ASX-listed Auric Mining has reached an agreement with fellow listed WIN Metals to acquire a package of assets related to its Munda gold mine, in Western Australia. The transaction includes all nickel and associated mineral rights, water access rights and a fully equipped mining camp.

The purchase price of $1.4-million is to be settled in two tranches. The first tranche of $900 000 was paid on June 30, with the second tranche of $500 000 due on or before July 31.

As part of the deal, Auric has secured ownership of a mining camp located about 6 km north of the Munda mine. The camp is fully equipped and capable of housing the entire workforce. The agreement also grants Auric exclusive access to the water contained in the 132N pit, which is situated close to the Munda operation.

Upon completion of the transaction, Auric will hold all mineral rights at Munda, with the exception of lithium, which will remain under the ownership of WIN.

The purchase includes all associated camp infrastructure, such as solar panels, generators, bulk fuel storage and storage containers.

Both parties have agreed to fast-track the issuance of miscellaneous licences over WIN’s tenements to ensure continued road access and formalise the transfer of the camp.

“This acquisition gives Auric greater control over our destiny for openpit mining at our Munda gold mine. Buying all nickel rights from WIN sees us taking another major step forward at Munda. We’ve moved mining at Munda along rapidly this year and are pleased this hurdle to progress our future expansion will be removed.”

“There’s not much water around Widgiemooltha, so as part of this transaction, we are acquiring additional access to stored water in the 132N pit. Having adequate water is extremely important for our mining operations. The [nearby] mining camp is another huge bonus for Auric,” Auric MD Mark English said.

“Proposed nickel mining at Munda was not contemplated in WIN’s 2024 scoping study and, as such, would have been far into the future for the Mt Edwards nickel project.

“With the outlook of a prolonged subdued nickel price, the opportunity to monetise a relatively small portion of the total project's nickel resource base will provide cash for investment into WIN’s gold assets. This is a transaction that makes sense for both companies,” WIN Metals MD and CEO Steve Norregaard added.