RaaS Research Group has published an update report on Auric Mining titled "Wheeling and dealing that drives value", following the company's two September acquisitions.

RaaS has lifted its valuation to $0.537 per share on a diluted basis, up from $0.428, representing a 115% premium to the current share price. The increase is driven by the inclusion of Union Jack in the mine plan, which lifts the post-tax NPV10 for the Burbanks Processing Hub to $242 million from around $174 million, at a 57% IRR. On an undiluted basis RaaS values Auric at $1.297 per share, and at $0.725 per share under a 50% debt scenario.

The report notes Auric holds proforma net cash of around $30 million as at September 2026 following the acquisitions, and that the company trades at an EV of $48 per ounce against a peer group median of $194 per ounce. RaaS views the Union Jack acquisition as highly accretive, adding around $210 million to its operating cash flow estimate and supporting a potential life of mine of 7 to 10 years at Burbanks. The $1.2 million processing infrastructure purchase is seen as locking in both capital estimates and the development timeline, with construction from early CY27, mining from Q4 CY27 and first production targeted for Q1 CY28.

Read the full report below.