Native Mineral Resources Reports 929 oz Gold Production and Key Plant Upgrades

Steady Gold Production and Operational Upgrades

Native Mineral Resources Holdings Limited (ASX, NMR) has delivered a solid December 2025 quarter at its flagship Blackjack Gold Operations in Queensland. The company produced 929.42 ounces of refined gold during the quarter, bringing cumulative output since the plant’s restart to 1,625.83 ounces. This steady production was achieved despite a planned shutdown in October and November to upgrade the ball mill’s lubrication system and bearings, a move aimed at improving long-term plant reliability and throughput.

The Blackjack processing plant milled over 49,000 dry metric tonnes at an average throughput rate of 32.12 tonnes per hour, with an impressive reconciled plant recovery rate of 95.3%. Mill availability averaged 75.54%, with utilisation at 69.5%, reflecting the impact of the maintenance outage. The upgrades are expected to support sustained operational performance moving forward.

Tailings Storage Facility Progress and Mining Resumption

Significant progress was made on the Blackjack Tailings Storage Facility (TSF), with 95.1% of the Stage 3 upstream lift completed by the end of December 2025. The remaining downstream lift at the water decant area is scheduled for completion early in 2026, weather permitting. The Stage 3 lift extends tailings capacity through to approximately the second quarter of 2027. Concurrently, Stage 4 lift and new TSF design studies are underway, reflecting the company’s focus on medium- to long-term infrastructure planning.

Mining activities at the Blackjack South Pit were paused mid-October pending a review of the pit design. A new geology and mining team, alongside AMC Consultants, is set to refresh the block model and production schedule based on a new drill and assay campaign. Drill-and-blast operations are planned to recommence in late January 2026, with mining expected to resume in February, supported by an integrated digital workflow to enhance operational control and compliance.

Advancing Exploration and Joint Ventures

Beyond Blackjack, the Far Fanning Project continued legacy stockpile haulage to the Blackjack plant, with approximately 50,000 tonnes moved during the quarter. Preparations for a ~6,000-metre drilling program to support mining readiness in early 2027 are underway, including environmental authority amendment submissions.

Native Mineral Resources also advanced its joint ventures. The Haoma Mining JV at the Ravenswood Gold Project progressed drilling preparations following an Environmental Authority decision, with early works supporting a drilling program slated for the first quarter of 2026. Additionally, a binding term sheet was executed with Great Divide Mining for the Yellow Jack Gold Project, which hosts an inferred resource of approximately 51,100 ounces of gold. The JV structure proposes equal profit sharing after operational costs, with Great Divide funding site-based operations.

Strategic Divestment and Financial Position

In a strategic move to sharpen focus on its core Charters Towers operations, Native Mineral Resources executed binding sale agreements to divest its Palmerville tenements. Financially, the company reported revenue of nearly A$6 million for the quarter and positive EBITDA of A$160,406 in December. Post-quarter, it completed a $3 million convertible note issue to Lind Global Fund III, with an option to raise up to $7 million more, alongside issuing $1 million worth of shares as part of the convertible securities agreement.

Looking ahead, the company plans to complete remaining TSF Stage 3 works, progress Stage 4 lift design, implement a computerized maintenance management system, and mobilise its new geology and mining team to support the mining restart. These initiatives underscore Native Mineral Resources’ commitment to operational excellence and growth in Queensland’s gold sector.