Blackjack’s record smelt points to NMR’s strongest gold month yet

Blackjack records its largest doré smelt

Native Mineral Resources Holdings Limited (ASX:NMR) has produced 934.1oz of gross doré from its Blackjack operation near Charters Towers, Queensland, in the largest single smelt since production began in July 2025.

“Gold Doré Circuit Doré Weight”

The 27 October smelt comprised three bars: two from the elution circuit weighing 283.4oz and 316.3oz, and a 334.4oz gravity-circuit bar. The latter was 49% larger than the previous week’s gravity bar. Gross doré is not the same measure as refined gold, however, and the final weight, assay and gold and silver outturn remain subject to Perth Mint processing.

October production moves towards a new monthly record

Internal laboratory assays indicate approximately 580oz of contained gold in the latest smelt, implying an average gold assay of about 62%. If Perth Mint confirms that estimate, the smelt would deliver NMR’s highest single-smelt refined gold outturn since production commenced, around 65% above the 350.9oz returned from the previous smelt.

The update extends the run of larger weekly smelts at Blackjack. The operation’s earlier 552oz October smelt had already lifted October gross doré production to 1,376.2oz across three smelts. With the latest bars included, October gross doré production now totals 2,310.3oz, averaging about 577.6oz per smelt compared with approximately 368.5oz in September.

Confirmed refined gold outturn for the first three October smelts stands at 780.8oz. Adding the indicative 580oz estimate for the latest smelt, NMR forecasts monthly refined gold outturn of approximately 1,300oz to 1,400oz, above the previous monthly record of 1,080.5oz set in August. That forecast is provisional because internal assay results can differ from Perth Mint’s final refinery measurements.

Perth Mint confirms stronger weekly refinery result

Perth Mint confirmed 350.9oz of refined gold and 149.1oz of refined silver from the 20 October smelt. The bars carried an average gold assay of 64.25%, and the refined gold result was 28% higher than the 274.2oz returned from the 13 October smelt.

The confirmed result takes Blackjack’s cumulative refined gold outturn to 6,673.4oz, alongside 7,310.7oz of refined silver, since production began. More than half of the refined gold has been recorded since June 2026, according to NMR, although the latest 934.1oz doré smelt is not included in those cumulative refinery totals.

Perth Mint results and plant data become the next test

The immediate catalyst is the expected Perth Mint outturn for bars BJM111 to BJM113, followed by Blackjack’s October metallurgical end-of-month results next week. Those figures will determine how closely the internal 580oz estimate translates into refined gold and whether October’s forecast record is achieved.

The more consequential question is whether the October run rate can carry into November and the December quarter. The filing reports stronger smelt volumes, but one month of production and an unconfirmed final smelt are not yet enough to establish how durable the improvement will be.