Announcement PDF ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE 28 MARCH 2025 31 December 2024 Financial Year $4.1 Million Profit Before Tax Highlights • Auric has recorded a net profit before tax of $4.1 million for the financial year ended 31 December 2024. • Total revenue was up 76% to $8.5 million. • Total assets were up 62% to $21.6 million. • Company poised for outstanding growth in 2025. 2024 Full Year Financial Report Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to provide its financial statements for the year ending 31 December 2024, which are attached. Key Financial Performance Numbers Financial Year 2024 Financial Year 2023 Year-on-Year Difference Total Revenue $8,453,164 $4,791,631 Up 76% Net Profit Before Tax $4,098,978 $1,313,644 Up 212% Adjusted Net Profit Before Tax (after major non-cash adjustments) $5,722,478 $2,845,638 Up 101% Total Assets $21,621,856 $13,309,332 Up 62% Total Equity $17,937,048 $11,933,257 Up 50% Auric Mining Limited Auric Mining Limited ACN 635 470 843 Level 1, 1 Tully Road, East Perth WA 6004 PO Box 1057, Joondalup DC WA 6919 info@auricmining.com.au 08 9548 9997 auricmining.com.au ASX: AWJ ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE 28 MARCH 2025 Management Comment Mr. Mark English, Managing Director: “For the second consecutive year we have posted an operating profit, this year recording a $4.1 million net profit before tax for the financial year ended 31 December 2024. “Total net profit was up 212% compared to 2023. Our total assets increased by 62% to $21.6 million in 2024. The Company is in an excellent financial position. “We benefited from a sharply rising gold price as we undertook Stage Two mining at Jeffreys Find. Gold production has been very strong with an average sale price at A$3,900 per ounce for 2024 year. “2024 was a transformative year for us as we set about creating a pipeline of cash generating projects. Jeffreys Find certainly was superb for us, but our main asset, the Munda Gold Deposit, continued to be the focal point for the Company with extensive grade control drilling and related work. Our aim is to commence mining the starter pit at Munda next month. “In 2023 & 2024 we learned much from the mining of Jeffreys Find. In 2025 we are conducting mining operations in our own right without a joint venture partner. The stellar gold price coupled with our very exciting gold projects are now setting the stage for a strong operating year. “Another outstanding year for the Company and our shareholders,” said Mr English. This announcement has been approved for release by the Board of Auric Mining Ltd. Corporate Enquiries Investor Relations Follow our communications Mark English Managing Director Auric Mining Limited Alex Cowie Director NWR Communications Click here to subscribe to our updates T +61 409 372 775 T +61 412 952 610 E menglish@auricmining.com.au E alexc@nwrcommunications.com.au Auric Mining Limited ACN 635 470 843 Level 1, 1 Tully Road, East Perth WA 6004 PO Box 1057, Joondalup DC WA 6919 info@auricmining.com.au 08 9548 9997 auricmining.com.au ASX: AWJ Auric Mining Limited and controlled entities ABN 29 635 470 843 Annual Report - 31 December 2024 Auric Mining Limited and controlled entities Contents 31 December 2024 Directors' report 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 Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Auric Mining Limited Shareholder information 2 13 14 15 16 17 18 44 45 46 52 General information The financial statements cover Auric Mining Limited as a consolidated entity 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 consolidated entity'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 28 March 2025. 1 Auric Mining Limited and controlled entities Directors' report 31 December 2024 The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') 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 2024. 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 Company") remained focused on gold exploration, mining, production and development in the Goldfields region of Western Australia. Operating and Financial Review The profit for the consolidated entity after providing for income tax amounted to $2,690,609 (31 December 2023: $1,313,644). Overview of Operations During the financial year ended 31 December 2024, Auric Mining Ltd ("the Company") continued to strengthen its position in the gold mining sector by enhancing operational efficiencies, expanding production capacities, and maintaining a disciplined approach to cost management. The year was marked by sustained market demand for gold, strategic investments in mining infrastructure, and the execution of key growth initiatives aimed at increasing shareholder value. Despite global economic volatility, including fluctuations in commodity prices and geopolitical uncertainties, the Company successfully navigated these challenges through prudent financial management, optimised production strategies, and robust risk mitigation measures. Production and Operational Performance Gold Production & Sales Auric Mining Ltd and its partner BML Ventures Pty Ltd achieved a total gold production of 11,579 ounces in the year ended 31 December 2024. The Company successfully ramped up production at its flagship Jeffreys Find Gold Mine operations, contributing significantly to overall output. The Company expects mining to be completed at Jeffreys Find by 30 September 2025. Operational Developments Expansion work at the Munda Gold Deposit has commenced, with additional drilling and infrastructure improvements underway to commence mining of a starter pit in Q2 2025. Financial Performance Auric Mining Ltd delivered a solid financial performance in the 2024 financial year, driven by higher production volumes, operational efficiency, and stable gold prices. Revenue The Company recorded total revenue of $8.45 million (31 December 2023: $4.77 million), being its share of the net cash surplus from mining and other activities. Net Profit Before Tax Net profit before tax (NPBT) stood at $4.10 million (31 December 2023: $1.31 million) an improvement of over 300% from the prior year, underpinned by increased production and sales. Cash Flow & Liquidity Operating cash flow remained robust at $1.00 million (31 December 2023: $4.22 million), allowing the Company to maintain a strong liquidity position and continue its capital investment plans without excessive reliance on external financing. WIN Metals Limited During the year, the Company successfully acquired the mining interests off WIN Metals Limited at the Munda project, M15/87. 2 Auric Mining Limited and controlled entities Directors' report 31 December 2024 Capital Raising During the year, the Company raised $2.7 million (31 December 2023: $nil), before costs from the exercise of options. Market Conditions & Industry Outlook The global gold market remained favourable throughout the 2024 financial year, with prices averaging around $4,700 per ounce due to ongoing macroeconomic uncertainties, inflationary pressures, and strong investor demand. The Company anticipates a stable demand outlook for gold in this year, with a continued focus on optimising production costs and enhancing resource development to capitalise on market opportunities. Sustainability & Corporate Responsibility Auric Mining Ltd remained committed to sustainable mining practices and corporate social responsibility initiatives. The Company focused on minimising environmental impact, improving community engagement, and adhering to stringent safety protocols across all operational sites. Key sustainability initiatives included: 1. Water conservation and waste management programmes to enhance environmental stewardship. 2. Ongoing partnerships with local communities to support economic development and employment opportunities. Execution of the Ngadju Native Title Agreement On 17 December 2024, Auric Mining Limited signed a landmark Native Title Agreement with the Ngadju Native Title Aboriginal Corporation (NNTAC) on behalf of the Ngadju People. This agreement provides a comprehensive and long-term framework for the exploration and development of Auric’s tenements across the 102,000 km² of Ngadju country. The agreement supersedes all prior arrangements and covers existing and future tenements, including Jeffreys Find Gold Mine and assets in the Norseman and Widgiemooltha districts. By streamlining the process for granting mining leases and project approvals, the agreement enhances operational clarity and ensures recognition of Ngadju Native Title Rights. Additionally, it establishes economic benefits for the Ngadju People, including royalty arrangements on the production of gold, nickel, lithium, and other minerals. The agreement underscores Auric’s commitment to respectful engagement with Indigenous communities while supporting the company’s growth and development objectives. 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 consolidated entity during the financial year. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Matters subsequent to the end of the financial year With the exception of the matters described below, no matter or circumstances has arisen since 31 December 2024 that has significant affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years. Subsequent to 31 December 2024, the following material events have occurred: Burbanks Gold Facility Subsequent to the end of the financial year, Auric Mining Limited successfully completed due diligence for the acquisition of the Burbanks Gold Facility, located in Coolgardie, Western Australia. The acquisition, valued at $4.4 million (plus GST), was initially announced to the ASX on 17 December 2024. The transaction involves the purchase of the Burbanks Plant and its associated assets, enhancing the company’s strategy of developing and expanding its gold production operations. The company has notified the joint and several agents for the Mortgagee in Possession regarding the satisfaction of due diligence requirements. Completion of the transaction is expected to occur in late Q2/2025, following the resolution of outstanding legal and contractual matters. Lindsay’s Gold Project On 27 February 2025, Auric Mining Limited executed a Binding Letter Agreement to acquire Lindsay’s Gold Project from Top Global Mining Pty Ltd and NBC Mining Pty Ltd, subject to due diligence. The project consists of eight tenements spanning 33 square kilometres, including three granted mining leases and the partially mined Parrot Feathers gold deposit. The acquisition, valued at $4 million, will be settled through a combination of cash and Auric shares. This purchase aligns with Auric’s strategy of acquiring near-term gold production assets within trucking distance of operational gold processing mills in the Kalgoorlie region. The company plans to conduct further assessments to finalise mining plans, with a focus on restarting open-pit mining at Parrot Feathers in 2025. This acquisition complements Auric’s existing portfolio and strengthens its gold production pipeline. Due diligence is continuing at the date of this report. 3 Auric Mining Limited and controlled entities Directors' report 31 December 2024 Loded Dog Tenements Near Higginsville Auric Mining Limited further expanded its landholding in the Widgiemooltha-Higginsville area with the acquisition of the Loded Dog tenements from Loded Dog Prospecting Pty Ltd. This transaction, announced on 25 February 2025, involves the purchase of eight exploration tenements covering a total area of 113 square kilometres. The acquisition price comprises an initial cash payment of $475,000 (plus GST) at settlement, alongside milestone-based payments and a royalty agreement. The Loded Dog tenements contain a mix of brownfields and greenfields exploration targets, with historical exploration indicating significant gold mineralisation potential. Notably, these tenements are strategically located near existing gold operations and infrastructure, enhancing Auric’s exploration and development opportunities. The company will undertake further exploration programmes to assess the full potential of these assets. No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity'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 consolidated entity 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 consolidated entity. 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 Company or any related entity. Environmental regulation The consolidated entity is subject to environmental regulations under Australian Commonwealth and State laws as it has progressed beyond the exploration stage and into active mining operations. The Company complies with all applicable environmental obligations, including rehabilitation commitments. A provision has been recognised for environmental rehabilitation in relation to the Jeffreys Find Gold Mine, ensuring the Company meets its regulatory responsibilities and remediation requirements. Material Business Risk The consolidated entity is committed to the effective management of risk to reduce uncertainty in the consolidated entity’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 consolidated entity’s strategic objectives and future prospects. Key risks and mitigation activities associated with the consolidated entity’s objectives are set out below: Exploration risk The consolidated entity’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 consolidated entity 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, local title processes, changing government regulations and many other factors beyond the control of the consolidated entity. In addition, the tenements forming the projects of the consolidated entity may include various restrictions excluding, limiting or imposing conditions upon the ability of the consolidated entity to conduct exploration activities. While the consolidated entity will formulate its exploration plans to accommodate and work within such access restrictions, there is no guarantee that the consolidated entity will be able to satisfy such conditions on commercially viable terms, or at all. The consolidated entity 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. 4 Auric Mining Limited and controlled entities Directors' report 31 December 2024 Regulatory risk The consolidated entity’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements in which the consolidated entity has or acquires an interest. Maintenance of the consolidated entity’s tenements is dependent on, among other things, the consolidated entity’s ability to meet the licence conditions imposed by relevant authorities. Although the consolidated entity 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 consolidated entity will be able to meet the conditions of renewal on commercially reasonable terms, if at all. The consolidated entity 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 consolidated entity’s exploration, development, and acquisition activities are capital intensive. Funding is sourced from cash reserves, mining operations, and 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, 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 and affect the Group’s ability to continue as a going concern. 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 consolidated entity’s operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Gold prices The consolidated entity’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. 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 Company No person has applied for leave of a Court to bring proceedings against the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. The Company was not a party to any Court proceedings during the period. 5 Auric Mining Limited and controlled entities Directors' report 31 December 2024 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 20 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 20 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 Company, acting as advocate for the Company or jointly sharing economic risks and rewards. Options At the date of this report, the unissued ordinary shares of Auric Mining Limited under option are as follows: Exercise price Grant date Expiry date 1 November 2023 1 February 2024 1 February 2024 15 April 2024 24 May 2024 1 November 2026 31 January 2028 31 January 2029 31 January 2029 31 January 2029 Total $0.100 $0.150 $0.225 $0.225 $0.225 Number under option 1,700,000 1,700,000 2,000,000 2,000,000 1,650,000 9,050,000 Option holders do not have any rights to participate in any issues of shares or other interests of the Company or any other entity. During the year ended 31 December 2024, 12,993,780 shares of Auric Mining Limited were issued on the exercise of quoted options granted. 4,500,000 shares of Auric Mining Limited were issued on the exercise of shortfall quoted options granted, pursuant to Underwriting Agreement. 600,000 shares of Auric Mining Limited were issued on the exercise of unquoted options. 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 2024, 6,000,000 options were issued as part of corporate advisory and services. 1,650,000 Tranche 1 unquoted options, vested during the period and were issued to Directors and Employees under the Employee Securities Incentive Plan as approved at the Annual General Meeting on 24 May 2024. A total of 3,850,000 Tranche 2 and Tranche 3 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 not been issued as the hurdle conditions have not yet been achieved as at 31 December 2024. 1,925,000 Tranche 2 unquoted options will vest and be issued once the Company 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 Company reaches a total production of 70,000 ounces of gold. The options will be exercisable five years from that date. 6 Auric Mining Limited and controlled entities Directors' report 31 December 2024 Information on Directors and Company Secretary As at the date of this report, the information on the Directors and Company Secretary are as follows: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options vested: Interests in options unvested: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options vested: Interests in options unvested: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Interests in options vested: Interests in options unvested: Steven John Morris Non-Executive Chair Diploma of Financial Markets (FINSIA) 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 EverGreen Lithium Ltd (ASX:EG1). EverGreen Lithium Ltd (Appointed: 24 February 2025) None 7,237,499 ordinary shares of Auric Mining Limited 247,500 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 288,750 options expected 5 years post hurdle 30 April 2030 @ $0.30 288,750 options expected 5 years post hurdle 30 June 2031 @ $0.40 Mark Anthony English Managing Director Bachelor of Business (Curtin University) Fellow of the Institute of Chartered Accountants Australia and New Zealand Member of the Institute of Company Directors Mark is a Chartered Accountant and a member of the Australian Institute of Company Directors. Mark has 40 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-today basis has particular responsibility for Company strategy, financial management, corporate development and acquisition opportunities. None None 9,033,440 ordinary shares of Auric Mining Limited 412,500 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 481,250 options expected 5 years post hurdle 30 April 2030 @ $0.30 481,250 options expected 5 years post hurdle 30 June 2031 @ $0.40 John Peter Utley Technical Director Master of Science in Earth Sciences (University of Waikato, New Zealand) Member of the Australian Institute of Mining and Metallurgy Member of the Australian Institute of Geoscientists John has a 35 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. None None 7,184,999 ordinary shares of Auric Mining Limited 412,500 options of Auric Mining Limited expiring 31 January 2029 @ $0.225 481,250 options expected 5 years post hurdle 30 April 2030 @ $0.30 481,250 options expected 5 years post hurdle 30 June 2031 @ $0.40 7 Auric Mining Limited and controlled entities Directors' report 31 December 2024 Name: Title: Qualifications: Experience and expertise: Catherine Kah Yan Yeo Company Secretary (Appointed: 1 May 2024) Bachelor of Business in Accounting and Finance (Murdoch University) Certificate in Governance Practice (Governance Institute of Australia) Affiliated Member (Governance Institute of Australia) Catherine is the Company Secretary and Finance Executive. She 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 a tax accounting firm in Perth. Catherine is a multilingual executive with superior language skills in English, Chinese and Malay. Miss Tamara Barr was the Company Secretary from 1 January 2023 to 1 May 2024. Meetings of Directors The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 31 December 2024, and the number of meetings attended by each Director were: Full Board Attended Held 7 7 7 Steven Morris Mark English John Utley 7 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. Remuneration report (audited) Remuneration Policy The remuneration policy of the company ha