First ore movement makes Auric Mining a junior producer.
Auric Mining (AWJ ASX) has officially commenced mining at its Munda Gold Mine, located 5km from Widgiemooltha in Western Australia. The first earth was moved from the Starter Pit on May 10, a milestone in Auric’s journey toward sustained gold production.
Site preparation is now largely complete, including the construction of haul roads, a waste dump, and run-of-mine (ROM) pads. A fully staffed mining team is operating on-site, with supporting infrastructure—such as the mine camp and office—already in place.
First Blast Expected Within Weeks
At present, operations are focused on free-digging in the weathered zone of the Starter Pit. Managing Director Mark English confirmed that blasting is expected within the next two weeks as fresher material is encountered.
“We’re off to an excellent start at Munda,” English said. “The full team has slotted in perfectly and we are now moving earth from the Starter Pit.”
Auric is targeting 125,000 tonnes of ore from the Starter Pit over a five-month period. The company expects to produce 6,100 ounces of gold at an average grade of 1.8g/t. Projected all-in sustaining costs (AISC) are A$2,635 per ounce. The gold price at present is A$5084 per ounce, therefore, the starter operation is anticipated to be highly profitable.
Flagship Asset to Drive Five-Year Outlook
Importantly, the Munda deposit contains a total resource of 145,000 ounces and is central to Auric’s five-year development plan. Once the Starter Pit is complete, planning will shift to a larger Main Pit, expected to begin in 2026.
The company is fully funding the Starter Pit through proceeds from the Jeffreys Find Gold Mine, which reinforces its capital-efficient development strategy. The successful transition from explorer to producer gives Auric a potential pathway to steady revenue.
Strong Cash Position and Clean Capital Structure
Auric finished the quarter with $7.5 million in cash, giving it a strong financial footing as it enters this next phase. The current issued capital stands at 148,953,371 shares.
For ASX investors, Munda represents a key value driver for Auric Mining. With production now underway and gold prices remaining resilient, the company is entering a pivotal growth stage with momentum on its side.
Relevant to AWJ ASX, the current price of gold can be found here (kitco).
