Announcement PDF ANNUAL REPORT Auric Mining Limited and Controlled Entities ABN 29 635 470 843 20 24 02 Auric Mining l Annual Report 2024 >> Click on a heading to jump to the related section or page. 03 2024 Overview 06 Review of Activities 35 Financial Report Letter from The Chair of Auric Mining Letter from The Managing Director Overview Updated Mineral Resources Mineral Resources Annual Statement & Review Estimation Governance Statement Competent Persons Statements Schedule of Tenements Directors’ Report Remuneration Report (Audited) Auditor’s Independence Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditors’ Report Corporate Governance Statement 90 Additional ASX Information 93 Corporate Directory CONTENTS. 04 05 07 12 29 31 32 33 36 43 49 50 51 52 53 54 82 83 89 2024 Overview Back to Contents 01 2024 OVERVIEW. 03 04 Auric Mining l Annual Report 2024 Letter from the Chair of Auric Mining Steven Morris Fellow Shareholders, Welcome to the 2024 Annual Report of Auric Mining Ltd. I feel that by any measure the year has been a very good one for Auric. A combination of factors came together, and continue to do so, which are providing tailwinds for us as a Company and a real confidence in continued prosperity well into the future. When we put the Company together before listing the strategy was simple. To acquire gold assets capable of being brought to production quickly and to expand resources either through the drill bit or by acquisition. We stuck with the strategy and maintained strong discipline both with the dollars we were spending and the assets we brought into the Company. As we all know the escalating gold price worked well in our favour with Jeffreys Find producing an outstanding result for us as the first asset we put into production. Jeffreys Find ongoing production and the move towards Munda joining it as a producing asset saw us take an important step in our mindset as to how we view ourselves as a Company. For the last 12 months or so we have seen ourselves as gold miners rather than gold explorers and that is important when we consider how we continue to grow Auric into the future. The continued exploration at Spargoville and the recent announcements around Loded Dog and Lindsay’s both fit into an ongoing production profile. Importantly, the decision to go ahead with acquiring the Burbanks Gold Facility is strategic in us growing into a significant mining house in one of the world’s best gold producing regions. I would like to thank our Managing Director Mark English, Technical Director John Utley as well as all the other great team members for the terrific work they continue to do. Our team has also grown significantly as we commence production at Munda, and we will all be working hard to make 2025 as prosperous as 2024. Yours faithfully Steven Morris Non-Executive Chair 2024 Overview Back to Contents 05 Letter from the Managing Director Mark English I am delighted to introduce Auric’s 2024 Annual Report to you. As a Shareholder you will be pleased with the growth of the Company and our performance during 2024. The trajectory ever upwards of the gold price has been of significant benefit for us to continue our transformation into a long-term gold producer and developer. We made solid progress towards that goal in 2024. In no small way this was due to an outstanding year at Jeffreys Find Gold Mine where 10,693 ounces was produced from mining in 2024, selling at an average of A$3,840 per ounce. Mining and processing was in full swing during the last 6 months of the year and has continued into 2025. More than 20,000 ounces have been produced from the two-stage pit at 31 December 2024 and this amount has increased considerably since. We have tremendous gold assets, none more important than the 145,000 ounces of resources at the Munda Gold Mine near Widgiemooltha. Throughout 2024 our efforts were entirely guided by the vision of bringing this into production in early 2025. With several campaigns of closed spaced drilling completed we have detailed knowledge about the distribution of gold at Munda. We have now set the parameters for a Starter Pit with a plan to mine 125,000 tonnes of ore with a production target of 6,100 ounces of gold. We have enviable access to mining infrastructure, support services, contractors, and an experienced workforce – all within an easy distance of our projects and Kalgoorlie-Coolgardie region. Towards the end of 2024 the Company made a conditional offer for the purchase of the Burbanks Mill and associated assets, located just south of Coolgardie, for $4.4 million. Whilst the mill is inactive, it provides a unique opportunity for Auric to transform itself into a long term, sustainable gold producer in the heart of the Goldfields. During 2024 the Company purchased its own offices and warehouse and added to our staff with more geologists, technical people and administrative personnel. I hereby thank all employees and my fellow directors. We have made substantial gains this year and everyone has worked extremely hard and diligently in a joint and co-ordinated effort. The coming year will be a powerful statement on our future. 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 29 May 2025. Yours faithfully Mark English Managing Director 06 Auric Mining l Annual Report 2024 02 REVIEW OF ACTIVITIES. 07 Back to Contents 2024 Review of Activities OVERVIEW Auric began the year as manager of 34 tenements, of which 27 were granted, including 6 mining leases and 7 in application, covering an area of 283km². The tenements were assigned to 4 projects; Jeffreys Find Project Widgiemooltha Gold Project Through an agreement executed with WIN Metal Limited (WIN), Auric acquired the nickel rights to the depth of the 235m RL, approximately 150m below surface, in an area defined as the ‘Auric Rights Area within the Munda tenement M15/87. This simplifies Auric’s access to the open-pittable gold resources at Munda. Auric also purchased lithium rights in the ‘Auric Rights Area’ but shortly thereafter, rescinded those rights. As a consequence, there is no alleged dispute involving Auric and either WIN or Estrella Resources Limited. A small lithium royalty remains within M15/87. Spargoville Project Chalice West Project As part of the nickel rights agreement, Auric also acquired all mineral interests in 5 tenements in the Spargoville Project area where the Company had previously held the gold rights, together with all rights to two exploration licence applications in the Higginsville area (part of the Widgiemooltha Gold Project). 08 Auric Mining l Annual Report 2024 OVERVIEW Auric applied for and acquired another exploration licence to the east of Kambalda which is attributed to the Spargoville Project. In addition, Auric acquired E15/1801 from Mr John Williams in the Chalice West Project area and two other exploration licences in that area through applications over open ground. 41 Tenements Figure 1. 27 Granted As a result of the various transactions, Auric ended the year as manager of 41 tenements of which 27 are granted, including 6 mining leases and 14 in application, covering an area of 357km 2. 6 Mining Leases The Jeffreys Find Pit on 17 November 2024. 14 In Application 357 km² Covering Area 2024 Review of Activities Figure 2. Back to Contents Auric’s projects in the Widgiemooltha-Norseman area. 09 10 Auric Mining l Annual Report 2024 Jeffreys Find The Stage 1 pit at Jeffreys Find was completed in 2023 with production of 175,865 tonnes at a reconciled head grade of 1.86g/t Au reported in the 2023 Annual Report. After processing, this generated 9,741 ounces of gold at a calculated recovery of 92.58% . Gold was sold into a steadily increasing gold price environment, averaging $3,006/ounce in 2023. 1 Grade control drilling was undertaken by BML Ventures Pty Ltd (BML) early in 2024 and a stage 2 pit designed, factoring in a conservatively estimated average gold price of $2,900/oz . 2 Mining of Stage 2 commenced on 10 March. Ore was processed in a series of five campaigns at the Greenfields (FMR Investments Pty Ltd) and adjacent Three Mile Hill (Focus Minerals Ltd) processing plants at Coolgardie. Figure 3. The Jeffreys Find Pit on 31 December 2024. By year’s end, a total of 323,041 dry metric tonnes of ore from Stage 2 had been processed and with gold refining ongoing, 10,693 oz Au had been sold from Stage 2 at an average sale price of $3,840/ounce. Open pit mining was undertaken by BML under the terms of an agreement between BML and Auric whereby BML incurred and paid all upfront costs in mining and transporting the gold ore to the processing plants. The net surplus cash generated by gold sales after processing the ore was then split 50:50 between Auric and BML. 1 2 (ASX: AWJ) 1 December 2023; Jeffreys Find Gold Mine – Stage One Reconcilaition Total Surplus Cash to Auric $4.77million 9,741 Ounces Produced (ASX: AWJ) 23 January 2024; Mining to Recommence in March 2024 at Jeffreys Find Back to Contents 2024 Review of Activities 11 Widgiemooltha Gold Project Munda Gold Deposit Close-Spaced RC Drilling on a 10m x 10m Pattern Close spaced drilling on a 10m x 10m pattern was completed early in the year over an area of shallow gold mineralisation with 361 holes drilled for 11,301m. Assay results include numerous significant intercepts at a 0.5g/t Au cut-off with selected high grade or broad intercepts shown in Figure 4. Figure 4. Munda historic trial pit, 10m x 10m pattern drill holes and selected intercepts at a 0.5g/t cut-off. 3 3 (ASX: AWJ) 3 April 2024; Munda Gold Project Grade Control Drilling Completed Mine Planning Progresses 12 Auric Mining l Annual Report 2024 Updated Mineral Resources The results of the close-spaced drilling on a 10m x 10m pattern were incorporated by Matrix Resource Consultants Pty Ltd (“Matrix”) in a new estimate of Mineral Resources for the Munda gold deposit. To provide estimates with reasonable prospects of eventual economic extraction, Mineral Resources were reported within an optimal pit shell generated at a gold price of $AUD3,200/oz. 4 Mineral Resource estimates at a range of gold cut-off grades are presented in Table 1. The figures are rounded to reflect the precision of the estimates and include rounding errors. Table 1. November 2024 Munda gold deposit Mineral Resource estimates Au g/t Indicated Inferred Indicated + Inferred Cut-off MTonnes Au g/t Koz MTonnes Au g/t Koz MTonnes Au g/t Koz 0.20 7.56 0.72 175 0.5 0.9 14 8.06 0.73 189 0.30 5.51 0.89 158 0.4 1.0 13 5.91 0.90 171 0.40 4.24 1.06 144 0.3 1.2 12 4.54 1.07 156 0.50 3.35 1.22 131 0.3 1.4 14 3.65 1.23 145 0.60 2.71 1.38 120 0.2 1.5 10 2.91 1.39 130 0.70 2.24 1.53 110 0.2 1.7 11 2.44 1.54 121 0.80 1.89 1.67 101 0.2 1.9 12 2.09 1.69 114 0.90 1.62 1.81 94 0.1 2.0 6 1.72 1.82 101 1.00 1.41 1.94 88 0.1 2.1 7 1.51 1.95 95 The information from the close-spaced drilling and conservative treatment of outlier assay grades resulted in a slight reduction in estimated grade relative to previous Mineral Resources. Reporting of resources within an optimal pit shell reduced the tonnes compared with the earlier estimate. For comparison, Table 2 presents the January 2022 Mineral Resource estimates. The figures in this table are also rounded to reflect the precision of the estimates and include rounding errors. Table 2. January 2022 Munda gold deposit Mineral Resource estimates Au g/t Indicated Inferred Indicated + Inferred Cut-off MTonnes Au g/t Koz MTonnes Au g/t Koz MTonnes Au g/t Koz 0.20 8.928 0.75 215.3 2.807 0.61 54.7 11.735 0.72 270.0 0.30 6.113 0.98 193.0 1.597 0.88 45.4 7.710 0.96 238.4 0.40 4.598 1.19 176.3 1.070 1.15 39.5 5.668 1.18 215.8 0.50 3.684 1.38 163.1 0.797 1.39 35.6 4.481 1.38 198.7 0.60 3.052 1.55 152.0 0.633 1.61 32.7 3.685 1.56 184.7 0.80 2.240 1.86 133.9 0.450 1.98 28.7 2.690 1.88 162.6 1.00 1.737 2.14 119.4 0.353 2.28 25.9 2.090 2.16 145.3 There have been numerous phases of exploration and resource drilling at Munda since the 1960’s. The majority of this work was undertaken by Western Mining Corporation with subsequent programs by seven different companies including excavation of a small pit by Resolute Mining in 1999. These holes, together with 55 deeper RC holes drilled by Auric in 2021-22 and the 361 close-spaced holes completed by Auric in early 2024 are shown in Figure 5. 4 (ASX: AWJ) 10 Dec 2024; Munda Gold Deposit Updated Mineral Resources Precursor to Starter Pit Mining 2024 Review of Activities Figure 5. Back to Contents Munda drilling relative to resource pit crest with resource drill holes referenced by exploration company and hole type. The optimal pit shell (resource pit) extends over around 650m of strike with a maximum width of 300m and reaches a maximum depth of around 150m (Figures 5 and 6). Cross sectional views of drill hole grades and estimated panel grades relative to the resource pit are shown in Figures 6 and 7. 13 14 Auric Mining l Annual Report 2024 Figure 6. Cross section 360,390mE – Showing drill hole grade ranges and estimated panel grades relative to resource pit shell. Panels scaled by proportion above 0.50 g/t cut off and coloured by the grade above that cut-off. Figure 7. Cross section 360,470mE – Showing drill hole grade ranges and estimated panel grades relative to resource pit shell. Panels scaled by proportion above 0.50 g/t cut off and coloured by the grade above that cut-off. 15 Back to Contents 2024 Review of Activities Starter Pit Ore Reserves Following the completion of an updated mineral resource model, an Ore Reserve for a Starter Pit was defined by a Pre-Feasibility Study (PFS). The PFS utilised Auric’s 10m x 10m spaced (i.e. high-density) drilling and corresponding Indicated Resources. Probable Ore Reserves have been derived from Indicated Mineral Resources and constrained to the higher density (ie, 10m x 10m spaced) drilling portion of the Mineral Resource Estimate. A ‘goodbye-cut’ at the base of the design pit is derived from Indicated Resource which in turn is derived from 20m x 20m spaced drilling. The Ore Reserve for a starter pit at Munda represents the first step in potentially staged mining at Munda. The Ore Reserve representative of the Starter Pit mining plan for the Munda gold deposit is estimated as shown in Table 3. Table 3. Munda Starter Pit Probable Ore Reserve Proved Probable Total Tonnage (t) Grade (g/t) Ounces (ozs) Tonnage (t) Grade (g/t) Ounces (ozs) Tonnage (t) Grade (g/t) Ounces (ozs) 0 0.0 0 125,000 1.8 7,400 125,000 1.8 7,400 Note – Rounding errors may occur 16 Auric Mining l Annual Report 2024 The 125,000t of ore at a grade of 1.8g/t Au defined within the Starter Pit is comprised entirely of Indicated Resources and is mined in conjunction with 339,000BCM of waste rock, representing a stripping ratio of 7.6:1. The Ore Reserve was estimated based upon extraction using owner operated conventional open pit mining and off-site milling at a Third Party owned and operated ore processing facility under a toll treatment arrangement. The Ore Reserve is inclusive of modifying factors for mining dilution and mining recovery. Contemporary in-house mining, processing and site costs have been utilised. Key parameters defined by the Starter Pit PFS are set out in Table 4 below: Table 4. Munda Starter Pit Pre-Feasibility Parameter General Start Date Project Life (mining) Project Life (milling) Mining Ore Tonnes Grade Contained Gold Processing Ore Processed Grade Recovery (average) Gold Production Financial Gold Price Assumption Upfront Project Capital Cost AISC Unit Pre-Feasibility Study November 2024 Quarter Months Months March 2025 5.0 5.0 Kt g/t Koz 125 1.8 7.3 Kt g/t % Koz 125 1.8 83 6.1 A$/oz A$M A$/oz 3,500 6.5 2,635 The financial model developed for the owner operated mining and ore processing of the Munda Starter Pit demonstrates that at a gold price of A$3,500/oz, the project generates revenue of $21.4M and an Undiscounted Cash Flow of $5.3M at a $2,635 All in Cost Per Ounce (Table 5). The Company confirms that all of the material assumptions underpinning the production target, or the forecast financial information derived for a production target in the report to the ASX dated 10 December 2024, named Munda Gold Deposit Starter Pit Ore Reserve continue to apply and have not materially changed. Table 5. Munda Starter Pit Pre-Feasibility Cost and Revenue Summary Generated Revenue $M Operating Costs $M Capital/ Startup Costs $M Total Royalties $M Undiscounted Cash Flow $M All in Cost Per Ounce A$ 21.4 15.2 0.65 0.3 5.3 2,635 Note – Rounding errors may occur 1 2 2024 Review of Activities Back to Contents 17 Permitting Four critical permit applications were lodged following the estimation of a Starter Pit Reserve at Munda; A Native Vegetation Clearing Permit, Mining Proposal and Mine Closure Plan with the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) and a Groundwater Licence Application with the Department of Water and Environmental Regulation (DWERS). The proposed site layout is shown in Figure 8. Figure 8. Munda Starter Pit Proposed Site Layout. Grade Control Drilling A grade control drilling program started at Munda in November and continues into 2025. This is a critical stage of the mining process and has been undertaken pre-mining to better spread workload in the earlier mining stages. The program reduced drill hole spacing to a 5m x 5m pattern over the Starter Pit where currently accessible from surface. Due to the constraints of the existing Resolute Trial Pit, further grade control drilling will be undertaken during mining as bench access is created. 18 Auric Mining l Annual Report 2024 Munda East Drilling A 7-hole, 390m RC drilling program tested several drill targets approximately 1km to the east of the Munda gold deposit, within the Munda mining lease, M15/87 (Figure 9). Four of the holes targeted anomalism defined in RC holes drilled prior to 1995 and three targeted historic workings including a substantial shaft. Figure 9. Munda East RC Drill Hole Collar Locations. The best result was a single metre from surface in AMRC0058 which assayed at 15.02g/t. Whilst encouraging, the high-grade interval is isolated, associated with quartz veining and does not appear to have any significant extension in outcrop. A 15m zone of anomalism in the range of 0.1 to 0.2g/t Au was intersected beneath historic workings in AMRC0060 but the only significant assay at 0.5g/t cut-off in that interval is 1m @ 1.57g/t from 31m. 20 Auric Mining l Annual Report 2024 Burbanks Gold Processing Plant Auric has entered into a letter agreement, subject to due diligence, to acquire the Burbanks Gold Processing Plant and all related assets and infrastructure at the acquisition price of A$4.4M. The plant currently has 180,000 tpa capacity and has all requisite infrastructure, permits and licenses including access to critical power, water and tails dams infrastructure essential to the future operations of the plant. It is strategically located 15km south of Coolgardie, WA and within trucking distance of existing Auric gold resources. The Plant was operational up until approximately June 2019 when the operator closed the facility. The facility requires a complete review of longer-term operations and corresponding upgrades. The acquisition price is a substantial discount to current and replacement values. This potential acquisition represents a clear value creation opportunity for the Company. AWJ has been granted the exclusive right to complete technical, operational, licensing and legal due diligence as determined by AWJ on the Transaction during the period commencing on the 16 December 2024 and ending at 5.00pm AWST on 10 February 2025. Figure 10. Burbanks Plant photo taken 14 December 2024. 2024 Review of Activities Back to Contents 21 Ngadju Heritage Agreement An agreement has been signed between Auric and the Ngadju Native Title Aboriginal Corporation that will provide Auric with clarity on Auric’s operations across all of Ngadju country. It will also help expedite the granting of mining leases and approvals, provide clarity on long-term planning and support the growth of Auric’s business. The agreement was executed on 17 December 2024 in Norseman, WA. The Ngadju Native Title Aboriginal Corporation, on behalf of the Ngadju People, signed a Project Area Wide Agreement in relation to Auric’s operations within Ngadju country, which includes Jeffreys Find Gold Mine and other tenements in the Norseman and Widgiemooltha districts and any other tenements that may be acquired in the future by the Company. The agreement encompasses the full 102,000km² of Ngadju area. The agreement is designed to provide consultative processes, the recognition and continued enjoyment of the native title rights and interests subject to the Native Title Determination and the provision of benefits to the Ngadju People Figure 11. Ngadju Native Title Determination Area Map. 22 Auric Mining l Annual Report 2024 Spargoville Project Three phases of drilling were completed in the Spargoville Project area during the year: ● April 2024 – 6 RC holes for 822m drilled in the Fugitive Prospect ● July 2024 – 71 aircore holes for 2,259m along reconnaissance traverses within E15/1688 and E15/1689, with some infill in the Fugitive Prospect ● September 2024 – 17 RC holes for 2,497m drilled in the Fugitive and Anomaly 37 Prospects 5 6 7 The aircore program targeted soil auger anomalies in both E15/1688 and E15/1689 (Figure 12). Encouraging assays were returned from infill traverses at the Fugitive Propsect: • AAC0488; 4m @ 2,794ppb Au (2.79g/t Au), including 1m @ 10,182ppb Au (10.2g/t Au) • AAC0484; 22m @ 246ppb Au and • AAC0485; 11m @ 303ppb Au And from a single traverse within the recently recognised Anomaly 37 Prospect: ● AAC0475; 5m @ 275ppb Au ● AAC0477; 1m @ 271ppb, 1m @ 140ppb and 1m @ 164ppb Au 5 6 7 (ASX: AWJ) 4 June 2024; RC Drilling at Spargoville – Fugitive Prospect (ASX: AWJ) 6 September 2024; Spargoville Project Aircore Drilling Results (ASX: AWJ)15 November 2024; Spargovile Project Encouraging RC Drilling Results 2024 Review of Activities Figure 12. Back to Contents Spargoville aircore drill holes relative to soil auger gold anomalism and grey scale magnetic image. 23 24 Auric Mining l Annual Report 2024 Fugitive Prospect The first phase RC drilling program established the geometry of lithological contacts, determining that the basalt-ultramafic contact dips steeply to the west in the Fugitive Prospect, not to the east as previously assumed. The 2024 second stage RC drilling focussed on the Fugitive and Anomaly 37 Prospects with 12 holes drilled at Fugitive and 5 holes drilled at the Anomaly 37 Prospect. At Fugitive, The RC drill holes penetrated fresh rock below previously defined supergene ie, remobilised gold mineralisation in weathered rock. The deeper drilling intersected narrow zones of gold mineralisation at a 0.5g/t cut-off within a broader mineralised envelope. A mineralised zone has now been defined within an approximately 80m wide basalt unit over at least 700m strike length. The RC drilling returned intercepts in fresh rock at a 0.5g/t cut-off including: ● ASRC021; 2m @ 10.69g/t Au ● ASRC016; 1m @ 12.1g/t Au ● ASRC014; 9m @ 0.99g/t Au And returned assays at a 0.5g/t Au cut-off with a likely supergene component including: ● ASRC023; 7m @ 4.88g/t Au ● ASRC012; 13m @ 1.35g/t Au ● ASRC015; 4m @ 2.32g/t Au Fugitive RC drill holes and aircore holes are shown in Figure 13 and a representative cross-section in Figure 14. 2024 Review of Activities Figure 13. Back to Contents The Fugitive Prospect, defined by auger-soil gold anomalism, with Auric RC and Aircore hole collars and historic drill hole collars. 25 26 Auric Mining l Annual Report 2024 Figure 14. Fugitive Prospect Cross Section 6,534,750m North. Back to Contents 2024 Review of Activities Anomaly 37 Prospect The Anomaly 37 Prospect is centred approximately 2km north of the Fugitive Prospect, within the same tenement (E15/1688). It is also defined by a large and prominent auger-soil anomaly and was targeted by previous explorers with RAB, aircore and shallow RC holes (Figure 15). Figure 15. The Anomaly 37 Prospect, defined by auger-soil gold anomalism, with Auric RC and aircore drill collars and historic drill hole collars. 27 28 Auric Mining l Annual Report 2024 Auric drilled 6 RC holes along 3 traverses, including ASRC010 beneath a particularly high-grade intercept in an historic RAB hole, LFR192; 8m @ 23.12g/t Au from surface, in turn including 1m @ 174g/t Au from 4m. Significant assays at a 0.5g/t Au cut-off all occur within an approximately 120m wide ultramafic unit, within which a mineralised envelope is defined by gold concentrations above 0.1g/t Au. The mineralised envelope is most pronounced in the northern sections and particularly in ASRC010 where it is approximately 35m wide (Figure 16). Figure 16. Anomaly 37 Prospect Cross Section 6,537,100m North. The RC drill results encourage further drilling, particularly in fresh rock at both the Fugitive and Anomaly 37 Prospects. 29 Back to Contents 2024 Review of Activities Mineral Resources Annual Statement and Review Gold Mineral Resources estimated for Jeffreys Find and for Munda were reported in the 2023 Annual Report as shown in Table 6. Table 6. Gold Mineral Resource Estimates at 0.5 g/t cut off – 31 December 2023. Deposit Munda Jeffreys Find Combined Cut-off g/t 0.5 0.5 0.5 Category Tonnes (Million) Au g/t Au koz Indicated 3.68 1.38 163.1 Inferred 0.80 1.39 35.6 Subtotal 4.48 1.38 198.7 Indicated 0.62 1.21 24.1 Inferred 0.25 1.04 8.4 Subtotal 0.87 1.16 32.5 Indicated 4.30 1.35 187.2 Inferred 1.05 1.30 44.0 Total 5.35 1.34 231.2 NB. Figures are rounded to reflect the precision of the estimates and include rounding discrepancies. Combined Mineral Resources have been depleted by 36% between 31 December 2023 and 31 December 2024. This is due to re-estimation of Mineral Resources for Munda and depletion by mining at Jeffreys Find. Mineral Resource estimates for Munda based on information available as of December 2024, reported at a 0.5 g/t Au cut off are shown in Table 2. As described above and reported in the Company’s ASX Announcement dated 10 December 2024 and titled ‘Munda Gold Deposit Updated Mineral Resources Precursor to Starter Pit Mining’, the resources were re-estimated by Matrix incorporating new close-spaced drilling on a 10m x 10m pattern and were reported within an optimal pit shell generated at a gold price of $AUD3,200. The decrease in the estimated tonnes and grade at a 0.5g/t cut-off reflects this additional data and the optimised pit constraint. Details of the Jeffreys Find Mineral Resource estimate prior to mining are reported in the Company’s ASX announcement dated 2 March 2021 and titled ‘Auric Mining Limited Resources Summary and Exploration Update’. Resources have been depleted by mining over two years ie, in 2023 and in 2024, with mining and processing ongoing at the close of 2024. Under the terms of a joint venture agreement, BML Ventures Pty Ltd (BML) are the miners, operators and managers of the Jeffreys Find Gold Mine. Mineral Resource Estimates for Jeffreys Find as of 31 December 2024 are based on mining estimates of stockpiled ore and of the estimated resources remaining at that date in the final pit design with completion expected in January 2025 (Table 7). 30 Auric Mining l Annual Report 2024 Table 7. Gold Mineral Resource Estimates at 0.5 g/t cut off – 31 December 2024. Deposit Munda Jeffreys Find Resources Jeffreys Find Stockpiles Combined Cut-off g/t Category Tonnes (Thousand) Au g/t Au koz Indicated 3,350 1.22 131 Inferred 300 1.4 14 Total 3,650 1.23 145 0.6 Measured 18.0 1.22 1.5 0.6 Measured 47.0 1.4 2.6 Total 65.0 1.96 4.1 0.6 Measured 65.0 1.96 4.1 0.5 Indicated 3,350 1.22 131 0.5 Inferred 300 1.4 14 Total 3.72 1.25 149.1 0.5 NB. Figures are rounded to reflect the precision of the estimates and include rounding discrepancies. Resources are reported inclusive of Reserves Total Probable Ore Reserves as of 31 December 2024 were 125,000t at 1.8g/t containing 7,400oz gold. These are defined within the Munda Starter Pit design. The Reserves are described above and reported in the Company’s ASX announcement dated 10 December 2024, titled ’Munda Gold Deposit Starter Pit Ore Reserve’. This is the first year that Auric has reported Reserves. The Reserves are summarised in Table 8. Table 8. Summary of Gold Reserves – 31 December 2024 Deposit Munda Category Tonnes (Thousand) Au g/t Au koz Probable 125 1.8 7.4 Total 125 1.8 7.4 2024 Review of Activities Back to Contents 31 ESTIMATION 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. It is managed by Company employees and overseen by the Company’s Technical Director. Estimation of resources and reserves is undertaken by independent consultants with many years of experience in the estimation of gold and other mineral resources