Auric Mining Limited (ASX: AWJ) (“Auric” or the “Company”) has capped off what Managing Director Mark English described as “the most successful quarter in Auric’s history,” with the Company’s Munda Gold Mine delivering a stunning 8,886 ounces of gold from its Starter Pit, a full 46% above the original budget of 6,100 ounces.
The results, reported for the quarter ending 31 March 2026, cement Auric’s transformation from a junior explorer into a financially robust, owner-operated gold producer with no debt, no hedging, and over A$46 million in cash and receivables.
Munda Starter Pit: A Campaign That Rewrote Expectations
The headline story of the March Quarter is the exceptional performance of Campaign Two at the Munda Gold Mine, which processed ore from the deeper portion of the Starter Pit at Black Cat Syndicate Ltd’s (ASX: BC8) Lakewood Mill in Western Australia. Mining operations concluded on 26 January 2026, with toll processing commencing the same day and wrapping up on 18 February 2026.
Figure 1: The 125Kt Starter Pit, where gold mining at Munda first began, has commenced operations. [Source: Auric Mining Limited]
Campaign Two processed 68,154 dry metric tonnes and produced 6,168 ounces of gold across four gold pours and a final Gold in Circuit calculation:
- First Outturn (10 Feb 2026): 1,147 oz
- Second Outturn (17 Feb 2026): 1,585 oz
- Third Outturn (26 Feb 2026): 2,087 oz
- Fourth Outturn (2 Mar 2026): 938 oz
- Gold in Circuit: 411 oz
- Campaign Two Total: 6,168 oz
The reconciled head grade for Campaign Two came in at a remarkable 3.18g/t, compared to a budgeted grade of just 1.80g/t — a near-double outperformance driven by localised high-grade zones in the lower half of the Starter Pit. Mill recovery also exceeded expectations at 88.67% versus the predicted 83.3%.
Combined with the 2,718 ounces recovered during Campaign One, the Starter Pit has now delivered a total of 8,886 ounces, representing roughly 61% above the original reserve estimate when the approximately 18,000 tonnes of ROM stockpile material (estimated at 935 ounces after processing) is factored in.
Table 1: Production table comparing Campaign One vs Campaign Two metrics: dry tonnes milled, head grade, recovery, and gold recovered [Source: Auric Mining Limited]
“The Starter Pit has produced 8,886 ounces in total — 46% above the original reserve estimate. The quality of these results has given us enormous confidence in the scale of the Munda Main Pit,” said Mr English.
Gold Sales and Financial Firepower
During the quarter, Auric established a metal account with ABC Refinery, giving the Company direct control over the timing of its gold sales in response to market movements. All bullion from Campaign Two was sold through this account at an average realised price of A$7,178 per ounce, a figure that reflects both the Company’s commercial acumen and the extraordinary performance of the gold market.
Figure 2: ABC Refinery is Australasia’s largest independent precious metals refinery, specialising in refining, assaying, and minting services. [ABC Refinery]
Gold continues to be one of the most compelling commodities in global markets. At the time of reporting, spot gold trades at approximately USD $4,599.88 per ounce, having surged:
- +0.67% over the past 30 days
- +16.92% over the past 6 months
- +41.45% over the past year
- +164.53% over the past 5 years
- +615.08% over the past 20 years
Auric Mining is in a strong position to benefit from this backdrop of soaring gold prices, driven by geopolitical uncertainty, central bank demand, and persistent inflation concerns globally. The Company’s unhedged position means it captures every dollar of this upside. This strategic advantage becomes increasingly valuable as Auric moves towards processing its own ore through the Burbanks plant.
The Company has recently appointed Mr Scott Bailey as Processing Lead to oversee the development of the Burbanks Processing Facility in Coolgardie, Western Australia.
Figure 3: Auric Mining (ASX: AWJ) has completed due diligence on the Burbanks gold mill in Western Australia and is preparing to acquire the plant for a bargain price of $4.4 million in March 2025. [Source: Auric Mining Limited]
Following payment of all mining, haulage, processing, and related costs, the Company’s combined cash and sole debtor balance from Black Cat Syndicate stood at A$46 million at 31 March 2026. The Company carries no debt and holds no hedging positions.
“With all bullion from Campaign Two sold at an average of A$7,178 per ounce, the total combined cash and debtor owing by Black Cat exceeds A$46 million. Auric is now in the strongest financial position in the Company’s history,” said Mr English.
Jeffreys Find Joint Venture: A Defining Chapter Closes
The Jeffreys Find Gold Mine joint venture with BML Ventures Pty Ltd reached its conclusion during the quarter, with Auric receiving a final cash distribution of $2.2 million on 11 March 2026. This payment brings Auric’s total cash receipts from the project to approximately $16.5 million (ex GST), against an initial cash investment of just $1.2 million.
Figure 4: Landscape at the Jeffreys Find Gold Mine [Source: Auric Mining Limited]
The project’s lifetime statistics make for impressive reading:
- 633,302 tonnes of ore mined at a head grade of 1.58g/t
- Average recovery of 92%
- 29,537 ounces produced and sold to the Perth Mint at an average of $3,792 per ounce
- $112 million in total gold sales revenue
Jeffreys Find was the springboard that funded Auric’s evolution into an owner-operator, and its conclusion frees the Company to deploy capital towards the Munda Main Pit, the Burbanks plant refurbishment, and the Lindsay’s Gold Project.
Figure 5: A map showing Auric’s project portfolio across the Widgiemooltha-Norseman area. [Source: Auric Mining Limited]
Burbanks Processing Plant: The Path to Full Integration
Central to Auric’s long-term strategy is the Burbanks Gold Processing Plant, a fully permitted 180,000 tonne-per-annum Carbon-in-Leach (CIL) facility located just 8km south of Coolgardie, strategically proximate to both the Munda and Lindsay’s projects. The Company acquired Burbanks on 30 September 2025.
During the March Quarter, metallurgical and engineering consultants advanced a detailed Scoping Study-level assessment of the facility, with Mr Scott Bailey appointed to lead plant design and development planning. The plant’s key attributes make it a transformational asset:
- Capacity: 180,000 tpa CIL processing circuit
- Power: Connected to the grid
- Water: Licensed water access
- Access: Sealed-road connection
- Tenure: 13 tenements, including 3 granted Mining Leases and 5 General Purpose leases
Once refurbished, Burbanks will allow the Company to process its own ore and capture the full production margin, ending reliance on third-party toll milling arrangements and marking a pivotal step towards becoming a fully integrated gold producer.
Lindsay’s Gold Project: Building the Pipeline
The Lindsay’s Gold Project, located approximately 65km northeast of Kalgoorlie, continues to advance through legal proceedings and early-stage geological work. Auric settled four tenements in November 2025 and is working through Wardens’ Court proceedings relating to three additional mining leases. Drill hole data compilation and structural mapping were conducted across the tenements during the quarter, with the project considered highly prospective for gold mineralisation.
Strong FY2025 Financial Results Underpin Momentum
The Company released its audited financial statements for the year ended 31 December 2025 on 30 March 2026, reporting its third consecutive year of profitability:
- Revenue: $20.6 million (up 144% year-on-year)
- Net Profit After Tax: $5.2 million (up 92%)
- Free Cashflow: $6.5 million
- Total Assets: $34.8 million
- Total Equity: $29.7 million
These results underpin a business that has grown rapidly while maintaining balance sheet discipline, a rare combination in the junior mining sector.
Investor Outlook
Figure 6: Share price performance chart for ASX: AWJ showing 1-year trend [Source: Colitco]
Auric Mining Limited‘s March Quarter report delivers exactly what investors in growth-stage gold companies look for: strong operational outperformance, a war chest of A$46 million, zero debt, and a clearly articulated pathway to becoming a fully integrated producer.
The market has responded positively. AWJ shares currently trade at $0.325, up +1.56% in the most recent session. The performance metrics paint an equally encouraging picture:
- 1 Week: +3.17%
- 1 Month: +4.84%
- 2026 YTD: +18.18%
- 1 Year: +32.65%
- vs ASX 200 (1 Year): outperforming by +24.81%
The market capitalisation of the Company is approximately $60.8 million, with which the Company is trading at a significant discount to its net cash and receivables position alone.
Auric Mining now combines strong cash reserves, no debt, successful gold production, a high-margin pricing environment, and multiple growth catalysts.
Major watchpoints for investors include:
- Munda Main Pit resource upgrade and development pathway
- Burbanks plant restart studies
- Lindsay’s project advancement
- Continued strength in gold prices
- Potential rerating as Auric evolves into a mid-tier integrated producer
Auric Mining’s significant operational execution makes ASX: AWJ a stock with strong potential to deliver another strong year. Gold’s price surge adds to this and makes that potential even stronger.
Disclaimer: This editorial is intended for informational purposes only and does not constitute financial advice. Past performance is not a reliable indicator of future results. Readers should conduct their own independent research before making any investment decisions.
Last modified: May 4, 2026
