welcome to CEO insights I'm Marilyn dezman with investing news.com my guest is Mark English managing director of or mining a gold focused exploration and development company in Australia good to have you mark lovely thank you Mary Lynn So today we're talking about ghoul the bright shiny uh thing that's been happening um gold prices has have reached uh more than 2,300 us or about 3,700 Australian dollars and this trajectory as it continues is expected to potentially double the profits of companies such as


oric are you seeing a general reating of gold Fus stocks as a result of this at at this point in time it hasn't really correlated um the ASX or the equities Market hasn't hasn't quite followed the go price I think the gold price has gone up very strongly as you just um indicated but I don't think the equities have quite um quite caught up I think there's a lag um hopefully we do catch up because the gold price is a terrific price whether you're talking in AUD or USD terms right so talking about


uh specifically for oric you're you have you know you had a remark able story going from you know ASX listing to Gold production that Jeff's find in about three years or under three years and now you're getting uh I guess ready for phase two production could you talk talk about a little bit more about that journey and where do you go from here um yeah so we had a clear strategy when we set up the business so um I'm a shed accountant by profession I'm John le our technical director is a is a gold


geologist by profession John and I looked at when we set up the business so John and I were the two directors that were um established the business from scratch we looked at um only being in Gold because that's where all our technical expertise were we were only interested in either Australia or Canada as the two jurisdictions um and we went out and started to specifically look for Fairly Advanced projects that we thought that we'd be able to get in and mine and monetize pretty quickly to that end we were very fortunate we


were able to buy Jeffrey find at a terrific price from an ASX listed company that wanted to exit from Jeffrey's find um and then we've been able to mine it um we did a good deal with a joint venture partner the gold price has been our friend um yes you are 100% correct we are going to make a substantial amount of money in 2024 even if we look at what we did in 2023 just the difference in the gold price we would have net an extra9 to10 million in the joint venture so you know the price is King at the moment that's


amazing and you're also getting ready for phase two could you talk a bit more about the plans for um phase two production and what you what can the investor Community expect from that okay so we've um we don't own the um physical infrastructure we're basically renting it like an office rent using that as an analogy we have uh rented a space at a mill it's called The Green Fields Mill at katti they've undertaken to us to crush 300,000 tons of rocks in 2024 we started crushing the


rocks on Tuesday this week so we've got a parcel of around 40,000 tons going through the mill the mill works at around 3,000 tons a day so that parcel will take 12 to 13 days it should punch out something around 1,800 to 2,000 ounces of gold so again in a do ter that means that we'll make sure generate around $7 million worth of gross revenue out of this parcel so throughout 2024 300,000 tons going through that Mill we will certainly double our production on what we did compared to 2023 2023 in


round terms we did 10,000 O So this year we'll do a minimum of 20,000 oun all things being equal we believe that we'll actually do more than 300,000 tons so we've got to find um a mill that will take the balance of whatever 300,000 tons up to where we expect to get to aside from Jeffrey find Jeff's find you have a w gold project which is um an exploration uh project could you provide our audience sort of an overview of that project and what's the exploration plan for this year for


that thanks m is um a really it's our key asset it's our major asset um again we bought Mand from from an ASX listed company a company called arella that wanted to um use the cash from Mond to go out and explore for nickel so we again acquired that project we think we bought that project exceptionally well our total cash costs at M around $6 million it's got a resource on it of around 200,000 ounces of gold but like everything in this life you don't take the whole lot so you'll only you you'll


only mine a certain proportion of that we did a scoping study in June 2023 we estimated that we would take around 90 to 110,000 ounces of gold out of there again in AUD terms at the moment you know that's around $400 Million worth of gross revenue if we get our costs right it will be a substantial Cash Generator for oric we just finished completing a big grade control drill program over that project um just to understand the understand where we would do a startup bit so it's always been our intent ition


to do it in at least two phases one a St a pit which is just a small pit it's just like a you know building a small building block and then you go off and build a bigger building block so we always use the initial startup pit to understand the geology a lot better to understand uh how it all interacts um and we hope or not hope we intend to do that late this year early in 2025 right it looks like a bazer ahead so you know given everything that's happening right now in your own words if you're when you're talking to investors


why is now a good time to invest in oric look or's in a fantastic position we're a goal focused company which is a great place to be our assets are in the right place we're all just south of Cully culi is a big mining Hub in Western Australia so we're only about an hour south of culi so all the infrastructure we need is available so effectively and you can talk about anything in life you need to be in the right place in the right time we believe that we are hit the nail on the head


we've also been very lucky with the gold price the gold price has been our friend no mistake about that but in life you need a bit of luck in life you actually need a lot of luck um so oric at the moment we're we're still a tightly structured company we've got around 150 million shares on issue which is not a lot our market cap at the moment is around $30 million $30 million correct um we have Circa $4 million in the bank as we speak today but we'll expect to generate somewhere between 8 to4 million


out of Jeffy find in 2024 so we could finish up the year round Christmas with easily you know 10 to 10 to1 15 million in the bank that will be more than enough for us to do what we need to do at M as well as to do further exploration and development activities in the area yeah Paul thanks Mark for taking the time to speak to me today it's been my pleasure thank you very much and thanks everyone for watching join us again next time for another edition of CEO insights if you like this video make sure you subscribe


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