Blackjack Gold Project Hits First Pour, $10M Placement Secured for Ramp-Up
Native Mineral Resources has completed its first gold pour at the Blackjack Gold Project, marking a key milestone as it advances toward full production ramp-up in August 2025. The company also secured a $10 million placement to support its growth plans.
- First gold pour completed at Blackjack Gold Project using remnant material
- Refurbishment of Blackjack Processing Plant finalized, commissioning near completion
- Refining and offtake agreement signed with ABC Refinery at spot gold prices
- Ongoing grade control drilling and mine planning at Blackjack to support production
- Secured $10 million share placement post quarter-end to fund production ramp-up
Milestone Achieved with First Gold Pour
Native Mineral Resources Holdings Limited (ASX – NMR) has marked a significant operational milestone with the completion of its first gold pour at the Blackjack Gold Project in Queensland. This initial pour, conducted on 6 July 2025 using remnant material, serves as a critical trial run ahead of full-scale production. The event underscores the company’s progress in commissioning its 340,000 tonnes per annum carbon-in-leach (CIL) processing plant, which underwent extensive refurbishment during the quarter.
Processing Plant Refurbishment and Commissioning
The Blackjack Processing Plant, relocated from Western Australia and upgraded with new mechanical, electrical, and instrumentation components, is now nearing the completion of ore commissioning. Native Mineral Resources has reported that performance testing and process optimisation are on track, with a staged ramp-up to full production expected in August 2025. The commissioning of the gold room and tailings storage facility further confirms operational readiness, positioning the company for near-term gold output.
Strategic Refining Partnership and Market Exposure
In a move to streamline its gold sales, NMR executed a three-year refining and offtake agreement with ABC Refinery. This agreement allows for the refining of mined doré bars at spot gold prices on the day of pick-up, providing shareholders with direct exposure to gold price fluctuations as the company remains unhedged. The arrangement includes standard commercial and settlement terms and offers a two-year renewal option, reflecting confidence in the partnership’s long-term viability.
Advancing Mine Planning and Exploration
Alongside plant commissioning, NMR has advanced its mine development activities at Blackjack. Grade control drilling is underway to refine ore block models and support mine scheduling, while benching and drill-and-blast operations have commenced ahead of schedule. The company is also finalising a two-stage starter pit design and an ultimate pit cutback, which will be submitted for Environmental Authority amendment approval. Meanwhile, exploration efforts continue at Granite Castle, where fieldwork and historic core resampling aim to update resource estimates to JORC 2012 standards.
Capital Raising to Support Growth
Financially, NMR strengthened its position with the completion of a $6.8 million shortfall placement to Australian entrepreneur Wes Maas and an additional $1.2 million convertible note facility from Managing Director Blake Cannavo. Post quarter-end, the company secured firm commitments for a $10 million share placement to fund the Blackjack production ramp-up, reflecting strong investor confidence in NMR’s growth trajectory. Exploration and infrastructure investments at Charters Towers totaled nearly $4 million during the quarter, underscoring the company’s commitment to advancing its projects.
Bottom Line?
With first gold poured and production ramp-up imminent, NMR’s next challenge will be navigating regulatory approvals and sustaining operational momentum.
Questions in the middle?
- How will the Environmental Authority amendment process impact the timing of full-scale mining at Blackjack?
- What are the expected production volumes and cost profiles once ramp-up is complete?
- How might fluctuations in the gold price affect NMR’s unhedged exposure and financial outlook?
