Key Highlights

  • Auric Mining has received firm commitments to raise about A$17 million at A$0.185 per share through a two-tranche placement.
  • Tranche 1 raises about A$8.7 million, while Tranche 2 raises about A$8.3 million and requires Shareholder approval.
  • A share purchase plan of up to A$3.0 million is subject to an ASX Waiver on pricing.
  • Funds are earmarked for drilling at Munda and Union Jack, the Iron Maiden project and the Burbanks processing plant.

Auric Mining Limited (ASX:AWJ) has received firm commitments from institutional and existing investors for a Placement expected to raise about A$17 million before costs, according to an announcement dated 12 November 2026. The company is issuing 91,891,892 new shares at A$0.185 each. Alongside the placement, it has launched a share purchase plan of up to A$3.0 million for eligible shareholders. At the end of September, the company held A$33.0 million in cash, and the new Capital is intended to accelerate exploration and support construction work at its Burbanks processing plant.

How the placement is structured

The placement will be completed in two tranches. Tranche 1 is expected to raise about A$8.7 million and uses the company's placement capacity under ASX Listing Rules 7.1 and 7.1A, covering 46,973,400 shares in total. Tranche 2 is expected to raise about A$8.3 million through 44,918,492 shares, and it depends on shareholder approval at an extraordinary general meeting expected in mid-December 2026. Directors have committed A$120,000 within Tranche 2 on the same terms as unrelated investors, and that commitment is also subject to approval.

The share purchase plan is priced at the same A$0.185 level and has a Record Date of 11 November 2026. The offer closes at 5pm AWST on 15 December 2026. Because the discount limits in ASX Listing Rule 7.2 (Exception 5) and Listing Rule 10.12 (Exception 4) are not strictly met, the company has applied to the ASX for a waiver. Until that waiver is granted, the plan cannot proceed on the announced terms, and the company has said it will update the market on the outcome.

Where the money is expected to go

The company says the funds will be used primarily to grow its resource base. Planned activity includes grade control and extensional drilling at Munda to expand the Mineral Resource, and extensional and resource growth drilling at the Union Jack Project, located about 15 kilometres from Burbanks. The company is also acquiring the Iron Maiden Project, 5 kilometres south of Norseman, where it says little exploration has been undertaken in the past 20 years. Drilling there is expected to begin after acquisition.

Other planned uses include relocating a recently purchased infrastructure package and equipment to Burbanks, which is expected to be delivered during December 2026, along with general Working Capital and Business development. The company notes that full project development at Burbanks remains subject to securing additional funding, an important qualification for shareholders to weigh against the headline raising.

Dilution and execution risks

The placement adds about 91.9 million shares to the register, and the eventual share count will depend on whether the share purchase plan and Tranche 2 complete on the announced terms. Shareholders who do not participate in the offers will see their percentage holding reduced. The fixed issue price of A$0.185 also means the new capital is raised at a level set during the placement process rather than at the level of any later market price.

Execution risk is present across each stage. Tranche 2 relies on an EGM, the share purchase plan relies on an ASX waiver, and the exploration program relies on drilling results that have not yet been reported. Development of the Burbanks plant is expected to progress with regulatory approvals, but the company has not yet secured all of the funding required for full project development.

Final Word

The placement gives Auric Mining a larger cash position at a time when it is expanding its portfolio through acquisitions and drilling. The structure is clear, though the completion of the second tranche and the share purchase plan remain conditional on approvals and waivers. How the company converts the new funds into resource growth, and whether it secures the additional capital needed for full Burbanks development, will determine how the placement is judged over the coming months.