Auric Mining Limited (ASX:AWJ) Launches Share Purchase Plan and Placement to Fund WA Gold Exploration

Sonal Goyal

12 November 2026 06:08 PM AEDT

Auric Mining Limited (ASX:AWJ) Launches Share Purchase Plan and Placement to Fund WA Gold Exploration

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Highlights

• Auric Mining has proposed a Placement of up to approximately 91.9 million shares at $0.185 per share, with Tranche 1 to be issued on 18 November 2026 and Tranche 2 subject to Shareholder approval.

• A Share Purchase Plan priced at $0.185 per share will allow eligible shareholders to invest up to $30,000 each, with the company targeting approximately $3 million under the plan.

• Proceeds from the raise are directed to grade control and extensional drilling at Munda, Acquisition and commencement of drilling at Iron Maiden, and equipment relocation for Burbanks.

• Canaccord Genuity, Taylor Collision, and MA Moelis acted as joint lead managers, with Lazarus Advisory as co-manager to the placement.

Auric Mining Limited (ASX:AWJ), a Western Australian gold exploration and development company listed on the Australian Securities Exchange under the ticker AWJ, has lodged a formal notification of a proposed placement and share purchase plan via an Appendix 3B dated 12 November 2026. The Capital raising involves the issue of up to approximately 91.9 million new ordinary shares at a price of $0.185 per share via placement, alongside a Share Purchase Plan offering eligible existing shareholders the opportunity to subscribe for new shares on the same pricing terms as placement participants. The placement is structured in two tranches: Tranche 1, comprising shares that may be issued within the company's existing placement capacity under ASX Listing Rule 7.1 and 7.1A, is scheduled to be issued on 18 November 2026. Tranche 2 is subject to shareholder approval, expected to be sought at a general meeting. The two-tranche structure is a standard approach used by ASX-listed companies seeking to raise capital in excess of their existing placement capacity while ensuring all regulatory requirements are met efficiently.

Structure and Pricing of the Capital Raise

The proceeds raised through the placement and Share Purchase Plan are earmarked for specific operational purposes across Auric's gold project portfolio in Western Australia. Grade control and extensional drilling at the Munda project is listed as the primary use of funds, reflecting the company's focus on advancing its understanding of the Munda ore body, defining gold mineralisation in greater detail, and extending the known mineralised footprint through additional drilling. Munda is Auric's most advanced project, and the allocation of capital to grade control drilling indicates the company is working toward a more comprehensive resource definition that could support future operational decisions. Funds are also allocated to the acquisition and commencement of drilling at the Iron Maiden prospect, adding a new exploration front to the company's pipeline and diversifying the near-term exploration programme across multiple prospects. Additionally, proceeds will be used to fund the relocation of a recently purchased infrastructure package and equipment to the Burbanks project, an activity that supports the operational readiness of that asset for future development phases. The balance is earmarked for general Working Capital and ongoing Business development activities.

Intended Use of Proceeds Across Gold Projects

The Share Purchase Plan is designed to offer eligible shareholders a meaningful opportunity to participate in the capital raising on the same terms as institutional and sophisticated investors who participated in the placement. Shareholders registered on the company's register as of the Record Date of 11 November 2026 are eligible to participate, with individual applications accepted in denominations ranging from $2,000 to a maximum of $30,000 per shareholder. The company has indicated its intention to raise approximately $3 million under the plan, with up to 16,216,216 new shares available for issue. The SPP is subject to the granting of an ASX Waiver related to discount pricing requirements under the relevant listing rules, which the company was seeking at the time of the announcement. Offer documentation is expected to be made available to eligible shareholders by 19 November 2026, with the offer open from that date and closing on 15 December 2026, and new shares to be issued by 21 December 2026. The company may scale back applications in the event of oversubscriptions, at the discretion of the directors.

SPP Terms and Shareholder Participation

The combined placement and Share Purchase Plan represent a measured capital management step for Auric Mining as it looks to maintain operational momentum across multiple gold project fronts in Western Australia. The appointment of a panel of four experienced corporate advisers as lead and co-managers to the placement reflects the company's intent to ensure broad institutional coverage for the offer and to maximise the depth of investor engagement. For shareholders who participate in the SPP, the opportunity to invest at the same price as the institutional placement is a meaningful feature, ensuring that existing investors are not disadvantaged relative to new entrants. The pricing of $0.185 per share will serve as the reference price from which the new shares commence trading following their issue. The capital raised is intended to sustain an active exploration programme across the company's portfolio through the upcoming field season, building the technical foundation for further resource definition work and project advancement. The broader context for Auric Mining's capital raise is a Western Australian gold sector that continues to attract exploration and development activity, supported by generally favourable conditions for gold producers and developers in the region. Western Australia hosts some of the world's most significant gold deposits and benefits from established mining service infrastructure, a skilled workforce, and a regulatory environment with well-understood processes for exploration and project permitting. For Auric Mining, the ability to advance multiple projects simultaneously — Munda, Burbanks, and Iron Maiden — through a single coordinated capital raise reflects the operational efficiency of managing a focused portfolio of geographically proximate gold Assets in a single jurisdiction. The strength of investor participation in the placement, supported by experienced lead managers with established institutional networks, will be an indicator of market confidence in the company's project pipeline and its near-term exploration plans as the results of the funded programme become available.

Key Insights

The combined placement and Share Purchase Plan represent a measured capital management step for Auric Mining as it looks to maintain operational momentum across multiple gold project fronts in Western Australia. The appointment of a panel of four experienced corporate advisers as lead and co-managers to the placement reflects the company's intent to ensure broad institutional coverage for the offer and to maximise the depth of investor engagement. For shareholders who participate in the SPP, the opportunity to invest at the same price as the institutional placement is a meaningful feature, ensuring that existing investors are not disadvantaged relative to new entrants. The pricing of $0.185 per share will serve as the reference price from which the new shares commence trading following their issue. The capital raised is intended to sustain an active exploration programme across the company's portfolio through the upcoming field season, building the technical foundation for further resource definition work and project advancement. The broader context for Auric Mining's capital raise is a Western Australian gold sector that continues to attract exploration and development activity, supported by generally favourable conditions for gold producers and developers in the region. Western Australia hosts some of the world's most significant gold deposits and benefits from established mining service infrastructure, a skilled workforce, and a regulatory environment with well-understood processes for exploration and project permitting. For Auric Mining, the ability to advance multiple projects simultaneously — Munda, Burbanks, and Iron Maiden — through a single coordinated capital raise reflects the operational efficiency of managing a focused portfolio of geographically proximate gold assets in a single jurisdiction. The strength of investor participation in the placement, supported by experienced lead managers with established institutional networks, will be an indicator of market confidence in the company's project pipeline and its near-term exploration plans as the results of the funded programme become available.

FAQs

Q: What is Auric Mining Limited?

A: Auric Mining Limited (ASX:AWJ) is a Western Australian gold exploration and development company with assets including the Munda, Burbanks, and Iron Maiden projects, all situated in the state's established goldfields region.

Q: What is the purpose of the Auric Mining capital raise?

A: The raise is intended to fund grade control and extensional drilling at Munda, the acquisition and commencement of drilling at Iron Maiden, the relocation of infrastructure and equipment to Burbanks, and general working capital.

Q: What is a Share Purchase Plan (SPP)?

A: An SPP allows eligible existing shareholders of a listed company to subscribe for new shares, typically up to a capped dollar amount per shareholder, at the same price as a concurrent institutional placement, ensuring retail shareholders can participate on equivalent terms.

Q: What is the price per share in the Auric Mining raise?

A: Both the placement and the Share Purchase Plan are priced at $0.185 per share, with individual SPP applications accepted between $2,000 and $30,000 per eligible shareholder.

Q: Who are the lead managers for the Auric Mining placement?

A: Canaccord Genuity (Australia) Limited, Taylor Collision Limited, and MA Moelis Australia Advisory acted as joint lead managers, with Lazarus Advisory acting as co-manager to the placement.

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