Auric Mining Limited: Placement to Raise
Introducing Auric Mining Limited
Auric Mining is a Western Australian gold exploration and development entity focused on establishing a gold mining enterprise of significant scale to attract capital and create share holder value. Auric is backed by an experienced Management Team with years of experience in the WA gold exploration sector.
An explorer and developer operating in the Widgiemooltha/Norseman region, Auric currently has four exploration projects – Widgiemooltha Project (Au), Jeffreys Find Project (Au), Spargoville Project (Au) and the highly prospective Chalice West Project (Au, Ni, Li, REE). Auric has demonstrated a solid track record of delivering value for shareholders, evidenced by increasing the resource at Widgiemooltha fourfold since acquisition, from an Inferred resource of 46,000oz in 2020 to 82% Indicated resource of 198,700oz in 2022. Recent developments in Chalice West and Jeffreys Find Project are extremely optimistic.
Auric Mining Limited (ASX: AWJ) is undertaking a placement to raise $1.25m at $0.072 per share with a 1-for-2 attaching option, representing a 10% discount to the 10-day VWAP $0.08 (ability to accept oversubscriptions up to a total of $1.5m).
* Open to Wholesale and Sophisticated investors only
Key Investment Highlights
- Chalice West Project
- 408km2 over highly prospective greenstone terrane, bears geological similarity to the nearby Chalice Gold Mine (produced 672,000oz Au at average 5.2g/t last decade)
- Defined nickel targets with strong potential for lithium and rare earth elements
- Aircore drilling to commence 17 October 2022 (Au, Ni, Li, REE)
- Jeffreys Find Project
- Indicated and Inferred Resource of 47,900oz Au
- Two stage mining – starter pit and final pit
- $8m to Auric: $2m from starter pit, $6m from final pit
- Starter pit to commence Q1CY23
- Pit optimisation – wide, near surface portion of orebody for low risk and low cost per ounce
- 50/50 JV with BML (BML will bear all mining and working costs including haulage, staff, equipment, etc.)
Lazarus Capital (VIC) Pty Ltd is acting as Corporate Advisor and Finexia Financial Group Limited is Lead Manager to the placement. Auric intends to raise a further $0.75m via SPP (right to take oversubscriptions up to a total of $1m) with the same terms as the placement.