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AURIC MINING LIMITED Annual Report 2025
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Annual Report
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auric mining
ANNUAL REPORT
2025
Auric Mining Limited and Controlled Entities
ABN 29 635 470 843
OVERVIEW
REVIEW OF ACTIVITIES
FINANCIAL REPORT
ADDITIONAL ASX INFORMATION
CORPORATE DIRECTORY
Contents
OVERVIEW
03
- Letter from the Chair
04
- Letter from the Managing Director
06
REVIEW OF ACTIVITIES
08
- Overview of Mining Activities
09
- Mineral Resources and Reserves
20
- Mineral Resources and Ore Reserves Governance Statement
22
- Competent Persons Statements
23
- Schedule of Tenements
25
FINANCIAL REPORT
28
- Directors' Report
29
- Remuneration Report (Audited)
39
- Auditor's Independence Declaration
46
- Consolidated Statement of Profit or Loss and Other Comprehensive Income
47
- Consolidated Statement of Financial Position
48
- Consolidated Statement of Changes in Equity
49
- Consolidated Statement of Cash Flows
50
- Notes to the Consolidated Financial Statements
51
- Consolidated entity disclosure statement
74
- Directors' Declaration
75
- Independent Auditors' Report
76
- Corporate Governance Statement
81
ADDITIONAL ASX INFORMATION
82
CORPORATE DIRECTORY
86
AURIC MINING | ANNUAL REPORT 2025
OVERVIEW
REVIEW OF ACTIVITIES
FINANCIAL REPORT
ADDITIONAL ASX INFORMATION
CORPORATE DIRECTORY
OVERVIEW
3
AURICA MIMING FEDERAL REPORT 2025
OVERVIEW
REVIEW OF ACTIVITIES
FINANCIAL REPORT
ADDITIONAL ASX INFORMATION
CORPORATE DIRECTORY
Letter from the Chair
Steven Morris
Dear Fellow Shareholders,
2025 was the year Auric Mining came of age as a gold producer in our own right. Having spent several years building the foundations by acquiring the right projects, attracting the right team, and proving our strategy through the highly successful Jeffreys Find joint venture — we entered 2025 with the momentum and conviction to take on mining in our own right. All of this was against the backdrop of a favourable gold price.
The results were fantastic and, we are happy to report, saw us face the end of 2025 with as much optimism for 2026.
Our flagship asset, the Munda Gold Mine, came to life this year. The Starter Pit was developed, ore was mined, hauled, and processed through the Lakewood Mill, and the first gold pour from our own operations was completed in October 2025. The financial contribution from Munda's first campaign of A$10.8 million net cash to Auric, against planning estimates that were considerably more conservative, is a pure statement of the quality of the orebody and the operational capability of the team Mark English has assembled.
Against this backdrop, the Company delivered its third consecutive year of profitability. Revenue grew 144% to $20.6 million, net profit after tax rose 92% to $5.2 million, and total assets grew 61% to $34.8 million. Free cash flow of $6.5 million — up 129% on the prior year — puts Auric in a position of financial strength as we head into 2026 and the receipt of revenue from the second stage of the Starter Pit.
The acquisition of the Burbanks Gold Processing Plant, finalised on 30 September 2025, is another milestone of which the Board is particularly proud. For $4.4 million, a compelling discount to replacement value, we secured a fully permitted, 180,000 tonnes per annum CIL processing facility 10 kilometres south of Coolgardie. Burbanks fundamentally changes our strategic position. Rather than relying on third-party toll millers, Auric is now on a pathway to becoming a vertically integrated gold producer with control over its own processing destiny.
We also made meaningful progress on the Lindsay's Gold Project acquisition, completing settlement on four tenements in November 2025, and assumed management of the Wardens Court proceedings relating to M27/169. The Loded Dog tenement package in the Higginsville area was fully acquired during the year, adding eight prospective tenements to our portfolio.
Your Board has continued to strengthen its oversight of risk, operational performance, and capital allocation. We are acutely aware of the responsibilities that come with an accelerating operational profile, and we are committed to the high standards of safety, environmental stewardship, and transparency that our shareholders and the broader community rightly expect. I am pleased to report that there were no lost time injuries, medically treated injuries, or alternate duty injuries recorded across our operations during the year.
4
AURIC MINING | ANNUAL REPORT 2025
>
OVERVIEW
REVIEW OF ACTIVITIES
FINANCIAL REPORT
ADDITIONAL ASX INFORMATION
CORPORATE DIRECTORY
I want to acknowledge the fantastic efforts of Mark English, John Utley, Catherine Yeo and the entire Auric team from the mine site at Munda to the offices in Perth. Maintaining strategic and operational discipline across a growing organisation now mining in its own right is critical to long term growth and profitability.
As we look to 2026, the second processing campaign for the Munda Starter Pit is already underway, and planning for the much larger Munda Main Pit has commenced. Engineering studies at Burbanks are advancing, and we are actively progressing the Lindsay's acquisition. The gold price environment remains highly supportive.
The Board is confident that the foundations laid in 2025 and indeed from inception position us for a significant step-change in scale and value creation in the years ahead. On behalf of the Board, I would like to thank you for your continued support.
Yours sincerely,
Steve Morris
Non-Executive Chair
5
OVERVIEW
Letter from the Managing Director
Mark English
Dear Shareholders,
This year, without question, was the most significant year in Auric's short history. It was the year we stopped watching the gold industry and joined it — on our own terms, with our own equipment, our own people, and mining in our own right.
For the third consecutive year, Auric has delivered an excellent result. Net profit after tax of $5.2 million represents a 92% increase compared to last year, and our revenue of $20.6 million — up 144% — reflects the tangible output of a Company that is now genuinely producing gold. These results are the product of disciplined operational execution and a team that has delivered at every stage.
Jeffreys Find – A Fitting Conclusion
The Jeffreys Find Gold Mine Joint Venture with BML Ventures Pty Ltd concluded its eighth and final processing campaign in August 2025, marking the end of a remarkable chapter for the Company. Over the life of the project, 29,537 ounces of gold were produced from a two-stage open-pit operation that generated A$112 million in total gold sales at an average realised price of A$3,792 per ounce. Auric's cumulative cash generated from the joint venture totalled approximately $14.5 million as at 31 December 2025 — a phenomenal return on a modest capital investment of approximately $1.2 million for acquisition and development, prior to mining. The project demonstrated that disciplined acquisition and sound geological judgement can generate outstanding returns for shareholders, even from smallish deposits. Site rehabilitation was completed during the December quarter.
Munda – Auric Mining in our own Right
The Munda Gold Mine was the centrepiece of 2025. Mining of the Starter Pit commenced in May 2025, and by year-end, approximately 406,000 Bank Cubic Metres of ore had been mined, with the pit floor at approximately 45 metres below surface. Our team — employed directly by Auric and utilising a dry-hire fleet from MHM Contracting — delivered a safe, efficient operation from day one.
The first processing campaign at Black Cat Syndicate's Lakewood Mill in Kalgoorlie commenced on 12 October 2025 and was completed ahead of schedule on 2 November 2025. The results were outstanding: 57,900 dry tonnes milled at a reconciled head grade of 1.61 g/t Au with a mill recovery of 90.67% — better than our pre-feasibility assumptions on both grade and recovery. The 2,718 ounces of gold produced generated A$16.85 million in gross revenue and A$10.82 million in net cash to Auric after all milling, haulage, and royalty costs. At an average realised price of A$6,200 per ounce, the gold price environment was excellent.
At the close of the year, approximately 67,000 tonnes of high-grade ore was stockpiled at Munda ready for the second campaign, scheduled to commence at Lakewood in late January 2026. Mining of the Starter Pit concluded in January 2026. Reconciliation of Campaign One results with resource and grade control models will inform the detailed design of the much larger Munda Main Pit, with permitting applications for the main pit targeted for late 2026.
6
OVERVIEW
Burbanks – Strategic Infrastructure Secured
The acquisition of the Burbanks Gold Processing Plant on 30 September 2025 for $4.4 million was a defining strategic move. The fully permitted and licensed, 180,000 tonne per annum CIL facility — located 10 kilometres south of Coolgardie with grid power, sealed road access, and a water licence — is expected to provide Auric with ultimately an in-house processing solution for ore from Munda, Lindsay's, and other nearby projects. Metallurgical and engineering consultants commenced desktop evaluation of expansion options during Q4 2025. Owning our own processing infrastructure is central to our strategy of becoming a fully integrated gold producer and will materially improve our control over production schedules and unit costs.
Lindsay's and Loded Dog – Growing the Portfolio
On 19 November 2025, we executed the Tenement Sale Agreement for the Lindsay's Gold Project, completing settlement on initially four tenements for $400,000. The Project — which includes the Parrot Feathers open pit, located 65 kilometres northeast of Kalgoorlie — adds near-term open-pit mining potential to our portfolio. We have assumed management of the Wardens Court proceedings for M27/169 and remain committed to completing the acquisition of the remaining tenements upon successful resolution of the matters in the Wardens Court.
We also completed the acquisition of all eight Loded Dog tenements in the Higginsville area during the June 2025 quarter. The package covers 113 km² and includes the brownfields Amorphous and Foote's Find prospects. Drilling programs across Higginsville, Chalice West, Spargoville, and Widgiemooltha Gold Project are planned for the second quarter of 2026.
Financial Strength and Capital Discipline
Auric closed 2025 with $6.7 million in cash, no debt, and an unhedged gold position — meaning we retain full exposure to the gold price. Total equity grew 66% to $29.7 million, and total assets reached $34.8 million. During the June quarter, a $6.6 million placement was completed to accelerate gold production and fund the Burbanks acquisition. The Company entered into a $3.0 million loan facility with BML Ventures secured against M15/87, of which $1.25 million was drawn and fully repaid during the December quarter, there is no amount outstanding at year-end.
Outlook
As I write, Munda's second campaign has been completed at Lakewood, and we are in active mine planning for the Main Pit. Burbanks engineering studies are progressing as well as recruitment of key personnel. Lindsay's acquisition is being advanced through the Wardens Court. Exploration programs across the portfolio are scheduled for April 2026. The gold price remains at historically elevated levels.
The Auric team has delivered fantastic results to date and is deeply committed to the Company and our Shareholders. We have the assets, the team, and the strategy and focus to build something of lasting significance in Western Australian gold mining. I look forward to reporting further progress throughout 2026. I thank all our Shareholders, old and new, for your continuing support. I look forward to you welcoming you at our Annual General Meeting on 28 May 2026.
Yours sincerely,
Mark English
Managing Director
7
REVIEW OF ACTIVITIES
OVERVIEW
Overview of Mining Activities
Auric Mining Limited (ASX: AWJ) entered 2025 as manager of 43 tenements covering 360 km², with a portfolio comprising four projects:
- THE WIDGIEMOOLTHA GOLD PROJECT (INCLUDING THE MUNDA GOLD DEPOSIT),
- THE JEFFREYS FIND GOLD MINE,
- THE SPARGOVILLE PROJECT,
- THE CHALICE WEST PROJECT.
The year concluded with Auric managing 73 tenements covering 494 km² across six projects — adding the Burbanks Gold Processing Plant and the Lindsay's Gold Project as formally defined project areas — reflecting an active and highly successful year of corporate and operational development.
2025 was characterised by four major operational and strategic themes:
- The successful completion of the Jeffreys Find Gold Mine Joint Venture, which concluded its final processing campaign in August 2025 with total life-of-mine production of 29,537 ounces and approximately $14.5 million in cumulative cash receipts to Auric by 31 December 2025;
- The commencement and first processing campaign of the Munda Gold Mine — Auric's first owner-operated mine — with the first gold pour achieved in October 2025 and net cash of A$10.82 million received from Campaign One;
- The acquisition of the Burbanks Gold Processing Plant on 30 September 2025 for $4.4 million, a transformational step toward vertical integration; and
- Meaningful portfolio expansion through the Loded Dog tenement acquisition in Higginsville and the commencement of the Lindsay's Gold Project acquisition.
Overview of Mining Activities (continued)
Key Financial Performance – Year Ended 31 December 2025
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Total Revenue | $20,620,000 | $8,450,000 | $4,790,000 |
| Net Profit After Tax | $5,170,000 | $2,690,000 | $1,313,000 |
| Current Assets | $14,532,000 | $10,287,000 | $4,636,000 |
| Total Assets | $34,773,000 | $21,621,000 | $13,309,000 |
| Total Equity | $29,746,000 | $17,937,000 | $11,933,000 |
| Free Cash Flow | $6,504,000 | $2,837,000 | $2,492,000 |
Source: Auric Mining Limited Audited Financial Statements, year ended 31 December 2025.
For the third consecutive year, Auric delivered a profitable result. Revenue of $20.6 million (up 144% on FY2024) and net profit after tax of $5.2 million (up 92%) reflect the Company's growing production profile. Total assets grew 61% to $34.8 million and free cash flow increased 129% to $6.5 million. The Company held $6.7 million in cash at year-end with no debt and an unhedged gold book.
Safety performance was exemplary throughout the year. There were no lost time injuries, no medically treated injuries, and no alternate duty injuries recorded across any of Auric's operations during 2025.
10
Overview of Mining Activities (continued)
Figure 1. Auric's projects in the Widgiemooltha-Norseman area.
11
Widgiemooltha Gold Project
Munda Gold Mine
Background and Project Overview
The Munda Gold Mine is located approximately 5 kilometres from the township of Widgiemooltha in the Eastern Goldfields of Western Australia, within Mining Lease M15/87. The deposit is included within the Widgiemooltha Gold Project, which encompasses 37 tenements including five granted Mining Leases within the Norseman – Wiluna greenstone belt — one of Western Australia's most productive gold corridors.
The Munda gold deposit has been the subject of extensive exploration and resource definition work over many decades, including drilling by Western Mining Corporation, Resolute Mining (which excavated a small trial pit in 1999), and latterly Auric.
Auric drilled 55 deeper RC holes in 2021-22 and completed close-spaced 10m x 10m resource drilling comprising 361 holes for 11,301m in early 2024. An updated Mineral Resource was declared in December 2024 (see Section 2.7), and a Pre-Feasibility Study, completed in December 2024, defined a Probable Ore Reserve of 125,000t at 1.8 g/t for 6,100 contained ounces as the basis for the Starter Pit.
Mining Approvals and Site Preparation
During the March 2025 quarter, the Mining Proposal and Mine Closure Plan for the Munda Starter Pit were approved by the Western Australian Government's Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). The Mining Operation Notification was acknowledged by the Mines Inspectorate. A Native Vegetation Clearing Permit was also received.
Site preparation activities commenced in April 2025, including construction of a haul road, clearing for ROM pads and waste rock landform footprint, establishment of a site office and laydown area, and mobilisation of a mining fleet dry-hired from MHM Contracting Pty Ltd, the latter including a 125-tonne excavator and four 40-tonne articulated Moxi dump trucks.
Figure 2. Munda Starter Pit.
12
Widgiemooltha Gold Project – Munda Gold Mine (continued)
Mining Operations – Starter Pit
Mining of the Munda Starter Pit commenced in May 2025 with Auric personnel supervising mining and grade control and operating the mining equipment — a landmark transition for the Company from JV partner to mine operator in its own right. Drill and Blast services together with grade control drilling were provided by Kalgoorlie-based Total Drilling Services.
By the end of the December 2025 quarter, approximately 406,000 Bank Cubic Metres (BCM) of ore and waste had been mined, with the pit floor at approximately 45 metres below ground surface. The first processing campaign had been completed and ore stockpiles were building steadily in preparation for the second processing campaign. Mining operations continued beyond the December quarter with further grade control and pit design refinements allowing Auric to capture additional ore at the base of the pit. Mining of the Starter Pit was expected to conclude in late January 2026.
At the close of 2025, approximately 71,000 tonnes of high-grade ore was stockpiled on the ROM pad at Munda, ready for processing in Campaign Two at the Lakewood Mill.
Toll Milling – Campaign One
A Toll Milling and Ore Purchase Agreement was executed with Black Cat Syndicate Ltd (ASX: BC8) in July 2025, providing for up to 125,000 tonnes of Munda Starter Pit ore to be processed at Black Cat’s Lakewood Mill in Kalgoorlie. A Haulage Agreement was also executed with TLL Haulage Solutions Pty Ltd for transport of ore to the mill.
Processing of the first parcel of approximately 57,900 tonnes commenced on 12 October 2025 and was completed ahead of schedule on 2 November 2025. The first gold pour was achieved on 21 October 2025. Campaign One final reconciliation was completed on 18 November 2025.
Figure 3. Munda gold pours at Lakewood Mill.
Widgiemooltha Gold Project – Munda Gold Mine (continued)
Campaign One – Final Production and Financial Results
| Munda Campaign One – Final Production Metrics | |
|---|---|
| Dry Tonnes Milled | 57,900 t |
| Reconciled Head Grade | 1.61 g/t Au |
| Mill Recovery | 90.67% |
| Gold Recovered | 2,718 oz |
| Average Sale Price | A$6,200/oz |
| Total Gold Sales | A$16,851,773 |
| Less External Direct Costs (milling, haulage, royalties) | (A$6,032,878) |
| Net Cash to Auric | A$10,818,895 |
Grades were expected to increase with depth in the Starter Pit and the reserve grade estimate of 1.8g/t represented the full Starter Pit. A reconciled head grade of 1.61g/t Au was therefore reasonable in that context. Processing recovery of 90.67% (versus PFS assumption of 88% for oxide and transitional ore) was better than pre-mining testwork had suggested. The 2,718 ounces produced from 57,900 dry metric tonnes milled was sold at an average realised price of A$6,200 per ounce — substantially above the PFS assumption of A$3,500/oz.
Campaign Two – Scheduled January 2026
An agreement for the second and final processing campaign for the Munda Starter Pit, comprising approximately 65,000 tonnes, was secured at Lakewood Mill with processing scheduled to commence in late January 2026. The Company expected Campaign Two to build on the momentum established in Campaign One, with receipts anticipated in early Q1 2026.
Figure 4. Munda gold doré bar.
14
Widgiemooltha Gold Project – Munda Gold Mine (continued)
Mine Infrastructure and WIN Metals Transaction
During the June 2025 quarter, Auric purchased the mining camp, permitted in-pit water supply at the former 132North nickel mine site, and all nickel rights at Munda from WIN Metals Limited for total consideration of $1.4 million (ex-GST), payable in two tranches. The first tranche of $900,000 was paid on 30 June 2025 and the second on 9 September 2025. This transaction gave Auric full operational control and ownership of all mineral rights at Munda except lithium, which remains with WIN. The 20-man mining camp, located approximately 6 kilometres north of the Munda pit, provided essential accommodation infrastructure for the mining team throughout operations.
On 30 April 2025, Estrella Resources Limited commenced legal action against a range of companies, including Auric Mining Limited, for issues related to a lithium royalty associated with Munda and other tenements. Auric is strongly defending the matter.
Munda Main Pit – Development Planning
The Starter Pit delivered critical operational, geological, and metallurgical data that will directly inform planning for the larger Munda Main Pit. Reconciliation of grade control models with resource estimates, together with geotechnical and metallurgical learnings from Campaign One, will form the basis of an updated resource estimate and ultimately, pit optimisations and detailed mine design. Auric planned to commence this reconciliation and planning process in Q1 2026, with the objective of applying for a Main Pit mining permit later in the year. The Main Pit represents a significant opportunity to substantially increase gold output beyond Starter Pit levels and is expected to form the core of Auric's production profile for several years.
Figure 5. Munda camp site.
Burbanks Gold Processing Plant
The Burbanks Gold Processing Plant is located approximately 8 kilometres south of Coolgardie, Western Australia. The facility is a fully permitted, 180,000 tonne per annum Carbon-in-Leach (CIL) gold processing plant with established infrastructure including grid power, sealed road access, a water licence, fully permitted site and Tailings Storage Facility. The plant was operational until approximately June 2019, when the previous operator ceased activities.
Auric completed due diligence on the Burbanks facility during the March 2025 quarter and agreed to acquire it for $4.4 million. Following resolution of various outstanding issues by the vendor (mortgagee in possession), settlement was completed on 30 September 2025.
The Burbanks asset is held within 14 tenements including 3 granted Mining Leases and 5 General Purpose Leases. The tenements are registered to BBL Milling, a wholly owned subsidiary of Auric Mining Limited.
Metallurgical and engineering consultants undertook an inspection of the plant during the December 2025 quarter and commenced a desktop-level assessment of several processing and development options. The assessment will evaluate refurbishment requirements and operating costs for a 180,000 tonne per annum plant versus potential expansion of throughput capacity to between 500,000 and 1 million tonnes per annum. The acquisition secures a long-term processing solution for ore from both the Munda and Lindsay's projects and underpins Auric's strategy of becoming a vertically integrated gold explorer, miner, and processor.
The acquisition price of $4.4 million represented a substantial discount to current replacement value, and the Board regards the Burbanks asset as one of the most strategically significant additions to Auric's portfolio since its founding.
Figure 6. Burbanks Plant.
Jeffreys Find Gold Mine
The Jeffreys Find Gold Mine is located approximately 50 kilometres northeast of Norseman, Western Australia, and comprises two tenements including one granted Mining Lease (M63/242) together with a third tenement (E63/2535) applied for in the December quarter. The deposit was mined via a joint venture with BML Ventures Pty Ltd of Kalgoorlie (BML), under which BML served as the miner, operator, and manager of the project, incurring and paying all mining, haulage, milling, and related costs. Auric and BML shared surplus cash proceeds on a 50:50 basis following deduction of all direct costs.
Stage 1 mining and processing was completed in 2023, yielding 9,741 ounces of gold sold at an average price of $3,006 per ounce and generating $4.76 million in cash to Auric. Stage 2 mining commenced in March 2024 and concluded on 28 January 2025, with ore processed across eight campaigns at the Greenfields Mill and Three Mile Hill Plant near Coolgardie. The eighth and final processing campaign was completed in August 2025 at Three Mile Hill.
| Jeffreys Find Gold Mine | Stage One 2023 | Stage Two 2024–2025 | Total Project to Dec 2025 |
|---|---|---|---|
| Gold Recovered – Ounces | 9,741 | 19,796 | 29,537 |
| Average Sale Price per Ounce (AUD) | $3,006 | $4,134 | $3,792 |
| Cash to Auric | $4.76M | $9.1M | $14.5M |
As of 31 December 2025. Total figures are interim; subject to final reconciliation with BML Ventures in Q1 2026.
Total gold recovered over the life of the two-stage project was 29,537 ounces, generating A$112 million in gross gold sales at an average realised price of A$3,792 per ounce. Auric's cumulative cash receipts from the joint venture totalled approximately $14.5 million at 31 December 2025, representing a highly successful return on an initial investment of approximately $1.5 million.
Site rehabilitation at Jeffreys Find was undertaken by BML during the December 2025 quarter in accordance with the project's Mining Proposal and Mine Closure Plan. This included waste dump profiling, topsoil sheeting, removal of all mining infrastructure, and ripping of cleared areas to enhance vegetation regrowth. Final project reconciliation between Auric and BML was expected to be completed in Q1 2026.
The project conclusively demonstrated the merit of Auric's joint venture model — a low-capital, zero-upfront-cost structure that allowed Auric shareholders to benefit from the economics of a successful open pit gold mine.
Figure 7. Jeffreys Find Gold Mine.
Lindsay's Gold Project
The Lindsay's Gold Project is located approximately 65 kilometres northeast of Kalgoorlie, Western Australia. The Project includes three pits, the largest of which is the Parrot Feathers open pit, from which 6,153 ounces of gold was produced in 2013 before operations ceased following a sharp fall in the gold price. The area has a long mining history with first gold production recorded in 1897.
Auric executed a Binding Letter Agreement to acquire the Lindsay's Project from Top Global Mining Pty Ltd and NBC Mining Pty Ltd in February 2025. The total agreed purchase price is $4 million, comprising $2 million in cash and $2 million in Auric shares, together with a royalty of 3.5% of Net Smelter Return from gold produced. Due diligence was completed during the June 2025 quarter, with Auric confirming satisfaction with results.
Settlement was staged due to Wardens Court proceedings affecting certain tenements:
- Four tenements not subject to Wardens Court proceedings were settled on 19 November 2025 for $400,000, following execution of the Tenement Sale Agreement.
- Auric assumed sole management and responsibility for Wardens Court proceedings relating to M27/169, with a further cash payment of A$1.3 million and issuance of A$2.0 million in Auric shares payable upon successful resolution, together with a royalty of 3.5% of Net Smelter Return from gold produced.
- The vendors retain management of proceedings relating to M27/34 and M27/486, with contingent payments of $50,000 and $250,000 respectively upon successful resolution.
At 31 December 2025, the Lindsay's project comprised five tenements (L27/82, L27/84, E27/624, E27/246 [pending], and P27/2406), with Auric retaining the right to purchase three further tenements (M27/169, M27/34, M27/486) subject to resolution of the relevant Wardens Court matters.
The near-term potential for open-pit mining and toll treatment at Lindsay's is a key strategic rationale. Once fully acquired and permitted, the project would provide a second source of ore for toll milling and, ultimately, for processing through the Burbanks plant. New tenement applications in the area surrounding Lindsay's were lodged during the year to extend Auric's footprint.
Figure 8. The Parrot Feathers Gold Deposit Northeast of Kalgoorlie.
Spargoville Project
The Spargoville Project is located approximately 30 kilometres north of Widgiemooltha, within the same stratigraphy as the Wattle Dam Gold Mine — one of Australia's highest-grade gold mines of its era, which produced 268,000 ounces of gold at 10 g/t Au between 2006 and 2013. The project comprises 10 tenements at 31 December 2025.
No significant exploration was undertaken at Spargoville during the 2025 financial year, as operational focus and capital were directed toward the Munda Starter Pit and corporate acquisitions. Aircore and RC drilling programs across Spargoville, Higginsville (Loded Dog), Chalice West, and Widgiemooltha are planned for the second quarter of 2026 following completion of heritage survey requirements.
In prior years, RC drilling at the Fugitive and Anomaly 37 Prospects identified several zones of gold mineralisation and aircore drilling across tenements delineated further targets.
As part of the nickel rights agreement with WIN Metals Limited completed in 2024, Auric consolidated full mineral rights across five additional Spargoville tenements where it had previously held only gold rights. This consolidation positions Auric to pursue all minerals within the project area.
Figure 9. RC drilling at the Fugitive and Anomaly 37 Prospects.
O
Mineral Resources and Reserves
Mineral Resource estimates for Munda and for Jeffreys Find were reported in the 2024 Annual Report as follows:
| Deposit | Category | kt | Au g/t | Au koz | |
|---|---|---|---|---|---|
| Munda | In situ Resources within $3,200/oz pit shell 0.5g/t cut off | Indicated | 3,350 | 1.22 | 131 |
| Inferred | 300 | 1.4 | 14 | ||
| Subtotal | 3,650 | 1.23 | 145 | ||
| Jeffreys Find | In situ Resources 0.6g/t cut off | ||||
| Stockpiles 0.6g/t cut off | Measured | 18 | 1.22 | 1.5 | |
| Measured | 47 | 1.4 | 2.6 | ||
| Subtotal | 65 | 1.96 | 4.1 | ||
| Combined | Measured | 65 | 1.96 | 4.1 | |
| Indicated | 3,350 | 1.22 | 131 | ||
| Inferred | 300 | 1.4 | 14 | ||
| Total | 3,715 | 1.25 | 149.1 |
Table note: Rounding errors are apparent. Mineral Resources are reported inclusive of Reserves
Mineral Resources at both Munda and Jeffreys Find, and Ore Reserves at Munda, were depleted by mining during 2025. Mineral Resource estimates for Munda and for Jeffreys Find at 31 December 2025 are as follows:
| Deposit | Category | kt | Au g/t | Au koz | ||
|---|---|---|---|---|---|---|
| Munda | In situ Resources within $3,200/oz pit shell 0.5g/t cut off | Indicated | 3,140 | 1.22 | 123 | |
| Inferred | 300 | 1.4 | 14 | |||
| Stockpiles | Low Grade | Indicated | 52 | 0.61 | 1.0 | |
| High Grade | Indicated | 71 | 1.72 | 3.9 | ||
| Combined Project | Indicated | 3,263 | 1.22 | 128 | ||
| Inferred | 300 | 1.4 | 14 | |||
| Subtotal | 3,563 | 1.24 | 142 | |||
| Jeffreys Find | In situ Resources $7,000/oz pit shell 0.50 g/t cut off | Indicated | 9.8 | 2.1 | 0.7 | |
| Inferred | 74.7 | 1.8 | 4.3 | |||
| Subtotal | 84.5 | 1.8 | 5.0 | |||
| Combined | Indicated | 3,273 | 1.22 | 129 | ||
| Inferred | 375 | 1.5 | 18 | |||
| Total | 3,648 | 1.25 | 147 |
Table note: Rounding errors are apparent. Mineral Resources are reported inclusive of Reserves
20
Mineral Resources and Reserves (continued)
Munda Mineral Resources were depleted by approximately 3,000 oz Au due to mining of the Starter Pit. No additional resources are reported at Munda.
At Jeffreys Find, the estimate of resources increased by approximately 900 oz Au. This can be attributed to a lower cut-off grade for reporting of remnant mineralisation and to the constraint of remnant resources at the completion of mining to an AUD$7,000 pit shell, better reflecting the effect of increasing gold prices on reasonable prospects for eventual economic extraction.
Ore Reserves were defined for the Munda Starter Pit on 10 December 2024 and as reported in the 2024 Annual Report are as follows:
| Deposit | Category | kt | Au g/t | Au koz |
|---|---|---|---|---|
| Munda | Probable | 125 | 1.8 | 7.4 |
| Total | 125 | 1.8 | 7.4 |
The Ore Reserves have since been depleted by mining of the Starter Pit. As of 31 December 2025, remaining ore reserves for the Starter Pit, including in situ and high-grade stockpiles, are as follows, representing a decrease of approximately 2,400 ounces:
| Deposit | Category | kt | Au g/t | Au koz | |
|---|---|---|---|---|---|
| Munda | In-situ Reserves | Probable | 15 | 2.2 | 1.1 |
| High Grade Stockpiles | Probable | 71 | 1.72 | 3.9 | |
| Total | 87 | 1.8 | 5.0 |
21
Mineral Resources and Ore Reserves Governance Statement
The Company ensures that all Mineral Resource and Ore Reserve estimates are subject to appropriate levels of governance and internal controls. All data collection is conducted to industry standards including appropriate quality control and data validation procedures. The process is managed by Company employees and overseen by the Company's Technical Director.
Estimation of Mineral Resources and Ore Reserves is undertaken by independent consultants with many years of experience in the estimation of gold resources and reserves. Mineral Resources estimation for the Munda gold deposit utilised Multiple Indicator Kriging (MIK) with block support adjustment reflecting selective open-pit mining.
Mineral Resource estimation for remnant mineralisation at Jeffreys Find was undertaken by Joint Venture partner BML Ventures, constructing a block model and estimating grades using Ordinary Kriging.
All estimation work is subject to peer review prior to reporting.
The Mineral Resources and Ore Reserves at Munda and Jeffreys Find have been depleted due to mining. At both projects, the material assumptions that underpinned the production targets have been substantiated.
22
Competent Persons Statements
Mineral Resource Estimation
Munda Gold Project In Situ Mineralisation
The information in this report and in the Annual Mineral Resources Statement that relates to Mineral Resource estimation for in situ mineralisation at the Munda Gold Project is based on, and fairly represents, information and supporting documentation compiled by Mr Jonathon Abbott, a Competent Person who is a Member of the Australian Institute of Geoscientists and a director of Matrix Resource Consultants Pty Ltd. Mr Abbott has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
Ore Reserve Estimation
Munda Starter Pit
The information in this report and in the Annual Mineral Reserves Statement that relates to Open Pit Reserves is based on and fairly represents information compiled by Mr Gary McCrae, a Competent Person who is a Member of The Australian Institute of Mining and Metallurgy and a full-time employee of Minecomp Pty Ltd. Mr McCrae has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr McCrae consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
Competent Persons Statements (continued)
Mineral Resource and Ore Reserve Estimation
Munda Starter Pit Stockpiles
The information in this report and in the Annual Mineral Resources Statement that relates to Mineral Resource and Ore Reserve Estimation for the ore remaining on stockpiles at Munda for the Munda Gold Project is based on, and fairly represents, information and supporting documentation compiled by Mr Mathew Graham-Ellison, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of Auric Mining. Mr Graham-Ellison has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Graham-Ellison consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
Mineral Resource Estimation
Jeffreys Find Gold Project
The information in this report and in the Annual Mineral Resources Statement that relates to Mineral Resource estimation for the Jeffreys Find Gold Project is based on, and fairly represents, information and supporting documentation compiled by Mr Andrew Bewsher, a Competent Person who is a Member of the Australian Institute of Geoscientists and a director of BM Geological Services. Mr Bewsher has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Bewsher consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
24
Schedule of Tenements
The following table lists the mining tenements held by Auric Mining Limited and its subsidiaries as at 31 December 2025. At that date, Auric had interests in 73 tenements covering approximately 494 km².
| Tenement | Project | Location | Status | Registered Holder | Mineral Rights |
|---|---|---|---|---|---|
| Widgiemooltha Gold Project (including Munda Gold Mine and Loded Dog Tenements) | |||||
| M15/74 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| M15/75 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| M15/698 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| M15/699 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| M15/87 | Widgiemooltha | WA | Live | Widgie Gold | 100% All Minerals except Ni, Li |
| E15/1553 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| E15/1576 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| E15/1583 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| E15/1749 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| E15/1864 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% All minerals |
| E15/1949 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/1950 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/2042 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All minerals |
| E15/2043 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/2069 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All minerals |
| E15/2073 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All minerals |
| E15/2151 | Widgiemooltha | WA | Pending | Loded Dog | 100% All minerals |
| P15/6362 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| P15/6387 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| P15/6539 | Widgiemooltha | WA | Pending | Mt Edwards Critical Metals | 100% Au Rights |
| P15/6570 | Widgiemooltha | WA | Live | Mt Edwards Critical Metals | 100% Au Rights |
| P15/6808 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| P15/6853 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All minerals |
| P15/6994 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All minerals |
| P63/2279 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| P63/2280 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| L15/414 | Widgiemooltha | WA | Live | Widgie Gold | Infrastructure |
| L15/495 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All Minerals |
| L15/496 | Widgiemooltha | WA | Pending | Widgie Gold | 100% All Minerals |
| E15/1489 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/1523 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
Schedule of Tenements (continued)
| Tenement | Project | Location | Status | Registered Holder | Mineral Rights |
|---|---|---|---|---|---|
| Widgiemooltha Gold Project (including Munda Gold Mine and Loded Dog Tenements) (continued) | |||||
| E15/1588 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/1773 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E63/1780 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/1919 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E15/1957 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| E63/2103 | Widgiemooltha | WA | Live | Widgie Gold | 100% All minerals |
| Jeffreys Find Gold Mine | |||||
| M63/242 | Jeffreys Find | WA | Live | Jeffreys Find | 100% All Minerals |
| E63/2535 | Jeffreys Find | WA | Pending | Jeffreys Find | 100% All Minerals |
| L63/97 | Jeffreys Find | WA | Live | Jeffreys Find | Infrastructure |
| Spargoville Project | |||||
| M15/1899 | Spargoville | WA | Pending | Mt Edwards Critical Metals | 100% All Minerals |
| E15/1665 | Spargoville | WA | Pending | Mt Edwards Critical Metals | 100% All Minerals |
| E15/1688 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| E15/1689 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| E15/2123 | Spargoville | WA | Pending | Spargoville Minerals | 100% All Minerals |
| E26/262 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| P15/5905 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| P15/5906 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| P15/6408 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
| P15/6758 | Spargoville | WA | Live | Spargoville Minerals | 100% All Minerals |
Schedule of Tenements (continued)
27
FINANCIAL REPORT
EURIC MINING | ANNUAL REPORT 2025
Directors' Report
General information
The financial statements cover Auric Mining Limited as a Group consisting of Auric Mining Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Auric Mining Limited's functional and presentation currency.
Auric Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:
| Registered office | Principal place of business |
|---|---|
| Level 1, 1 Tully Road, | |
| East Perth WA 6004 | Level 1, 1 Tully Road, |
| East Perth WA 6004 |
A description of the nature of the Group's operations and its principal activities are included in the Directors' report.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 30 March 2026. The Directors have the power to amend and reissue the financial statements.
The Directors present their report, together with the financial statements, on the Group (referred to hereafter as the Group) consisting of Auric Mining Limited (referred to hereafter as "Auric", the "Company" or "parent entity") and the entities it controlled at the end of, or during, the year ended 31 December 2025.
Directors
The following persons were Directors of Auric Mining Limited during the whole of the financial year and up to the date of this report, unless otherwise stated:
- Steven Morris - Non-Executive Chair
- Mark English - Managing Director
- John Utley - Executive Director
Particulars of each Director's experience and qualifications are set out later in this report.
Principal Activities
During the financial year, Auric Mining Limited ("Auric" or "the Group") remained focused on gold exploration, mining, production and development in the Goldfields region of Western Australia.
Operating and Financial Review
The profit for the Group after providing for income tax amounted to $5,170,598 (31 December 2024: $2,690,609).
29
AURIC MINING | ANNUAL REPORT 2025
Directors Report (continued)
Operating and Financial Review (continued)
Review of Operations
During the year ended 31 December 2025, Auric Mining Limited progressed a number of key operational and strategic milestones, transitioning from a single-asset joint mining agreement participant to a multi-asset gold producer. It also acquired the Burbanks Gold Processing Facility.
The year was characterised by the completion of mining and processing activities at the Jeffreys Find Gold Mine, commencement and advancement of mining operations at the Munda Gold Mine, completion of the acquisition of the Burbanks Gold Processing Facility, and continued progression of the Lindsay's Gold Project acquisition. These activities materially advanced the Group's strategy of becoming an integrated gold explorer, miner and processor in Western Australia.
Gold Mining Operations
Munda Gold Mine Starter Pit
Mining at the Munda Gold Mine Starter Pit commenced in May 2025, marking Auric's transition to operating as a gold miner in its own right. By the end of the year, mining had advanced to approximately 30 metres below surface, with approximately 300,000 bank cubic metres of ore and waste material mined and ore stockpiles established.
During the year, Auric executed a toll milling and ore purchase agreement with Black Cat Syndicate Ltd for the processing of up to 125,000 tonnes of ore at the Lakewood Mill. Processing of the first parcel of approximately 60,000 tonnes commenced in October 2025, with the first gold pour achieved on 21 October 2025. Initial gold sales and cash receipts were received during the December quarter. The second processing campaign started in January 2026.
In September 2025, the Group completed the acquisition of the Munda mine camp, permitted in-pit water supply and all nickel rights from WIN Metals Ltd for total consideration of $1.4 million, providing Auric with full operational control and ownership of critical infrastructure at the project. Lithium rights at Munda remain with WIN Metals Ltd.
Jeffreys Find Gold Mine (Joint mining arrangement with BML Ventures Pty Ltd)
The eighth and final toll milling campaign at the Jeffreys Find Gold Mine was completed during August 2025 at the Three Mile Hill processing facility. Over the life of the two-stage open pit operation, a total of 29,537 ounces of gold were produced, generating approximately $112 million in gold sales.
Auric's cumulative cash receipts from the joint mining arrangement totalled approximately $14.5 million by year end, with final reconciliation and cash distributions substantially completed during the December quarter. The project delivered a highly successful financial outcome relative to the Group's capital contribution. Site rehabilitation and final project close-out activities were undertaken following completion of mining and processing and in March 2026 the Group received the final payment of $2.2 million.
All mining, haulage and processing activities at Jeffreys Find were undertaken and funded by BML Ventures Pty Ltd. Auric participated as tenement holder and joint mining partner, sharing in surplus cashflows in accordance with the joint mining agreement.
30
Directors Report (continued)
Processing Infrastructure
Burbanks Gold Processing Facility
On 30 September 2025, Auric completed the acquisition of the fully permitted Burbanks Gold Processing Facility for consideration of $4.4 million plus GST. The plant is strategically located south of Coolgardie and includes established grid power, water licences, permitted facilities, tailings infrastructure and associated mining leases.
The acquisition represents a significant milestone in the Group's strategy to vertically integrate its operations. Following settlement, engineering and technical studies commenced to assess, recommissioning and potential expansion options to support processing of ore from the Munda Gold Mine, the Lindsay's Gold Project and other nearby assets.
Development Projects
Lindsay's Gold Project
During the year, Auric completed due diligence on the acquisition of the Lindsay's Gold Project, including the Parrot Feathers open pit. The Group proceeded with staged settlement of tenements not subject to Wardens Court proceedings, while assuming management of litigation relating to Mining Lease M27/169.
The acquisition remains subject to final resolution of outstanding mining plaints and issue of shares. Upon completion, the Lindsay's Gold Project is expected to form an important component of Auric's future production pipeline.
Exploration and Tenements
The Group also completed the acquisition of highly prospective tenements in the Higginsville district from Loded Dog Prospecting Pty Ltd during the year. No material exploration drilling was undertaken during the reporting period, with planning activities progressing for future drilling campaigns across the Higginsville, Spargoville and Chalice West project areas.
At 31 December 2025, Auric held interests in a diversified portfolio of gold projects across the Widgiemooltha–Norseman region, including the Widgiemooltha Gold Project, Munda Gold Mine, Jeffreys Find Gold Mine, Spargoville Project, Chalice West Project, Lindsay's Gold Project and the Burbanks processing hub.
Financial Performance and Position
The Group's financial performance for the year reflects the timing of gold production and revenue recognition, particularly in relation to the completion of the Jeffreys Find joint mining arrangement and commencement of gold sales from Munda Gold Mine during the latter part of the year.
During 2025, Auric completed equity raisings totalling $6,664,492 to support development activities, project acquisitions and working capital requirements. Cash flows from Jeffreys Find and initial Munda production provided funding for continued operational development and strategic investment.
Significant changes in the state of affairs
There were no significant changes in the state of affairs aside from the matters referred to in the review of operations above of the Group during the financial year.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
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AURIC MINING | ANNUAL REPORT 2025
Matters subsequent to the end of the financial year
Munda Gold Mine
Following completion of Campaign 1 during the reporting period, the Group continued development activities at the Munda Gold Mine. Post 31 December 2025, gold sales from processed ore were received totalling about $45 million and applied toward working capital. Operational planning for subsequent mining campaigns continued after the period.
Lindsays Gold Project – Proposed Acquisition
The Group continued progressing the proposed acquisition of the Lindsays Gold Project. As at the date of this report, Conditions Precedent, including resolution of pending forfeiture applications before the Wardens Court, remain outstanding. The Group is actively pursuing the relevant litigation and continues to work towards satisfaction of these Conditions Precedent.
Jeffreys Find Gold Mine
All mining activities have now been completed. BML Ventures Pty Ltd have handed back all operational activities to the Group. The Group has received a further $2.2 million as our profit share.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Likely developments and expected results of operations
Information on likely developments, future prospects and business strategies of the operations of the Group and the expected results of operations, not otherwise disclosed in this report, have not been included in this report because the Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the Group.
Indemnifying Officers or Auditor
During the year, the Group maintained an insurance policy which indemnifies the directors and officers in respect of any liability incurred in connection with the performance of their duties as directors and officers of the Group to the extent permitted by the Corporations Act 2001.
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor. During the financial year, the Group has not paid a premium in respect of a contract to insure the auditor of the Group or any related entity.
Environmental regulation
The Group's operations are subject to the relevant Commonwealth and State environmental protection legislations. The Group holds environmental licences issued under these laws and these licences include conditions and regulations in relation to groundwater, the rehabilitation of areas disturbed during the course of exploration and mining activities. The Board monitors all environmental performance obligations. Our operations are subject to regular Government agency audits and site inspections.
Material Business Risk
The Group is committed to the effective management of risk to reduce uncertainty in the Group's business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement of the Group's strategic objectives and future prospects.
Key risks and mitigation activities associated with the Group's objectives are set out below:
32
AURIC MINING | ANNUAL REPORT 2025
Matters subsequent to the end of the financial year (continued)
Material Business Risk (continued)
Exploration risk
The Group's projects are at various stages of exploration, and potential investors should understand that mineral exploration is a high-risk undertaking. There can be no assurance that exploration of these projects, or any other tenements that may be acquired in the future, will result in the discovery of an economic mineral deposit.
The future exploration activities of the Group may be affected by a range of factors including geological conditions, limitations on activities due to seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, native title processes, changing government regulations and many other factors beyond the control of the Group.
In addition, the tenements forming the projects of the Group may include various restrictions excluding, limiting or imposing conditions upon the ability of the Group to conduct exploration activities. While the Group will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the Group will be able to satisfy such conditions on commercially viable terms, or at all.
The Group uses a number of exploration techniques in order to reduce the level of exploration risks and continues to explore new and innovative technologies through its day-to-day operations.
Regulatory risk
The Group's mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements in which the Group has or acquires an interest. Maintenance of the Group's tenements is dependent on, among other things, the Group's ability to meet the licence conditions imposed by relevant authorities.
Although the Group has no reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Group will be able to meet the conditions of renewal on commercially reasonable terms, if at all.
The Group works with local government and mining departments to ensure it meets the required level of reporting requirements and to reduce any potential for breach of regulatory requirements.
Future funding risk
The Group's exploration, development, and acquisition activities are capital intensive. Funding is sourced from cash reserves, mining operations, and if required external capital raising.
In particular, future funding requirements may arise to support the acquisition of assets, including deferred consideration obligations under contractual agreements. The availability of future capital is subject to market conditions and investor sentiment. Equity financing may dilute existing shareholders and may occur at prices below market value. Debt financing, if available, could impose restrictive covenants.
Although the Directors are confident in their ability to secure additional funding, if required, there can be no assurance that it will be available on favourable terms or at all. Failure to obtain funding when required may restrict business development. Funding needs are reviewed regularly to proactively manage this risk. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the market or may involve restrictive covenants which limit the Group's operations and business strategy.
Gold prices
The Group's revenues and cash flows are primarily derived from the sale of gold. Fluctuations in the gold price can materially impact profitability and project economics.
33
AURIC MINING | ANNUAL REPORT 2025
Matters subsequent to the end of the financial year (continued)
Material Business Risk (continued)
Community and Stakeholder Relations
Following the execution of the Ngadju Native Title Agreement, the Group recognises the importance of ongoing engagement and meeting expectations of the Ngadju People and other local communities. Failure to meet community expectations or maintain stakeholder support could impact project timelines, social licence to operate, and overall reputation.
Proceedings on Behalf of the Group
The Group is subject to proceedings in relation to the lithium royalty over Munda Tenement (M15/87) by Estrella Resources Ltd. These proceedings do not affect the Group's gold mining operations, which continue in the normal course. Auric has no rights to explore or exploit lithium at Munda and based on mine planning and sampling undertaken to date, no economic quantities of lithium have been identified. The Group will continue to defend the litigation and provide updates to the market as required.
Non-audit services
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in note 17 to the financial statements.
The Directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another person or firm on the auditor's behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001.
The Directors are of the opinion that the services as disclosed in note 17 to the financial statements do not compromise the external auditor's independence requirements of the Corporations Act 2001 for the following reasons:
- all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity of the auditor; and
- none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including reviewing or auditing the auditor's own work, acting in a management or decision-making capacity for the Group, acting as advocate for the Group or jointly sharing economic risks and rewards.
34
AURIC MINING | ANNUAL REPORT 2025
Directors Report (continued)
Options
At the date of this report, the unissued ordinary shares of Auric Mining Limited under option are as follows:
| Grant date | Expiry date | Exercise price | Number under option |
|---|---|---|---|
| 1 November 2023 | 1 November 2026 | $0.100 | 800,000 |
| 1 February 2024 | 31 January 2028 | $0.150 | 1,600,000 |
| 1 February 2024 | 31 January 2029 | $0.225 | 2,000,000 |
| 15 April 2024 | 31 January 2029 | $0.225 | 2,000,000 |
| 24 May 2024 | 31 January 2029 | $0.225 | 1,537,500 |
| 29 May 2025 | 31 January 2028 | $0.400 | 1,250,000 |
| 29 May 2025 | 31 January 2029 | $0.600 | 1,250,000 |
| 10,437,500 |
Option holders do not have any rights to participate in any issues of shares or other interests of the Group or any other entity.
During the year ended 31 December 2025, 1,112,500 shares of Auric Mining Limited were issued on the exercise of unquoted options.
Option expiring 01 Nov 2026 @ 0.10 900,000
Option expiring 31 Jan 2028 @ 0.15 100,000
Option expiring 31 Jan 2029 @ $0.225 112,500
No person entitled to exercise an option had or has any right by virtue of the option to participate in any share issue of any other body corporate.
During the year ended 31 December 2025, 2,500,000 options were issued as part of corporate advisory and services.
A total of 1,000,000 Tranche 4 unquoted options have been granted, but not yet vested, to employees of Auric Mining Limited and/or their nominees pursuant to the Employee Share Incentive Plan. Tranche 2 and Tranche 3 unquoted options have been granted, but not yet vested, as the hurdle conditions have not yet been achieved as at 31 December 2025.
1,925,000 Tranche 2 unquoted options will vest and be issued once the Group reaches a total production of 40,000 ounces of gold. The options will be exercisable five years from that date.
1,925,000 Tranche 3 unquoted options will vest and be issued once the Group reaches a total production of 70,000 ounces of gold. The options will be exercisable five years from that date.
1,000,000 Tranche 4 unquoted options will vest and be issued once the Group reaches a total production of 80,000 ounces of gold. The options will be exercisable five years from that date.
35
AURIC MINING | ANNUAL REPORT 2025
Information on Directors and Company Secretary
As at the date of this report, the information on the Directors and Company Secretary are as follows:
Steven John Morris
| Title: | Non-Executive Chair |
|---|---|
| Qualifications: | Diploma of Financial Markets (FINSIA) |
| Experience and expertise: | Steven has over 30 years' experience in financial markets. He was Head of Private Clients (Australia) for Patersons Securities, Managing Director of Intersuisse Ltd, Founder and Managing Director of Peloton Shareholder Services and held senior executive roles in the Little Group. Steven spent 9 years on the board of the Melbourne Football Club. |
| Steven was a Non-Executive Director of De Grey Mining Ltd ("DEG") from 2014 to 2019 and Chairman of ASX-listed Purifloh Ltd ("PO3") from 2013 to 2019. Currently, Steven serves as a Non-Executive Director at Evergold Minerals Limited (ASX:EG1). | |
| Other current directorships: | Evergold Minerals Limited (Appointed: 24 February 2025) |
| Former directorships (last 3 years): | None |
| Interests in shares: | 7,437,499 ordinary shares of Auric Mining Limited |
| Interests in options vested: | 247,500 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 |
| Interests in options unvested: | 288,750 options expected 5 years post hurdle 30 April 2030 @ 0.30 |
| 288,750 options expected 5 years post hurdle 30 June 2031 @ $0.40 | |
| 166,666 options expected 5 years post hurdle, Expiry date: 5 years from the issue date of the options @ exercise price: 5-day VWAP at the time of issue |
Mark Anthony English
| Title: | Managing Director |
|---|---|
| Qualifications: | Bachelor of Business (Curtin University) |
| Fellow of the Institute of Chartered Accountants Australia and New Zealand | |
| Member of the Institute of Company Directors | |
| Experience and expertise: | Mark is a Chartered Accountant and a member of the Australian Institute of Company Directors. Mark has 45 year career in the resources sector and corporate services. As Managing Director, he spearheaded Auric's march to an ASX listing and on a day-to-day basis has particular responsibility for Group strategy, financial management, corporate development and acquisition opportunities. |
| Other current directorships: | None |
| Former directorships (last 3 years): | None |
| Interests in shares: | 9,145,940 ordinary shares of Auric Mining Limited |
| Interests in options vested: | 300,000 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 |
| Interests in options unvested: | 481,250 options expected 5 years post hurdle 30 April 2030 @ $0.30 |
| 481,250 options expected 5 years post hurdle 30 June 2031 @ $0.40 | |
| 416,667 options expected 5 years post hurdle, Expiry date: 5 years from the issue date of the options @ exercise price: 5-day VWAP at the time of issue |
36
Directors Report (continued)
John Peter Utley
| Title: | Technical Director |
|---|---|
| Qualifications: | Master of Earth Sciences (University of Waikato, New Zealand) |
| Member of the Australian Institute of Mining and Metallurgy | |
| Member of the Australian Institute of Geoscientists | |
| Experience and expertise: | John has a 40 year career in mining and exploration, principally gold sector. John has worked in Australia, South America, Papua New Guinea and in Canada where he was Chief Geologist for Atlantic Gold Corporation, during exploration and development of the Touquoy Gold Mine and other gold deposits in Nova Scotia, prior to its acquisition by St Barbara. John previously worked with Plutonic Resources Ltd, where he was head of the exploration team at Darlot Gold Mine, during the discovery and development of the 2.3M ounce Centenary gold deposit. |
| Other current directorships: | None |
| Former directorships (last 3 years): | None |
| Interests in shares: | 7,184,999 ordinary shares of Auric Mining Limited |
| Interests in options vested: | 412,500 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 |
| Interests in options unvested: | 481,250 options expected 5 years post hurdle 30 April 2030 @ $0.30 |
| 481,250 options expected 5 years post hurdle 30 June 2031 @ $0.40 | |
| 416,667 options expected 5 years post hurdle, Expiry date: 5 years from the issue date of the options @ exercise price: 5-day VWAP at the time of issue |
Catherine Kah Yan Yeo
| Title: | Company Secretary and Finance |
|---|---|
| Qualifications: | Bachelor of Business in Accounting and Finance (Murdoch University) |
| Certificate in Governance Practice (Governance Institute of Australia) | |
| Affiliated Member (Governance Institute of Australia) | |
| Experience and expertise: | Catherine is the Company Secretary and Finance Executive. Catherine manages all the administration and finance functions at Auric Mining. She holds a Bachelor of Business in Accounting and Finance from Murdoch University and is an Affiliate Member of the Governance Institute of Australia. Prior to joining Auric, Catherine gained valuable experience at an accounting firm in Perth. Catherine is a multilingual executive with superior language skills in English, Chinese and Malay. |
37
AURIC MINING | ANNUAL REPORT 2025
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 31 December 2025, and the number of meetings attended by each Director were:
| Full Board | ||
|---|---|---|
| Attended | Held | |
| Steven Morris | 7 | 7 |
| Mark English | 7 | 7 |
| John Utley | 7 | 7 |
Held: represents the number of meetings held during the time the Director held office.
All other matters requiring approval by the Directors, have been approved by Circular Resolution.
38
Remuneration report (audited)
Remuneration Policy
The remuneration policy of the Group has been designed to align key management personnel (KMP) objectives with shareholder and business objectives by providing a fixed remuneration component and a performance component. The Board of the company believes the remuneration policy to be appropriate and effective in its ability to attract and retain high-quality KMP to run and manage the Group, as well as create goal congruence between Directors, executives and shareholders.
For the purposes of this report, KMP comprises executive and non-executive Directors of the Group, as follows:
Steven Morris – Non-Executive Chair
Mark English – Managing Director
John Utley – Technical Director
The Board's policy for determining the nature and amount of remuneration for KMP of the Group is based on the following:
- The remuneration policy is developed and approved by the Board after professional advice, if required.
- All KMP receive a base salary (which is based on factors such as length of service and experience), superannuation, fringe benefits and long service leave.
- The Board reviews KMP packages annually by reference to the Group's performance, executive performance and comparable information from industry sectors.
KMP receive, at a minimum, a superannuation guarantee contribution required by the government, which is currently 12% of the individual's average weekly ordinary time earnings (AWOTE). Some individuals, however, have chosen to sacrifice part of their salary to increase payments towards superannuation.
Short term bonuses were provided to all KMP based upon specific performance of the Group, including mining production targets during the financial year. Short term bonuses are settled in cash.
All remuneration paid to KMP is valued at the cost to the Group and expensed.
The Board's policy is to remunerate non-executive Directors at market rates for time, commitment and responsibilities. The Board determines payments to the non-executive Directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive Directors is subject to approval by shareholders at general meeting.
Relationship between Remuneration Policy and Group Performance
The remuneration policy has been tailored to increase goal congruence between shareholders, Directors and executives. The method has been applied to achieve this aim.
Employment Details of Members of Key Management Personnel
The following table provides employment details of persons who were, during the financial year, members of KMP of the Group. The table also illustrates the proportion of remuneration that was performance and non-performance based.
The employment terms and conditions of all KMP are formalised in contracts of employment or consulting agreements.
39
AURIC MINING | ANNUAL REPORT 2025
Remuneration Report (Audited) (continued)
Employment Details of Members of Key Management Personnel (continued)
Remuneration Expense Details for the Year Ended 31 December 2025
The following table of benefits and payments represents the components of the current year remuneration expenses for each member of KMP and their related parties of the Group. Such amounts have been calculated in accordance with Australian Accounting Standards.
| Position Held as at 31 December 2025 and any Change During the Year | Contract Details (Duration and Termination) | |
|---|---|---|
| Group KMP | ||
| Steven Morris | Non-executive Chair | Consultancy agreement commenced 14 December 2020. The Company may terminate the Consultancy Agreement with three months' notice. The Consultant may terminate the Consultancy Agreement by giving the Company one months' notice or immediately if Mr Morris ceases to be a Director of the Company. |
| Mark English | Managing Director | Executive Services agreement commenced 14 December 2020 and continues in force till terminated. The Company may terminate the Agreement with three months' notice and the payment of twelve months base salary. The executive may terminate the Agreement by giving the Company three months' notice and being paid twelve months base salary upon certain events. |
| Effective 1 November 2025, the executive's total remuneration package was revised to $425,000 per annum, inclusive of superannuation. All other terms of the Executive Services Agreement remain unchanged. | ||
| John Utley | Technical Director | Executive Services agreement commenced 14 December 2020 and continues in force till terminated. The Company may terminate the Agreement with three months' notice and the payment of twelve months base salary. The executive may terminate the Agreement by giving the Company three months' notice and being paid twelve months base salary upon certain events. |
| Effective 1 November 2025, the executive's total remuneration package was revised to $385,000 per annum, inclusive of superannuation. All other terms of the Executive Services Agreement remain unchanged. |
40
A
Remuneration Report (Audited) (continued)
| Short-term benefits | Short-term benefits | Short-term benefits | Short-term benefits | Post-employment | Other long-term benefits | Share-based payments | Total | Performance related | Equity compensation | |
|---|---|---|---|---|---|---|---|---|---|---|
| Salary & Fees | Bonus Paid | Bonus Accrued | Annual leave | Super | Long service leave | Share options unvested | ||||
| 2025 | $ | $ | $ | $ | $ | $ | $ | $ | % | % |
| Directors | ||||||||||
| Steven Morris** | 86,666 | 108,469 | 64,125 | - | - | - | 2,526 | 261,786 | 66.89% | 0.96% |
| Mark English | 236,737 | 205,463 | 74,813 | 5,693 | 36,210 | 18,689 | 7,609 | 585,214 | 49.19% | 1.30% |
| John Utley | 232,258 | 222,488 | 106,875 | 27,070 | 31,770 | 15,619 | 7,609 | 643,689 | 52.35% | 1.18% |
| 555,661 | 536,420 | 245,813 | 32,763 | 67,980 | 34,308 | 17,744 | 1,490,689 |
**Remuneration for Steven Morris was paid through an entity in which he holds a beneficial interest, namely Targo Holdings Pty Ltd.
| Short-term benefits | Short-term benefits | Short-term benefits | Short-term benefits | Post-employment | Other long-term benefits | Share-based payments | Share-based payments | Total | Performance related | Equity compensation | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Salary & Fees | Bonus Paid | Bonus Accrued | Annual leave | Super | Long service leave | Share options vested | Share options unvested | ||||
| 2024 | $ | $ | $ | $ | $ | $ | $ | $ | $ | % | % |
| Directors | |||||||||||
| Steven Morris | 76,000 | 18,000 | 30,000 | - | - | - | 30,690 | 31,340 | 186,030 | 59.15% | 33.34% |
| Mark English | 266,527 | 15,000 | 41,000 | 20,411 | 30,463 | 5,419 | 51,150 | 52,234 | 482,204 | 33.05% | 21.44% |
| John Utley | 248,319 | 30,000 | 50,000 | 19,971 | 33,857 | 6,681 | 51,150 | 52,234 | 492,212 | 37.26% | 21.00% |
| 590,846 | 63,000 | 121,000 | 40,382 | 64,320 | 12,100 | 132,990 | 135,808 | 1,160,446 |
41
Remuneration Report (Audited) (continued)
Securities Received that Are Not Performance-related
No members of KMP are entitled to receive securities that are not performance-based as part of their remuneration package.
Cash Bonuses, Performance-related Bonuses and Share-based Payments
Cash bonuses represent short-term incentive (STI) remuneration linked to clearly defined and measurable operational performance outcomes of the Group's mining activities. The STI framework is based on objective financial and production metrics, specifically cash receipts and operating surpluses, which are directly attributable to mining output and cost performance.
For the Jeffreys Find Gold Mine (Stage 2), performance was assessed based on the Group's share of cash receipts generated from operations. A minimum performance hurdle of $10.0 million in cash receipts was required for bonus eligibility, with escalating bonus outcomes ranging from 2% to 7.5% of base salary depending on the level of cash receipts achieved above this threshold.
For the Munda Gold Mine Starter Pit, performance was assessed based on cash surpluses generated from mining operations. Bonus eligibility commenced at a minimum hurdle of $1.5 million, with performance bands extending to $9.0 million. Bonus outcomes ranged from 10% to 17% of base salary, depending on the level of surplus achieved within these predefined bands.
The Board considers these performance measures to be appropriate as they are objective, quantifiable and directly linked to the Group's operational and financial performance. Cash receipts and operating surpluses reflect both production volumes and cost efficiency, ensuring alignment between executive remuneration and the creation of sustainable shareholder value. These metrics are also consistent with internal management reporting and are capable of independent verification.
No Board discretion was exercised in determining performance outcomes for the above cash bonuses. All STI outcomes were calculated strictly in accordance with the pre-established performance hurdles and payment scales.
During the year, equity-settled options were issued to Key Management Personnel under the Group's employee incentive scheme. The total grant-date fair value of these options was $109,700, of which $17,744 has been expensed this financial year.
Options under Tranches 1 to 3 were granted on 30 May 2024, with Tranche 4 granted on 29 May 2025. Tranche 1 vested immediately upon grant. Vesting of Tranche 2 is subject to cumulative gold production of 40,000 ounces, Tranche 3 to 70,000 ounces, and Tranche 4 to 80,000 ounces, aligning vesting outcomes with the achievement of key production milestones. As at 31 December 2025, Tranches 2 to 4 remained unvested.
42
AURIC MINING | ANNUAL REPORT 2025
Cash Bonuses, Performance-related Bonuses and Share-based Payments (continued)
Additional disclosures relating to key management personnel
KMP Shareholdings
The number of ordinary shares in Auric Mining Limited held by each KMP and their related parties of the Group during the financial year and up to the date of this financial report is as follows:
| Balance at the start of the year | On market transactions | Additions on exercise of options | Disposals/ other | Balance at the end of the year | |
|---|---|---|---|---|---|
| Ordinary shares | |||||
| Steven Morris | 7,237,499 | 200,000 | - | - | 7,437,499 |
| Mark English | 9,033,440 | - | 112,500 | - | 9,145,940 |
| John Utley | 7,184,999 | - | - | - | 7,184,999 |
| 23,455,938 | 200,000 | 112,500 | - | 23,768,438 |
The number of options in Auric Mining Ltd held by each KMP and their related parties of the Group during the financial year and up to the date of this financial report are as follows:
| Tranche 1 unquoted options expiring 31 January 2029 @ $0.225 | Balance at the start of the year | Granted as compensation | Exercised | Expired/ forfeited/ other | Balance at the end of the year |
|---|---|---|---|---|---|
| Options over ordinary shares | |||||
| Steven Morris | 247,500 | - | - | - | 247,500 |
| Mark English | 412,500 | - | (112,500) | - | 300,000 |
| John Utley | 412,500 | - | - | - | 412,500 |
| Total | 1,072,500 | - | (112,500) | - | 960,000 |
Tranche 1 unquoted options were issued on 24 May 2024, as share based payments. They have vested and are exercisable at any time before 31 January 2029 at $0.225.
| Tranche 2 unquoted options expected 5 years post hurdle, yet to vest | Balance at the start of the year | Granted as compensation | Exercised | Expired/ forfeited/ other | Balance at the end of the year |
|---|---|---|---|---|---|
| Options over ordinary shares | |||||
| Steven Morris | 288,750 | - | - | - | 288,750 |
| Mark English | 481,250 | - | - | - | 481,250 |
| John Utley | 481,250 | - | - | - | 481,250 |
| To be issued under Employee Incentives Securities Plan | 1,251,250 | - | - | - | 1,251,250 |
43
AURIC MINING | ANNUAL REPORT 2025
Cash Bonuses, Performance-related Bonuses and Share-based Payments (continued)
Tranche 2 unquoted options were issued on 24 May 2024, as share based payments. They have not vested as the hurdle conditions have not yet been achieved during the year.
| Tranche 3 unquoted options expected 5 years post hurdle, yet to vest | Balance at the start of the year | Granted as compensation | Exercised | Expired/ forfeited/ other | Balance at the end of the year |
|---|---|---|---|---|---|
| Options over ordinary shares | |||||
| Steven Morris | 288,750 | - | - | - | 288,750 |
| Mark English | 481,250 | - | - | - | 481,250 |
| John Utley | 481,250 | - | - | - | 481,250 |
| To be issued under Employee Incentives Securities Plan | 1,251,250 | - | - | - | 1,251,250 |
Tranche 3 unquoted options were issued on 24 May 2024, as share based payments. They have not vested as the hurdle conditions have not yet been achieved during the year.
| Tranche 4 unquoted options expected 5 years post hurdle, yet to vest | Balance at the start of the year | Granted as compensation | Exercised | Expired/ forfeited/ other | Balance at the end of the year |
|---|---|---|---|---|---|
| Options over ordinary shares | |||||
| Steven Morris | - | 166,666 | - | - | 166,666 |
| Mark English | - | 416,667 | - | - | 416,667 |
| John Utley | - | 416,667 | - | - | 416,667 |
| To be issued under Employee Incentives Securities Plan | - | 1,000,000 | - | - | 1,000,000 |
Tranche 4 unquoted options were issued on 29 May 2025, as share based payments. They have not vested as the hurdle conditions have not yet been achieved during the year.
There have been no KMP transactions involving equity instruments apart from those described in the tables above relating to options and shareholdings.
Other Transactions with KMP and/or their Related Parties
During the year, Elizabeth Saunders, the spouse of Mark English (Managing Director), was employed to provide marketing and communication services to the Group. These services were rendered under normal commercial terms and conditions. Total remuneration paid or payable to Elizabeth Saunders during the year was $154,727 (inclusive of superannuation guarantee contributions and bonus). There were no other material related party transactions during the year outside normal employee, customer or supplier relationships.
44
AURIC MINING | ANNUAL REPORT 2025
Remuneration Report (Audited) (continued)
End of Remuneration Report
This concludes the Remuneration Report, which has been audited.
The financial statements are signed in accordance with a resolution of the Board of Directors.
Auditor
William Buck Audit (VIC) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
This Directors' Report, incorporating the remuneration report, is signed in accordance with a resolution of the Board of Directors:
On behalf of the Directors
Managing Director
30 March 2026
Melbourne, Victoria
45
AURIC MINING | ANNUAL REPORT 2025
Auditor’s Independence declaration
William Buck
ACCOUNTANTS & ADVISORS
Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001
To the directors of Auric Mining Limited
As lead auditor for the audit of Auric Mining Limited for the year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been:
- no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
- no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Auric Mining Limited and the entities it controlled during the year.
William Buck
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
R. P. Burt
Director
Melbourne, 30 March 2026
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
[email protected]
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
46
PRAXITY
AUSTRALIA SINCE 1865
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the year ended 31 December 2025
| Consolidated | |||
|---|---|---|---|
| Note | 2025 | 2024 | |
| $ | $ | ||
| Revenue | |||
| Revenue from gold sales | 4 | 20,277,156 | 8,308,200 |
| Mining expenditure | (11,336,580) | - | |
| Gross profit | 8,940,576 | 8,308,200 | |
| Other income | |||
| Interest received | 141,839 | 136,012 | |
| Profit on sales of investments | 194,621 | - | |
| Other income | 2,448 | 8,952 | |
| 338,908 | 144,964 | ||
| 9,279,484 | 8,453,164 | ||
| Expenses | |||
| Employee benefits expense | (2,167,681) | (1,446,097) | |
| Corporate advisory and professional fees | (1,096,017) | (726,643) | |
| Depreciation | (173,101) | (41,635) | |
| Insurance | (115,498) | (92,442) | |
| Fair value gain / (loss) on investments | 110,727 | (34,991) | |
| Subscriptions, Software & Conferences | (192,434) | (110,197) | |
| Amortisation of mining assets | (147,278) | (1,623,500) | |
| Other expenses | (234,572) | (278,681) | |
| Profit before income tax expense | 5,263,630 | 4,098,978 | |
| Income tax expense | 5 | (93,032) | (1,408,369) |
| Profit after income tax expense for the year attributable to the owners of Auric Mining Limited | 5,170,598 | 2,690,609 | |
| Other comprehensive income for the year, net of tax | - | - | |
| Total comprehensive income for the year attributable to the owners of Auric Mining Limited | 5,170,598 | 2,690,609 | |
| Cents | Cents | ||
| Basic earnings per share | 24 | 3.16 | 1.98 |
| Diluted earnings per share | 24 | 2.97 | 1.85 |
47
Consolidated statement of financial position
As at 31 December 2025
| Consolidated | |||
|---|---|---|---|
| Note | 2025 | 2024 | |
| $ | $ | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 6,504,888 | 2,837,957 | |
| Trade and other debtors | 6 | 2,244,125 | 5,845,641 |
| Term deposits | - | 610,000 | |
| Inventories | 7 | 5,133,089 | - |
| Investments | - | 446,018 | |
| Other financial assets | 649,990 | 548,161 | |
| Total current assets | 14,532,092 | 10,287,777 | |
| Non-current assets | |||
| Investments | 144,736 | 70,009 | |
| Property, plant and equipment | 8 | 6,535,676 | 893,272 |
| Capitalised exploration and evaluation assets | 9 | 13,561,140 | 10,243,607 |
| Mining properties | - | 127,191 | |
| Total non-current assets | 20,241,552 | 11,334,079 | |
| Total assets | 34,773,644 | 21,621,856 | |
| Liabilities | |||
| Current liabilities | |||
| Trade and other payables | 10 | 940,428 | 1,107,561 |
| Employee benefits | 11 | 1,102,922 | 311,142 |
| Rehabilitation provision | 12 | 215,961 | - |
| Other liabilities | 577,840 | 496,441 | |
| Total current liabilities | 2,837,151 | 1,915,144 | |
| Non-current liabilities | |||
| Employee benefits | 104,778 | 61,295 | |
| Rehabilitation provision | 13 | 584,207 | 300,000 |
| Deferred tax liability | 5 | 1,501,401 | 1,408,369 |
| Total non-current liabilities | 2,190,386 | 1,769,664 | |
| Total liabilities | 5,027,537 | 3,684,808 | |
| Net assets | 29,746,107 | 17,937,048 | |
| Equity | |||
| Issued capital | 14 | 21,606,404 | 15,171,421 |
| Reserves | 15 | 1,265,886 | 1,062,408 |
| Retained profits | 6,873,817 | 1,703,219 | |
| Total equity | 29,746,107 | 17,937,048 |
48
Consolidated statement of changes in equity
For the year ended 31 December 2025
| Issued capital | Reserves | Retained profits | Total equity | |
|---|---|---|---|---|
| Consolidated | $ | $ | $ | $ |
| Balance at 1 January 2025 | 15,171,421 | 1,062,408 | 1,703,219 | 17,937,048 |
| Profit after income tax expense for the year | - | - | 5,170,598 | 5,170,598 |
| Other comprehensive income for the year, net of tax | - | - | - | - |
| Total comprehensive income for the year | - | - | 5,170,598 | 5,170,598 |
Transactions with owners in their capacity as owners:
| Issued capital | Reserves | Retained profits | Total equity |
|---|---|---|---|
| Issue of shares following placement | 6,664,492 | - | 6,664,492 |
| Issue of shares following exercise of options | 175,832 | (45,520) | 130,312 |
| Capital raising costs | (405,341) | - | (405,341) |
| Vesting charge for share based payments | - | 292,965 | 292,965 |
| Lapse of options due to non-fulfilment of non-market vesting hurdles | - | (43,967) | (43,967) |
| Balance at 31 December 2025 | 21,606,404 | 1,265,886 | 6,873,817 |
| Issued capital | Reserves | Retained profits | |
| --- | --- | --- | --- |
| Consolidated | $ | $ | $ |
| Balance at 1 January 2024 | 12,856,302 | 66,934 | (989,979) |
| Profit after income tax expense for the year | - | - | 2,690,609 |
| Other comprehensive income for the year, net of tax | - | - | - |
| Total comprehensive income for the year | - | - | 2,690,609 |
Transactions with owners in their capacity as owners:
| Issued capital | Reserves | Retained profits | Total equity |
|---|---|---|---|
| Issue of shares following exercise of options | 2,741,148 | (42,081) | - |
| Capital raising costs | (426,029) | 320,249 | - |
| Vesting charge for share based payments | - | 719,895 | - |
| Expiry of options | - | (2,589) | 2,589 |
| Balance at 31 December 2024 | 15,171,421 | 1,062,408 | 1,703,219 |
49
Consolidated statement of cash flows
| Consolidated | |||
|---|---|---|---|
| Note | 2025 | 2024 | |
| $ | $ | ||
| Cash flows from operating activities | |||
| Receipts from Munda gold sales (inclusive of GST) | 18,546,032 | - | |
| Receipts from Jeffreys Find gold sales (inclusive of GST) | 7,040,000 | 3,410,000 | |
| Other cash received - interest | 149,434 | 128,365 | |
| Payments to suppliers and employees (inclusive of GST) | (20,158,086) | (2,536,576) | |
| Net cash from operating activities | 23 | 5,577,380 | 1,001,789 |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (5,913,520) | (881,964) | |
| Payments for tenements | (1,554,513) | (1,159,869) | |
| Payments for exploration and evaluation | (2,128,381) | (2,090,409) | |
| Proceeds from disposal of investment/(payment for investment) | 690,621 | (490,000) | |
| Payments for term deposits | - | (1,300,000) | |
| Receipts from term deposits | 610,000 | 2,690,000 | |
| Net cash used in investing activities | (8,285,793) | (3,232,242) | |
| Cash flows from financing activities | |||
| Proceeds from issue of shares | 14 | 6,664,492 | 2,699,067 |
| Proceeds from exercise of options | 130,313 | - | |
| Capital raising costs | (405,340) | (105,780) | |
| Repayment of lease liabilities | - | (17,597) | |
| Proceeds from borrowings | 18 | 1,250,000 | (1,000,000) |
| Repayment of borrowings | 18 | (1,250,000) | 1,000,000 |
| Transaction costs related to loans and borrowings | (14,121) | - | |
| Net cash from financing activities | 6,375,344 | 2,575,690 | |
| Net increase in cash and cash equivalents | 3,666,931 | 345,237 | |
| Cash and cash equivalents at the beginning of the financial year | 2,837,957 | 2,492,720 | |
| Cash and cash equivalents at the end of the financial year | 6,504,888 | 2,837,957 |
50
Notes to the consolidated financial statements
31 December 2025
Note 1. Material accounting policy information
The consolidated financial statements and notes represent those of Auric Mining Limited and controlled entities (the Consolidated Group or Group).
The financial statements were authorised for issue on 30 March 2026 by the Directors of the Company.
The accounting policies that are material to the Group are set out either in the respective notes below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.
Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the group. The group's assessment of the impact of these new standards and amendments is ongoing.
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting year. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the Group. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of Preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').
Except for cash flow information, the financial statements have been prepared on an accrual basis and are based on historical costs
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about the transactions, events and conditions to which they apply. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.
a. Revenue
Revenue represents the fair value of consideration received or receivable from the sale of gold and is recognised when the gold is sold at Perth Mint or the ABC Refinery.
Amounts disclosed as revenue are net proceeds from the Group's profit share of gold sales as part of its joint mining agreement with BML Ventures Pty Ltd. BML Ventures Pty Ltd sells all the gold and pays all the operating expenses. The Group is entitled to 50% of the net profit of gold sold, less costs incurred as part of its production and milling by BML Ventures Pty Ltd. Revenue is recognised when title of gold commodity, less costs, transfers to end customer.
Revenue from evaluation-stage activities at the Munda Starter Pit, including gold produced through toll-treatment campaigns, is recognised when the gold is sold at a Refinery. These sales arise solely from limited evaluation campaigns undertaken to assess the viability of the broader Munda deposit and do not represent commercial-scale production.
Cost of sales for evaluation-stage production includes the direct costs of mining, haulage, processing, gold royalties and toll-treatment incurred in converting ore into refined gold. These costs are recognised in profit or loss when the related gold is sold.
51
AURIC MINING | ANNUAL REPORT 2025
Notes to the consolidated financial statements (continued)
b. Inventory
Inventories comprise ore stockpiles, work-in-progress and mine operating supplies. Inventories are measured at the lower of cost and net realisable value.
Ore stockpiles and work-in-progress represent ore extracted and stockpiled. Cost includes mining, salaries and site overheads incurred to bring the inventory to its present location and condition.
All mining costs for the year ended 31 December 2025 are determined with costs then allocated proportionately to the ore extracted and milled, and stockpiled as at 31 December 2025.
Mine operating supplies and consumables, including fuel are measured at purchase cost and expensed when consumed. Obsolete or slow-moving items are written down to net realisable value where required.
Waste material that does not contain economically recoverable mineral content is not recognised as inventory.
c. Exploration and Evaluation Costs
Exploration and Evaluation
Exploration and evaluation expenditure incurred in respect of an area of interest is capitalised and carried forward where the Group holds current rights to tenure and either:
- the costs are expected to be recouped through successful development and exploitation of the area of interest or by its sale; or
- activities have not yet reached a stage that permits a reasonable assessment of the existence of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest are continuing.
Capitalised expenditure comprises acquisition costs, direct exploration and evaluation costs, and an appropriate allocation of directly attributable overheads.
Exploration and evaluation assets not yet available for use are tested for impairment annually.
Recognition and Measurement of Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting year.
Rehabilitation
The nature of site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and the restoration, reclamation and revegetation of affected areas of the site in accordance with the requirements of the mining permits. Site restoration costs are recorded at the present value of the estimated future costs of the legal and constructive obligation to rehabilitate locations.
52
A
Notes to the consolidated financial statements (continued)
d. Critical Accounting Estimates & Judgements
The Directors evaluate estimates and judgements incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Group.
Critical accounting judgements
Revenue as agent
Judgement is applied with respect to assessment of agent vs principal revenue recognition for net profit on share of gold sales. Revenue from contracts with BML Ventures Pty Ltd is determine on the basis the group is currently an agent.
Exploration and evaluation expenditure
Judgement is applied with respect to recognition recognising mining activities as either exploration and evaluation assets or as mining property assets. As at 31 December 2025, the Munda Gold Mine remains within the exploration and evaluation phase.
During the financial year, the Group progressed the two-stage Starter Pit, comprising Campaign 1 (60,000 tonnes mined and processed with gold sales completed in November 2025) and Campaign 2 (65,000 tonnes mined with ore processed in February and March 2026).
These activities are undertaken solely to obtain technical, geological and economic information to assess the viability of developing the full Munda deposit. Once the Starter Pit is completed, all gold has been sold and the related results and accounting outcomes have been finalised, management will determine whether the broader Munda Project is technically feasible and commercially viable. Until such a decision is made, the project continues to be classified as exploration and evaluation under AASB 6.
Judgement is required to determine whether future economic benefits are likely from either exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves. The Group makes certain estimates and assumptions such as the determination of a JORC resource, which involves varying degrees of uncertainty. These estimates and assumptions may change as new information becomes available and directly impact when the Group capitalises exploration and evaluation expenditure.
Critical accounting estimates
Provision for Rehabilitation
Determining the provision for mine rehabilitation involves significant estimates and assumptions due to the many factors that will affect the ultimate liability. These factors include changes in technology, regulations, price increases, changes in the timing of cash flows based on the life of mine plan, and changes in discount rates. Differences arising from changes in these factors will impact the mine rehabilitation provision in the period in which they change or become known.
Recognition of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses and with respect to tax losses, whether the Group will satisfy the requirements of tax legislation such that tax losses are available. As at 31 December 2025, the Group had carried forward tax losses of $1,241,371 (31 December 2024: $1,408,369). Deferred tax assets related to these tax losses have been fully recognised as at 31 December 2025, as the Group generated profits during the 2025 financial year and anticipates continuing to generate taxable profits in the 2026 financial year, enabling the full utilisation of these capitalised tax losses.
53
Note 2. Parent entity information
The following information has been extracted from the books and records of the financial information of the Parent Entity set out below and has been prepared in accordance with Australian Accounting Standards.
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| Loss after income tax | (2,081,393) | (2,579,874) |
| Consolidated | ||
| --- | --- | --- |
| 2025 | 2024 | |
| $ | $ | |
| Current assets | 6,786,333 | 3,881,823 |
| Non-current assets | 7,884,022 | 6,939,287 |
| TOTAL ASSETS | 14,670,355 | 10,821,110 |
| Current liabilities | 983,417 | 564,960 |
| Non-current liabilities | 343,384 | 61,295 |
| TOTAL LIABILITIES | 1,326,801 | 626,255 |
| Issued capital | 21,606,404 | 15,171,421 |
| Accumulated losses | (9,528,736) | (6,038,974) |
| Share option reserve | 1,265,886 | 1,062,408 |
| TOTAL EQUITY | 13,343,554 | 10,194,855 |
The Parent entity has guaranteed the contingent asset and liabilities as detailed in note 18.
54
Note 3. Operating segments
Identification of reportable operating segments
For management's purposes, the Group is organised into one main operating segment, which involves the exploration, development and production of minerals in Australia. All of the Group's activities are interrelated, and discrete financial information is reported to the Board as a single segment. Accordingly, all significant decisions are based upon analysis of the Group as one segment. The financial results from this segment are equivalent to the financial statements of the Group as a whole.
Note 4. Revenue from gold sales
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Jeffreys Find Share of Gold Sales | 3,417,127 | 8,308,200 |
| Munda Gold Sales | 16,860,029 | - |
| Revenue from gold sales | 20,277,156 | 8,308,200 |
Note 5. Income tax
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Numerical reconciliation of income tax expense and tax at the statutory rate | ||
| Profit before income tax expense | 5,263,630 | 4,098,978 |
| Tax at the statutory tax rate of 25% | 1,315,908 | 1,024,745 |
| Tax effect amounts which are not deductible/(taxable) in calculating taxable income: | ||
| Share-based payments | 62,451 | - |
| Non-allowable items | - | 803,004 |
| Other deductible items | - | (1,165,501) |
| Carry forward tax losses recognised | (1,285,327) | (822,138) |
| DTA/DTL not recognised | - | 1,568,259 |
| Income tax expense | 93,032 | 1,408,369 |
55
Note 5. Income tax (continued)
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Deferred tax asset | ||
| Deferred tax asset comprises temporary differences attributable to: | ||
| Amounts recognised in profit or loss: | ||
| Tax losses | 1,241,371 | 59,666 |
| Property, plant and equipment | 396 | - |
| Provision and accruals | 316,943 | - |
| Blackhole expenditure | 135,323 | - |
| Deferred tax asset | 1,694,033 | 59,666 |
Deferred tax liability
| Deferred tax liability comprises temporary differences attributable to: | ||
|---|---|---|
| Amounts recognised in profit or loss: | ||
| Capitalised exploration and evaluation assets | (1,801,753) | (1,468,035) |
| Inventories | (1,283,273) | - |
| Others | (110,408) | - |
| Deferred tax liability | (3,195,434) | (1,468,035) |
| Net deferred tax liabilities | (1,501,401) | (1,408,369) |
Auric Mining Limited and its wholly owned Australian resident subsidiaries formed a tax consolidated group with effect from 12 August 2019. Auric Mining Limited is the head entity of the tax consolidated group.
56
Note 6. Current assets - trade and other receivables
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Jeffreys Find Net Share of Gold Sales receivable | 2,210,327 | 5,500,000 |
| Jeffreys Find Gold Mine Recoverable receivable | - | 343,767 |
| Other receivables | 33,798 | 1,874 |
| 2,244,125 | 5,845,641 |
Accounting policy for trade and other receivables
There was nil trade receivable in excess of days overdue as at 31 December 2025, with all trade receivables settled in accordance with terms. An expected credit loss of $nil was recognised at 31 December 2025 (31 December 2024: $nil).
Note 7. Current assets - inventories
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Stock on hand - at cost | 5,133,089 | - |
Accounting policy for inventories
Stock on hand is stated at the lower of cost and net realisable value. Cost comprises of all direct and indirect mining costs, net of rebates and discounts received or receivable.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
57
AURIC MINING | ANNUAL REPORT 2025
Note 8. Non-current assets - property, plant and equipment
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Land and buildings - at cost | 914,663 | 795,340 |
| Less: Accumulated depreciation | (49,868) | (19,514) |
| 864,795 | 775,826 | |
| Plant and equipment - at cost | 1,112,048 | 66,842 |
| Less: Accumulated depreciation | (138,805) | (17,162) |
| 973,243 | 49,680 | |
| Motor vehicles - at cost | 57,704 | 57,704 |
| Less: Accumulated depreciation | (23,348) | (11,896) |
| 34,356 | 45,808 | |
| Office equipment - at cost | 58,325 | 47,725 |
| Less: Accumulated depreciation | (35,419) | (25,767) |
| 22,906 | 21,958 | |
| Capital Work in Progress - at cost | 4,640,376 | - |
| 6,535,676 | 893,272 |
Accounting policy for property, plant and equipment
Expenditure incurred in relation to the acquisition and refurbishment of the Burbanks Gold Processing Plant is recognised as capital work in progress (CWIP) within Property, plant and equipment. CWIP is measured at cost, which comprises the purchase consideration (net of any recoverable GST/input tax credits) and directly attributable costs necessary to bring the asset to the location and condition required for it to be capable of operating in the manner intended by management. Directly attributable costs include, where applicable, professional fees and acquisition costs such as stamp duty to the extent they relate to depreciable plant and equipment.
CWIP is not depreciated while the asset is not yet available for use. When the relevant components are available for use, CWIP is reclassified to the appropriate classes of property, plant and equipment and depreciation commences from that date over the estimated useful lives of the assets.
CWIP is assessed at each reporting date for indicators of impairment. Where such indicators exist, the carrying amount is tested for impairment and written down to its recoverable amount where required.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:
| Buildings | 40 years |
|---|---|
| Plant and equipment | 3-7 years |
58
Note 9. Non-current assets - Capitalised exploration and evaluation assets
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Exploration and evaluation - at cost | 13,561,140 | 10,243,607 |
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Opening balance | 10,243,607 | 6,982,055 |
| Expenditure during the year | 3,317,533 | 3,261,552 |
| Closing balance | 13,561,140 | 10,243,607 |
All exploration and evaluation expenditure including general activities, geological, salaries of employees, project generation and drilling costs are capitalised as incurred.
Note 10. Current liabilities - trade and other payables
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Trade and other payables | 755,051 | 506,824 |
| Accruals | 185,377 | 80,737 |
| Amount due to WIN Metals Ltd | - | 200,000 |
| Amount due to Ngadju Native Title Group | - | 320,000 |
| 940,428 | 1,107,561 |
59
Note 11. Current liabilities - employee benefits
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Annual leave | 126,608 | 49,406 |
| Bonus payable to Directors and employees | 427,500 | 188,270 |
| Superannuation payable | 32,500 | - |
| Amounts owing to the ATO | 516,314 | 73,466 |
| 1,102,922 | 311,142 |
Note 12. Current liabilities - Rehabilitation provision
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Jeffreys Find Rehabilitation Costs | 45,255 | - |
| Munda Rehabilitation Costs | 170,706 | - |
| 215,961 | - |
Note 13. Non-current liabilities - Rehabilitation provision
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Jeffreys Find Rehabilitation Costs | 254,745 | 300,000 |
| Munda Rehabilitation Costs | 329,462 | - |
| 584,207 | 300,000 |
The Group has conducted a review of the mine rehabilitation and closure provisions for the Jeffreys Find Gold Project and the Munda Gold Project. The reviews were undertaken by Leanne James Environmental, with the assistance of management's independent environmental experts.
The purpose of the reviews was to assess the adequacy of the rehabilitation and closure provisions and to ensure that the estimated costs are sufficient to rehabilitate the disturbed areas in accordance with approved Mine Closure Plans and applicable regulatory requirements.
60
Note 13. Non-current liabilities - Rehabilitation provision (continued)
The rehabilitation and closure provision calculations were prepared using industry-standard methodologies, including reference to the Northern Territory Mining Security Calculation Tool and current contractor equipment rates. The estimates include allowances for rehabilitation earthworks, decommissioning, seeding and revegetation, erosion control, post-closure management and monitoring, closure administration, labour and equipment mobilisation and demobilisation. An overall contingency of approximately $\pm 15\%$ has been applied.
The provision is measured based on management's estimate of the expenditure required to settle the obligation. Management has assessed the impact of discounting the provision to present value and determined it to be immaterial to the financial statements. Accordingly, the provision is recognised at the estimated undiscounted amount of the obligation.
The provision has been classified between current and non-current liabilities based on the expected timing of rehabilitation expenditure.
The rehabilitation and closure provision is subject to annual review and reassessment.
Note 14. Equity - issued capital
| Consolidated | ||||
|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |
| Shares | $ | Shares | $ | |
| Ordinary Shares - Fully Paid | 187,093,602 | 21,606,404 | 148,953,371 | 15,171,421 |
| 2025 | 2025 | 2024 | 2024 | |
| No. | $ | No. | $ | |
| Opening balance | 148,953,371 | 15,171,421 | 130,859,591 | 12,856,302 |
| Issue of shares from capital raising | 37,027,731 | 6,664,492 | - | - |
| Issue of shares from exercise of options | 1,112,500 | 175,832 | 18,093,780 | 2,741,148 |
| Less capital raising costs | - | (405,340) | - | (426,029) |
| 187,093,602 | 21,606,405 | 148,953,371 | 15,171,421 |
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The Group's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.
61
Note 14. Equity - issued capital (continued)
Capital is regarded as total equity, as recognised in the statement of financial position.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets.
The Group would look to raise capital when an opportunity to invest in a business or company was seen as value adding relative to the current Company's share price at the time of the investment.
The capital risk management policy remains unchanged from the 31 December 2021 Annual Report.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.
Note 15. Equity - Reserves
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Opening balance | 1,062,408 | 66,934 |
| Vesting charge of share based payments for the period | 292,965 | 1,040,144 |
| Fair value of options exercised during the period | (45,520) | (42,081) |
| Fair value of options expired/lapsed during the period | (43,967) | (2,589) |
| Closing balance | 1,265,886 | 1,062,408 |
Exercised shares on issue
A total of 900,000 shares of Auric Mining Limited were issued on the exercise of 1 November 2026 options granted to Canary Capital Pty Ltd and nominees. The weighted average share price at the date of exercise of the options was $0.228.
A total of 100,000 shares of Auric Mining Limited were issued on the exercise of 31 January 2028 options granted to Canary Capital Pty Ltd and nominees. The weighted average share price at the date of exercise of the options was $0.230.
A total of 112,500 shares of Auric Mining Limited were issued on the exercise of 31 January 2029 options granted to Mark English and nominees. The weighted average share price at the date of exercise of the options was $0.265.
Issued share options
A total of 2,500,000 unquoted options have been issued to Pareto Capital Pty Ltd as part of their corporate advisory services provided to the Group:
- 1,250,000 unquoted options were issued at an exercise price of $0.40 with an expiry date of 31 January 2028.
- 1,250,000 unquoted options were issued at an exercise price of $0.60 with an expiry date of 31 January 2029.
62
Note 15. Equity - Reserves (continued)
The options were valued by Moore Australia Corporate Finance (WA) Pty Ltd using the Trinomial Valuation Model. The assumptions used are as follows:
| Stock price | $0.255 | Volatility | 81.54% |
|---|---|---|---|
| Exercise price | $0.400 | Risk free rate | 3.86% |
| Grant date | 29/05/2025 | Fair value per option | $0.1076 |
| Expiry date | 31/01/2028 | Share option reserve | $134,457 |
| Stock price | $0.255 | Volatility | 81.54% |
| Exercise price | $0.600 | Risk free rate | 3.86% |
| Grant date | 29/05/2025 | Fair value per option | $0.1072 |
| Expiry date | 31/01/2029 | Share option reserve | $133,945 |
The options granted to Pareto Capital Pty Ltd remained unexercised.
Additionally, on 29 May 2025, following shareholder approval at the Annual General Meeting, a total of 1,000,000 Tranche 4 unquoted options were granted to Key Management Personnel of Auric Mining Limited and/or their nominees pursuant to the Employee Share Incentive Plan. The Tranche 4 unquoted options will vest and be issued upon the Group achieving cumulative production of 80,000 ounces of gold. The options will be exercisable for a period of five years from the vesting date. The options were valued by Moore Australia Corporate Finance (WA) Pty Ltd using the Trinomial Valuation Model.
Tranche 4
| Options Issue | 1,000,000 | ||
|---|---|---|---|
| Stock price | $0.225 | Volatility | 90.39% |
| Exercise price | $0.269 | Risk free rate | 3.96% |
| Grant date | 29/05/2025 | Fair value per option | $0.1097 |
| Expiry date | 07/04/2030 | Fair value of options granted | $109,700 |
Tranche 2, Tranche 3 and Tranche 4 options have been granted but have not yet vested or been issued. The probability of vesting for these options has been assessed as 100%. At the grant date, the expected achievement dates of the relevant non-market vesting conditions were estimated to be April 2027, December 2028 and June 2029, respectively. Accordingly, the fair value of these awards is recognised over the respective vesting periods, with the associated expense recognised up to 31 December 2025.
There have been no changes to the valuation methodology or key assumptions applied to Tranches 1 to 3 from those disclosed in the 31 December 2024 Annual Report.
The total number of options exercisable at the end of the period is as follows:
| Option Expiring 01-Nov-2026 ex $0.10 | 800,000 |
|---|---|
| Option Expiring 31-Jan-2028 ex $0.15 | 1,600,000 |
| Option Expiring 31-Jan-2028 ex $0.40 | 1,250,000 |
| Option Expiring 31-Jan-2029 ex $0.225 | 5,537,500 |
| Option Expiring 31-Jan-2029 ex $0.60 | 1,250,000 |
| 10,437,500 |
63
AURIC MINING | ANNUAL REPORT 2025
Note 16. Key management personnel disclosures
Refer to the remuneration report contained in the Directors' Report for details of the remuneration paid or payable to each member of the Group's Key Management Personnel (KMP) or their related parties for the year ended 31 December 2025.
The total of remuneration paid to KMP of the Company and the Group during the period are as follows:
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Short-term employee benefits | 1,370,657 | 815,228 |
| Post-employment benefits | 67,980 | 64,320 |
| Long-term benefits | 34,308 | 12,100 |
| Share-based payments | 17,744 | 268,798 |
| 1,490,689 | 1,160,446 |
Short-term benefits
These amounts include fees and benefits paid or payable to non-executive Directors or their related parties as well as all salary and benefits paid or payable to executive Directors.
Post-employment benefits
These amounts are the current-year's estimated costs of providing for the Group's defined benefits scheme post-retirement, superannuation contributions made during the period.
Other long-term benefits
These amounts represent long service leave benefits accruing during the period.
Note 17. Auditor's Remuneration
During the financial year the following fees were paid or payable for services provided by William Buck Audit (VIC) Pty Ltd, the auditor of the Group:
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Audit services - William Buck Audit (VIC) Pty Ltd | ||
| Audit or review of the financial statements | 75,375 | 66,000 |
| Other services - William Buck Audit (VIC) Pty Ltd | ||
| Non audit services | - | 2,950 |
| 75,375 | 68,950 |
64
Note 18. Contingent Assets and Liabilities
Spargoville Project
As part of the terms and conditions of the acquisition of part of the Spargoville Project, the Group has contingent liabilities amounting to $150,000 worth of ordinary shares to be issued, subject to performance milestones being achieved, at a deemed issue price per share equal to the VWAP of shares calculated over the 5 trading days immediately preceding the date of issue of the shares.
As part of the acquisition of the Spargoville Project, the Group has taken on the obligation to Breakaway Resources Pty Ltd to a 1.5% net smelter royalty in respect of production from the tenements.
Widgie Gold Rights
As part of the acquisition of the Neometals gold rights, the Group has taken on the obligation to Neometals Ltd to a 1% gross royalty in respect of gold production from Tenement E15/1583.
Jeffreys Find Joint Mining Arrangement
The Group entered into a joint mining agreement with BML Ventures Pty Ltd ("BML") for the Jeffreys Find Gold Mine. The net surplus cash (i.e. surplus cash from the sale of product minus costs incurred by BML and toll milling costs in connection with mining the Jeffreys Find Gold Deposit) will be split AWJ 50%: BML 50%. This agreement has been finalised post 31 December 2025.
NNTAC
The Company as part of its agreement, with the Ngadju Native Title Aboriginal Corporation (NNTAC) has entered into an agreement to pay a royalty of 1% for all gold extracted and sold from Ngadju country and 0.5% for all other minerals extracted and sold from Ngadju country.
Loded Dog
As part of the acquisition of the Loded Dog Prospecting Pty Ltd tenements, the Group has agreed to contingent milestone payments comprising $100,000 should a JORC-compliant resource of greater than 20,000 ounces of gold, or equivalent, be defined, and a further $150,000 should a JORC-compliant resource of greater than 50,000 ounces of gold, or equivalent, be defined on any of the acquired tenements. In addition, the Group has agreed to grant a net smelter royalty of 1.5% on any gold produced and a royalty ranging between 0.75% and 1.5% on the production of other minerals, depending on the specific tenement.
Lindsay's Gold Project
As part of the proposed acquisition of the Lindsay's Gold Project from Top Global Mining Pty Ltd and NBC Mining Pty Ltd, the Group has paid a $100,000 exclusivity deposit. Completion of the acquisition remains subject to Conditions Precedent, including resolution of forfeiture applications currently before the Wardens Court. The acquisition consideration includes a combination of cash and ordinary shares, the payment and issue of which will constitute a contingent liability until such time as the transaction is completed.
Estrella Litigation
The Group is subject to legal proceedings commenced by Estrella Resources Limited concerning a lithium royalty claim in respect of Munda Tenement (M15/87). The proceedings remain ongoing and their outcome is uncertain at the date of this report. Auric Mining Limited does not hold rights to exploit lithium at Munda and based on mine planning and sampling completed to date, has not identified economic quantities of lithium within the current mine plan. The Group will continue to defend the litigation and provide further disclosure as appropriate.
65
Note 18. Contingent Assets and Liabilities (continued)
BML Ventures Pty Ltd Loan
On the 9 September 2025, Auric Mining Limited executed a loan agreement with BML Ventures Pty Ltd for a total loan facility of $3.0 million. Of this amount, $1.5 million was drawn down prior to 30 November 2025 and repaid during the financial year and the remaining $1.5 million can be subsequently drawn subject to meeting certain ore production targets from the Munda gold project. There is no amount owing as at 31 December 2025.
Note 19. Commitments
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Planned exploration expenditure: 0-1 year | 747,000 | 244,500 |
| Planned exploration expenditure: 1-5 years | 1,830,820 | 695,640 |
| Planned exploration expenditure: 5 years plus | 443,300 | 79,600 |
| 3,021,120 | 1,019,740 |
The Group has outlined planned exploration expenditure in respect of its tenement holdings. These amounts represent indicative future work programmes based on management's current expectations and are not contractual commitments.
Failure to meet minimum expenditure requirements under certain tenement agreements may result in the potential forfeiture or reduction of the Group's interest in those tenements.
Note 20. Related party transactions
a. Related Parties
The Group's related parties are its Directors, Key Management Personnel and their related parties, identified as follows:
Steven Morris
John Utley
Elizabeth Saunders
b. Transactions with related parties
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. All transactions with key management personnel have been disclosed in the Remuneration Report.
66
Note 20. Related party transactions (continued)
c. Amounts paid/ payable to related parties
The following transactions occurred with related parties:
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Elizabeth Saunders, spouse to Mark English for marketing, communication services and bonus | 154,227 | 46,200 |
Receivable from and payable to related parties
There are no amounts due from or payable to related parties at the current reporting date other than bonus payable of $245,813.
There were no amounts due/receivable at the previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
Note 21. Interests in Subsidiaries
a. Parents entities
Auric Mining Limited is the ultimate Australian parent entity.
b. Subsidiaries
The subsidiaries listed below have share capital consisting solely of ordinary shares which are held directly by the Group. The proportion of ownership interests held equals the voting rights held by the Group. Each subsidiary's principal place of business is also its country of incorporation.
| Name | Ownership interest | ||
|---|---|---|---|
| Principal place of business / Country of incorporation | 2025 | 2024 | |
| % | % | ||
| Widgie Gold Pty Ltd | Australia | 100% | 100% |
| Spargoville Minerals Pty Ltd | Australia | 100% | 100% |
| Jeffreys Find Pty Ltd | Australia | 100% | 100% |
| Chalice West Pty Ltd | Australia | 100% | 100% |
| BBL Milling Pty Ltd | Australia | 100% | - |
| LMG (WA) Pty Ltd | Australia | 100% | - |
| MHS Minerals Pty Ltd | Australia | 100% | - |
Subsidiary financial statements used in the preparation of these consolidated financial statements have also been prepared as at the same reporting date as the Group's financial statements.
67
Note 22. Events after the reporting period
Munda Gold Mine
Following completion of Campaign 1 during the reporting period, the Group continued development activities at the Munda Gold Mine. Post 31 December 2025, gold sales from processed ore were received totalling about $45 million and applied toward working capital. Operational planning for subsequent mining campaigns continued after the period.
Lindsays Gold Project – Proposed Acquisition
The Group continued progressing the proposed acquisition of the Lindsays Gold Project. As at the date of this report, Conditions Precedent, including resolution of pending forfeiture applications before the Wardens Court, remain outstanding. The Group is actively pursuing the relevant litigation and continues to work towards satisfaction of these Conditions Precedent.
Jeffreys Find Gold Mine
All mining activities have now been completed. BML Ventures Pty Ltd have handed back all operational activities to the Group. The Group has received a further $2.2 million as our profit share.
No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
08
AURIC MINING NANNUAL REPORT 2025
Note 23. Cash flow information
Reconciliation of profit after income tax to net cash from operating activities
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Profit after income tax expense for the year | 5,170,598 | 2,690,609 |
| Add back non-cash items: | ||
| Fair value (gain) or loss on equity securities | (110,727) | 34,991 |
| Mining amortisation costs | 147,278 | 1,623,500 |
| Depreciation, amortisation and other non-cash items | 173,101 | 59,959 |
| Vesting charges for share-based payments | 203,478 | 719,895 |
| Change in operating assets and liabilities: | ||
| Decrease/(increase) in trade and other receivables | 3,601,516 | (6,242,002) |
| Increase in inventories | (5,133,089) | - |
| Decrease in investments | 371,291 | - |
| (Decrease)/Increase in trade and other payables | (167,133) | 458,195 |
| Increase in deferred tax liabilities | 93,032 | 1,408,369 |
| Increase in employee benefits | 748,297 | - |
| Increase in rehabilitation provision | 500,168 | 248,273 |
| Increase in other current financial assets | (101,829) | - |
| Increase in other current liabilities | 81,399 | - |
| Net cash from operating activities | 5,577,380 | 1,001,789 |
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Note 24. Earnings per share
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Profit after income tax attributable to the owners of Auric Mining Limited | 5,170,598 | 2,690,609 |
| Cents | Cents | |
| Basic earnings per share | 3.16 | 1.98 |
| Diluted earnings per share | 2.97 | 1.85 |
| Number | Number | |
| Weighted average number of ordinary shares used in calculating basic earnings per share | 163,576,190 | 136,184,797 |
| Adjustments for calculation of diluted earnings per share: | ||
| Options over ordinary shares | 10,437,500 | 9,050,000 |
| Weighted average number of ordinary shares used in calculating diluted earnings per share | 174,013,690 | 145,234,797 |
Accounting policy for earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of Auric Mining Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Options have not been included as they are anti-dilutive.
70
Note 25. Financial Risk Management
The Group's material financial assets and liabilities consist of cash and cash equivalents, receivables, investments and payables.
The totals for each category of financial instruments, measured in accordance with AASB 9: Financial Instruments as detailed in the accounting policies to these financial statements, are as follows:
| Consolidated | ||
|---|---|---|
| 2025 | 2024 | |
| $ | $ | |
| Financial assets | ||
| Financial assets at amortised cost | 9,399,002 | 10,079,577 |
| Consolidated | ||
| 2025 | 2024 | |
| $ | $ | |
| Financial liabilities | ||
| Financial liabilities at amortised cost | 2,837,151 | 2,276,440 |
Financial Risk Management Policies
The Board monitors the Group's financial risk management policies and exposures and approves financial transactions within the scope of its authority. It also reviews the effectiveness of internal controls relating to commodity price risk, counterparty credit risk, foreign currency risk, liquidity risk and interest rate risk.
The overall risk management strategy seeks to assist the Consolidated Group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of the use of credit risk policies and future cash flow requirements.
Specific financial risk exposures and management
The Group's material financial risk exposures relate to liquidity risk and equity price risk. Both risks are measured, monitored and mitigated at Board level through a combination of equity price risk sensitivity scenarios and through cash flow forecasting techniques.
Liquidity risk
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Typically, the Group ensures that it has sufficient cash to meet expected operational expenses for a period of 60 days. The financial liabilities of the Group include trade and other payables as disclosed in the statement of financial position. All trade and other payables are non-interest bearing and due within 30 days of the reporting date.
71
Note 25. Financial Risk Management (continued)
The following table reflects an undiscounted contractual maturity analysis for financial assets and financial liabilities.
Financial liability and financial asset maturity analysis
Consolidated Group 2025
| Within 1 Year | 1 to 5 Years | Total |
|---|---|---|
| $ | $ | $ |
Financial liabilities due for payment
| Other payables | (1,518,268) | - | (1,518,268) |
|---|---|---|---|
| Provision | (215,961) | (584,207) | (800,168) |
| Employee benefits | (1,102,922) | (104,778) | (1,207,700) |
| Total expected outflows | (2,837,151) | (688,985) | (3,526,136) |
Financial assets – cash flows realisable
| Cash and cash equivalents | 6,504,888 | - | 6,504,888 |
|---|---|---|---|
| Other receivables | 2,894,114 | - | 2,894,114 |
| Total anticipated inflows | 14,532,091 | - | 14,532,091 |
| Net inflow on financial instruments | 11,694,940 | (688,985) | 11,005,955 |
Consolidated Group 2024
| Within 1 Year | 1 to 5 Years | Total |
|---|---|---|
| $ | $ | $ |
Financial liabilities due for payment
| Other payables | (1,792,273) | - | (1,792,273) |
|---|---|---|---|
| Provision | - | (300,000) | (300,000) |
| Employee benefits | (122,872) | (61,295) | (184,167) |
| Total expected outflows | (1,915,145) | (361,295) | (2,276,440) |
Financial assets – cash flows realisable
| Cash and cash equivalents | 2,837,957 | - | 2,837,957 |
|---|---|---|---|
| Other receivables | 6,185,602 | - | 6,185,602 |
| Term Deposit | 610,000 | - | 610,000 |
| Investment | 446,018 | - | 446,018 |
| Total anticipated inflows | 10,079,577 | - | 10,079,577 |
| Net inflow on financial instruments | 8,164,432 | (361,295) | 7,803,137 |
Fair value estimation
The fair values of financial assets and financial liabilities are presented above and can be compared to their carrying values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.
72
Note 25. Financial Risk Management (continued)
Financial instruments whose carrying value is equivalent to fair value due to their nature include:
- Cash and cash equivalents;
- Other receivables; and
- Other payables
Price Risk
The Group holds investments in ASX listed securities, which, with quoted values, qualify as Level 1 hierarchy investments. As at 31 December 2025, any 20% increase or decrease in the values of the quoted equity prices of these investments would have resulted in an increase / (decrease) in the values of these investments by $28,000.
73
Consolidated entity disclosure statement
As at 31 December 2025
| Entity name | Entity type | Place formed / Country of incorporation | Ownership interest % | Tax residency |
|---|---|---|---|---|
| Auric Mining Limited* | Body Corporate | Australia | - | Australia |
| Widgie Gold Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| Jeffreys Find Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| Spargoville Minerals Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| Chalice West Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| BBL Milling Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| LMG (WA) Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
| MHS Minerals Pty Ltd* | Body Corporate | Australia | 100.00% | Australia |
Basis of preparation
This Consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information for each entity that was part of the Group as at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements.
Determination of tax residency with the following as slight ATO change required:
Section 295(3B)(a) of the Corporation Acts 2001 defines an Australian resident as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency. Section 295 (3A)(a)(vii) requires the determination of tax residency in a foreign jurisdiction to be based on the law of the foreign jurisdiction relating to foreign income tax.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5.
Foreign tax residency
Where necessary, the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act 2001).
Partnerships and Trusts
None of the entities noted above were trustees of trusts within the Group, partners in a partnership within the Group or participants in a joint venture within the Group.
- Consolidated tax group with the Company is the head entity.
Directors' declaration
In the Directors' opinion:
- the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
- the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements;
- the attached financial statements and notes give a true and fair view of the Group's financial position as at 31 December 2025 and of its performance for the financial year ended on that date;
- there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable;
- the information disclosed in the attached consolidated entity disclosure statement is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
30 March 2026
Melbourne, Victoria
75
Independent auditor’s report to the members of Auric Mining Limited
WilliamBuck
ACCOUNTANTS & ADVISORS
Independent auditor’s report to the members of Auric Mining Limited
Report on the audit of the financial report
Our opinion on the financial report
In our opinion, the accompanying financial report of Auric Mining Limited (the Company) and its subsidiaries (the Group) is in accordance with the Corporations Act 2001, including:
- giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its financial performance for the year then ended; and
- complying with Australian Accounting Standards and the Corporations Regulations 2001.
What was audited?
We have audited the financial report of the Group, which comprises:
- the consolidated statement of financial position as at 31 December 2025
- the consolidated statement of profit or loss and other comprehensive income for the year then ended,
- the consolidated statement of changes in equity for the year then ended,
- the consolidated statement of cash flows for the year then ended,
- notes to the financial statements, including material accounting policy information,
- the consolidated entity disclosure statement, and
- the directors’ declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
[email protected]
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide. Liability limited by a scheme approved under Professional Standards Legislation.
76
PURAITY
AURIC MINING | ANNUAL REPORT 2025
Independent auditor's report to the members of Auric Mining Limited (continued)
WilliamBuck
ACCOUNTANTS & ADVISORS
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
| Capitalisation of exploration and evaluation costs including impairment considerations | Area of focus (refer also to notes 1 & 9) | How our audit addressed the key audit matter |
|---|---|---|
| The Group has capitalised exploration and evaluation ('E&E') expenditure of $13,561,140 as at 31 December 2025, relating to tenement assets within its areas of interest. | ||
| In accordance with the Group's accounting policy and AASB 6 Exploration for and Evaluation of Mineral Resources, management capitalised E&E costs at specific areas of interest, and assessed the carrying value of E&E assets for indicators of impairment as at the reporting date | ||
| Significant judgement is applied in the accounting for E&E and assessment of impairment, including: | ||
| — Whether the group continued to have the legal rights of tenure for specific areas of interest (including licence tenure and access rights); | ||
| — Whether costs were eligible for capitalisation being directly attributable to those areas of interest; | ||
| — Whether identified projects remain viable; and | ||
| — Whether facts and circumstances indicate that the exploration asset may not be commercially viable or recoverable. | ||
| Given the level of judgement involved in assessing impairment indicators and classification under AASB 6, this was considered a Key Audit Matter. | Our audit procedures included: | |
| — Obtained and evaluated supporting documentation for the Group's contractual rights to explore each area of interest, including tracing a sample of tenement holdings to external registers; | ||
| — Examined capitalised project expenditure on a sample basis to ensure costs capitalised are directly attributable to exploration and evaluation activities and consistent with minimum expenditure commitments; | ||
| — Compared the Group's market capitalisation to the net carrying value of its assets to identify any indicators of impairment; | ||
| — Assessed the stage of activities at specific tenements to determine whether the asset continues to be appropriately classified within exploration and evaluation under AASB 6; | ||
| — Assessed the adequacy of the Group's disclosures in the financial report. | ||
| Revenue recognition | Area of focus (refer also to notes 1 & 4) | How our audit addressed the key audit matter |
| The Group recognised revenue from gold sales during the year, including net profit from operations at Jeffreys Find and Munda Starter Pit activities. | Our audit procedures included: | |
| — Reviewed the joint mining agreement with BML Ventures Pty Ltd and the tolling agreement for Munda, and |
Independent auditor's report to the members of Auric Mining Limited (continued)
WilliamBuck
ACCOUNTANTS & ADVISORS
| Under the mining arrangement with BML Ventures Pty Ltd ("BML") for Jeffreys Find, the Group is entitled to 50% of net profit from gold sales after BML's costs. For Munda Starter Pit operations, the Group entered into an external toll milling arrangement, with sales recognised following delivery to the end customer via the toll miller. Determining the appropriate revenue recognition treatment under AASB 15 Revenue from Contracts with Customers, including whether the Group acts as principal or agent and the point at which control transfers, requires significant judgement. There is also an inherent risk of revenue being recognised in the incorrect period, given the profit-sharing arrangement with BML and the involvement of a third party in Munda gold sales. Accordingly, this matter was assessed to be a Key Audit Matter due to the materiality of the balance and the judgement associated with revenue recognition. | obtained an understanding of the key terms; — Assessed the arrangements under AASB 15, including the appropriateness of agent versus principal treatment and timing of revenue recognition; — Recalculated the Group's share of net profit from Jeffreys Find at 31 December 2025 based on underlying supporting information; — Obtained confirmation from BML Ventures Pty Ltd of the Group's net profit entitlement for the financial year; — Reviewed the third-party toll milling arrangement to identify fulfilment obligations of Munda gold sales; — Obtained on a sample basis sales agreements including gold pricing for Munda sales; — Agreed cash receipts of the Group's gold sales to bank statements; and — Performed cut-off testing to assess whether revenue was recognised in the appropriate period. |
|---|---|
| Recognition of provisions for rehabilitation | How our audit addressed the key audit matter Our audit procedures included: — Assessed the competence, capability and objectivity of management's external expert engaged to estimate the rehabilitation provisions; — Obtained the expert's report and underlying model prepared as the reporting date, and assessed the appropriateness of key assumptions applied in measuring the rehabilitation provisions; — Conducted enquiries with the expert to understand the methodology applied, scope of disturbance assessed, and key assumptions underpinning the estimate; — Evaluated the extent of disturbance at Jeffreys Find and Munda gold fields against available data and site information; |
WilliamBuck
ACCOUNTANTS & ADVISORS
- Assessed whether the provision has been recognised and measured in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets, and evaluated the adequacy of the related disclosures in the financial report including presentation of current and non-current provisions.
Other information
The directors are responsible for the other information. The other information comprises the information included in the Group's annual report for the year ended 31 December 2025 but does not include the financial report and our auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of:
- the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
- the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
- the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
- the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
79
William Buck
Auditor's responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf
This description forms part of our auditor's report.
William Buck
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
R. P. Burt
Director
Melbourne, 30 March 2026
80
Corporate Governance Statement
In recognising the need for high standards of corporate behaviour and accountability, the Directors of the Company support the principles of sound corporate governance. The Board recognises the recommendations of the ASX Corporate Governance Council and considers that the Company is in compliance with the 4th Edition Principles & Recommendations to the extent reasonable in respect of the Company's circumstances, which are of importance or relevant to the commercial operation of developing listed resources companies.
The Company's Corporate Governance Statement is located on the Company's website at www.auricmining.com.au
ADDITIONAL ASX INFORMATION
82
AURIC MINING | ANNUAL REPORT 2025
Shareholder information
31 December 2025
The shareholder information set out below was applicable as at 24 February 2026.
Distribution of equitable securities
Analysis of number of equitable security holders by size of holding:
| Ordinary shares | ||
|---|---|---|
| Number of holders | % of total shares issued | |
| 1 to 1,000 | 35 | - |
| 1,001 to 5,000 | 383 | 0.62 |
| 5,001 to 10,000 | 266 | 1.16 |
| 10,001 to 100,000 | 679 | 15.12 |
| 100,001 and over | 243 | 83.10 |
| 1,606 | 100.00 | |
| Holding less than a marketable parcel | 83 | - |
Shareholder information (continued)
Equity security holders
Twenty largest quoted equity security holders
The names of the twenty largest security holders of quoted equity securities are listed below:
| Ordinary shares | ||
|---|---|---|
| Number of holders | % of total shares issued | |
| FF OKRAM PTY LTD (THE FF OKRAM A/C) | 17,839,777 | 9.54 |
| BNP PARIBAS NOMINEES PTY LTD (IB AU NOMS RETAILCLIENT) | 8,503,618 | 4.55 |
| CITICORP NOMINEES PTY LIMITED | 6,437,049 | 3.44 |
| HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED | 6,211,134 | 3.32 |
| 13 NOMINEES PTY LTD (MEES SUPER FUND A/C) | 5,144,167 | 2.75 |
| SRSHGS PTY LTD (SRS FAMILY A/C) | 5,125,100 | 2.74 |
| ANAMORPH PTY LTD (UTLEY FAMILY A/C) | 4,406,634 | 2.36 |
| MR NICOLAI IWANOFF + MRS CHRISTINE ANN IWANOFF | 3,200,000 | 1.71 |
| BNP PARIBAS NOMINEES PTY LTD (HUB24 CUSTODIAL SERV LTD) | 3,003,648 | 1.61 |
| BNP PARIBAS NOMS PTY LTD | 2,838,822 | 1.52 |
| BOND STREET CUSTODIANS LIMITED (RPRIN1 - C48660 A/C) | 2,778,365 | 1.49 |
| MS YURONG SUN | 2,770,000 | 1.48 |
| RISHON HOLDINGS PTY LTD | 2,683,000 | 1.43 |
| MR STEVEN JOHN MORRIS + MS NICOLE LEANNE MORRIS (MORRIS FAMILY SUPER FUND A/C) | 2,624,999 | 1.40 |
| TARGO HOLDINGS PTY LTD | 2,162,500 | 1.16 |
| ACK PTY LTD (MARKOFF SUPER FUND NO 2 A/C) | 1,900,000 | 1.02 |
| MR WARRICK GEOFFREY CANNON + MRS LORNA HAZEL CANNON (WACKLORN SF A/C) | 1,800,000 | 0.96 |
| NEJA PTY LTD | 1,750,000 | 0.94 |
| MRS SHAN KUANG | 1,663,403 | 0.89 |
| MR STEVEN JOHN MORRIS | 1,500,000 | 0.80 |
| Totals: Top 20 holders of Ordinary Fully Paid Shares | 84,342,216 | 45.11 |
84
Shareholder information (continued)
Equity security holders (continued)
Unquoted equity securities
There are no unquoted equity securities.
| Unquoted Options issued over Ordinary Shares: | Number on issue | Number of holders |
|---|---|---|
| AWJAL : OPTION EXPIRING 01-NOV-2026 EX $0.10 | 800,000 | 1 |
| AWJAM : OPTION EXPIRING 31-JAN-2028 EX $0.15 | 1,600,000 | 2 |
| AWJAN : OPTION EXPIRING 31-JAN-2029 EX $0.225 | 5,537,500 | 12 |
| AWJAO : OPTION EXPIRING 31-JAN-2028 EX $0.40 | 1,250,000 | 1 |
| AWJAP : OPTION EXPIRING 31-JAN-2029 EX $0.60 | 1,250,000 | 1 |
Substantial holders
Fully Paid Ordinary Shares
As at 31 December 2025, the Substantial Holders of the Group and number of equity securities in which those substantial holders and their associates have a relevant interest are as follows:
| Ordinary shares | ||
|---|---|---|
| Number held | % of total shares issued | |
| JEFFREY AND YUMI MARKOFF & RELATED PARTIES | 19,739,777 | 10.55 |
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Options
No voting rights.
There are no other classes of equity securities.
85
AURIC MINING | ANNUAL REPORT 2025
Corporate Directory
Auric Mining Limited
ABN: 29 635 470 843
Board of Directors
- Steven Morris
Non-Executive Chair - Mark English
Managing Director - John Utley
Technical Director
Company Secretary
Catherine Yeo
Registered Office
Level 1, 1 Tully Road
East Perth WA 6004
T +61 8 9548 9997
Share Registry
Computershare Investor Services
Level 17, 221 St Georges Terrace
Perth WA 6000
T +61 8 9323 2000
Solicitors
Steinepreis Paganin
Level 6, 99 William Street
Melbourne VIC 3000
Auditors
William Buck
Level 20, 181 William Street
Melbourne, Victoria 3000
Stock Exchange
Auric Mining Limited Shares (AWJ) are quoted on the Australian Securities Exchange (ASX)
.
auricmining
Auric Mining Limited
Level 1, 1 Tully Road, East Perth WA 6004
T +61 8 9548 9997
auricmining.com.au
ASX:AWJ