Auric plans to put its surplus cash to work by continuing with the development of its nearby Munda gold deposit, alongside broader exploration around Norseman. A Munda scoping study outlined a cashflow surplus of $76.9 million under a base-case scenario using an assumed gold price of $2600 per ounce.

Today’s Australian gold price is sitting at more than $3550 an ounce.

Earlier this year, the company recorded multiple high-grade intercepts from grade-control drilling at Munda, including a 1m hit going 184.6 grams per tonne gold. It now has plans in train to have a starter pit at Munda producing gold as early as this year, before expanding the mine in 2025 and beyond.

The site sits just 3km south-west of Mincor Resources’ Widgiemooltha gold project, which has a mineral resource of 4.3 million tonnes at 2g/t tonne gold for 273,600 ounces.

However, Auric’s immediate focus remains on the second and final year of operation at Jeffreys Find. With the next milling program set to kick off in the new financial year, English appears to be on the money with his prediction of an “exceptional year” at the Goldfields mine.

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