Native Mineral Resources has completed its final gold pour for 2025 at Blackjack, producing approximately 8.36kg of gold doré and generating nearly $10 million in revenue since July. The company is set to begin drilling at the Ravenswood Gold Project in January 2026 under a joint venture with Haoma Mining NL.
- Final 2025 gold pour of ~8.36kg (268.9 oz) at Blackjack
- Total gold production since July 2025 reaches ~1,460.62 oz
- Gross revenue from Blackjack gold production approaches $10 million
- Tailings Storage Facility works near completion at Blackjack
- Drilling to commence at Ravenswood JV site Podosky in January 2026
Strong Finish to 2025 at Blackjack
Native Mineral Resources Holdings Limited (ASX, NMR) has closed out 2025 with a significant milestone, pouring approximately 8.36 kilograms (268.9 ounces) of gold doré in its final smelt at the Blackjack Gold Operations in northern Queensland. This latest pour, completed on December 22, caps a productive second half of the year since the company commenced gold production in July.
To date, Blackjack has yielded around 1,460.62 ounces of gold, translating into gross revenue nearing $10 million. This performance underscores the operational improvements Native Mineral Resources has achieved in its processing rhythm and plant availability over the past months.
Operational Progress and Site Developments
Alongside production, the company is advancing critical site infrastructure. The Tailings Storage Facility (TSF) works are approaching completion, with the spillway partially lifted and final material placements scheduled for early January. Targeted maintenance on the gravity circuit and installation of critical spares have been prioritized to reduce downtime risks and maintain throughput stability.
Haulage of stockpiles from the Far Fanning deposit to the Blackjack Run of Mine (ROM) continues in line with environmental and operational requirements, supporting the company’s strategy to consolidate processing activities at Blackjack as a central hub.
Looking Ahead, Ravenswood Joint Venture Drilling
Looking forward, Native Mineral Resources is preparing to commence a drilling program at the Podosky site within the Ravenswood Gold Project in early January 2026. This follows the recent approval of the Estimated Rehabilitation Cost (ERC) by the Department, clearing a key regulatory hurdle for mining lease ML10315.
The drilling will be conducted under a joint venture with Haoma Mining NL, with Native Mineral Resources funding operational and infrastructure activities. The JV structure includes equal profit sharing after costs and management fees, positioning the partnership to advance near-term mine planning and execution effectively.
Managing Director Blake Cannavo highlighted the company’s confidence in its operational momentum and strategic direction, emphasizing the importance of the Ravenswood JV as a complementary growth avenue alongside ongoing Blackjack and Far Fanning operations.
Strategic Implications
Native Mineral Resources’ approach to centralizing processing at Blackjack while expanding exploration and development through the Ravenswood JV reflects a balanced growth strategy. The company’s ability to generate substantial revenue early in its production phase bodes well for sustaining operational cash flow and funding exploration activities.
As the company transitions into 2026, the market will be watching closely for assay results from the December gold pour and the outcomes of the upcoming drilling program, both of which will provide clearer indicators of resource potential and production scalability.
Bottom Line?
With a solid production base and new drilling on the horizon, Native Mineral Resources is poised for a pivotal 2026.
Questions in the middle?
- What will the final assay results from the December 22 gold pour reveal about ore quality?
- How will the Ravenswood JV drilling results influence Native Mineral Resources’ near-term mine plans?
- Can Blackjack maintain or improve throughput and operational efficiency into 2026?