Earnings release
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Quarterly Activities Report 31 December 2024 For personal use only
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Quarterly Report 31 December 2024 1 Highlights Jeffreys Find Gold Mine • Stage Two mining at Jeffreys Find has produced 14,853 ounces of gold up to 13 January 2025, contributing to total production of 24,594 ounces (including Stage One). Gold sales during this period generated $58.7 million in revenue at an average price of AUD $3,952 per ounce. • There were three campaigns at Coolgardie mills during the quarter. Two of the campaigns continued into January 2025. Mining at Jeffreys Find was completed on 28 January 2025. Munda Gold Project • Completion of an updated Mineral Resource estimate and subsequent Pre-feasibility Study to define 7,400 ounces of Probable Ore Reserves for a Starter Pit with an estimated life of five months , commencing in March 2025 or thereabouts. • Submission of critical permits, including a Mining Proposal and Mine Closure Plan, to the relevant regulatory bodies, with approvals expected in Q1 2025. Grade control drilling is underway on a 5m x 5m pattern in preparation for mining operations. Spargoville Gold Project • Significant RC drilling results, including 7m at 4.88 g/t Au and 2m @ 10.69g/t Au at Fugitive Prospect demonstrating strong potential for economically viable deposits. • Further RC drilling planned for 2025 to test known mineralisation trends. Burbanks Mill • The company has entered into a letter agreement subject to Due Diligence, to acquire the Burbanks Gold Processing Plant for A$4.4 million, which includes 180,000 tpa capacity and critical infrastructure. This acquisition, located near Auric's existing gold resources, offers significant value and growth potential by providing dir ect ownership of milling and related infrastructure. • The company has an exclusive due diligence period from 16 December 2024 to 10 February 2025 to review technical, operational, licensing, and legal aspects. If satisfied, settlement is scheduled for 15 March 2025, with a non- refundable deposit of A$100,000 already paid. Corporate • The company reported a strong financial position with $3.6 million in cash at the end of the quarter. Further additional cash from the net income from the sale of gold has been received in January 2025. • Current issued share capital as at today is now 148,953,371 shares. For personal use only
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Quarterly Report 31 December 2024 2 The Announcement Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to report on its activities during the 31 December 2024 Quarter. Managing Director, Mark English said: “The December quarter has created substantial value and opportunities for Auric Mining, reflecting strong operational progress and strategic advancements across our portfolio. At Jeffreys Find, the completion of multiple processing campaigns has driven total Stage Two gold production to 14,853 ounces, contributing to overal l production of 24,594 ounces to date. With gold sales generating $58.7 million in revenue at an average price of AUD $3,952 per ounce, we are in an excellent place. BML Ventures expects to complete mining activities by late January 2025. “At Munda, the updated Mineral Resource estimate and definition of an Ore Reserve for a Starter Pit marked a significant milestone. With 125,000 tonnes of ore at 1.8 g/t Au identified, we anticipate commencing mining operations in March 2025, pending permit approvals. This project aligns with our growth strategy and promises to be a valuable addition to our production pipeline. “Exploration at Spargoville continues to deliver encouraging results. Drilling at Fugitive and Anomaly 37 has defined promising gold mineralisation, with notable intercepts such as 7m at 4.88 g/t Au and 2m @ 10.69 g/t Au. Our next phase of RC drilling will target areas with the highest potential for economic deposits. “The potential acquisition of the Burbanks Gold Processing Plant will be a game-changer for Auric if we conclude the acquisition. This facility is strategically located near our projects and with appropriate upgrades will provide us with greater control over milling operations. Subject to successful due diligence, this acquisition, at a highly competitive price, positions us for long- term operational efficiency and growth. “I am proud of the team’s dedication and the significant progress achieved this quarter. As we move into 2025, Auric remains focused on delivering value to our shareholders and advancing our projects toward long term sustainable success,” said Mr English. For personal use only
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Quarterly Report 31 December 2024 3 1.0 PRINCIPAL ACTIVITIES The sixth and seventh processing campaigns for 2024, treating ore from Jeffreys Find is underway at the end of the December quarter. Processing has ramped up with three campaigns through the neighbouring Greenfields and Three Mile Hill plants at Coolgardie. Gold sold from Jeffreys Find Gold Mine in 2024/2025, up to 13 January 2025 has now reached 14,853 ounces. Total gold sales now amount to $58,696,144 with an average sale price of A$3,952 per ounce. Development work at Munda continues at pace with an updated estimate of Mineral Resources and subsequent Ore Reserve for a Starter Pit announced. A grade control program on 5m x 5m centres is underway at the end of the quarter. The necessary four permit applications have been lodged at DEMIRS and DWER and when granted, will allow mining of the Starter Pit. An RC program was completed in the Spargoville Project with 17 holes drilled across two prospects: the Fugitive Prospect and Anomaly 37 Prospect. Future RC drilling will target anomalous trends at both locations. Auric’s tenure is divided across two different Native Title claim areas; Marlinyu Ghoorlie to the north and Ngadju to the south. An agreement signed during the quarter between Auric and the Ngadju Native Title Aboriginal Corporation represents a commitment to a partnership between Auric and the Ngadju People and will provide Auric with clarity on Auric’s future operations and development across all Ngadju country. Auric has entered into a letter agreement, subject to due diligence, to acquire the Burbanks Gold Processing Plant and all related assets and infrastructure at the highly competitive acquisition price of A$4.4M. The acquisition will position the company for further success and longer term growth through the direct ownership of milling infrastructure in the WA goldfields. For personal use only
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Quarterly Report 31 December 2024 4 2.0 JEFFREYS FIND GOLD MINE Processing of Stage Two production from Jeffreys Find was undertaken simultaneously at two adjacent mills, the Greenfields and Three Mile Hill Plants, in Coolgardie during the December quarter. Two gold processing campaigns were completed at Three Mile Hill between 20 November 2024 and 5 January 2025. Another processing campaign at the Greenfields Mill, Coolgardie started on 28 November 2024 with a target of 142,000 tonnes and was completed on 20 January 2025. Final GIC calculations and grade reconciliation for all 3 campaigns will be completed in the March quarter. A total of seven processing campaigns treating Stage 2 production from Jeffreys Find have been completed in 2024 or were underway at the end of the December quarter. Gold sold from Jeffreys Find Gold Mine in 2024/2025, up to 13 January 2025 has now reached 14,853 ounces. Total gold sales for the equivalent period now amount to $58,696,144 with an average sale price of A$3,952 per ounce. Up to the 13 January 2025, Auric has received interim cash distributions totalling A$6,600,000 (ex GST). Auric expects further interim cash distributions on a regular basis until the final accounting and completion of all mining and gold sold. Stage Two of mining has so far produced 14,853 ounces of gold and combined with the 9,741 ounces produced from 2023’s Stage One mining, a total of 24,594 ounces. Additional gold ounces will be produced from ore currently being processed or calculated from GIC and from ongoing mining at Jeffreys Find. Mining at Jeffreys Find was completed on 28 January 2025. 2024 Previous Quarters December Quarter Gold Sales Total Stage 2 to 13 January 2025 Gold Recovered – Ounces 7,551 7,302 14,853 Average Sale Price per ounce $3,701 $4,211 $3,952 Gross Gold Revenue $27,945,282 $30,750,862 $58,696,144 Figure 2. Jeffreys Find Pit Figure 1. Doré bar at Three Mile Hill Mill Table 1. Stage Two Mining – Gold Sold For personal use only
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Quarterly Report 31 December 2024 5 3.0 MUNDA GOLD PROJECT 3.1 Updated Mineral Resources Matrix Resource Consultants Pty Ltd (“Matrix”) completed a new estimate of Mineral Resources for the Munda gold deposit during the December quarter. This was a precursor to defining an Ore Reserve for a Starter Pit. To provide estimates with reasonable prospects of eventual economic extraction, Mineral Resources are reported within an optimal pit shell generated at a gold price of $AUD3,200/oz. Mineral Resource estimates at a range of gold cut-off grades are presented in Table 2. The figures are rounded to reflect the precision of the estimates and include rounding errors. Table 2. November 2024 Munda gold deposit Mineral Resource estimates Au g/t Indicated Inferred Indicated + Inferred Cut-off MTonnes Au g/t Koz MTonnes Au g/t Koz MTonnes Au g/t Koz 0.20 7.56 0.72 175 0.5 0.9 14 8.06 0.73 189 0.30 5.51 0.89 158 0.4 1.0 13 5.91 0.90 171 0.40 4.24 1.06 144 0.3 1.2 12 4.54 1.07 156 0.50 3.35 1.22 131 0.3 1.4 14 3.65 1.23 145 0.60 2.71 1.38 120 0.2 1.5 10 2.91 1.39 130 0.70 2.24 1.53 110 0.2 1.7 11 2.44 1.54 121 0.80 1.89 1.67 101 0.2 1.9 12 2.09 1.69 114 0.90 1.62 1.81 94 0.1 2.0 6 1.72 1.82 101 1.00 1.41 1.94 88 0.1 2.1 7 1.51 1.95 95 Since the previous estimate, described in an ASX announcement on 28 January 2022. Auric has completed a close-spaced drill program on a 10m x 10m pattern over a shallow portion of the Munda gold deposit. That information and conservative treatment of outlier assay grades has resulted in a slight reduction in estimated grade relative to previous Mineral Resources. The reporting of resources within an optimal pit shell reduces the tonnes compared with the earlier estimate. For comparison, Table 3 presents the January 2022 Mineral Resource estimates. The figures in this table are also rounded to reflect the precision of the estimates and include rounding errors. Table 3. January 2022 Munda gold deposit Mineral Resource estimates Au g/t Indicated Inferred Indicated + Inferred Cut-off MTonnes Au g/t Koz MTonnes Au g/t Koz MTonnes Au g/t Koz 0.20 8.928 0.75 215.3 2.807 0.61 54.7 11.735 0.72 270.0 0.30 6.113 0.98 193.0 1.597 0.88 45.4 7.710 0.96 238.4 0.40 4.598 1.19 176.3 1.070 1.15 39.5 5.668 1.18 215.8 0.50 3.684 1.38 163.1 0.797 1.39 35.6 4.481 1.38 198.7 0.60 3.052 1.55 152.0 0.633 1.61 32.7 3.685 1.56 184.7 0.80 2.240 1.86 133.9 0.450 1.98 28.7 2.690 1.88 162.6 1.00 1.737 2.14 119.4 0.353 2.28 25.9 2.090 2.16 145.3 The optimal pit shell used to constrain the estimate of mineral resources extends over around 650m of strike with a maximum width of 300m and reaches a maximum depth of around 150m. It is outlined in blue relative to resource drill holes, including the 10m x 10m drill pattern, and the existing Resolute 1999 trial pit in Figure 3. For personal use only
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Quarterly Report 31 December 2024 6 Figure 3. Munda drilling relative to resource pit crest with resource drill holes referenced by exploration company and hole type. Cross sectional views of drill hole grades and estimated panel grades relative to the resource pit are shown in Figures 4 and 5. Figure 4. Cross section 360390mE – Showing drill hole grade ranges and estimated panel grades relative to resource pit shell. Panels scaled by proportion above 0.50 g/t cut off and coloured by the grade above that cut-off. For personal use only
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Quarterly Report 31 December 2024 7 Figure 5. Cross section 360470mE – Showing drill hole grade ranges and estimated panel grades relative to resource pit shell. Panels scaled by proportion above 0.50 g/t cut off and coloured by the grade above that cut-off. 3.2 Starter Pit Ore Reserve Following the completion of an updated mineral resource model, an Ore Reserve was defined by a Pre-Feasibility Study ( PFS). The PFS utilised the recent 10m x 10m spaced (i.e. high- density) drilling and corresponding Indicated Resources. Probable Ore Reserves have been derived from Indicated Mineral Resources and constrained to the higher density (ie, 10m x 10m spaced) drilling portion of the Mineral Resource Estimate. A ‘goodbye-cut’ at the base of the design pit is derived from Indicated Resource which in turn is derived from 20m x 20m spaced drilling. The Ore Reserve for a starter pit at Munda represents the first step in potentially staged mining at Munda. The Ore Reserve representative of the Starter Pit mining plan for the Munda gold deposit is estimated as shown in Table 4. Table 4. Munda Trial Pit Probable Ore Reserve Proved Probable Total Tonnage (t) Grade (g/t) Ounces (oz) Tonnage (t) Grade (g/t) Ounces (oz) Tonnage (t) Grade (g/t) Ounces (oz) 0 0.0 0 125,000 1.8 7,400 125,000 1.8 7,400 Note – Rounding errors may occur. The 125,000t of ore at a grade of 1.8g/t Au defined within the Starter Pit is comprised entirely of Indicated Resources and is mined in conjunction with 339,000BCM of waste rock, representing a stripping ratio of 7.6:1. For personal use only
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Quarterly Report 31 December 2024 8 The Ore Reserve was estimated based upon extraction using owner operated conventional open pit mining and off-site milling at a Third Party owned and operated ore processing facility under a toll treatment arrangement. The Ore Reserve is inclusive of modifying factors for mining dilution and mining recovery. Contemporary in-house mining, processing and site costs have been utilised. Key parameters defined by the Starter Pit PFS are set out in Table 5 below: Table 5. Munda Starter Pit Pre-Feasibility Parameter Unit Pre-Feasibility Study November 2024 General Start Date Quarter March 2025 Project Life (mining) Months 5.0 Project Life (milling) Months 5.0 Mining Ore Tonnes Kt 125 Grade g/t 1.8 Contained Gold Koz 7.3 Processing Ore Processed Kt 125 Grade g/t 1.8 Recovery (average) % 83 Gold Production Koz 6.1 Financial Gold Price Assumption A$/oz 3,500 Upfront Project Capital Cost A$M 6.5 AISC A$/oz 2,635 The financial model developed for the owner operated mining and ore processing of the Munda Starter pit demonstrates that at a gold price of A$3,500/oz, the project generates R evenue of $21.4M and an Undiscounted Cash Flow of $5.3M at a $2,635 All in Cost Per Ounce (Table 6). Table 6. Munda Trial Pit Pre-Feasibility Cost and Revenue Summary Generated Revenue $M Operating Costs $M Capital/Startup Costs $M Total Royalties $M Undiscounted Cash Flow $M All in Cost Per Ounce A$ 21.4 15.2 0.65 0.3 5.3 2,635 The proposed site layout for the Starter Pit is shown in Figure 6 . The Starter Pit is represented in green with the existing 1999 Resolute trial pit outlined in black. Note that the Starter Pit is over 30m deeper than the Resolute Trial Pit. For personal use only
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Quarterly Report 31 December 2024 9 Figure 6. Munda Starter Pit site layout. The Starter Pit is shown relative to the resource drill holes and to the crest of the optimal pit shell used to constrain the resource model in Figure 7. Cross sections showing drill hole distribution and estimated panel grades for the resource model at 0.85g/t cut-off relative to the Starter Pit are shown in Figures 8 and 9. For personal use only
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Quarterly Report 31 December 2024 10 Figure 7. Munda drilling relative to resource pit crest and to the starter pit crest with resource drill holes referenced by exploration company and hole type. Figure 8. Cross section 360370mE – Showing drill hole grade ranges and estimated panel grades relative to Starter Pit shell. Panels scaled by proportion above 0.85 g/t cut off and coloured by the grade above that cut-off. For personal use only
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Quarterly Report 31 December 2024 11 Figure 9. Cross section 360390mE – Showing drill hole grade ranges and estimated panel grades relative to Starter Pit shell. Panels scaled by proportion above 0.85 g/t cut off and coloured by the grade above that cut-off. 3.3 Mining Permits Four critical permit applications were lodged during the December quarter: A Native Vegetation Clearing Permit, Mining Proposal and Mine Closure Plan to the Department of Energy, Mines, Industry Regulation and Safety ( DEMIRS) and a Groundwater Licence application to the Department of Water and Environmental Regulation (DWERS). The current expectation is that the permits will be granted in the March quarter 2025 which will allow site preparation later in the quarter. 3.4 Grade Control Drilling A grade control drilling program is currently underway at Munda with Kalgoorlie-based Total Drilling Services Pty Ltd (TDS). The program will reduce drill hole spacing to a 5m x 5m pattern over the Starter Pit where currently accessible from surface. Due to the constraints of the existing Resolute Trial Pit, further grade control drilling will be undertaken during mining as bench access is created. 3.5 WIN Metals Munda Lithium Agreement Rescinded Auric announced the purchase of WIN Metals Limited ( ASX: WIN) nickel and lithium rights within an area defined as the Auric Rights area during the September 2024 quarter. The purchase of the lithium rights was rescinded during the December quarter when Estrella Resources Limited (ASX: ESR) alleged a dispute over the assignment of a royalty deed from WIN Metals to Auric. As a result of the recission of the purchase of the lithium rights at the Munda Gold Deposit, there is no alleged dispute involving Auric regarding lithium royalties. Auric retains sole mining rights for the next eight years down to the 235m RL (approximately 150m below surface) within the Auric Rights Area as a consequence of the mineral rights agreement with WIN Metals. For personal use only
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Quarterly Report 31 December 2024 12 4.0 SPARGOVILLE PROJECT A total of 17 RC holes were drilled for 2, 497m by Kalgoorlie-based Kennedy Drilling; 12 holes in the Fugitive Prospect and 5 holes in the Anomaly 37 Prospect. 4.1 Fugitive Prospect The Fugitive Prospect is outlined by a large and prominent auger -soil gold anomaly and was targeted by previous explorers with RAB, Aircore and shallow RC holes (Figure 10). A total of 12 RC holes were drilled at Fugitive in the latest program such that Auric have now drilled a total of 17 RC holes along the approximately 700m strike length of the Fugitive Prospect at line spacings of between 20m and 100m (Figure 10). Figure 10. The Fugitive Prospect, defined by auger-soil gold anomalism, with Auric RC and Aircore hole collars and historic drill hole collars. For personal use only
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Quarterly Report 31 December 2024 13 Previous drilling at Fugitive is dominated by drill holes that ended in weathered rock. Many of the significant assays in the weathered rock are likely to represent a supergene, ie, weathering enriched and potentially remobilised, component to gold mineralisation. The supergene gold mineralisation will have a primary (ie, fresh rock) source and Auric’s drill holes have been drilled to locate and define primary mineralisation. A gold mineralised envelope or envelopes defined by gold concentrations above 0.1g/t Au can be recognised within fresh basalt in many of the holes. This is a persistent feature, defined within the 70-90m wide basalt unit along the length of the Fugitive Prospect. Figure 11. Fugitive Prospect Cross Section 6,534,750m North. The best result was: Hole ID Best result ASRC023 7m @ 4.88g/t Au from 45m, including 3m @ 10.36g/t from 48m The intercept occurs above the Top of Fresh Rock and is interpreted as supergene. It is represented in cross section (Figure 11) with an interpretation showing potential for mineralisation to persist at depth. Other significant assays with a likely supergene component include: Hole ID Results ASRC012 13m @ 1.35g/t Au from 58m; and ASRC015 4m @ 2.32g/t Au from 28m. Gold intercepts in fresh rock (primary mineralisation) include: Hole ID Best results ASRC021 2m @ 10.69g/t from 81m. ASRC016 1m @ 12.1g/t Au from 132m; and ASRC014 9m @ 0.99g/t Au from 73m. For personal use only
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Quarterly Report 31 December 2024 14 4.2 Anomaly 37 Prospect The Anomaly 37 Prospect is centred approximately 2km north of the Fugitive Prospect, within the same tenement (E15/1688). It is also defined by a large and prominent auger-soil anomaly and was targeted by previous explorers with RAB, Aircore and shallow RC holes (Figure 12). Figure 12. The Anomaly 37 Prospect, defined by auger -soil gold anomalism, with Auric RC and Aircore hole collars and historic drill hole collars. The prospect has been described in previous announcements including summaries of drilling by earlier explorers Ramelius Resources Limited (Ramelius) and Tychean Resources Limited (Tychean)1 and by Breakaway Resources Ltd (Breakaway).2 1 (ASX: AWJ): 2 March 2021. Auric Mining Limited Resources Summary and Exploration Update. 2 (ASX: AWJ): 4 June 2024. RC Drilling at Spargoville – Fugitive Prospect. For personal use only
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Quarterly Report 31 December 2024 15 A small tenement, P15/5912, was recently amalgamated into E15/1688 and 23 historic RAB holes drilled by Breakaway Resources within that tenement have been incorporated into the prospect dataset. A number of significant intercepts were recorded by Breakaway, including LFR192; 8m @ 23.12g/t from surface, in turn including 1m @ 174g/t Au from 4m. Auric drill hole ASRC010 was drilled beneath this spectacular intercept (Figure 13). Significant assays at a 0.5 g/t cut-off from the latest program are recorded in Table 7. Table 7. Anomaly 37 Significant Assays at 0.5g/t cut-off. Hole ID From (m) To (m) Downhole Interval (m) Au (g/t) ASRC007 78 83 5 0.88 ASRC008 NSI ASRC009 60 61 1 0.79 ASRC010 69 70 1 0.51 ASRC010 81 82 1 0.81 ASRC010 99 101 2 0.68 ASRC011 117 120 3 0.58 Significant assays at a 0.5g/t Au cut-off all occur within an approximately 120m wide ultramafic unit, within which a mineralised envelope is defined by gold concentrations above 0.1g/t Au. The mineralised envelope is most pronounced in the northern sections and particularly in ASRC010 where it is approximately 35m wide (true width). Figure 13. Anomaly 37 Prospect Cross Section 6,537,100m North. For personal use only
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Quarterly Report 31 December 2024 16 4.3 Next Steps at Spargoville The gold mineralised envelopes defined at the Anomaly 37 and Fugitive Prospects have the potential to host economically significant deposits. At Fugitive, the southern half of the prospect, over approximately 470m strike length, has been sparsely tested by RC drilling at line spacings of between 50m and 100m. This area has provided some of the best supergene (e.g., 7m @ 4.88g/t Au) and primary (e.g., 2m @ 10.69g/t Au) drill hole intercepts and will be a focus for the next phase of RC drilling. At Anomaly 37, first pass RC drilling shows that mineralisation is open to the north and that the zone of anomalous mineralisation is particularly wide beneath high grade historic drill hole LFR192 (8m @ 23.12g/t). Further RC drilling will target mineralisation in both locations. 5.0 BURBANKS GOLD PROCESSING PLANT Auric has entered into a letter agreement, subject to due diligence, to acquire the Burbanks Gold Processing Plant and all related assets and infrastructure at the highly competitive acquisition price of A$4.4M. The plant currently has 180,000 tpa capacity and has all requisite infrastructure, permits and licenses including access to critical power and tails dams infrastructure essential to the future operations of the plant. It is strategically located 15km south of Coolgardie, WA and within trucking distance of existing Auric gold resources. The Plant was operational up until approximately June 2019 when the operator closed the facility. The facility requires a complete review of longer term operations and corresponding upgrades. The acquisition price is a substantial discount to current and replacement values. This potential acquisition represents a clear value creation opportunity for the Company. AWJ has been granted the exclusive right to complete technical, operational, licensing and legal due diligence as determined by AWJ on the Transaction ( Due Diligence ) during the period commencing on the 16 December 2024 and ending at 5.00pm AWST on 10 February 2025 (Exclusivity Period). For personal use only
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Quarterly Report 31 December 2024 17 The offer, subject to and conditional upon completion of all Due Diligence, to Auric’s sole satisfaction, is a cash payment of Four Million, Four Hundred Thousand Dollars (AUD $4,400,000) (plus GST) due and payable at settlement, which is scheduled for 15 March 2025. Auric has paid a non-refundable $100,000 deposit. The acquisition will position the company for further success and growth through the direct ownership of milling infrastructure in the WA goldfields. 6.0 OTHER EXPLORATION No other significant exploration was undertaken during the quarter. 7.0 HERITAGE An agreement has been signed between Auric and the Ngadju Native Title Aboriginal Corporation that will provide Auric with clarity on Auric’s operations across all of Ngadju country. It will also help expedite the granting of mining leases and approvals, provide clarity on long- term planning and support the growth of Auric’s business. The agreement was executed on 17 December 2024 in Norseman, WA . The Ngadju Native Title Aboriginal Corporation, on behalf of the Ngadju People, signed a Project Area Wide Agreement in relation to Auric’s operations within Ngadju country, which includes Jeffreys Find Gold Mine and other tenements in the Norseman and Widg iemooltha districts and any other tenements that may be acquired in the future by the Company. The agreement encompasses the full 102,000km ² of Ngadju area. The agreement is designed to provide consultative processes, the recognition and continued enjoyment of the native title rights and interests subject to the Native Title Determination and the provision of benefits to the Ngadju People. Figure 14. Ngadju Native Title Determination Area Map. For personal use only
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Quarterly Report 31 December 2024 18 8.0 SAFETY There were no alternate duty injuries (“ ADI”) and no medically treated injuries (“ MTI”) reported during the December quarter. There were no lost time incidents (“ LTI”) recorded during the December quarter. 9.0 ASX COMPLIANCE 9.1 Compliance Statement The information in this report that relates to exploration results and gold production is extracted from the Company’s following ASX announcements which are available to view on the Company’s website, www.auricmining.com.au: ASX Announcements included in the December 2024 Quarter Date Details 28 Oct 2024 Additional Jeffreys Find Ore to be Processed at Three Mile Hill Plant 29 Oct 2024 Rescission of Purchase of Lithium Rights at Munda Gold Project 15 Nov 2024 Spargoville Project Encouraging RC Drilling Results 21 Nov 2024 Milling Underway at Three Mile Hill Targeting Minimum 40,000 Tonnes Parcel 25 Nov 2024 Investor Presentation 29 Nov 2024 Jeffreys Find Gold Mine 142,000 Tonne Milling Campaign Commenced at Greenfields Mill 10 Dec 2024 Munda Gold Deposit Updated Mineral Resources Precursor to Starter Pit Mining 10 Dec 2024 Munda Gold Deposit Starter Pit Ore Reserve 12 Dec 2024 Updated Mineral Resources for Munda Gold Deposit - Clarification 12 Dec 2024 Starter Pit Ore Reserve for Munda Gold Deposit - Clarification 13 Dec 2024 Jeffreys Find Gold Mine Further Gold Sales 1,243 Ounces Sold; Total Sales $5.2M 17 Dec 2024 Conditional Acquisition of Burbanks Gold Processing Facility 20 Dec 2024 Significant Native Title Agreement Executed with Ngadju 23 Dec 2024 Jeffreys Find Gold Mine 2024 Sales Exceed 10,500 Ounces 14 Jan 2025 Jeffreys Find Gold Mine Stage Two Sales Exceed 14,800 Ounces ASX Announcements referred to from previous quarters 2 Mar 2021 Auric Mining Limited Resources Summary and Exploration Update 1 Dec 2023 Jeffreys Find Gold Mine – Stage One Reconciliation. Total Surplus Cash to Auric $4.77million, 9,741 Ounces Produced 4 Jun 2024 RC Drilling at Spargoville – Fugitive Prospect ASX Announcements referred to from WIN Metals Limited 27 Aug 2024 Munda Agreement with AWJ concluded 13 Sep 2024 Alleged Royalty dispute with Estrella 29 Oct 2024 Rescission of divestment of Lithium Rights at Munda ASX Announcements referred to from Estrella Resources Limited 6 Sep 2024 Dispute with Mt Edwards Critical Metals and WIN For personal use only
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Quarterly Report 31 December 2024 19 The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Persons’ findings are pres ented have not been materially modified from the original market announcements. With respect to ASX listing rule 5.3.2, the Company confirms there were no mine production and development activities carried out by Auric for the quarter. All mine production and development activities at the Jeffreys Find Gold Mine are undertaken and paid for by BML Ventures Pty Ltd. Auric is not a producer or operator. Auric only shares in cashflow surpluses, as a silent operator, tenement and mineral rights owner. 9.2 Forward Looking Statements This Announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘should’, ‘believes’, ‘estimates’, ‘targets’, ‘expected’, or ‘intends’ and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Announcement, are considered reasonable. Such forward- looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward- looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. 10.0 TENEMENTS Schedule 1 attached lists the mining tenements held at the date of this announcement, their location and equity ownership. Auric has interests in 41 tenements. 10.1 Farm-in or Farm-out agreements Auric is not party to any Farm-in or Farm-out agreements. 11.0 RELATED PARTY PAYMENTS The Company paid salaries, superannuation, annual leave and other employment entitlements to full time employee Directors and related parties of the Company of $123,000. The Company also paid $28,000 to Director-related parties of the Company. These costs are included in administration costs and working capital except when technical staff are working in the field. Those direct costs are allocated to the tenements and projects and are included at item 2.1(d) of 31 December 2024 Quarter: Appendix 5B. For personal use only
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Quarterly Report 31 December 2024 20 Figure 15. Auric’s projects in the Widgiemooltha-Norseman area. For personal use only
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Quarterly Report 31 December 2024 21 Auric Mining Ltd Auric Mining Ltd was established to explore for and develop gold and other mineral deposits in the Widgiemooltha-Norseman area, of Western Australia. Auric has tenements covering 346km². Auric holds the rights to gold on all tenements, including those held in the name of Mt Edwards Critical Metals Pty Ltd. Further, at Munda it holds all mineral rights except nickel over a portion of the tenement, and lithium. For all other tenements, excluding those held in the name of Mt Edwards Critical Metals Pty Ltd, Auric holds 100% of all mineral rights. The tenements are separated into four projects (Figure 15): The Widgiemooltha Gold Project including the Munda Gold Project The Widgiemooltha Gold Project (“ WGP”) located near the town of Widgiemooltha combines 2 6 tenements, including 5 granted Mining Leases. All tenements are highly prospective for gold mineralisation. The Jeffrey Find Gold Mine The Jeffreys Find Gold Mine is 50km northeast of Norseman and combines 2 tenements including 1 granted Mining Lease. It includes the Jeffreys Find gold deposit where gold mineralisation extends from the surface to at least 110m in vertical depth. The deposit is currently being mined via a joint venture with BML Ventures Pty Ltd. The Spargoville Project The Spargoville Project is located 30km north of Widgiemooltha and combines 9 tenements. It lies in the same stratigraphy, along strike from the Wattle Dam Gold Mine which produced 268,000oz gold @ 10g/t from 2006-13; one of Australia’s highest-grade mines at that time. The Chalice West Project The Chalice West Project is located 50km southeast of Widgiemooltha and proximal to the Chalice Gold Mine, a mine that produced almost 700,000 ounces of gold. The Project combines 4 tenements. It covers 245km², including geology mirroring the Chalice Gold Mine. As well as gold, the Project is prospective for Rare Earth Elements (REE) and for Ni-Cu and Pt-Pd deposits. This announcement has been approved for release by the Board. Corporate Enquiries Mark English Managing Director Auric Mining Limited T +61 409 372 775 E menglish@auricmining.com.au Investor Relations Alex Cowie Director NWR Communications T +61 412 952 610 E alexc@nwrcommunications.com.au Follow our communications Click here to subscribe to our updates For personal use only
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Quarterly Report 31 December 2024 22 Quarterly Report 31 December 2024 22 Schedule of Tenements Schedule 1. The following table lists the mining tenements held at 31 December 2024 and their location. Tenement Project Location Status Registered Holder Mineral Rights Widgiemooltha M15/74 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights M15/75 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights M15/698 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights M15/699 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights M15/87 Widgiemooltha WA Live Widgie Gold 100% All Minerals except Ni, Li E15/1553 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights E15/1576 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights E15/1583 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights P15/6092 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights P15/6387 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights P15/6570 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights P15/6612 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights P15/6362 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights E15/1749 Widgiemooltha WA Live Mt Edwards Critical Metals 100% Au Rights L15/414 Widgiemooltha WA Live Widgie Gold Infrastructure E15/1949 Widgiemooltha WA Live Widgie Gold 100% All minerals E15/1950 Widgiemooltha WA Live Widgie Gold 100% All minerals E15/1864 Widgiemooltha WA Pending Mt Edwards Critical Metals 100% All minerals E15/1929 Widgiemooltha WA Pending Mt Edwards Critical Metals 100% All minerals E15/2042 Widgiemooltha WA Pending Widgie Gold 100% All minerals E15/2043 Widgiemooltha WA Pending Widgie Gold 100% All minerals E15/2069 Widgiemooltha WA Pending Widgie Gold 100% All minerals E15/2073 Widgiemooltha WA Pending Widgie Gold 100% All minerals P15/6808 Widgiemooltha WA Live Widgie Gold 100% All minerals P15/6539 Widgiemooltha WA Pending Mt Edwards Critical Metals 100% Au Rights P15/6853 Widgiemooltha WA Pending Widgie Gold 100% All minerals For personal use only
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Quarterly Report 31 December 2024 23 Tenement Project Location Status Registered Holder Mineral Rights Jeffreys Find M63/242 Jeffreys Find WA Live Jeffreys Find 100% All Minerals L63/97 Jeffreys Find WA Live Jeffreys Find Infrastructure Spargoville E15/1688 Spargoville WA Live Spargoville Minerals 100% All Minerals E15/1689 Spargoville WA Live Spargoville Minerals 100% All Minerals E15/1665 Spargoville WA Pending Mt Edwards Critical Metals 100% All Minerals E26/262 Spargoville WA Pending Spargoville Minerals 100% All Minerals P15/5905 Spargoville WA Live Mt Edwards Critical Metals 100% All Minerals P15/5906 Spargoville WA Live Mt Edwards Critical Metals 100% All Minerals P15/6408 Spargoville WA Live Mt Edwards Critical Metals 100% All Minerals P15/6758 Spargoville WA Pending Spargoville Minerals 100% All Minerals M15/1899 Spargoville WA Pending Mt Edwards Critical Metals 100% All Minerals Chalice West E15/1801 Chalice West WA Live Chalice West 100% All Minerals E15/1945 Chalice West WA Live Chalice West 100% All Minerals E63/2483 Chalice West WA Pending Chalice West 100% All Minerals E63/2484 Chalice West WA Pending Chalice West 100% All Minerals For personal use only
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Auric Mining Limited Level 1, 1 Tully Road East Perth WA 6004 Australia T +61 8 9548 9997 E info@auricmining.com.au auricmining.com.au ASX: AWJ For personal use only