Auric Mining has sold gold worth more than $105m through its stage one and two mining operations at the Jeffreys Find Gold Mine, located near Norseman, Western Australia.
The mine is operated through a joint venture (JV) with BML Ventures of Kalgoorlie.
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The sale included 17,901oz of gold from stage two mining, which generated $72.04m to date compared to stage one in 2023, which generated $29.28m.
The gold from stage two was processed at multiple facilities, including the Greenfields Mill and the Three Mile Hill Plant in Coolgardie, throughout 2024 and into early 2025.
The highest gold price achieved during this stage was A$4,625 ($2,943) per ounce, with an average price of A$4,024 per ounce.
Auric Mining managing director Mark English said: “The first ore was shovelled at Jeffreys Find in May 2023. In just a couple of years this short-life mine has now generated more than $100m in gold sales for the Project.
“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged that we would be selling gold at more than A$4,600 an ounce. By any measure it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. we are expecting millions more in cash over the next few months.”
Approximately 60,000 tonnes (t) of ore remain on the run-of-mine (ROM) Pad at Jeffreys Find.
BML is currently finalising negotiations for this ore to be processed at a toll mill in the district in the upcoming months.
The company estimates receiving an additional $3m to $4m in cash once the remaining gold is sold.
Under the JV agreement, BML is responsible for all mining, haulage, and milling costs. After the sale of gold, the partners deduct direct costs before evenly splitting the remaining cash.
English added: “Our partner BML is negotiating a toll milling agreement for a parcel of up 60,000t, which is currently on the ROM Pad at the mine site. When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been.
“Our JV agreement with BML Ventures stipulates that only after all the gold has been sold and all costs have been paid is the final surplus cash distribution paid.
“We’ve just received a further $1.5m as an interim payment from BML which brings us to $8.1m in total for stage two payments.”
BML confirmed that stage two remains on track to generate a cash surplus of $11m to $12m for Auric Mining.
In December last year, Auric Mining signed a conditional agreement to acquire the Burbanks gold processing facility near Coolgardie, Western Australia.
