ASX: AKA - Aureka Limited
Aureka Ltd: Victoria’s newest gold miner!
Aureka Limited Managing Director James Gurry on 3AW & 2GB Bulls N' Bears Report
ASX-listed Aureka Ltd Managing Director James Gurry talks to Matt Birney on Bulls N’ Bears about Aureka’s sublime strategy to buy an operating gold mine and processing plant right next to its own 455,000 ounces of gold.
TO LISTEN TO THE AUREKA LIMITED AUDIO INTERVIEW - CLICK BELOW
Aureka is a Victorian gold explorer with 455,000 ounces in the ground between its flagship Irvine project in the rich Stawell Gold Corridor and the smaller Comstock project near St Arnaud. Remarkably, Aureka recently kicked the door in and joined the very exclusive Victorian gold producers club by purchasing an operating underground gold mine known as Fiddlers Creek and a processing plant called Wedderburn from private interests, Both are within cooee of its existing in-ground ounces in Vicoria.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by Victorian gold company, Aureka Limited
Matt Birney - ASX code: AKA.
Matt Birney - I'm Matt Birney and I'm joined now by the managing director of Aureka, James Gurry.
Matt Birney - Hi James.
James Gurry - Hi Matt, great to be with you.
Matt Birney - Okay, James, so Aureka has just kicked the door in at the Victorian Gold Producers Club. You've bought an operating underground mine known as Fiddler's Creek in Victoria and a mill and processing plant. Both are very close to your existing in-ground ounces in Victoria.
Matt Birney - Firstly, just sort the family tree out for me very quickly. What do you currently own in Victoria? What are you buying and how far apart are they?
James Gurry - Yeah, we currently own the Irvine Gold Project just south of Stawell, that's our flagship and our largest project, and we also own the Comstock project outside the town of St. Arnaud. Now they're very close to what we're acquiring here, so there's nice synergy between all these assets.
Matt Birney - Now, the new Fiddler's Creek underground mine is small scale for now. It's got about a year on the clock in modern times. How many ounces did it produce in that year and at what grades and does it make any money?
James Gurry - Yeah, produced the best part of 500 ounces in the year to 30th of June, at a very high grade of 7 grams per tonne, which we're really pleased about. And it's actually been profitable since the second quarter of 2026. So, we certainly plan to continue that profitable pathway.
Matt Birney - Now, I'm guessing the mill is the real prize here because there aren't too many in Victoria. What's the strategy with the mill? Can you make money toll trading other people's ore? Do you want to treat your own? Are you going to ramp up Fiddler's Creek? What's the plan with the mill?
James Gurry - Yeah, Matt. Previously we had a lot of ounces, but we didn't have a mill and we didn't have that pathway to market. So our ownership of Wedderburn will not only unlock the whole portfolio for ourselves and our own projects, but there is that possibility of tolling for other people as well. So, getting hold, our hands, on the Wedderburn Mill, yeah, that's that's a key prize here.
Matt Birney - Hit me with the bill to buy this mine and processing plant. How much cash, how much paper and how are you going to fund it?
James Gurry - It's a really friendly deal that we've got here. Only $2.5 million cash and $6.4 million in AKA shares. So, it's a really great deal and everyone's really excited about the future of AKA.
Matt Birney - James Gurry from Aureka.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember, we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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