Auric lures ex-Black Cat Syndicate boss to drive WA gold growth

Auric Mining has landed a high-profile leadership coup, appointing seasoned mining executive Gareth Solly as chief executive officer and executive director to spearhead the company’s evolution into a significant Western Australian gold producer.

Solly, who officially puts his feet under the desk on 18th May, brings a formidable twenty-year track record in the gold sector, including senior roles at Silver Lake Resources and Saracen Minerals. He is most recently credited with the meteoric rise of Black Cat Syndicate.

As founding managing director, he transformed Black Cat from a A$6 million exploration initial public offering into a multi-asset gold producer, with a heady 100,000 ounces per annum, a hefty 2.5-million-ounce gold resource and a robust market capitalisation of nearly A$1 billion.

At Black Cat, Solly was instrumental in the acquisition and rapid refurbishment of both the Paulsens and Lakewood gold operations for the company, both of which were delivered on time and on budget.

‘Gareth’s success at Black Cat is a blueprint for what we intend to achieve.’

Auric Mining managing director Mark English

His appointment is a savvy move by Auric to bolster its technical and operational capability as the company moves to develop its own processing infrastructure, especially the refurbishment of its Burbanks plant near Coolgardie. Solly’s experience appears tailor-made for Auric’s current trajectory.

Under the terms of his appointment, Solly will receive an annual salary of A$450,000, inclusive of superannuation. Reflecting the company’s focus on growth, management says Solly’s long-term incentive package is strictly tied to performance, with a suite of options and performance rights that only vest upon meeting significant milestones set by Auric.

Auric Mining managing director Mark English said: “Gareth’s success at Black Cat is a blueprint for what we intend to achieve. He has a rare ‘mine-to-mill’ skillset – he knows how to find the ounces, but more importantly, he knows how to build the infrastructure and the team to produce gold bars.“

According to Auric, its leadership transition has been structured to maintain a steady hand on the tiller. Solly will work alongside founding managing director Mark English before officially succeeding him on 1st December 2026.

English, who has been instrumental in the stellar rise of Auric’s fortunes since the company first listed in 2021, has no intentions of walking away just yet. The seasoned operator will stay on as executive and finance director until at least mid-2028, making sure that financial discipline and strategic stability are maintained.

Auric’s hire rounds out a powerful “mine-to-mill” ensemble, following the recent appointment of Scott Bailey as processing lead. Bailey, also a Black Cat alumnus, was pivotal in the ahead-of-schedule restart of Paulsens and the recommissioning of Lakewood.

With the band back together, Solly and Bailey will no doubt provide the technical firepower to get the Burbanks plant operational as a priority, allowing Auric to bypass third-party toll milling and gain full control over its gold production and cash flow. The company is also evaluating options to increase Burbank’s capacity beyond its current 500,000 tonnes per annum.

Having ridden a wave of operational success and a healthy dose of luck, with gold prices continuing to boom, Auric is now sitting on a formidable A$43 million war chest of cash, bullion, and listed investments.

At the company’s Munda gold mine near Widgiemooltha, its Starter Pit campaign recently nailed production of 8886 ounces of gold, a hefty 46 per cent above forecast. The ounces sold at an eye-watering average price of A$7178.

Additionally, its Jeffreys Find campaign delivered Auric A$16.5 million in cash from a remarkably modest A$1.2-million-dollar outlay.

Future production looks to be anchored by the Munda Main Pit, which currently hosts 145,000 ounces of gold.

Significantly strong grades from the Starter Pit campaign at Munda suggest the deposit might be bigger and higher-grade than previously thought. The company anticipates a resource upgrade ahead of mine development later this year.

Snaring an industry heavyweight who has already done the heavy lifting at Black Cat looks a major get for Auric and sends out a strong signal the company is gearing up for its next leap forward.

With a A$43-million war chest and the Burbanks plant refurbishment moving ahead, Auric is looking more like a long-term mid-tier producer in waiting than an explorer-developer.

Punters are likely to be watching closely as the company’s much-anticipated transition under new leadership kicks off in May.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au