NMR Milled 24,101 Tonnes in April with 20% Gold Recovery Rise

April Sees Operational Breakthrough at Blackjack

Native Mineral Resources (ASX:NMR) achieved a milestone in April 2026, processing 24,101 dry tonnes through its Blackjack Processing Plant; the highest monthly throughput since the plant's recommissioning in July 2025. This 43% increase over March's 16,870 tonnes was accompanied by a 20% jump in reconciled gold recovered, reaching approximately 276 ounces. The mill operated at an average throughput of 40 tonnes per hour, up from 36.5 tonnes in March, while maintaining a strong recovery rate of 94.4%. Tailings grade held steady at 0.02 g/t Au, underscoring the plant’s efficient metallurgical performance.

The improved throughput and gold recovery reflect the ramp-up of freshly mined material from Blackjack, gradually replacing the lower-grade stockpile feed that previously dominated the plant blend. This operational momentum builds on the company’s earlier restart efforts and signals a turning point as NMR shifts into higher-grade feed sources.

Higher-Grade Feed to Boost Production and Cash Flow

The company is poised to introduce higher-grade plant feed from two key sources: the Blackjack Mid Pit and the Podosky Project. Mining at Blackjack Mid Pit is progressing with waste stripping underway and 16 planned blasts targeting around 739,000 tonnes of material through to the end of 2026. First mineralised feed from this zone is expected to hit the plant’s ROM pad from late June 2026.

Meanwhile, Podosky’s mining preworks have advanced steadily despite a four-week delay due to statutory and cultural heritage clearances. The first blast was completed on 19 May 2026, with higher-grade material haulage to Blackjack scheduled for 27 May. Podosky aims to deliver approximately 589,000 tonnes of mineralised material through 16 planned blasts by December 2026, including about 34,000 tonnes of higher-grade feed. The integration of these sources is expected to materially enhance plant feed grade, gold output, and operational cash generation through FY2027.

Gold Production and Smelt Results

Gold production is trending upward, with recent smelts confirming the improved output. A smelt on 6 May produced approximately 219.8 ounces doré, with refinery outturn confirming 93 ounces of gold and 71 ounces of silver. The latest smelt on 24 May yielded three doré bars weighing about 344 ounces in total, though official assay results are pending. These pours demonstrate the increasing contribution of higher-grade feed and operational stability.

Exploration and Regional Growth Initiatives

Beyond Blackjack and Podosky, NMR is advancing its broader Charters Towers portfolio. A significant reverse circulation drilling campaign at Far Fanning is set to commence next month, comprising approximately 87 holes over 9,730 metres. This drilling will support geological modelling and mine design activities targeted for mid-August 2026, aiming for mining commencement in Q3 2027 following dewatering.

The company’s strategy hinges on establishing the Blackjack Processing Plant as a regional processing hub, leveraging its existing infrastructure to support multiple mineralised feed sources. This approach aims to drive operational flexibility, throughput expansion, and resource growth, positioning NMR for a larger production profile through FY2027 to FY2031. Ongoing plant optimisation and tailings storage facility (TSF) development are also key components of this growth plan.

Regulatory Progress and Operational Safety

NMR is actively managing environmental and regulatory approvals, with PRCP submissions for Blackjack and Far Fanning on track for Q2 2026 lodgement following pre-lodgement meetings with DETSI. TSF Stage 4 lift design is complete, and supporting environmental assessments continue. Void management and geotechnical monitoring are in place to ensure operational safety as mining advances across multiple pits.

The company’s recent operational advances build on its prior achievements, including the strong mill performance and record pours reported in April and the first 315oz gold pour at Blackjack(4033fe16-dd4d-48da-a1f7-6b1ba97ac43f4) that signalled a grade uplift earlier this year.