Mining Limited (ASX: AWJ): Share Price & Market Information
Auric Mining Limited (ASX: AWJ): Strategy & Future Outlook
Auric’s strategy is clear and consistent: to establish itself as a fully integrated, multi-asset, gold producer within Western Australia’s Eastern Goldfields, sustained entirely through operational cash flow without the use of corporate debt.
The Three-Stage Plan
Stage 1 – Generate cash from low-cost mining campaigns
Auric does this by acquiring undervalued or previously abandoned deposits and mining them quickly using its own fleet and toll processing arrangements. Jeffreys Find and the Munda Starter Pit are the proof of concept. Both delivered strong returns far in excess of their acquisition costs.
Stage 2 – Grow the resource base through strategic acquisitions
Every acquisition Auric has made, Jeffreys Find ($1.5M, returned $14.5M+), Burbanks ($4.4M), Lindsay’s ($4M cash and shares), and Higginsville tenements ($475,000 initial), has followed the same discipline: low entry price, near-term production potential, and proximity to existing infrastructure.
Stage 3 – Own the processing, own the margins
The Burbanks Gold Processing Facility is central to Auric’s long-term strategy. Once commissioned (targeted for 2028), it will remove reliance on third-party toll millers entirely. Auric is assessing expanding capacity from 180,000 TPA to 500,000 TPA or more. That shift would give the Company full control over margins and processing scheduling, a significant structural advantage for a company of its size.
Key Milestones Ahead
| Milestone | Target Timeframe |
|---|---|
| Munda Main Pit planning and scoping | Q1 2026 (underway) |
| Munda Main Pit mining commencement | Mid-to-late 2026 |
| Munda Main Pit resource upgrade | Ahead of development (2026) |
| Lindsay's Parrot Feathers mining | Following Munda Starter Pit completion |
| Burbanks refurbishment and commissioning | Targeted 2028 |
| Exploration drilling – Higginsville & Spargoville | Ongoing |
Auric Mining Limited (ASX: AWJ): Competitors & Industry Position
The Landscape
Auric operates in the Eastern Goldfields of Western Australia, one of the most active and competitive gold-producing regions in the world. Its neighbours include some of Australia’s largest gold operations.
| Company | ASX Code | Relevance |
|---|---|---|
| Gold Fields (St Ives Gold Mine) | GFI (NYSE) | Major gold producer in the same Goldfields region |
| Karora Resources (Beta Hunt & Higginsville) | Acquired by Westgold 2024 | Multi-million oz operations near Auric’s tenements |
| Black Cat Syndicate | BC8 | Toll milling partner; processes Munda ore at Lakewood Mill |
| Westgold Resources | WGX | Mid-tier WA gold producer; Karora acquirer |
| Star Minerals | SMS | Junior WA gold producer in development |
| Javelin Minerals | JAV | Junior WA gold explorer targeting near-term production |
Where Auric Sits
With a market capitalisation of approximately $68M as of March 2026, Auric Mining is an agile and high-potential gold producer. It occupies a strategic sweet spot: possessing the nimble operational profile of a junior miner while demonstrating the consistent production and cash flow history typically reserved for much larger mid-tier companies.
This unique positioning places Auric in an elite peer group of ASX-listed gold producers who have successfully transitioned to sustainable cash generation, providing a proven and scalable model for long-term growth in the Eastern Goldfields.
What Sets Auric Apart
1. Proven acquisition and execution model
Auric bought Jeffreys Find for $1.5 million and returned over $14.5 million net. It then replicated the model at Munda. This track record of turning cheap, overlooked assets into cash-generating mines is unusual among companies of this size.
2. Self-operating model
Auric operates its own mining fleet with its own employees. Most peers at this stage outsource to mining contractors. Self-operation means all profits stay in-house and the Company retains full operational control.
3. Processing independence (in progress)
Auric stands in an elite class of junior miners by owning its own processing facility. The commissioning of Burbanks is set to empower Auric with a formidable structural cost and scheduling advantage, positioning the Company far ahead of peers who remain dependent on third-party toll milling.
4. Three consecutive profitable years
Profitability at the micro-cap stage of development is rare. Auric has delivered it three years in a row, without corporate debt.
5. Management credibility
Managing Director Mark English’s background, building Bullion Minerals into what became Chalice Gold Mines and Liontown Resources, gives Auric a management pedigree that many junior miners cannot match.
6. Pipeline depth
With Munda Main Pit, Lindsay’s Parrot Feathers, Spargoville, Higginsville, and Chalice West all in the portfolio, Auric has a multi-year exploration and development runway that extends well beyond its current operating focus.
Conclusion & Summary
The Auric Mining Story in Brief
Auric Mining (ASX: AWJ) started with a bold idea in 2019: acquire overlooked gold assets in the Eastern Goldfields, mine them cost-effectively, and reinvest the cash into building a bigger business, without debt.
This blueprint has been flawlessly executed. The initial investment at Jeffreys Find of $1.5 million yielded over $14.5 million net.
This success was immediately replicated at the Munda Starter Pit, which generated $16.85 million in gross revenue from its first campaign, driving FY2025 to a $5.2 million net profit, 144% revenue growth, and a 61% increase in total assets.
Auric is now positioned for total processing independence with the $4.4 million acquisition of the Burbanks facility, while the Munda Main Pit (a 145,000 oz resource) and Lindsay’s Parrot Feathers provide an exceptionally robust development pipeline.
Key structural advantages include three consecutive years of profitability, zero corporate debt, high insider alignment with 17% Board ownership, operational control via a fully self-operated mining fleet, and a confirmed pathway to in-house processing.
For a company capped at around $68 million in March 2026, this is a rare operational track record.
Auric is not a speculative venture; it is an active, cash-generating gold producer with a rapidly expanding asset base, a clear strategic vision, and a management team that has a proven history of transforming early-stage assets into significant listed companies.
Auric Mining Limited (ASX: AWJ): Frequently Asked Questions
Auric Mining (ASX: AWJ) explores and mines gold in Western Australia’s Eastern Goldfields. It is transitioning from a junior gold explorer into a fully integrated, multi-asset gold producer. Its operations include active mining at the Munda Gold Mine and refurbishment of the Burbanks Gold Processing Facility near Coolgardie.
All projects are in Western Australia. Key assets include the Munda Gold Mine (near Widgiemooltha), the Burbanks processing plant (11km south of Coolgardie), the Lindsay’s Gold Project (60km northeast of Kalgoorlie), Spargoville (~35km southwest of Kambalda), and the Higginsville exploration tenements.
Yes. Auric has reported three consecutive profitable years. FY2025 net profit was $5.2 million after tax, with revenue of $20.6 million (up 144%) and free cash flow of $6.5 million (up 129%). The Company carries no corporate debt.
Munda is Auric’s flagship operating mine, located 34km southwest of Kambalda in WA. The Starter Pit campaign wrapped up in late 2025, producing 8,886 oz and generating $14.6 million in gross revenue. A second 65,000-tonne processing campaign at Black Cat’s Lakewood Mill commenced in January 2026. Planning for the larger Munda Main Pit — which hosts a resource of 3.65Mt @ 1.23 g/t for 145,000 oz, began in Q1 2026, with mining targeted for mid-to-late 2026.
Burbanks is a fully permitted, 180,000 TPA carbon-in-leach (CIL) gold processing plant acquired by Auric in September 2025 for $4.4 million. The plant has been idle since 2019 but remains fully equipped. Auric is assessing expanding capacity to 500,000 TPA or more. Commissioning is targeted for 2028. Once operational, Burbanks will eliminate Auric’s reliance on third-party toll millers.
Lindsay’s is a 33 km² gold project located 60km northeast of Kalgoorlie, comprising eight tenements and three granted mining leases. Its key asset is the Parrot Feathers open pit, which was partly mined in 2013 — only 25% of the resource was extracted before operations stopped when gold fell to $1,295/oz. Auric is progressively completing the acquisition and plans to deploy its Munda mining fleet to Lindsay’s once the Munda Main Pit work is underway.
Auric is led by Managing Director Mark English (40 years as a Chartered Accountant; founding director of Bullion Minerals, which spun out into Chalice Gold Mines and Liontown Resources), Non-Executive Chairman Steve Morris (25+ years in financial markets), and Technical Director John Utley (35 years in gold exploration and development). The three directors together own approximately 17% of the Company.
AWJ. The Company is listed on the Australian Securities Exchange (ASX).
Auric has not declared dividends to date. The Company is in a growth phase, reinvesting cash flows into project development and acquisitions. Investors should refer to the Company’s ASX announcements and annual reports for the most current information on capital returns.
Auric’s three-pillared strategy is designed to create a self-reliant, integrated, mid-sized gold producer in Western Australia’s Eastern Goldfields. This involves maximizing cash generation from low-cost mining, strategically expanding the asset base through disciplined, low-entry-price acquisitions, and securing full operational control via the Burbanks processing facility.
Disclaimer
This content is for informational purposes only and does not constitute financial advice. Past performance is not a reliable indicator of future results. Investors should conduct independent due diligence and seek professional financial advice before making any investment decisions. Colitco and its contributors do not hold positions in AWJ at the time of publication.