Key Highlights

  • Auric has received firm commitments for a $17 million two-tranche Placement at $0.185 per share.
  • The first Tranche raises $8.7 million, with the remaining $8.3 million subject to Shareholder approval.
  • A share purchase plan at the same price could raise up to $3 million for eligible shareholders.
  • Funds will support drilling at Munda, Union Jack and Iron Maiden, and relocation of an infrastructure package to Burbanks.

Auric Mining (ASX:AWJ) announced on 12 November 2026 that it had received firm commitments for a $17 million two-tranche placement. The company will issue about 91.89 million new shares at $0.185 each to new Australian and international institutions, resource funds and existing shareholders.

The first tranche will raise $8.7 million. The remaining $8.3 million is subject to shareholder approval at an extraordinary general meeting planned for mid-December 2026. Directors have agreed to take part in the placement, subject to the required approvals.

Auric is also offering a share purchase plan (SPP) to eligible shareholders at the same $0.185 price to raise up to $3 million. Directors have committed to subscribe for up to $90,000 in total under the SPP. The Record Date was 5pm on 11 November 2026.

Canaccord Genuity, Taylor Collison and MA Moelis Australia Advisory acted as joint lead managers, with Lazarus Advisory as co-manager.

Where the money goes

Auric has set out several uses for the funds. They include grade control and extensional drilling at the Munda Project to grow its resource estimate, resource growth drilling at the Union Jack Project, and the Acquisition of, and drilling at, the Iron Maiden Project near Norseman, which the company announced on 10 November.

Funds will also cover the relocation of a recently purchased infrastructure package and equipment to Burbanks, along with general working capital. Auric expects the package to arrive at Burbanks in December 2026.

The strategy behind it

Managing Director Mark English said the placement would allow Auric to consolidate two new projects and increase its global resource base. He said the company's aim was to become a standalone gold producer as quickly as possible, using acquisitions to secure long-term feed for the Burbanks processing plant.

English added that activities at Burbanks remained on schedule, with the infrastructure package on track for delivery this quarter and regulatory approvals advancing as expected.

Chief Executive Gareth Solly described a clear pathway to Cash Flow in the Kalgoorlie region and said the focus would be disciplined capital allocation aimed at reducing risk through exploration and mine-life growth.

Why it matters

For a junior aiming to process its own ore, funding is often the main constraint between owning deposits and pouring gold. A $17 million raise, plus up to $3 million from the SPP, gives Auric the capacity to run several drilling programmes at once while moving equipment into place.

The raising also follows a period of high Australian dollar gold prices, which has encouraged many WA juniors to pursue small-scale processing strategies.

Things to keep in mind

The second tranche depends on shareholder approval, so the full amount is not yet secured. New shares will dilute existing holders, and the SPP offers them an opportunity to participate at the same price as institutions.

Becoming a producer will require regulatory approvals for Burbanks, successful installation and commissioning of the relocated plant, and sufficient ore to keep it running.

The placement price is also worth noting. At $0.185, it sets a reference point for the market's valuation of Auric's growth plans, and the participation of institutions and resource funds suggests professional investors were prepared to back the strategy at that level. The SPP gives retail holders the same terms, which some shareholders view as a fairer way to share in a raising. Full SPP terms will appear in the offer document.

Next steps

The immediate timetable includes settlement of tranche one, the SPP offer period, and the mid-December meeting to approve tranche two. Operationally, investors can expect drilling updates from Munda, Union Jack and Iron Maiden, and confirmation that the infrastructure package has reached Burbanks in December.