USD $4,111.97
Goldman Funds to Advance Burbanks and Finalise Parrot Feathers Acquisition
Auric Mining Limited (ASX:AWJ) has successfully raised $6.66 million through the issue of 37 million fully paid ordinary shares at $0.18 per share, in a placement strongly supported by both existing and new shareholders, including three new institutional funds.
The capital raise is a key step in advancing the company’s strategy to fast-track gold production and transition into a fully integrated explorer, miner, and processor. Proceeds from the placement will enable Auric to complete its purchase of the Burbanks Gold Facility and finalise the acquisition of the Lindsay’s Project, which includes the Parrot Feathers Gold Mine.
Managing Director Mark English said:
The Placement provides a springboard for Auric to accelerate gold production in 2025 and beyond. It also provides us with a foot into the world of processing and starting the process to control our own destiny.
It allows us to settle on the Burbanks Gold Facility and the Lindsay’s Project where we have the intention to mine for gold as early as Q1/2026. In addition, we have plenty of cash on hand to fund our activities at the Munda Gold Mine where a Starter Pit is underway, as well as increase our exploration activities.
During an elevated period of record gold prices our intention is to maximise cash flows into the Company. Since we started mining Jeffreys Find in mid-2023 the gold price has increased substantially. Our timing was perfect then but now it’s phenomenal with gold around A$5,200 an ounce as we start to mine at Munda and process our remaining ore through the mill from Jeffreys Find, which will produce more cash for us.
We have first-class projects and cash in the bank. We will continue with our strategy to further our gold production and become an emerging force in the district.
