Native Mineral Resources (ASX:NMR) reported a record 763.8 ounces of gold produced in June 2026 at its Blackjack Processing Plant, alongside significant mining progress and fresh funding agreements supporting growth.
- Record monthly gold production of 763.8oz in June 2026
- Mining advances at Blackjack South, Mid Pits and Podosky
- A$7.85 million gold and silver smelt revenue in Q4 FY26
- A$7 million raised via convertible note agreements post quarter
- Dual Chief Geologists appointed to strengthen technical leadership
Record Gold Output Highlights Operational Momentum
Native Mineral Resources (ASX:NMR) delivered its strongest monthly gold production since recommissioning the Blackjack Processing Plant, hitting 763.8 ounces of fine gold in June 2026. This milestone capped a quarter that saw 1,268.2 ounces produced from 24 doré bars across eight smelts, bringing the cumulative gold outturn since the plant restart in July 2025 to 3,561.7 ounces. The plant operated at an average throughput rate of 39.1 tonnes per hour with a reconciled plant recovery averaging 95.6%, peaking at a record 96.3% in June as higher-grade ore entered the circuit.
The June production surge was underpinned by a reconciled head grade of 0.93 grams per tonne gold, the highest since the plant's recommissioning. The company also transitioned to a weekly gold smelting schedule from June, enhancing cash flow visibility and frequency of production reporting. Notably, a gravity gold bar smelted on 14 June achieved 81.45% gold purity, the highest recorded since the restart.
Mining Progress Accelerates Across Multiple Fronts
Mining operations advanced steadily at Blackjack’s South and Mid Pits as well as the Podosky joint venture site. Blackjack South Pit resumed in April 2026, with over 161,000 tonnes of material moved by late July, including 35,579 tonnes of mineralised ore. Blackjack Mid Pit commenced waste stripping in late April, completing approximately 272,000 tonnes of material movement by the same date, with first mineralised feed delivered to the plant in early July. Meanwhile, Podosky mining, which started in May, moved nearly 192,000 tonnes including 9,701 tonnes of mineralised material by quarter-end.
Across these sites, multiple production blasts were completed, supporting a steady feed of ore to the Blackjack Processing Plant. The company’s focus on mine-to-mill reconciliation and grade control is reinforced by the appointment of dual Chief Geologists, Scott Franko and Scott Lindsay, bringing over 70 years of combined experience to the technical team.
Tailings Storage and Environmental Compliance Advance
On the infrastructure front, Native Mineral Resources submitted the Stage 3 Lift As-Constructed Report for the Blackjack Tailings Storage Facility (TSF) to Queensland’s Department of Environment, Tourism, Science and Innovation (DETSI) in June. Sterilisation drilling at the proposed new TSF and waste rock dump footprint was completed to inform detailed design work. Stage 4 Lift design studies are progressing, targeting construction and certification in the 2027 financial year.
Environmental approvals also moved forward with the submission of Progressive Rehabilitation and Closure Plans (PRCPs) for both Blackjack and Far Fanning projects. The Far Fanning PRCP was lodged at quarter-end, benefiting from recent Queensland legislative amendments that streamline environmental assessments for mining projects. The Blackjack PRCP was submitted post quarter-end in July 2026.
Financials and Funding Support Growth Initiatives
Financially, the quarter generated gold sales revenue of approximately A$7.77 million plus A$85,500 from silver by-product, totaling nearly A$7.85 million. Post quarter-end smelts further contributed around A$1.93 million from 670 ounces of doré. To support ongoing operations and growth, NMR secured two convertible security funding agreements with Lind Global Fund III LP totaling A$7 million face value post quarter, with proceeds earmarked for debt reduction, working capital, and expansion initiatives. The convertible notes carry conversion terms that could dilute existing shareholders by up to 6.5% if fully converted.
Additionally, a $4 million unsecured funding facility with an associate of Managing Director Blake Cannavo was established in April 2026, providing further liquidity with commercially reasonable terms as determined by the board.
Exploration and Development at Far Fanning and Joint Ventures
Far Fanning remains a key growth asset, hosting a JORC 2012 Inferred Mineral Resource of 2.3 million tonnes at 1.84 g/t gold for 138,000 ounces. A diamond drilling program was completed during the quarter, with a larger reverse circulation drilling campaign planned to commence in August 2026. This drilling will feed into updated mine designs targeted for late 2026, aiming for mining commencement in Q3 FY2027 subject to environmental approvals and dewatering.
The Podosky joint venture with Haoma Mining NL is progressing mining and haulage operations, with nine of 17 planned production blasts completed and mining expected to continue through to December 2026. Meanwhile, the Great Divide Mining JV’s Yellow Jack project remains on hold due to internal resource constraints, with no material activity during the quarter.
Bottom Line?
NMR’s record production and strengthened funding position set the stage for scaling up gold output, but upcoming drilling results and regulatory approvals will be critical to sustaining momentum.
Questions in the middle?
- Will the planned RC drilling at Far Fanning confirm resource upgrades to justify mining commencement timelines?
- How will the convertible note conversions impact NMR’s share capital and investor returns?
- Can the company maintain or improve plant recoveries as higher-grade material phases through the processing circuit?