NMR Accelerates Charters Towers Gold Revival with $7.6M Capital Boost

Strategic Acquisition Bolsters NMR’s Gold Portfolio

In a transformative move, Native Mineral Resources (ASX: NMR) has secured full ownership of advanced gold projects in northern Queensland, including the Far Fanning and Blackjack deposits. This acquisition, formalised under a Deed of Company Arrangement (DOCA), brings 17 granted mining leases, a mineral development license, and six exploration permits under NMR’s control, alongside critical processing infrastructure.

The Far Fanning deposit alone holds an inferred mineral resource estimate of 2.3 million tonnes at 1.84 grams per tonne gold, equating to approximately 138,000 ounces. This resource underpins NMR’s development strategy in the Charters Towers region, a historically prolific gold district.

Blackjack Processing Plant Refurbishment Progresses

Following the acquisition, NMR has rapidly advanced refurbishment works at the Blackjack Processing Plant. Site preparation, including demolition and security upgrades, has been completed, with detailed inspections of key equipment such as the ball mill and CIL tanks underway. Electrical system upgrades are scheduled to commence early in Q1 2025, supported by comprehensive assessments from specialist consultants.

The company has bolstered its operational leadership by appointing an Operations Manager, Senior Metallurgist/Process Manager, and Senior Site Executive, signalling readiness for the plant’s targeted production restart in Q3 2025. Concurrently, environmental and safety compliance initiatives are progressing, with submissions and consultations ongoing to meet regulatory requirements.

Robust Capital Raising Supports Development Plans

To fund these ambitious plans, NMR successfully raised $3.46 million through a placement in November 2024 at a 14% premium to the prior share price. This was followed by a pro-rata non-renounceable entitlement offer completed in January 2025, raising an additional $4.13 million. The combined $7.6 million capital injection will primarily support the Charters Towers Gold Project’s development, including refurbishment and operational ramp-up.

Notably, the company secured a conditional shortfall commitment from entrepreneur Wes Maas to acquire up to 19.9% of issued shares, contingent on raising a minimum of $7.9 million. This backing underscores investor confidence in NMR’s growth trajectory.

Exploration and Compliance Activities Continue

Alongside infrastructure works, NMR is advancing resource modelling and optimisation at the Blackjack pits, with results expected early in 2025. The company is also preparing for resource definition drilling at Far Fanning to upgrade the resource classification and support feasibility studies.

Environmental management remains a priority, with engagement of specialists to assist with authority amendments, rehabilitation cost estimates, and closure planning. Regular meetings with regulatory bodies and local government aim to expedite compliance and permit approvals.

Broader Project Portfolio Maintains Momentum

While the Charters Towers project commands immediate focus, NMR’s Palmerville Copper Project and Maneater Breccia Project in North Queensland continue to show promising exploration potential. Recent geophysical surveys and sampling have identified multiple high-priority targets, setting the stage for future drilling campaigns once seasonal conditions permit.

Overall, NMR’s December quarter report reflects a company transitioning from acquisition to active development, supported by solid financial backing and a clear operational roadmap.