Auric Mining has strategically acquired majority control of the Lindsay's gold project near Kalgoorlie, securing four key tenements for a modest $400,000 cash payment just before a critical Warden's Court hearing.
Strategic Acquisition Amid Legal Proceedings
The Western Australian miner finalised its purchase from Top Global Mining, paying an additional $300,000 to complete the transaction after an initial $100,000 deposit. The timing proved crucial, with the deal sealed just one day before Auric was scheduled to defend a contested mining lease in the Warden's Court.
With the acquisition now complete, Auric has taken full responsibility for the legal defence and associated costs, indicating strong confidence in their position as priority holder. The court is set to reconvene on Friday to determine the outcome of the contested leases.
Expansion Potential and Financial Upside
Should the court rule in Auric's favour, the company will gain control of the remaining three tenements within seven days, completing the full seven-tenement package. The total deal value would reach $4 million, comprising $1.6 million in additional cash and $2 million in Auric script paid to the vendors.
The centrepiece of the acquisition is the Parrot Feathers open pit, which was only partially mined during the previous operation. KalNorth extracted just 6,153 ounces before abandoning the project during the 2013 gold price slump, leaving approximately 75% of the resource still in the ground.
Perfect Fit for Auric's Growth Strategy
Located in the heart of the Kalgoorlie gold belt with established infrastructure including mills and transport routes, Lindsay's aligns perfectly with Auric's proven strategy of developing quick, low-cost, cash-generating projects.
Mark English, Auric Resources managing director, expressed enthusiasm about the deal: "We are absolutely delighted to have inked this deal with Top Global Mining including for the immediate acquisition of four tenements which combined are a key aspect of the Lindsay's Gold Project."
The company's restructuring has accelerated what could have been a prolonged waiting game, securing most of the core ground with minimal upfront investment. Auric now faces a clear path: either secure the entire Lindsay's package before Christmas for the original price, or retain the four core tenements and walk away having spent minimal funds if the court decision goes against them.
Strong Financial Backing from Munda Operations
Auric's confidence stems from its strong financial position, recently banking $14.6 million gross from processing just 2,355 ounces from 58,000 tonnes at its flagship Munda asset. The company has another 65,000-tonne parcel scheduled for processing at the nearby Lakewood Mill in mid-January, expected to yield approximately 4,391 ounces.
Munda's starter pit continues generating substantial cash flow with all-in sustaining costs of just $2,635 per ounce, creating impressive margins against gold prices remaining above A$6,000 per ounce. Beneath the current operation lies a much larger resource of 3.65 million tonnes at 1.23 grams per tonne gold for 145,000 ounces, potentially expanding to 189,000 ounces at lower grade cut-offs suitable for current gold prices.
With cash flowing from Munda and the majority of Lindsay's ground secured, Auric concludes 2025 executing the same rapid, smart-spending strategy that began the year, steadily expanding its gold resources on the path to becoming a self-sustained Western Australian gold producer.
