Overview
AWJ was floated in early 2021 as a gold explorer and emerging producer, with a focus on the
Widgiemooltha - Norseman region of Western Australia. AWJ at listing boasted three projects within its
portfolio covering an area of 470 sq km – Jeffreys Find, Widgiemooltha and Spargoville – which are being
developed sequentially.
AWJ has demonstrated via its first production development, Jeffreys Find, that it has a successful
template for low-cost, relatively low-risk gold production, at a time of rapidly rising gold prices, which in
turn has allowed it to bank significant reserves of cash for future development and exploration.
Munda Project
o The 100%-owned Munda Gold Deposit represents the second plank of AWJ’s near-term growth
strategy. Munda hosts an Indicated & Inferred Resource comprising 145,000 ounces of gold at a
grade of 1.23 g/t (at a 0.5g/t Au cut-off grade), which will be mined over a period of 3 – 4 years.
o Munda will be fully operated by AWJ, which will ensure that all profits will be kept in-house.
Preparations for a Starter Pit have just commenced, which will target production of 6,100 ounces
over a period of ~6 months mining in 2025, designed to generate cash and also refine geological
insights for a larger push in 2026. AWJ is talking to local mills for toll-treatment of its ore.
o AWJ has executed a contract to dry hire the mining fleet from MHM Contracting Pty Ltd, with the
fleet to be operated by its own employees. A grade control program over the Starter Pit extents for
those holes accessible from surface on a 5m x 5m pattern has been completed by Kalgoorlie
based Total Drilling Services, comprising 428 holes for 14,670m. Results have been received,
allowing the mine geologists to define near surface ore blocks in advance of mining. Further grade
control drilling on a 5m x 5m pattern will be undertaken as mining exposes new benches.
o The Starter Pit is the first stage in AWJ’s plans to mine a substantially larger part of the Munda
Resource base. Following completion of the Starter Pit and a full analysis of the results, AWJ will
then commence pit optimisation and mine planning for a much larger pit at Munda. Depending on
the results of the Starter Pit and the subsequent work, AWJ aims to be mining a larger pit by
mid/late 2026.
o At a nominal gold price of A$3,500 per ounce, the Starter Pit could yield a $5.3 million surplus
(based on an A$2,635 all-in-sustaining-cost - AISC), whilst at today’s gold price of A$5,186 per
ounce, the surplus could swell to ~$15.5 million. By early 2026, a main pit will roll out over 13
quarters, with ore processed at a nearby mill.
Growth Strategy Components
Aside from its four foundation projects - Jeffreys Find, Widgiemooltha, Spargoville, and Chalice West –
AWJ has been busy securing additional strategic assets/projects that can enhance its near-term
production growth profile.
Burbanks Gold Facility
AWJ has successfully completed due diligence for the acquisition of the Burbanks Gold Facility at
Coolgardie, and is going ahead with the acquisition at a cost of $4.4 million (plus GST), with settlement to
take place during mid-Q2 2025. The purchase of the Burbanks Plant and its associated assets and
infrastructure, will enhance the company’s strategy of developing and expanding its gold production
operations.
Lindsay’s Gold Project
AWJ during February 2025 executed a Binding Letter Agreement to acquire the Lindsay’s Gold Project
from Top Global Mining Pty Ltd and NBC Mining Pty Ltd, subject to due diligence that is ongoing.
The project consists of eight tenements spanning 33 sq km, including three granted mining leases and the
partially-mined Parrot Feathers gold deposit. Should AWJ elect to proceed with the acquisition, it will be
settled through a combination of cash and AWJ shares to the value of $4 million, plus a royalty.
The purchase aligns with AWJ’s strategy of acquiring near-term gold production assets within trucking
distance of operational gold processing mills within the Kalgoorlie region. The company plans to conduct
further assessments to finalise mining plans, with a focus on restarting open-pit mining at Parrot Feathers
during late 2025.
Loded Dog Tenements
AWJ has further expanded its landholding within the Widgiemooltha-Higginsville area with the acquisition
of the Loded Dog tenements from Loded Dog Prospecting Pty Ltd. The transaction was announced in
February 2025, and involves the purchase of eight exploration tenements covering a total area of 113 sq
km. The acquisition price comprises an initial cash payment of $475,000 (plus GST) at settlement,
alongside milestone-based payments and a royalty agreement.
The Loded Dog tenements contain a mix of brownfields and greenfields exploration targets, with historical
exploration indicating significant gold mineralisation potential. Notably, these tenements are strategically
located near existing gold operations and infrastructure, enhancing AWJ’s exploration and development
opportunities. The company will undertake further exploration programs in order to assess the full potential
of these assets.
Technical Significance
"AWJ has successfully established a first-rate reputation as a ‘can-do’ emerging production company. It
has been happy to initiate small-scale, low-cost gold production by outsourcing key areas of potential risk
with its starter project at Jeffreys Find, in turn generating reliable and substantial net cashflows. Further
enhancing AWJ’s position has been an escalating A$ gold price, which has further complemented AWJ’s
growing reputation as an emerging gold producer.
AWJ recorded a 212% increase in total net profit to $4.1 million before tax for the financial year ended 31
December 2024. It was accompanied by a 76% increase in total revenue to $8.5 million and a 62%
increase in total assets to $21.6 million. AWJ has banked $12 million in cash over the past two years, with
more to come in 2025 with the final treatment of remaining Jeffreys Find ore potentially bring in up to $4
million, plus initial ore from the Munda Starter Pit that could bring in around $15 million, based on today’s
gold prices.
Strategically, AWJ maintains a pipeline of gold production for the next five years and is strategically
located close to all necessary infrastructure including road, rail, power and processing facilities. We have
known AWJ’s Managing Director, Mark English, for about three decades. He maintains a conservative and
focused approach to project appraisal and development, which is reflected in AWJ’s production and
market success. We have also met Non-Executive Chair Steven Morris, Technical Director John Utley,
and Senior Geologist Nicholas Snow."
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