Auric Mining (ASX:AWJ) has released a company update outlining its strategy to build a standalone integrated gold mining and processing platform in Western Australia's Eastern Goldfields, disclosing study economics of A$437m life-of-mine EBITDA and a targeted first gold date of Q1 2028 from its Burbanks Gold Processing Facility.

Key Points

  • Integrated Burbanks-Munda study discloses A$437m LOM EBITDA, AISC of A$2,843/oz, and a payback period of approximately 2.3 years at A$5,750/oz gold
  • Munda Gold Mine base case targets recovery of 141,000oz over approximately five years at 25–40kozpa, with multi-year operations targeted to commence in Q4 2027
  • Proforma cash balance of approximately A$49m toward a A$145m peak funding requirement, with approximately 280 million shares on issue and a proforma market capitalisation of approximately A$52m
  • Recent acquisitions of Union Jack and Iron Maiden increase global gold resources to approximately 370,000oz across four operational areas, subject to completion
  • Jeffreys Find and Munda Starter Pit operations have generated a combined A$176m in gold sales

Burbanks Gold Processing Facility and Munda Mine Integration

According to the filing, Auric Mining holds 100% ownership of the Burbanks Gold Processing Facility, described as a fully permitted brownfield asset with connected power, water licence, bitumen access, mining leases and established tailings infrastructure. The existing facility has a permitted capacity of 180ktpa, with a new 600ktpa CIL circuit planned on the existing footprint, and key infrastructure designed for future expansion to approximately 1.2 million tonnes per annum. Commissioning and first gold from Burbanks are targeted for Q1 2028, while the Munda Gold Mine is targeted to commence multi-year operations in Q4 2027, initially producing 25–40kozpa.

Study Economics and Funding Position

The initial Burbanks-Munda integrated study, which assesses only the Munda open pit, discloses life-of-mine EBITDA of A$437m, an all-in sustaining cost of A$2,843 per ounce, and a payback period of approximately 2.3 years based on a gold price assumption of A$5,750 per ounce. The base case recovers 141,000oz over approximately five years. The filing states Auric's proforma cash balance of approximately A$49m — based on 30 September 2026 figures plus placement funds, and excluding A$6.5m paid for the Union Jack acquisition on 7 October 2026 — represents a starting contribution toward the A$145m peak funding requirement.

Board and Leadership Team

The filing identifies the company's leadership team. Founding Managing Director Mark English is a Chartered Accountant with over 45 years of experience across the resources sector. CEO and Executive Director Gareth Solly has more than 25 years of mining industry experience, predominantly in gold, and previously served as founding Managing Director of Black Cat Syndicate. Founding Technical Director John Utley is a geoscientist with over 40 years of experience in gold exploration and mining across Australia, South America, Papua New Guinea and Canada. Founding Non-Executive Chairman Steven Morris has over 25 years of experience in financial markets.