AURIC MINING LIMITED (AWJ)
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07/09/2026

1

Speculative Buy

$0.40

77.78%

Taylor Collison maintains a Speculative Buy rating for Auric Mining with a $0.40 target price following the release of an integrated scoping study for the Burbanks and Munda projects.

The study underpins a 600,000 tonnes per annum restart of the fully owned Burbanks mill, fed by a 2.77m tonne open-pit operation at Munda to produce 141,000 ounces of gold over 56 months.

Taylor Collison notes the project will generate $379m of EBITDA at an all-in sustaining cost of $2,821 per ounce based on an average life-of-mine gold price of $5,300 per ounce.

The analyst expects peak funding requirements of $145m, modelling a 70/30 equity-to-debt split, while highlighting several gold peers have recently funded similar builds solely through equity.

Valuation is treated as a floor, with significant organic and inorganic growth potential remaining excluded from the base case alongside an unmodelled 1.2m tonnes per annum expansion opportunity.