Auric Mining (ASX:AWJ) said its wholly owned entity Widgie Gold completed the first tranche of settlement with the purchase of five tenements in Western Australia from Loded Dog Prospecting, according to a Tuesday Australian bourse filing.

It paid AU$450,000, plus tax, to Loded Dog for the five tenements and agreed on milestone payments and royalties.

Of the new tenements, the Amorphous prospect will be the initial focus of exploration with the potential to expand on known gold mineralization.

A second tranche payment of AU$25,000, plus tax, encompassing three tenements will be concluded after various compliance matters are completed.

Its shares fell 4% in recent trading on Tuesday.