Auric Mining (LWJ) Q2 2024 TU earnings summary

Executive summary

• First gold processing campaign at Jeffreys Find Gold Mine completed, generating $4.46 million in revenue from 30,300 tonnes of ore processed in mid-April 2024; six doré bars produced and sold to Perth Mint.

• Stage 2 mining at Jeffreys Find aims to extract over 300,000 tonnes of ore in 2024/2025, with round-the-clock operations and larger equipment to double previous output.

• Munda Gold Project advanced with completion of grade control drilling and substantial progress in mine planning; trial pit mining targeted for early 2025 pending permits and mill access.

• Spargoville Project's RC drilling at Fugitive Prospect outlined a large basement gold target over 700m strike length, with further drilling planned.

• Strong financial position with $3.4 million in cash at quarter end; first $2 million distribution and $1 million working capital repayment from JV partner BML expected this quarter.

Financial highlights

• $4.46 million revenue generated from first 2024 gold campaign at Jeffreys Find.

• $3.4 million cash on hand at quarter end.

• Distribution of $2 million and repayment of $1 million in working capital from JV partner BML expected in the current quarter.

Outlook and guidance

• Second gold milling campaign at Jeffreys Find to commence late July 2024, targeting 150,000 dry metric tonnes over six to seven weeks.

• Stage 2 mining at Jeffreys Find to exceed 300,000 tonnes of ore in 2024/2025, with further campaigns scheduled for late 2024 and early 2025.

• Munda trial pit mining planned for early 2025, subject to permitting and toll treatment mill access.

• Further drilling at Spargoville's Fugitive Prospect scheduled for August 2024.