Auric Mining (ASX: $AWJ) Stage Two Mining Update

Auric Mining Limited (ASX: $AWJ) is pleased to report the progress of stage two mining operations at the Jeffreys Find Gold Mine in Norseman, WA. The company's joint venture partner has delivered nearly 20,000 tonnes of ore to the Coolgardie Mill, with the ore processing set to commence around 16 April 2024. The first parcel of ore, expected to be approximately 40,000 dry metric tonnes, is anticipated to yield the first cash for the joint venture in May 2024.

Managing Director's Perspective

The Managing Director, Mark English, expressed his optimism about the upcoming maiden milling campaign for 2024, which marks the beginning of several planned throughout the year. He highlighted the ambitious goal of processing over 300,000 tonnes in 2024, nearly double that of 2023. Mr. English also emphasized the substantial cash production expected for the company in the coming 12 months, attributing the positive outlook to the current gold price and the joint venture partner's operational enhancements.

Summary and Outlook

Auric Mining Limited (ASX: $AWJ) has made significant progress in stage two mining at the Jeffreys Find Gold Mine, with the first parcel of ore set to be processed in mid-April 2024. The company aims to process over 300,000 tonnes of ore in 2024, reflecting a substantial increase from the previous year. With the current gold price and operational improvements by the joint venture partner, Auric anticipates becoming a significant cash producer in the next 12 months. The company looks forward to the first surplus cash distribution in the last quarter of 2024, followed by further cash distributions in the first quarter of 2025.