Native Mineral Resources Accelerates Gold Output with $10M Capital Boost

Strong Production Momentum at Blackjack

Native Mineral Resources Holdings Limited (ASX – NMR) has marked a significant milestone in its operational turnaround with the successful refurbishment and ramp-up of its Blackjack CIL gold processing plant in Queensland. The company completed four gold pours during the September quarter, producing 696.4 ounces of refined gold and generating revenue of approximately A$4 million. This achievement reflects the culmination of extensive refurbishment efforts completed in July 2025 and a steady ramp-up to full production by August.

Despite the early stage of operations, NMR reported a positive EBITDA of A$29,235 for the quarter, signaling a promising start to the fiscal year. Operational expenditures included strategic capital investments in plant refurbishment, tailings storage facility (TSF) upgrades, and machinery enhancements, underscoring the company’s commitment to sustainable production growth.

Advancing Infrastructure and Environmental Compliance

Critical infrastructure developments continue with the Stage 3 lift of the Blackjack TSF underway, following approval of detailed designs by engineering consultants ATC Williams. This 2.5-meter crest raise is designed to increase storage capacity by approximately 83.5 megaliters, extending the facility’s operational life in line with production forecasts. Construction commenced under an Environmental Enforcement Order issued by Queensland regulators, highlighting the company’s proactive approach to environmental management.

Simultaneously, Native Mineral Resources is progressing its Progressive Rehabilitation and Closure Plans (PRCP) and Estimated Rehabilitation Cost (ERC) applications for both Blackjack and Far Fanning sites, ensuring compliance with evolving regulatory frameworks. These efforts are critical for maintaining operational licenses and securing long-term project viability.

Exploration and Resource Growth Prospects

Exploration activities are gaining momentum with a high-resolution drone magnetic (DMAG) survey completed over the Blackjack leases, delineating 15 ranked targets. Ground mapping and geochemical sampling have commenced, with reverse circulation drilling planned for November 2025. These targets, some aligned with historical mineralised corridors, offer promising avenues for resource expansion.

At the Granite Castle project, located within trucking distance of Blackjack, the company upgraded its mineral resource estimate to JORC 2012 standards, reporting 64,500 ounces of gold and 1.24 million ounces of silver. Planned metallurgical testing and follow-up drilling aim to validate and potentially expand this resource, which could provide valuable feedstock for Blackjack’s processing plant in the future.

Capital Raising Supports Growth Strategy

To underpin these operational and exploration initiatives, Native Mineral Resources completed a A$10 million equity placement at A$0.16 per share during the quarter. The capital raise, supplemented by option conversions from related parties, strengthens the company’s balance sheet and provides working capital to accelerate project development and regional exploration.

Looking ahead, the company plans to continue advancing mine planning for the Blackjack pits, complete the TSF Stage 3 lift, and scale up haulage and site works at Far Fanning. These activities, combined with ongoing compliance and environmental management, position Native Mineral Resources to build on its early production success and unlock further value from its Queensland gold assets.