O TYM ODCINKU
Aureka Ltd (ASX: AKA) came back to the ASX in December 2024 with 304,000 ounces in the Victorian goldfields. It now has 455,000 ounces and, once the High Grade Holdings deal completes, an operating high-grade mine and one of only six licensed gold mills in Victoria. Managing Director James Gurry and Chief Operating Officer Zane Smith join LEVRD to talk through why a toll-milling deal at Wedderburn turned into buying the whole company eight weeks later, the lean operation at Fiddlers Creek, Comstock's high-grade Walkers zone as mill feed, the million-ounce ambition at Irvine, the A$5.65 million placement and SPP at 12 cents, and the endgame for a company that has written a spin-out clause into its own deal.
WHAT WE COVERED
- How Aureka got here: the old Navarre portfolio relisted at 304,000oz, now 455,000oz, and why assets once valued at ~A$150M sit around A$19M today
- From renting to owning: the July toll-milling agreement at Wedderburn, the High Grade Holdings acquisition eight weeks later, and why one of only six licensed gold mills in Victoria matters
- Fiddlers Creek: a hand-held underground operation permitted 24/7 but running weekdays, the next step up in scale, the pending Mining Licence, the path to a JORC resource, and how much of the concentrate's value is silver, lead and zinc
- Wedderburn: 42,000tpa nameplate at ~20% utilisation
- Irvine: 398,000oz @ 2.59g/t, 16km from Stawell and targeting 1Moz+
- Consolidating Victoria: whether owning a mill makes Aureka the natural consolidator?
- What's next: the EGM, completion, the Comstock JORC and Scoping Study update, a Fiddlers Creek resource, the Mining Licence and more Irvine assays
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