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Auric Mining Ltd. ( (AU:AWJ) ) has issued an announcement.
Auric Mining reported a strong March quarter, with the Munda Starter Pit producing 8,886 ounces of gold, 46% above budget, from 126,054 tonnes processed at 2.46 grams per tonne and 89.5% recovery. Results from the deeper Campaign Two indicate Munda may be a larger, higher-grade deposit than previously thought, prompting planning for a larger Munda Main Pit as the next development phase.
The company also received a final $2.2 million cash distribution from the Jeffreys Find joint venture, taking its total cash return to about $16.5 million on a $1.2 million investment, and confirmed the project generated $112 million in gold sales. Auric advanced studies on the Burbanks processing plant, which underpins its strategy to become a fully integrated gold producer, while progressing legal and technical work at Lindsay’s and closing the quarter with $46 million cash, no debt, and solid audited profits and free cash flow.
The most recent analyst rating on (AU:AWJ) stock is a Buy with a A$0.73 price target. To see the full list of analyst forecasts on Auric Mining Ltd. stock, see the AU:AWJ Stock Forecast page.
More about Auric Mining Ltd.
Auric Mining Ltd is an Australian gold producer focused on developing and operating open-pit gold projects, including the Munda and Jeffreys Find mines. The company is pursuing a fully integrated model by securing its own processing capacity through the Burbanks Gold Processing Plant to treat ore from Munda, Lindsay’s and nearby projects, while maintaining a debt-free balance sheet.
Average Trading Volume: 781,268
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$59.87M
For detailed information about AWJ stock, go to TipRanks’ Stock Analysis page.