NMR and Haoma Set to Share Profits from 86,000 Ounces in Ravenswood JV
Native Mineral Resources Holdings Limited has entered a binding joint venture with Haoma Mining NL to develop the Ravenswood Gold Project, leveraging NMR’s Blackjack Operations as a regional processing hub.
- Binding term sheet signed for unincorporated joint venture
- Ravenswood JV covers six mining leases with ~86,000 ounces of JORC 2004-compliant gold resources
- NMR funds all operational costs and manages ore processing at Blackjack Plant
- Profits shared equally after cost recovery and management fee
- JV subject to due diligence and regulatory approvals, with exclusivity until June 2026
Strategic Partnership to Boost Regional Gold Production
Native Mineral Resources Holdings Limited (ASX, NMR) has taken a significant step to expand its footprint in Queensland’s gold mining sector by signing a binding term sheet with Haoma Mining NL. The agreement establishes an unincorporated joint venture to develop the Ravenswood Gold Project, located approximately 75 kilometres east of NMR’s Blackjack Operations.
This JV aims to capitalise on the synergy between Haoma’s gold tenements and NMR’s recently refurbished Blackjack Plant, which resumed production in July 2025. By processing ore from Haoma’s Ravenswood leases alongside its own Charters Towers assets, NMR intends to position Blackjack as a central processing hub in the region.
Resource Base and Operational Responsibilities
The Ravenswood JV encompasses six granted mining leases containing an estimated 86,000 ounces of gold based on JORC 2004-compliant Mineral Resource Estimates. While these figures are historical and have not been independently verified by NMR, they provide a promising foundation for the JV’s development plans.
Under the terms, NMR will bear all site-based operational costs, including drilling, mining studies, haulage, and ore processing. In return, NMR will recover these costs plus a 5% management fee from the JV’s revenue before profits are split evenly with Haoma. This arrangement underscores NMR’s confidence in its operational capabilities and the potential scale of the Ravenswood project.
Due Diligence and Future Outlook
The joint venture remains subject to a comprehensive due diligence process and regulatory approvals, with exclusivity binding both parties until 30 June 2026. Should these conditions be met, the JV will formalise with definitive agreements, paving the way for coordinated mining and processing activities.
Native Mineral Resources CEO Blake Cannavo highlighted the strategic importance of this partnership, emphasizing the goal of maximizing the Blackjack Plant’s capacity while maintaining steady production from NMR’s own deposits. The collaboration with Haoma is expected to be mutually beneficial, potentially enhancing regional gold output and operational efficiencies.
As the JV progresses through due diligence, market watchers will be keen to see how updated resource assessments under the current JORC standards might influence project economics and timelines.
Bottom Line?
The Ravenswood JV could redefine NMR’s regional role, but hinges on due diligence and resource validation.
Questions in the middle?
- Will updated JORC 2012-compliant resource estimates materially alter the project’s value?
- How will NMR balance processing third-party ore with its own production demands at Blackjack?
- What are the key risks in regulatory approvals and mining lease standings that could delay the JV?
