Auric Mining (ASX:AWJ) has acquired all nickel and associated mineral rights, water access rights, and a fully equipped mining camp related to the Munda Gold Mine in Western Australia from WIN Metals (ASX:WIN) for $1.4 million. Auric Mining is a gold-focused company that aims to produce one million ounces of gold in Western Australia. WIN Metals is a mineral developer that holds 340 square kilometres of granted tenure in the Southern Goldfields and Kimberley regions of Western Australia.
The agreement includes 7,620 tonnes of nickel and exclusive access to water from the 132N open pit for seven years without usage charges. The payment is structured in two tranches: $900,000 was paid on 30 June 2025, and the remaining $500,000 is due on or before 31 July 2025. Upon completion of the transaction, Auric will own all mineral rights at Munda, except for lithium, which will remain with WIN.
Auric Mining, with a market capitalisation of $29.75 million, views this acquisition as a significant enhancement to its mining operations at Munda, which contains a resource of 145,000 ounces of gold. The company is currently focused on the Starter Pit, which aims to produce 6,100 ounces of gold from 125,000 tonnes mined. Managing Director Mark English stated the deal provides greater control over open pit mining operations. WIN Metals CEO Steve Norregaard said the transaction provides funding for work programs at the Butchers Creek Gold Project.
English added that the acquisition of additional access to stored water in the 132N pit is extremely important for their mining operations, and the mining camp, located just six kilometres north of the mine, is a significant bonus for Auric. Norregaard noted the Munda nickel deposit is a non-core asset for WIN that does not feature in short to medium term development of the Mt Edwards Nickel Project.