AWJ: Union Jack Project Settlement & Completion
Original announcement by asx on
- Company
- Auric Mining Limited
- Ticker
- AWJ
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Agreement transaction, Resource update, Capital raise
- Extracted
- 2026-10-06 22:12:54 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Auric Mining Limited has completed the acquisition of the Union Jack Project for A$6.5 million cash and A$3.0 million in shares. This strategic move adds an Inferred Mineral Resource of 3.12 million tonnes at 1.02 g/t gold for 102,000 ounces, increasing the company's total gold resource by 51% to 301,000 ounces. The project, located near the Burbanks processing facility, offers near-term open pit gold mining potential, with a major drill program planned for November 2026 to expand resources.
Reasoning: Auric Mining has successfully completed a strategic acquisition of the Union Jack Project, which significantly boosts its gold resource inventory and provides a near-term production opportunity. While the Union Jack resource is currently entirely Inferred, the acquisition aligns with the company's growth strategy and includes plans for further drilling to upgrade and expand the resource.
Positive factors
- Strategic acquisition of Union Jack Project completed
- Significant increase in company's total gold resource inventory by 51%
- Union Jack Project offers near-term open pit gold mining opportunity
- Project located within trucking distance of existing processing facility
- Planned major drill program to expand resources
Negative factors
- Union Jack resource is entirely Inferred, representing lower confidence
- Historical drill results mentioned in highlights lack specific hole IDs for verification
Facts used in scoring: 10
Classification and evidence
Strategic Acquisitionpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company completed the acquisition of the Union Jack Project, which is described as fitting its strategy of acquiring near-term gold production assets.
Evidence · text
“Settlement completed to purchase Union Jack granted mining lease (M15/120)”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The Union Jack acquisition increases Auric’s current Mineral Resource inventory by 51%, to 7.5Mt @ 1.25g/t gold for 301,000 ounces.
Evidence · text
“Union Jack increases Auric’s current Mineral Resource inventory by 51%, to 7.5Mt @ 1.25g/t gold for 301,000 ounces.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Union Jack Mineral Resource estimate is entirely classified as Inferred.
Evidence · text
“Union Jack’s Inferred Mineral Resource estimate of 3.12Mt @ 1.02g/t Au for 102,000 ounces”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The Union Jack resource is 100% Inferred, as stated in the resource estimate.
Evidence · text
“Union Jack 0.5 g/t Inferred 3,100 1.02 102”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The announcement includes a Competent Person Statement confirming that the information relating to Mineral Resources is extracted from a previous ASX announcement and that the Competent Person’s findings have not been materially modified.
Evidence · text
“Competent Person Statement The information in this announcement that relates to exploration results and Mineral Resources is extracted from the announcement to the ASX entitled Union Jack Project Strategic Acquisition and Resource Upgrade dated 9 September 2026”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an updated combined Mineral Resource Estimate for the company, incorporating the new Union Jack resource.
Evidence · text
“Current Mineral Resource Estimates”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Resource Estimates (9)
inferredUnion Jack · goldTonnes: 3100000Grade: 1.02Grade Unit: g/tContained Metal: 102Contained Unit: k oz auView all detailsHide details
Identity
- Project
- Union Jack
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:a5f408f4110a6db9cb21
Resource Data
- Category
- inferred
- Tonnes
- 3100000
- Grade
- 1.02
- Grade Unit
- g/t
- Contained Metal
- 102
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The maiden Inferred Mineral Resource for Union Jack adds substantial gold ounces to the company's portfolio, supporting the acquisition's value, though its Inferred classification indicates early-stage confidence.
Positive factors
- New resource estimate for the acquired project
- Adds significant gold ounces to company inventory
- Open pit potential
Negative factors
- Resource is entirely Inferred, indicating lower geological confidence
Evidence · text
“Union Jack’s Inferred Mineral Resource estimate of 3.12Mt @ 1.02g/t Au for 102,000 ounces”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredUnion Jack · goldTonnes: 2160000Grade: 1.22Grade Unit: g/tContained Metal: 85Contained Unit: k oz auView all detailsHide details
Identity
- Project
- Union Jack
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:9a566667a18f7c007d41
Resource Data
- Category
- inferred
- Tonnes
- 2160000
- Grade
- 1.22
- Grade Unit
- g/t
- Contained Metal
- 85
- Contained Unit
- k oz au
- Cutoff Grade
- 0.65
- Cutoff Unit
- g/t Au
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: Reporting a higher-grade subset of the Inferred resource at a higher cut-off demonstrates the potential for selective mining and provides a positive indication for future processing feed, despite the overall Inferred classification.
Positive factors
- Highlights higher-grade inventory potential at a higher cut-off
- Supports potential for additional feed for processing plant
Negative factors
- Resource is entirely Inferred
Evidence · text
“Using a 0.65g/t Au cut-off within the same optimised pit shell, the Project contains an Inferred Mineral Resource Estimate of 2.16Mt at 1.22g/t Au for 85,000 ounces of gold.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedMunda · goldTonnes: 3500000Grade: 1.45Grade Unit: g/tContained Metal: 163Contained Unit: k oz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Munda
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:849189fc19dbe74ffa3b
- Deposit or zone
- in situ
Resource Data
- Category
- indicated
- Tonnes
- 3500000
- Grade
- 1.45
- Grade Unit
- g/t
- Contained Metal
- 163
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-05-25T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: This is a previously reported Indicated resource for the Munda project, providing a baseline for the company's existing assets, but it is not new information.
Positive factors
- Indicated resource category provides good confidence
Negative factors
- Historical data, not new information in this release
Evidence · table
“1.45”
Context: 3,500
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredMunda · goldTonnes: 700000Grade: 1.3Grade Unit: g/tContained Metal: 29Contained Unit: k oz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Munda
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:c462510c6b67018d13ad
- Deposit or zone
- in situ
Resource Data
- Category
- inferred
- Tonnes
- 700000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 29
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-05-25T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: This is a previously reported Inferred resource for the Munda project, providing context for the company's existing assets, but it is not new information and has lower confidence.
Negative factors
- Historical data, not new information in this release
- Inferred resource category indicates lower confidence
Evidence · table
“1.3”
Context: 700
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedMunda Stockpiles · goldTonnes: 76000Grade: 0.81Grade Unit: g/tContained Metal: 2Contained Unit: k oz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Munda Stockpiles
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:b517f9e7600f4dfaec30
- Material type
- stockpile
Resource Data
- Category
- indicated
- Tonnes
- 76000
- Grade
- 0.81
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- k oz au
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-05-25T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: This is a previously reported Indicated resource for Munda stockpiles, representing a small but readily available portion of the company's existing assets, but it is not new information.
Positive factors
- Indicated resource category provides good confidence
- Stockpile resource represents readily available material
Negative factors
- Historical data, not new information in this release
Evidence · table
“0.81”
Context: 76
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedJeffreys Find · goldTonnes: 10000Grade: 2.1Grade Unit: g/tContained Metal: 1Contained Unit: k oz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Jeffreys Find
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:2a74cdfcb38835f37011
Resource Data
- Category
- indicated
- Tonnes
- 10000
- Grade
- 2.1
- Grade Unit
- g/t
- Contained Metal
- 1
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-04-30T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: This is a previously reported, very small Indicated resource for Jeffreys Find, providing minimal new information in this release.
Positive factors
- Indicated resource category provides good confidence
Negative factors
- Historical data, not new information in this release
- Very small resource size
Evidence · table
“2.1”
Context: 10
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredJeffreys Find · goldTonnes: 70000Grade: 1.8Grade Unit: g/tContained Metal: 4Contained Unit: k oz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Jeffreys Find
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:d5b573dd2a9dc4e5ce39
Resource Data
- Category
- inferred
- Tonnes
- 70000
- Grade
- 1.8
- Grade Unit
- g/t
- Contained Metal
- 4
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-04-30T00:00:00.000Z
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: This is a previously reported, very small Inferred resource for Jeffreys Find, providing minimal new information and having lower confidence.
Negative factors
- Historical data, not new information in this release
- Inferred resource category indicates lower confidence
- Very small resource size
Evidence · table
“1.8”
Context: 70
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedCombined · goldTonnes: 3586000Grade: 1.44Grade Unit: g/tContained Metal: 166Contained Unit: k oz auView all detailsHide details
Identity
- Project
- Combined
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:7f6c3ae141b6bc940a92
Resource Data
- Category
- indicated
- Tonnes
- 3586000
- Grade
- 1.44
- Grade Unit
- g/t
- Contained Metal
- 166
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The combined Indicated resource reflects a substantial and confident portion of the company's total gold inventory, contributing positively to overall project viability.
Positive factors
- Indicated resource category provides good confidence
- Represents a significant portion of the company's total resource
Evidence · table
“1.44”
Context: 3,586
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredCombined · goldTonnes: 3870000Grade: 1.08Grade Unit: g/tContained Metal: 135Contained Unit: k oz auView all detailsHide details
Identity
- Project
- Combined
- Commodity
- gold
- Ticker
- AWJ
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:f40d3c531cce4344bc1e
Resource Data
- Category
- inferred
- Tonnes
- 3870000
- Grade
- 1.08
- Grade Unit
- g/t
- Contained Metal
- 135
- Contained Unit
- k oz au
- Cutoff Grade
- 0.5
- Cutoff Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-06T00:00:00.000Z
Reasoning: The combined Inferred resource significantly increases the company's total gold ounces, but its lower confidence category means further work is required for de-risking.
Positive factors
- Adds significant gold ounces to company inventory
Negative factors
- Inferred resource category indicates lower confidence
Evidence · table
“1.08”
Context: 3,870
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.