Auric Mining (ASX:AWJ) eyes expansion as Munda development progresses

Auric Mining (ASX:AWJ) has marked a strong operational start at its Munda Gold Mine in Western Australia.

Managing Director Mark English shares insights into mining progress, funding, fleet operations, and the next steps as the company builds momentum toward scaling up production.

How much progress has been made at the Munda Gold Mine so far?

We’ve had a very solid start to mining at Munda. Over the first four weeks of operations, we’ve mined around 70,000 bank cubic metres of material from the Starter Pit, which forms part of a total pit design encompassing approximately 380,000 bank cubic metres.

This progress reflects steady advancement through the early stages of the schedule.

A key factor in this momentum has been the largely free dig nature of the material so far, which meant we didn’t need to rely on drilling and blasting from the outset, this allowed us to accelerate initial material movement.

“Our first blast, completed on 17 June, marks a significant transition as we begin mining deeper material closer to the base of the pit.”

Overall, mining is progressing well and entirely in line with our expectations.

What kind of ore volumes and grades are expected from the Starter Pit?

The current mine plan for the Starter Pit is targeting approximately 125,000 tonnes of ore at an average grade of 1.8 grams per tonne gold.

Most of this ore is located near the base of the pit, meaning it will be mined predominantly in the latter part of the schedule during the final two months of operations.

At present, we are still advancing through the upper levels, where the focus remains on waste removal and a smaller portion of early mineralised material.

With a total pit volume of 380,000 bank cubic metres, there is still significant work ahead before we reach the bottom and we expect the Starter Pit to be completed by around October this year.

How is the Munda project funded and what kind of fleet is being used on site?

We are fully funded to complete the Starter Pit at Munda, with all funding sourced from gold sales at our Jeffreys Find Gold Mine near Norseman.

This means we have not had to raise any new capital for this stage of development, placing us in a strong financial position.

Operationally, we’re using a dry hire fleet that includes a 125 tonne excavator and four 40 tonne articulated Moxi dump trucks, along with other support equipment.

This arrangement gives us the flexibility to manage costs effectively.

“Additionally, we’ve engaged Kalgoorlie based Total Drilling Services to carry out reverse circulation grade control drilling and blast hole drilling, as well as to oversee all blasting activities.”

This combination of experienced personnel and efficient equipment has enabled us to make consistent progress on site.

What comes after the completion of the Starter Pit?

Upon completing the Starter Pit, which we anticipate will occur by October, we will move into detailed mine planning for a larger open pit at Munda.

The broader Munda deposit contains an estimated resource of 145,000 ounces of gold at a 0.5 gram per tonne cut off, presenting a clear opportunity for expanded operations.

The Starter Pit represents the first stage of development, providing early ore access and near term revenue generation.

Just as importantly, it also lays the groundwork for future growth.

Once this stage is complete, we will utilise the geological and grade control data gathered to support planning for the next phase, which is targeted to commence in 2026.

Why is this a strategic moment for Auric Mining?

This is a pivotal time for Auric as we begin to generate tangible value from one of our cornerstone assets.

Mining at Munda is advancing in line with expectations, and the completion of our first blast signals that development is well underway.

“As an unhedged gold producer, we are fully exposed to any upside in the market, which enhances our value proposition.”

Moreover, we are fully funded for this stage through revenue from Jeffreys Find, eliminating the need for additional capital raising.

“We now have all the key elements in place: a quality asset, a robust mine plan, a skilled team, and favourable market conditions.”

It’s a great position for the company to be in.

Path Forward: Scaling up at Munda

With mining at the Starter Pit progressing on schedule and the company well funded through internal revenue, Auric Mining is preparing to unlock the full potential of the Munda Gold Mine.

The next phase of development, backed by updated geological data, is expected to commence in 2026 and could pave the way for larger scale operations at this promising West Australian gold asset.

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