Auric Mining Expands Munda Gold Resource by 32% as Starter Pit Outperforms Expectations
Auric Mining Limited (ASX: AWJ) has read more
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
From Prospect to Producer
There is a particular type of company that quietly builds something real while the market looks elsewhere. Auric Mining Limited (ASX: AWJ) fits that description. Now in its 6th year since its incorporation back in 2019, this East Perth-class gold company has gone from tenement holder to an active producer of gold and done it all entirely debt-free on the corporate level.
The Company operates exclusively in the Eastern Goldfields of Western Australia and has tenement holdings covering a total area of 521 km² within the Widgiemooltha-Norseman corridor. It is underpinned by assets located within the world’s most operationally mature gold address, with surrounding major processing infrastructure, sealed roads, grid power and decades of geological data.
What distinguishes Auric from the broader field of junior gold companies is less about size and more about discipline. From the beginning, the business model has been simple: buy cheap, marginal assets and mine them cheaply with its own labour and fleet, toll mill for cash generation, and recycle back into the next stage.
The Jeffreys Find Gold Mine, acquired for approximately A$1.2 million and ultimately returning around A$16.5 million net, was the proof of concept. That model has been scaled up at the Munda Gold Mine, where Auric is independently mining, processing and selling gold.
Strongest Company Result in History for the March 2026 Quarter: It yielded a total of 8,886 ounces from the Munda Starter Pit, which also represents an increase of 46% to the initial reserve estimate of 6,100 ounces. The price for all Campaign Two bullion was an average of A$7,178 per ounce. At 31 March 2026, total cash plus debtors stood at A$46 million.
Results for the FY2025 annual period had already set an exceptional reference point: sales of A$20.6 million, a 144% jump year-on-year levels; a net profit after tax of A$5.2 million (up 92%) and free cashflow of A$6.5 million (up 129%). Third profitmaking year in a row for a company that some observers seem reluctant to stop describing as a junior explorer.
Company At A Glance
| 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 | 521 km² |
| Registered Office | Level 1, 1 Tully Road, East Perth WA 6004 |
| Website | auricmining.com.au |
Leadership
| Name | Role |
|---|---|
| Mark English | Managing Director |
| Steven Morris | Non-Executive Chair |
| John Utley | Technical Director |
| Catherine Yeo | Company Secretary and Finance |
Mark English | Managing Director
Mark English is a Chartered Accountant and a Member of the Australian Institute of Company Directors with 45 years in the resources sector and corporate services. He was educated at Curtin University, graduating with a Bachelor of Business. He is also a fellow member of the Institute of Chartered Accountants in Australia and New Zealand. He led Auric’s ASX listing, and has daily responsibility for the strategic direction of the Group, financial management, corporate development and acquisition processes.
Steven Morris | Non-Executive Chair
Steven Morris is a financial markets veteran with over 30 years’ experience in the resources sector. Before that, he held the positions of Head of Private Clients (Australia) at Patersons Securities, Managing Director Intersuisse Ltd and Founder and Managing Director Peloton Shareholder Services. Formerly Non-Executive Director of De Grey Mining Ltd, 2014 – 2019 and Chairman of the ASX-listed Purifloh Ltd from 2013 – 2019.
John Utley | Technical Director
John Utley has more than four decades of practical experience in gold exploration and development, both in Australia and overseas. He is a fellow member of the Australian Institute of Mining and Metallurgy and an Explorer Member at the Australian Institute of Geoscientists. Before that, he was Chief Geologist for Atlantic Gold Corporation, where he participated in the development of the Touquoy Gold Mine, Nova Scotia, and was with Plutonic Resources Ltd. during the discovery and development of the 2.3 million ounce Centenary gold deposit.
Catherine Yeo | Company Secretary and Finance
Catherine Yeo manages all administration and finance functions at Auric Mining. She holds a Bachelor of Business in Accounting and Finance from Murdoch University and is an Affiliate Member of the Governance Institute of Australia.
The board collectively holds approximately 17% of the Company's issued shares.
What Sets Auric Apart
1. Proven acquisition and execution model
Auric acquired Jeffreys Find for approximately A$1.2 million and returned approximately A$16.5 million net. It then replicated the model at Munda, with the Starter Pit delivering 8,886 ounces against a budget of 6,100 ounces, 46% above plan. Turning overlooked or previously abandoned assets into cash-generating operations is unusual among companies of this size, and Auric has now done it twice.
2. Self-operating model
Auric, with its own personnel, all direct employees run Aurics mining fleet. The majority of peers at this stage entirely outsource mining work to contractors. Self–operation provides the operational profit that remains in-house, maintains no shared decision-making, and offers full control of grade management, scheduling, and cost discipline.
3. Processing independence in progress
Auric is therefore firmly positioned among the exclusive list of junior gold producers. Upon commissioning, it completely eliminates the reliance on third-party toll millers for both scheduling and cost, allowing the Company to control its own production schedule and margin structure.
4. Three consecutive profitable years
Profitability at the micro-cap stage of development is rare. Auric has delivered it three years in a row across FY2023, FY2024, and FY2025, without corporate debt.
5. Management credibility
The management team has collective experience in gold exploration, mine development, corporate finance, capital markets and governance. All three directors have direct equity positions in the Company.
6. Pipeline depth
Backed by the Munda Main Pit, including Lindsay’s Parrot Feathers, Spargoville, Higginsville and Chalice West, all in the portfolio. Auric has a multi-year exploration and development runway that goes well beyond its current operating centre.
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.
Gareth Solly Takes the Helm as CEO; Auric Mining Is a Step Closer to “Becoming WA’s Next Fully Integrated Mining House”
On 24 April 2026, Auric Mining Limited (ASX: AWJ) announced the appointment of Mr Gareth Solly, the…
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 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…
PROJECT AND OPERATIONS
Munda Gold Mine: Widgiemooltha Gold Project
The Munda Gold Mine is located about 5 kilometres from the township of Widgiemooltha in the Norseman-Wiluna greenstone belt, on Mining Lease M15/87. The project is within the wider 35 tenements, five granted Mining Leases, the Widgiemooltha Gold Project.
Auric commenced mining of the Starter Pit with its own employed team, together with a dry-hired fleet from MHM Contracting in May 2025.
As of 31 December 2025, the pit floor was around 45 metres below surface with approximately 406,000 Bank Cubic Metres of ore and waste mined as at that date. On 26 January 2026, mining finished without any lost time injuries in the whole operation.
Campaign One was originally launched on 12 October 2025 and ended early at Black Cat Syndicate’s Lakewood Mill on 02 November 2025. The first gold pour occurred on 21 October 2025. The 90.67% mill recovery outperformed the pre-feasibility assumption of 88%, whilst the average realised price of A$6,200 per ounce comfortably surpassed the A$3,500 per ounce estimate from study costs at completion.
Campaign Two started on 26 January 2026 and ended after the campaign ran on 18 February 2026. It processed 68,154 dry tonnes from the lower part of the Starter Pit to yield 6,168 ounces at a reconciled head grade of 3.18 g/t (compared with a budgeted grade of 1.80 g/t) and a mill recovery of 88.67% (against a predicted 83.3%). Averaged A$7,178 an ounce for all Campaign Two bullion sold through Auric’s metal account at ABC Refinery
Total production for the Starter Pit over both campaigns was 8,886 ounces, or 46% higher than the previously estimated reserve of 6,100 ounces. Most notably, the grade performance from the lower pit supports that Munda is a larger, higher-grade deposit than indicated by prior modelling.
Around 18,000t of ROM stockpile at an average grade of 1.8g/t remains on the Munda pad, equating to around 935 additional ounces post-processing. Following the reconciliation of Campaign Two, the Munda Main Pit was progressed to detailed planning.
Final Production Metrics: Both Campaigns
| Metric | Campaign One | Campaign Two |
|---|---|---|
| Dry Tonnes Milled | 57,900 t | 68,154 t |
| Reconciled Head Grade | 1.61 g/t Au | 3.18 g/t Au |
| Mill Recovery | 90.67% | 88.67% |
| Gold Recovered | 2,718 oz | 6,168 oz |
Starter Pit Summary
| Metric | Result |
|---|---|
| Total Ounces Produced | 8,886 oz |
| Budget | 6,100 oz |
| Variance to Budget | +46% |
| Campaign Two Average Sale Price | A$7,178/oz |
Munda Mineral Resource (as at 31 December 2025)
| Category | kt | Au g/t | Au koz |
|---|---|---|---|
| Indicated (in situ) | 3,140 | 1.22 | 123 |
| Inferred (in situ) | 300 | 1.41 | 4 |
| Low Grade Stockpiles | 52 | 0.61 | 1.0 |
| High Grade Stockpiles | 71 | 1.72 | 3.9 |
| Combined Total | 3,563 | 1.24 | 142 |
Burbanks Gold Processing Plant
Burbanks Gold Processing Plant, recently acquired on 30 September 2025 for A$4.4 million (fully permitted Carbon-in-Leach (CIL) facility rated at a capacity of 180,000 metric tonnes per annum. Located approximately 8km south of Coolgardie with grid power, sealed road access, a water licence and permitted Tailings Storage Facility.
The plant has 13 tenements, comprising 3 granted Mining Leases and 5 General Purpose Leases. Its last operation in June 2019. The price paid for the acquisition was at a very large discount to the current replacement value.
A Scoping Study level review was initiated in the March 2026 Quarter. Plant design and the development process were then handed over to Scott Bailey, a processing industry veteran who, as vice president at Black Cat, led recommissioning of its Lakewood plant.
Consultants are looking at the best way to recommission the plant for ore from Munda, Lindsay’s and nearby projects, including evaluating expansion from 180,000 metric tonnes per annum to between 500,000 and 1 million metric tonnes per annum.
What Burbanks does is simple for investors. This gives it a break from toll milling. Every campaign at Lakewood carries a milling cost and a scheduling arrangement with a third party. Once Burbanks operates, Auric sets its own processing schedule and keeps 100% of the margin per ounce.
Lindsay's Gold Project
● Located approximately 65 kilometres northeast of Kalgoorlie
● Currently comprises 6 tenements, with the right to purchase 3 further tenements subject to the resolution of the Wardens Court proceedings
● Includes the Parrot Feathers open pit, from which 6,153 ounces of gold were produced in 2013 before operations ceased following a sharp fall in the gold price
● The area has a recorded mining history dating to 1897
● Auric executed the Tenement Sale Agreement on 19 November 2025, completing settlement on four tenements for A$300,000
Acquisition of remaining tenements is subject to the resolution of the relevant Wardens Court matters:
- Successful resolution of M27/169 proceedings triggers a further A$1.3 million cash payment and A$2.0 million in Auric shares to the vendor
- A cash payment of A$300,000 is payable upon resolution of M27/34 and M27/486 proceedings
- A Net Smelter Return royalty of 3.5% applies to all gold produced from Lindsay’s
Wardens Court proceedings on M27/169 remained ongoing during the March 2026 Quarter.
Drill hole data compilation and structural mapping were conducted on Lindsay’s tenements during the March 2026 Quarter
Once fully acquired and permitted, Lindsay’s is intended to provide a second source of ore for processing through the Burbanks plant
Jeffreys Find Gold Mine: Completed
The Jeffreys Find Gold Mine, located approximately 50 kilometres northeast of Norseman, delivered its eighth and final processing campaign in August 2025. On March 11, 2026, the last cash payment of A$2.2 million was received from BML Ventures Pty Ltd, marking the final completion of all matters related to this joint venture.
Jeffreys Find: Life of Project Summary
| Stage | Gold Recovered (oz) | Avg Sale Price (A$/oz) | Cash to Auric |
|---|---|---|---|
| Stage 1 (2023) | 9,741 | A$3,006 | A$4.76M |
| Stage 2 (2024–2025) | 19,796 | A$4,134 | A$9.1M |
| Final Distribution (Mar 2026) | - | - | A$2.2M |
| Total | 29,537 | A$3,792 | ~A$16.5M |
In total, the project generated approximately A$112 million in gross gold sales. Auric received a total net cash proceeds of approximately A$16.5 million from the joint venture! An extraordinary return on an initial outlay of around A$1.2 million. A total of 633,302 tonnes of ore were mined at a head grade of 1.58 g/t with recovery averaging 92%. Site rehabilitation was completed during the December 2025 quarter.
Exploration Portfolio
| Project | Location | Status | Key Notes |
|---|---|---|---|
| Spargoville Project | ~30 km north of Widgiemooltha | Exploration | Same stratigraphy as Wattle Dam Gold Mine (268,000 oz at 10 g/t Au). 12 tenements as at 31 Mar 2026 |
| Loded Dog / Higginsville | Higginsville area | Recently acquired | 8 tenements, 113 km². Brownfields, Amorphous and Foote's Find prospects |
| Chalice West Project | ~50 km SW of Widgiemooltha | Exploration | 4 tenements, 245 km². Prospective for gold, REE, Ni-Cu and Pt-Pd. Mirrors the geology of Chalice Gold Mine (almost 700,000 oz produced) |
Spargoville, Higginsville (Loded Dog), Chalice West and Widgiemooltha RC and aircore drill programs are scheduled for Q2 and Q3 2026, subject to heritage survey completion. No significant exploration activities were undertaken during the March 2026 Quarter.
MARKET DATA AND FINANCIALS
Three Consecutive Profitable Years
Auric has now delivered profit across each of FY2023, FY2024 and FY2025, a rare feat for a business at this level of maturity. The FY2025 result primarily came from the first full-scale production campaign at Munda and final distributions from the Jeffreys Find joint venture.
Key Financial Performance: Year Ended 31 December 2025
| Metric | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Total Revenue | A$20,620,000 | A$8,450,000 | A$4,790,000 |
| Net Profit After Tax | A$5,170,000 | A$2,690,000 | A$1,313,000 |
| Current Assets | A$14,532,000 | A$10,287,000 | A$4,636,000 |
| Total Assets | A$34,773,000 | A$21,621,000 | A$13,309,000 |
| Total Equity | A$29,746,000 | A$17,937,000 | A$11,933,000 |
| Free Cash Flow | A$6,504,000 | A$2,837,000 | A$2,492,000 |
Source: Auric Mining Limited Audited Financial Statements, year ended 31 December 2025
Revenue grew 144% year on year, driven by A$16.86 million in Munda gold sales and A$3.42 million from the Jeffreys Find joint venture. Revenue from gold sales on the income statement totalled A$20,277,156, with mining expenditure of A$11,336,580 producing a gross profit of A$8,940,576. Net profit after tax of A$5,170,598 compared to A$2,690,609 in FY2024.
Recent Cash Generation Highlights
- Jeffreys Find joint venture total net cash receipts: approximately A$16.5 million over the life of the project, including the final A$2.2 million distribution received on 11 March 2026
- Munda Starter Pit Campaign One gross income: A$16,851,773; net cash to Auric: A$10,818,895
- Munda Starter Pit Campaign Two: 6,168 ounces at A$7,178 per ounce
- Combined Starter Pit total of 8,886 ounces, 46% above the original reserve estimate of 6,100 ounces
- Free cashflow for the 31 December 2025 period: A$6,504,000 (+129% compared to FY2024)
- A$6.6 million placement completed during the June 2025 quarter to accelerate gold production and fund the Burbanks acquisition
- BML Ventures A$3.0 million loan facility, established in September 2025, drew A$1.25 million and was fully repaid during the December 2025 quarter
- No corporate debt and unhedged gold position as at 31 March 2026
- Issued capital as at 31 March 2026: 187,093,602 shares
Balance Sheet Position (as at 31 December 2025)
| Item | Amount |
|---|---|
| Cash and Cash Equivalents | A$6,504,888 |
| Inventories (ore stockpiles) | A$5,133,089 |
| Total Current Assets | A$14,532,092 |
| Property, Plant and Equipment | A$6,535,676 |
| Capitalised Exploration Assets | A$13,561,140 |
| Total Assets | A$34,773,644 |
| Total Liabilities | A$5,027,537 |
| Net Assets | A$29,746,107 |
| Total Equity | A$29,746,107 |
Key Financial Indicators
- Auric is debt-free and has a balance sheet that shows growth in FY2025 as a result of capital deployment through acquisition
- Burbanks Gold Processing Plant acquired for A$4.4 million, settled 30 September 2025
- Lindsay’s tenements: A$300,000 initial cash payment (completed 19 November 2025) for four tenements, plus contingent cash and share consideration subject to Wardens Court determination
- Tenement package acquired from Loded Dog in the June 2025 quarter
- All growth is funded through a combination of operating cash flows and the A$6.6 million placement completed in mid-2025
- Basic earnings per share for the period ended 31 December 2025: 3.16 cents (FY2024: 1.98 cents)
- Diluted earnings per share for the period ended 31 December 2025: 2.97 cents (FY2024: 1.85 cents)
- The Company holds an unhedged gold position, retaining full price exposure on every ounce sold
- Total equity grew 66% to A$29,746,107 as on 31 December 2025
- Capitalised exploration and evaluation assets as on 31 December 2025: A$13,561,140, up from A$10,243,607 in FY2024
March 2026 Quarter: Strongest Quarter in Company History
The March 2026 quarter was the best quarter Auric has recorded. Campaign Two at Munda delivered 6,168 ounces at a reconciled head grade of 3.18 g/t, well above the budgeted grade of 1.80 g/t. Combined with Campaign One, the Starter Pit produced 8,886 ounces in total, 46% above the original reserve estimate.
All Campaign Two gold sold at an average of A$7,178 per ounce. Cash and debtors at 31 March 2026 totalled A$46 million. The Company has no debt and remains unhedged.
GROWTH PIPELINE
The Road to Integration
Auric’s growth strategy has three interdependent parts: to generate cash from low-capital mining campaigns, to expand the asset base through disciplined acquisitions, and to ultimately control the full production chain through in-house processing.
Near-Term Priorities (2026)
| Milestone | Target Timeframe |
|---|---|
| Munda Campaign Two completed | February 2026 (completed) |
| Munda Starter Pit mining concluded | 26 January 2026 (completed) |
| Jeffreys Find final distribution received | 11 March 2026 (completed) |
| Munda Main Pit detailed planning commenced | Q1 2026 (underway) |
| Munda resource re-estimation | Ahead of Main Pit development |
| Main Pit permitting applications | Late 2026 |
| Burbanks Scoping Study | Underway, Scott Bailey is leading |
| Lindsay’s acquisition progress (Wardens Court) | Ongoing |
| Exploration drilling - Higginsville, Spargoville, Chalice West | Q2 and Q3 2026 |
Munda Main Pit
- The Starter Pit has delivered some invaluable geological, operational, and metallurgical data that will directly inform Main Pit planning
- At 3,563 metric kilotonnes at 1.24 g/t for 142,000 oz, the Main Pit is a considerably larger deposit than the Starter Pit
- Starter Pit results, including the 3.18 g/t head grade from Campaign Two, suggest Munda may be larger and higher-grade than previously estimated
- Resource re-estimation is planned to incorporate learnings from both campaigns before detailed mine design commences
- Permitting applications are targeted for late 2026
- The Main Pit is expected to define Auric’s production profile over several years
Burbanks: The Processing Endgame
- Today, every tonne of ore processed through Lakewood carries a toll milling cost and has a dependency on a third party
- Once Burbanks is commissioned, Auric sets its own processing timetable
- A Scoping Study has been initiated, with Scott Bailey appointed to lead the assessment of optimal plant design and development pathway
- Metallurgical consultants are assessing the refurbishment requirements and whether expansion from 180,000 metric tonnes per annum to between 500,000 and 1 million metric tonnes per annum is viable
- The outcome of that assessment will influence the Company’s medium-term production planning
Lindsay's: The Second Mine
- Parrot Feathers pit produced 6,153 ounces at an average grade of approximately 1.93 g/t before operations were abandoned in 2013 when the gold price fell sharply
- At today’s prices, the economics are fundamentally different
- Drill hole data compilation and structural mapping were conducted on Lindsay’s tenements during the March 2026 Quarter
- Auric’s plan is to redeploy its Munda mining fleet to Lindsay’s following the completion of the Main Pit phase
- Burbanks is the intended processing destination for Lindsay’s ore
Exploration
- RC and aircore drilling is planned at Spargoville, Higginsville (Loded Dog), Chalice West, and Widgiemooltha across Q2 and Q3 2026.
- Spargoville is in the same stratigraphy as Wattle Dam, which ran at 10 g/t from open pit between 2006 and 2013, among the highest grades of any Australian open pit operation in that period.
- Chalice West, at 245 km², shares geology with the Chalice Gold Mine (close to 700,000 oz produced) and has additional exposure to REEs, Ni-Cu, and Pt-Pd.
NEWS AND INDUSTRY CONTEXT: Frequently Asked Questions
It mines gold in Western Australia’s Eastern Goldfields. The main asset is the Munda Gold Mine near Widgiemooltha. It also owns the Burbanks processing plant.
Yes. Net profit after tax was A$5,170,598 for the year ended 31 December 2025 (previous year: A$2,690,609 up an impressive 92%).
Munda is the main operating mine of Auric, located close to Widgiemooltha.
Burbanks is a fully permitted, 180,000 metric tonne per annum Carbon-in-Leach (CIL) plant acquired in September 2025 for A$4.4 million, located approximately 8 kilometres south of Coolgardie.
Lindsay’s Gold Project is a near-term gold asset located northeast of Kalgoorlie. It includes the partially mined Parrot Feathers deposit, which produced 6,153 ounces in 2013 before operations stopped due to lower gold prices.
Auric Mining is led by Managing Director Mark English, Non-Executive Chair Steven Morris, and Technical Director John Utley.
No dividends have been declared or paid to date.
AWJ. Listed on the Australian Securities Exchange.
RC and aircore drilling programs are planned across Spargoville, Higginsville (Loded Dog), Chalice West, and Widgiemooltha.
3,648 kt at 1.25 g/t for 147,000 oz (Indicated and Inferred) across Munda and Jeffreys Find, as at 31 December 2025.
Disclaimer
This editorial was developed in collaboration with Auric Mining Limited, a Colitco client at the time of publishing. It is for informational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell securities. The views expressed are based on publicly available information and market data as of 19 May 2026. Investors should conduct their own research and consult a licensed financial adviser before making any investment decisions regarding Auric Mining Limited or any other securities.