Auric Mining (ASX:AWJ) secures toll milling agreement to monetise Munda gold mine and generate near-term cash flow

Auric Mining Limited (ASX:AWJ) has taken a major step forward at its Munda Gold Mine, executing a toll milling and ore purchase agreement with Black Cat Syndicate Ltd (ASX:BC8) to process ore from the Starter Pit at the Lakewood Mill in Kalgoorlie.

With mining activities already underway following the first blast, this agreement locks in the final critical piece of the production pathway, enabling Auric to monetise its gold resource and generate substantial cash flow for shareholders.

In this Q&A, Managing Director Mark English answers key investor questions about the significance of this agreement, the operational and financial impact on Auric Mining, and the company’s future plans for the broader Munda Gold Project.

What does the toll milling and ore purchase agreement with Black Cat Syndicate mean for Auric Mining?

Securing this agreement with Black Cat Syndicate is a critical milestone for Auric Mining because it gives us the certainty we need to process and sell the gold from our Munda Gold Mine’s Starter Pit.

By partnering with Black Cat to access the Lakewood Mill, which is just 100 kilometres from site, we have established the complete pathway from mining to processing to gold sales.

This will allow us to generate our first significant cash flow from the project in the months ahead, which is a major achievement for our business and for our shareholders.

“This was the last major missing piece to enable us to finish the mining, processing and sale of all the gold from the 2025 Starter Pit.”

How much ore will be processed under this agreement, and what gold production is expected?

The agreement allows for up to 125,000 tonnes of ore from the Starter Pit to be processed through the Lakewood Mill.

Based on our current estimates, we expect this to produce around 6,100 ounces of recovered gold at an average grade of approximately 1.8 grams per tonne.

The ore will be processed in up to three campaigns, starting with a minimum parcel of 40,000 tonnes in October 2025.

We anticipate that the remaining parcels will be processed between November 2025 and January 2026, aligning with the completion of mining at the Starter Pit.

“After the recent first blast at our Munda Gold Mine at Widgiemooltha, mining is now well underway. Executing this agreement with Black Cat to process the Munda ore at their Lakewood Mill, just 100 kms away is a fantastic result for us.”

When can shareholders expect to see financial returns from the Munda Gold Mine?

We expect to see substantial cash flow in the fourth quarter of 2025, with the first processing campaign set to begin in October.

All ore from the Starter Pit should be processed by the end of January 2026, with Auric’s final proceeds expected by the end of February 2026.

This agreement positions us to convert our gold resource into revenue on a clear, near-term timeline.

This cash flow will strengthen the company’s financial position and allow us to continue growing our operations.

“Having a home for the Munda ore will enable Auric to monetise all the ounces from the Starter Pit. We expect that all ore produced should be processed by 31 January 2026, and final Auric proceeds received by 28 February 2026.”

What are the next steps for the Munda Gold Mine after the Starter Pit is completed?

Once mining and processing of the Starter Pit are complete, our attention will turn to the larger Munda Main Pit.

We plan to commence detailed planning and scoping for this next phase around the second quarter of 2026.

The broader Munda Gold Deposit has a current resource of 3.65 million tonnes containing 145,000 ounces of gold at a 0.5 grams per tonne cut-off.

We believe the Starter Pit is just the first chapter in a much larger story for Munda, and we are positioning ourselves for long-term development and value creation.

Why is this agreement considered a pivotal moment for Auric Mining?

This agreement is transformative for Auric because it completes the pathway to commercialising our Munda Gold Mine.

It demonstrates our ability to move from exploration to mining to processing and ultimately to revenue generation.

Just as importantly, it highlights our focus on delivering tangible outcomes for shareholders while building the foundations for longer-term growth through future development at Munda.

“This is a fantastic outcome for all our shareholders and will be a pivotal growth moment for Auric.”

Setting the Stage for Future Growth

The execution of this toll milling and ore purchase agreement marks the beginning of a new phase for Auric Mining.

With mining progressing and processing scheduled to commence in October 2025, the company is on track to deliver its first meaningful cash flow from the Munda Gold Mine.

Looking ahead, Auric Mining will begin planning for the larger Munda Main Pit, which holds significant potential to extend operations well beyond the Starter Pit.

By maintaining a clear focus on efficient mining, strong partnerships and careful expansion, Auric is building a platform for sustained growth in Western Australia’s gold sector

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