Auric Mining Limited (ASX: AWJ) (“Auric” or “the Company”) has appointed Mr. Scott Bailey to the executive role of Processing Lead, tasking him with heading the development and construction of the Burbanks Processing Facility at Coolgardie, Western Australia. Scott will commence with the Company on 20 April 2026.
The appointment arrives at a critical point for the Company. Auric acquired the Burbanks gold processing plant for $4.4 million in 2025, having identified the asset as a long-term pathway toward owning its own processing capacity. Getting the right person to lead that build-out has been a stated priority.
Figure 1: Auric Mining’s project footprint in Western Australia’s Eastern Goldfields, showing the proximity of its producing and development assets to the Burbanks processing facility. [Auric Mining]
Scott Bailey’s Credentials Fit the Burbanks Brief
Scott Bailey brings a career developed entirely in Western Australia’s gold mining industry. He began his working life at the original Burbanks Mill, which gives him a direct and personal connection to the facility the Company is now working to bring back to life.
From those early operational roles, Bailey worked through successive positions of increasing responsibility. His career has taken him through KCGM and Westgold Resources before his most recent role as Corporate Group Processing Manager at Black Cat Syndicate.
At Black Cat, he was central to two projects that will be of particular interest to Auric investors:
- The acquisition and recommissioning of the Lakewood Processing Plant.
- The refurbishment and restart of the Paulsen’s Gold Mine, which was delivered ahead of schedule and under budget.
Bailey also managed all of Black Cat’s day-to-day gold operations during his tenure. That operational depth, across both development and production phases, is the profile Auric needed for this role.
Leadership’s Take on the Appointment
Auric Chairman Steve Morris was direct about what this appointment means for the Company’s broader development plan.
“The development of Burbanks is a key plank in our transition to a fully integrated gold producer in our own right. And critical to that is putting together the team who can deliver that facility,” said Mr. Morris.
“Scott’s experience with Black Cat at the Lakewood Mill and his previous roles show that he is, we believe, the best person to plan and deliver Burbanks as a facility of the right size, at the right cost and in the best timeframe to allow us to achieve that status.”
Managing Director Mark English framed the appointment in equally clear terms.
“Scott’s appointment solves a major piece of our development and construction puzzle,” said Mr. English.
“Importantly, it lets our shareholders and everyone know how intent and focused we are on getting Burbanks up, running and operational again. It will ultimately put us in total control of our destiny. In our view: own the infrastructure, own the cash flow.”
English also flagged the broader market context driving the urgency. “Particularly in this market, where toll milling opportunities are diminishing. We have a clear strategy and focus in Auric becoming an integrated mining house in our own right.”
Why the Burbanks Mill Matters for Auric Mining’s Growth Plan
To understand the significance of this appointment, it helps to understand why the Company pursued Burbanks in the first place.
Auric has built its production track record using toll milling arrangements, where ore is transported to a third-party mill for processing. That model has worked well enough to generate profits, but it comes with limitations on cost control, scheduling, and margin capture.
Figure 2: Photograph of the Burbanks Processing Facility site near Coolgardie, WA. [Auric Mining]
The Burbanks facility offers a way around all of that. The 180,000 tonne per annum (tpa) plant came fully equipped with crushing, grinding, and carbon-in-leach (CIL) infrastructure, along with existing access to power and water. It has been idle since 2019, but its fundamentals remain intact.
The Company is now weighing a refurbishment and potential capacity expansion beyond the current nameplate figure. Reports indicate a target of 500,000 tpa has been under consideration, which would represent a significant step up for a company of Auric’s current size.
Key features of the Burbanks facility:
- 180,000 tpa nameplate capacity with potential for expansion
- Full crushing, grinding, and CIL processing machinery
- Existing power and water infrastructure on site
- Four granted mining leases are included in the acquisition
- Located 15km south of Coolgardie in the Eastern Goldfields
From Explorer to Profit-Maker: Auric Mining’s Recent Track Record
The Burbanks’ appointment follows what has been an active period for the Company. Auric reported a net profit of $5.17 million for the 2025 financial year, up 92% from the prior year, with revenue rising 144% to $20.6 million. Free cash flow for the year came in at $6.5 million, while total assets grew 61% to $34.8 million.
That result was built on two producing operations. The Jeffreys Find Gold Mine, a joint venture near Norseman, delivered well in excess of $15 million in net receipts across its production campaigns. The Munda Gold Mine near Widgiemooltha, which Auric operates in full, completed its Starter Pit campaign and began processing ore at nearby toll mills in 2025.
Figure 3: The Jeffreys Find Gold Mine has been a remarkable success for Auric and its joint venture partner, BML Ventures of Kalgoorlie. [Auric Mining]
Munda is central to what comes next. The project holds a total resource of 3.65 million tonnes at 1.23 grams per tonne gold for approximately 145,000 ounces, with the main pit development planned to roll out over 13 quarters from early 2026. Having its own mill would change the economics of that campaign considerably.
Figure 4: Munda Campaign two stockpiles at Lakewood Mill: 26 January 2026. [Auric Mining]
The Spargoville Project, located along strike from the historic Wattle Dam gold mine, adds further exploration upside to the portfolio.
Gold Processing Capacity in WA: The Broader Context
Scott Bailey’s appointment comes at a time when access to processing capacity is an increasing concern for junior gold producers across Western Australia.
As the gold price has remained well above $4,000 per ounce, mine activity across the state has intensified. Toll milling slots at regional facilities are increasingly difficult to secure, and the cost of third-party processing has risen accordingly.
Australia’s gold output is forecast to rise from 293 tonnes in 2024-25 to 369 tonnes in 2026-27, according to the Minerals Council of Australia, with high prices reviving exploration and investment across the sector.
For a company like Auric, which has proven it can mine and sell gold profitably, owning its own processing plant would remove a key dependency from its operating model. It would also allow the Company to offer processing services to nearby operators, creating an additional revenue stream that does not rely on expanding its own mine base.
The appointment of Scott Bailey signals that Auric is moving past the planning stage.
Investor’s Outlook
AWJ was trading at approximately $0.345 as of 1 April 2026, near the top of its 52-week range of $0.145 to $0.405, with a market capitalisation of approximately $63.61 million.
Figure 5: AWJ Price Chart [ASX]
Auric Mining enters the next phase of its development with a producing asset in Munda, cash in the bank from three consecutive profitable years, and now a dedicated executive to drive the Burbanks construction forward.
The Company’s position is built on a clear strategic logic: control the infrastructure, control the cash flow. Scott Bailey’s appointment is the next step in executing that plan.
Upcoming catalysts worth watching include:
- Commencement of Scott Bailey’s employment on 20 April 2026
- Progress updates on Burbank’s construction and development timeline
- Results from Munda’s main pit development campaign
- Potential updates from the Spargoville exploration program
Disclaimer: This article is published for informational purposes only and does not constitute financial advice. Colitco does not hold any position in Auric Mining Limited (ASX: AWJ). Readers should seek independent financial advice before making any investment decisions. Past performance is not indicative of future results.
Last modified: April 2, 2026
