Native Mineral Resources Holdings Limited has locked in exclusive 12-month mining rights at the Podosky Gold Project in Queensland, backed by promising high-grade drilling results and imminent mining plans.
- Exclusive 12-month mining rights secured at Podosky Gold Project
- NMR to pay Haoma Mining $4 million in staged payments
- High-grade, shallow gold mineralisation confirmed by recent drilling
- Ore to be processed at NMR’s Blackjack Operations 75km away
- Mining scheduled to commence in April 2026 following mine planning
Exclusive Access to Podosky
Native Mineral Resources Holdings Limited (ASX:NMR) has taken a significant step forward in its Queensland gold mining ambitions by securing exclusive mining rights to the Podosky Gold Project for a 12-month period. This arrangement, formalised through a binding term sheet with Haoma Mining NL, grants NMR the sole authority to extract gold and silver from the deposit, which was previously part of a joint venture between the two companies.
Strong Drilling Results Bolster Confidence
Recent drilling campaigns at Podosky have reinforced NMR’s confidence in the deposit’s potential. Notably, standout intercepts such as 18 metres at 11.33 grams per tonne gold from just 12 metres depth, including a remarkable 1 metre at 101.10 grams per tonne, highlight the high-grade and shallow nature of the mineralisation. These results suggest that open pit mining is a viable and efficient extraction method, aligning well with NMR’s operational capabilities.
Operational and Financial Strategy
Under the terms of the agreement, NMR will pay Haoma $4 million in three instalments over March to May 2026. The company is exploring various funding avenues, including operational cash flow and potential director loans, to meet this commitment. Ore extracted from Podosky will be transported approximately 75 kilometres to NMR’s Blackjack processing plant, which is positioned as a central hub for gold treatment in northern Queensland.
Advancing Towards Production
Mine planning activities, including geological modelling, pit optimisation, and scheduling, are underway with completion targeted by the end of March 2026. This paves the way for blasting and mining operations to commence as early as April. NMR’s Managing Director Blake Cannavo emphasised the strategic importance of Podosky in diversifying ore sources and enhancing cash flow generation from the Blackjack Operations and other assets in the Charters Towers region.
Looking Ahead
This exclusive access to Podosky not only strengthens NMR’s foothold in Queensland’s gold sector but also signals a focused push towards ramping up production and operational efficiency. The company’s ability to integrate Podosky’s output with its existing infrastructure could prove pivotal in delivering sustained value to shareholders.
Bottom Line?
NMR’s exclusive rights at Podosky set the stage for a potentially lucrative mining phase starting next month, with market watchers keen to see how funding and operational execution unfold.
Questions in the middle?
- How will NMR finance the $4 million payment to Haoma Mining?
- What are the projected production volumes and timelines beyond the initial 12 months?
- Could NMR expand its exclusive rights or joint venture arrangements at Podosky or nearby deposits?