Auric Mining Limited has executed binding agreements to purchase the Union Jack Project in Western Australia, expanding its global mineral resource inventory by 51% to 301,000 ounces of gold.

The transaction covers two leases located 5 kilometres east of Coolgardie, with one lease remaining subject to the completion of due diligence. The acquisition adds an Inferred Mineral Resource estimate of 3.12 million tonnes at 1.02 grams per tonne gold for 102,000 ounces. Prior to the addition, Auric held a global resource inventory of 199,000 ounces across its Munda and Jeffreys Find deposits.

Initial consideration for the acquisition totals A$6.6 million in cash—including a A$100,000 deposit already paid—and A$3.0 million in shares payable upon completion. Additional milestone payments are tied to further resource growth up to 200,000 ounces.

The project is situated 15 kilometres from the Burbanks processing facility, which Auric acquired in September 2025 to establish regional processing infrastructure. Auric intends to re-establish the Burbanks plant as a strategic gold processing hub by early 2028, positioning Union Jack as a potential near-term source of open-pit mill feed.

Gold mineralization at Union Jack remains open along strike and at depth. Immediately upon settlement, Auric will launch a drilling program targeting operational readiness and open-pit resource growth, backed by a commitment to spend A$2,000,000 on drilling over the first five years.

“This is a material and compelling opportunity, and too good to pass up, adding substantially to the ounces we already control in the region. Conveniently, the Project is located just 15 kilometres from Burbanks, which we intend to re-establish as a strategic gold processing hub by early 2028.”

— Mark English, Managing Director

Read the full announcement: Union Jack Acquisition and Major Resource Upgrade