Auric Mining Limited (ASX: AWJ) has released a scoping study outlining a pathway to becoming a standalone gold producer in Western Australia. The study evaluates the integrated development of the Widgiemooltha (Munda) gold deposit and the re-establishment of the nearby Burbanks processing facility. By gaining control over this processing infrastructure, the company aims to process mineralised material sourced directly from its flagship Munda operation.

The proposed plan features a singular open pit at Munda, designed to produce 141,254 ounces of gold over 32 months of mining. The project contemplates a nominal throughput of 600,000 tonnes per annum at the Burbanks plant, which is scalable to 1.2 million tonnes per annum. Financial projections for the integrated operation are based on a base case gold price of A$5,750 per ounce, highlighting a potential EBITDA of A$437 million and a payback period of approximately 2.3 years.

"This study is another important step in Auric's evolution. It shows a clear pathway to becoming a standalone gold producer, with Munda providing the initial feed and Burbanks giving us control of a strategically important processing facility in the Goldfields."

— Mark English, Managing Director

The economics of the project are supported by a material upgrade to the resource base at Munda. The deposit now reflects a 32% increase in total ounces compared to previously reported figures, a development that underpins the production targets outlined in the study. This recent growth provides a firmer foundation for the company as it shifts focus toward the next phases of project maturity.

Execution of this development plan requires a peak funding commitment of A$145 million. Capital estimates for the Burbanks plant re-establishment are set at A$94.3 million, with an additional A$35.8 million earmarked for owner’s costs and A$7.5 million for Munda pit establishment. The company has identified a range of potential funding avenues, including debt and equity, and notes that its management team holds a track record in navigating similar project financing environments.

Moving forward, the company is preparing for a period of intensive project advancement. Auric has scheduled A$2.2 million in pre-development expenditure, covering essential approvals, engineering, and early-stage works, to be deployed before the commencement of the main build phase in early 2027. This work is critical to transitioning the project from a scoping-level assessment toward formal development, and it will run alongside ongoing exploration efforts. With the restart of mining at Munda and the operational integration of Burbanks now clearly defined, the team is focused on securing the necessary regulatory and technical milestones required to bring the integrated operation into full production.

Read the full announcement: Integrated Study Advances Burbanks and Munda