Native Mineral Resources Hits Record Gold Grade at Blackjack in July

Record Gold Grade Despite Operational Setbacks

Native Mineral Resources (ASX:NMR) has reported its highest reconciled monthly mill head grade of 1.09 grams per tonne gold (g/t Au) at the Blackjack Gold Operations in July 2026, marking a milestone since the plant’s recommissioning in July 2025. This achievement comes despite approximately 250 hours of plant downtime caused by the replacement of the primary power generator and scheduled maintenance.

The downtime reduced throughput to 18,699 dry metric tonnes, down from 21,152 tonnes in June, but the improved grade control and mine-to-mill reconciliation helped offset the impact, resulting in increased gold recovered to 629.2 ounces and maintaining plant recovery at a resilient 96.1%.

Consistent Gold Production and Refinery Outturns

July’s official refinery settlements confirmed 326.6 ounces of payable gold and 187.5 ounces of payable silver from 670.3 ounces of doré bars, with subsequent pours in early August producing a combined 590 ounces of doré expected to exceed 60% gold purity. This steady output reinforces confidence in the operation’s grade control and mine-to-mill performance.

These results build on June’s strong production, where NMR delivered 763.8 ounces of fine gold, supported by a shift to weekly smelting to manage increasing volumes efficiently.

Robust Inventory Supports August Outlook

As of 2 August 2026, the run-of-mine (ROM) inventory stood at approximately 12,000 tonnes grading 1.39g/t Au, containing an estimated 536 ounces of gold. This substantial feedstock positions Blackjack well for ramping up throughput and continuing weekly gold pours in August, now that the primary generator replacement and maintenance are complete.

Operational metrics showed mixed availability, with crusher availability down to 78% due to maintenance but ball mill availability improving to 99%. These factors suggest that while some bottlenecks remain, the plant is poised for better performance moving forward.

Implications for Investors

The record reconciled head grade and consistent refinery outturns provide tangible evidence of operational improvements at Blackjack, underpinned by enhanced mine-to-mill reconciliation. However, the recent generator failure and associated downtime highlight ongoing operational risks that could affect short-term throughput.

With a strong ROM inventory and maintenance behind it, NMR appears set to capitalise on these gains in August. Monitoring upcoming official refinery settlements for the latest pours and throughput recovery will be key to assessing whether these improvements translate into sustained production growth.