ASX-listed Auric Mining reported on Monday that its joint venture (JV) partner, BML Ventures, has executed a toll processing agreement with Focus Minerals to process the final 60 000 t of ore from the Jeffreys Find gold mine in Western Australia.
The ore, currently stockpiled on the run-of-mine pad at Jeffreys Find, would be hauled to Focus Minerals’ Three Mile Hill plant in Coolgardie, which has a nameplate capacity of 1.2-million tonnes a year. Toll milling is set to commence in early July 2025 and will take about three weeks.
“This is the last ore from the Jeffreys Find gold mine. Once processed, this is the end of the project,” Auric stated.
Auric expects to receive a final cash distribution of between A$3-million and A$4-million in July or August 2025.
MD Mark English commented that there were about 60 000 t of ore on the run-of-mine pad at Jeffreys Find. "We now have an agreement to get it processed. The project will finish with a flourish, we can expect to receive a further $3-million to $4-million cash distribution in July and August. The stellar gold price continues to boost the surplus cash flow generated from the JV and exceeds all our expectations.”
Under the terms of the JV agreement, BML is responsible for mining, haulage, and milling costs. After the sale of gold, direct costs are deducted, and the remaining proceeds are split evenly between the partners. Final reconciliation of the project is expected in the third quarter of 2025. 