Key Highlights

  • Auric has entered a binding term sheet to acquire 100% of Boomerang Mining Capital, which holds the Iron Maiden Gold Project about 5 km south of Norseman.
  • Historical resources reported under JORC 2004 total 1.4 million tonnes at 1.5 g/t gold for 68,500 ounces, at a 0.5 g/t cut-off.
  • Initial cash consideration is A$1.0 million, with up to A$2.0 million in milestone payments tied to JORC 2012 resource thresholds.
  • Completion depends on due diligence, a deed of guarantee with Accent Resources and the transfer of tenements, with a 31 December 2026 long-stop date.

Auric Mining Limited (ASX:AWJ) has announced a binding term sheet to acquire all shares in Boomerang Mining Capital Pty Ltd (BMC), the entity that holds the Iron Maiden Gold Project, in an announcement dated 10 November 2026. The project sits about 5 km south of the Norseman townsite in Western Australia and roughly 180 km from Auric's Burbanks processing facility. The proposed Acquisition comes as Auric works to re-establish Burbanks as a processing hub with a capacity of 600,000 tonnes a year and to build a pipeline of projects that could Supply it with mill feed.

Project location and historical resources

The Iron Maiden tenure contains the Iron Duke and Surprise deposits, which host gold mineralisation in banded iron formations along the Mt Henry Shear corridor. The historical resource estimates were reported by Accent Resources NL under the JORC 2004 code. At a 0.5 g/t cut-off, they total 1.38 million tonnes at 1.5 g/t for 68,500 ounces, while at a 1.0 g/t cut-off, the figure is 1.04 million tonnes at 1.8 g/t for 59,500 ounces. Roughly 75% of the resource sits within 50 metres of surface.

Auric states that the historical estimates have not been reported under JORC 2012, that a Competent Person has not classified them under that code, and that the company has not independently validated them. It also notes limitations in the historical data, including the absence of sample recovery records and chain-of-custody records. The historic Lady Mary mine is believed to have produced more than 26,000 ounces at over 20 g/t, but it has received little modern exploration.

Acquisition terms and payments

The initial consideration is A$1.0 million in cash, including a A$100,000 deposit already paid. At completion, Auric will also repay Loan funds advanced to BMC by a third-party lender, up to A$3.0 million, with interest at 12% a year. BMC has agreed to pay Accent a deferred consideration of A$1.0 million, which Auric will guarantee. Auric will bear transfer and landholder duty on the transaction.

Milestone payments of A$1.0 million each are payable when JORC 2012 mineral resources reach 150,000 ounces and then 300,000 ounces of gold. Each milestone can be settled in cash or, subject to Shareholder approval, in shares issued at the higher of a five-day VWAP and a A$0.24 floor price. The share component is capped at 75% of each payment, and the aggregate number of shares is capped at 6,250,000. Any shortfall where the share price is below the floor, or where the cap is exceeded, would be paid in cash.

Royalties, tenure and conditions

The tenements comprise two granted mining leases and five granted prospecting licences, with a further mining Lease application, M63/682, that would consolidate several of them. Accent holds a 4% gross Royalty on gold produced from the tenements other than M63/229, with BMC able to buy back up to 2%. A 2.5% gross royalty applies to M63/229 after 10,000 ounces of production. Western Australian state royalties and a royalty in favour of the Ngadju native title holders also apply.

Completion is subject to Due Diligence within 30 days of the term sheet and Accent's execution of a deed of guarantee and consent. Either party may terminate if conditions are not satisfied by 31 December 2026. The tenements have not yet been transferred to BMC, and mining would require the grant of M63/682 and the relevant statutory approvals. An associate of the vendors also holds a right of first refusal over mining contracts on the project for as long as Auric controls BMC.

Exploration plans and risks

Auric intends to validate the historical drilling database, undertake infill and step-out drilling across strike and depth extensions, and test laterite targets outside the current resource envelopes. Mining studies would follow once updated resource estimates are completed, with the aim of identifying mill feed. Auric expects the re-estimation work to begin in the March 2027 quarter and to be completed within 12 months of completion.

The principal risks include the reliance on historical data that has not been reported under current standards, the pending transfer of tenements and the mining lease application, the royalty burden, and the potential for share issuance under the milestone arrangements. The project is not yet in production, and the timing and outcome of exploration remain uncertain.

Final Word

The Iron Maiden acquisition adds a project with historical gold resources and a low initial cash outlay, but its economic relevance will depend on resource estimates that are yet to be reported under current standards and on tenure and approval steps still in progress. Auric's pipeline and its plans for Burbanks will show over the coming months how much weight the project carries in its growth strategy.