Auric Mining Ltd (ASX:AWJ), in its 2023 full-year financial report, declared a maiden profit of A$1.31 million, with adjusted earnings reaching A$2.85 million after accounting for one-off write-downs.
Robust financial health
The company seems to be in robust financial health, also reporting net operating cash flows of A$4.22 million for the year ending 31 December 2023.
Managing director Mark English said: “We’ve topped off an outstanding 2023 with a maiden adjusted profit of $2.8 million.
“The net cash from operating activities resulted in a surplus of $4.22 million, a terrific result.
“We benefited from a rising gold price as we undertook stage one mining at Jeffreys Find. The mining performed better than expected with production of 9,741 ounces of gold selling at an average of $3,006 per ounce.
“Six months of mining generated almost $10 million in surplus cash for Auric and its JV partner, BML Ventures Pty Ltd of Kalgoorlie.
Self-funding
“Mining at Jeffreys Find has commenced for the 2024 year. The first processing is scheduled at the Greenfields Mill in mid-late April 2024.
“The past 12 months has seen us become self-funding for 2024. We are a dynamic small gold company with a pipeline of mining activities, that will generate cash for the company and our shareholders.”