NMR Hits Strongest Processing Month With Higher-Grade Feed Incoming

NMR Hits Strongest Processing Month Since Restart — Higher-Grade Feed Set to Accelerate Gold Output

Native Mineral Resources Holdings Limited (ASX: NMR) has delivered its most operationally significant month since recommissioning the Blackjack Processing Plant in July 2025, with April 2026 setting a new throughput record and gold production climbing sharply. With higher-grade feed now entering the plant from two separate mining fronts — Podosky and Blackjack Mid Pit — the company is moving beyond its restart phase into what management describes as a genuine growth inflection.

The announcement combines production data, a near-term mining schedule, and a multi-year strategic roadmap, making it a meaningful update for investors tracking Native Mineral Resources Holdings strongest processing month and higher-grade feed gold output growth from producer restart to regional processing hub.

April 2026: A Record Month That Sets the Tone

April represented a step-change rather than incremental improvement. The Blackjack Processing Plant milled 24,101 dry tonnes in April, the highest monthly throughput since recommissioning and a 43% increase on March's 16,870 dry tonnes. Mill throughput rate climbed from 36.5 tph to 40.0 tph, while reconciled gold recovered rose 20% month-on-month from 229 oz to 276 oz.

Plant metallurgical efficiency held firm through this ramp-up. Recovery remained strong at 94.4% and tailings grade was maintained at a consistent 0.02 g/t Au — evidence that the processing circuit is performing reliably under increased load.

The improvement was driven by the recommencement of Blackjack mining in April 2026, with freshly mined material progressively displacing the lower-grade stockpile feed that characterised the earlier restart phase. This feed blend transition represents the central operational theme for the coming months.

Gold Poured: The Smelt Record in Context

Beyond monthly production figures, NMR completed two additional gold smelts since its operational update on 23 April 2026.

• 6 May 2026 smelt (BJM056–057): Approximately 219.8 oz doré smelt weight, with official refinery outturn confirming approximately 93 oz gold and 71 oz silver
• 24 May 2026 smelt (BJM058–060): Three doré bars totalling approximately 344.4 oz doré smelt weight — the largest single smelt campaign since recommissioning. Refinery outturn for this smelt is pending, expected within five business days

The 24 May smelt drew from both the CIL circuit (approximately 203 oz) and the Inline Leach Reactor (ILR) circuit (approximately 142 oz), demonstrating that multiple recovery pathways within the plant are contributing meaningfully to output.

Since recommissioning in July 2025, NMR has processed a cumulative 8,836.3 oz doré smelt weight across smelts BJM001 through BJM060, with total confirmed gold outturn of 2,616.6 oz and silver outturn of 4,583.8 oz (noting BJM058–060 outturn is pending).

Note: BJM058–060 outturn pending; totals reflect confirmed results only where available.

Understanding CIL Processing — Why Recovery Rate Matters

Carbon-in-Leach (CIL) is a gold recovery process where crushed ore is mixed with a cyanide solution in a series of tanks. Activated carbon is added to the slurry to absorb dissolved gold as it leaches from the rock. The gold-loaded carbon is then stripped and the gold is smelted into doré bars — the raw gold-silver alloy sold to refineries.

Recovery rate represents one of the most important efficiency metrics in gold processing. A 94.4% reconciled recovery means that of all the gold entering the plant, only approximately 5.6% is lost to tailings. Maintaining this level of recovery while simultaneously increasing throughput — as NMR achieved in April — demonstrates that the plant is not being pushed beyond its optimal operating envelope.

Tailings grade (0.02 g/t Au) is the concentration of gold remaining in the processed waste. Keeping this consistently low indicates the circuit is extracting gold efficiently and not leaving significant value behind.

The ability to sustain high recovery as higher-grade feed enters the circuit is what drives meaningful improvements in gold ounces produced per tonne milled, directly supporting Native Mineral Resources Holdings strongest processing month and higher-grade feed gold output growth.

Two New High-Grade Fronts Opening Up

The most consequential near-term development for NMR's production profile is the simultaneous activation of two higher-grade feed sources — Podosky and Blackjack Mid Pit — both entering the plant feed blend imminently.

Podosky Project (Haoma JV)

Following a four-week delay from the original schedule due to statutory and cultural heritage clearance requirements, Podosky is now fully activated:

• First blast at Podosky ML10315 completed 19 May 2026 covering approximately 47kt at RL277.5
• Second blast scheduled 27 May 2026 targeting approximately 50kt
• First higher-grade plant feed haulage to Blackjack ROM pad scheduled 27 May 2026
• 16 planned blasts targeting approximately 589kt of mineralised material (including approximately 34kt of higher-grade feed) through to December 2026
• Mining to continue on approximately 20 mining days per month schedule

Blackjack Mid Pit

• Waste stripping commenced late April 2026; approximately 270kt of material planned for removal between RL335 and RL328
• Two drill and blast campaigns (328-004 and 328-006) completed 5 May and 13 May 2026
• Target: access to RL325 by mid-June 2026
• First higher-grade mineralised plant feed from Mid Pit expected 24 June 2026
• 14 planned blasts covering approximately 739kt of material through end of 2026

The sequential introduction of these two higher-grade sources into the plant feed blend represents the primary mechanism through which NMR expects to materially lift gold production through the second half of 2026.

Far Fanning: Exploration Catalyst on the Horizon

While Blackjack and Podosky dominate the near-term operational narrative, Far Fanning represents the medium-term resource growth story.

A 12-hole diamond drilling programme totalling approximately 1,424m was completed in early May 2026. A significantly larger RC drilling campaign is now scheduled to commence next month, comprising:

• Approximately 87 drill holes
• Approximately 9,730m total planned drilling
• Estimated 10-week programme

Geological modelling and mine design activities are targeted to commence mid-August 2026 following assay interpretation, with EA amendment submissions planned for Q4 2026. Far Fanning remains on track for mining commencement in Q3 2027, following completion of dewatering activities.

Far Fanning stockpile haulage continues in the interim as part of the existing EEO programme, keeping material flowing to the plant.

Infrastructure Already Built — The Strategic Advantage

A point that merits investor attention is the capital efficiency of NMR's growth model. The Blackjack Processing Plant — one of only three CIL processing facilities in the Charters Towers region — already exists and is operating. Its current nameplate capacity is 340,000 tpa, with a planned expansion to 528,000 tpa from FY2029.

NMR is not building toward production — it is scaling within established infrastructure. Each additional tonne milled from higher-grade sources generates incremental revenue against a largely fixed processing cost base, creating meaningful operational leverage as throughput and feed grade improve.

Furthermore, the company's stated strategy is to establish Blackjack as a regional gold processing hub, capable of drawing feed from multiple mineralised sources across the Charters Towers region — Blackjack, Podosky, Far Fanning, Granite Castle, and other regional opportunities.

MD & CEO Blake Cannavo commented: "April marked a major operational step forward for NMR, delivering our strongest monthly processing performance since recommissioning while positioning the Company for a transition toward higher-grade plant feed from Blackjack Mid Pit and Podosky. With multiple mining fronts now advancing, increasing plant throughput, strong recovery performance and significant installed infrastructure already in place, NMR is entering an important growth phase as we work toward materially improving production and operational cashflow through FY2027 and beyond."

Near-Term Milestones to Watch

The next 60–90 days represent a concentrated period of operational catalysts for NMR:

The Investment Case: Operational Leverage at an Inflection Point

NMR's story through FY2026 has been one of rebuilding — restarting a processing plant, stabilising operations, and establishing the mining infrastructure needed to access higher-grade ore. April's record throughput month signals that phase is largely complete.

The investment thesis centres on several compounding factors that support Native Mineral Resources Holdings strongest processing month and higher-grade feed gold output growth:

1. Feed grade improvement: The transition from low-grade stockpile feed to freshly mined ore from Blackjack Mid Pit and Podosky is expected to materially lift the grade of material entering the plant, with a direct flow-through to gold ounces recovered

2. Throughput growth: The plant is running at approximately 40 tph against a nameplate of 340ktpa (approximately 38.8 tph annualised equivalent), with further optimisation underway through Ausenco — suggesting headroom for continued improvement

3. Multiple feed sources: Podosky, Blackjack Mid Pit, Blackjack South Pit, Far Fanning (from FY27), and Granite Castle provide feed diversity and scheduling flexibility that reduces reliance on any single source

4. Fixed infrastructure, variable upside: With the CIL plant already built and operating, incremental tonnes processed at higher grades carry strong operating leverage — improving unit economics and cash generation without proportional capital expenditure increases

5. Regional hub potential: One of only three processing plants in the Charters Towers region, Blackjack's capacity to process ore from multiple regional tenements gives NMR a structural advantage in aggregating feed sources over the medium term

6. FY2027–FY2031 growth roadmap: The company's operational schedule targets a materially expanded production profile through the planning horizon, anchored by the 528ktpa plant expansion from FY2029

Technical Terminology Explained

What is CIL Processing?

CIL (Carbon-in-Leach) is a gold processing method where leaching and absorption occur simultaneously in a series of tanks, using activated carbon to capture dissolved gold from cyanide solution.

What is Doré?

Doré is an unrefined alloy of gold and silver produced at the mine site, prior to being refined to pure metal at an external refinery.

What Does Reconciled Recovery Mean?

Reconciled Recovery is the percentage of gold actually recovered through the processing plant relative to the gold content of the ore fed into the plant, as measured against grade control data.

What is a ROM Pad?

ROM Pad stands for Run-of-Mine pad — a designated area where mined ore is stockpiled before being fed into the processing plant.

What is RC Drilling?

RC Drilling refers to Reverse Circulation drilling — a drilling method that produces rock chip samples by circulating compressed air through the drill string, commonly used for resource definition and exploration.

What is an ILR?

ILR (Inline Leach Reactor) is a supplementary leach unit used to recover gold from high-grade gravity concentrates, complementing the main CIL circuit.

What Does Tailings Grade Indicate?

Tailings Grade is the concentration of gold (in g/t) remaining in the processed waste material after gold extraction — a lower tailings grade indicates more efficient recovery.

What is a PRCP?

PRCP stands for Progressive Rehabilitation and Closure Plan — a regulatory submission required under Queensland mining legislation.

What is an EA Amendment?

EA Amendment refers to an Environmental Authority amendment — the regulatory process for modifying the scope or conditions of a mining or processing operation under Queensland's Environmental Protection Act.

In summary, Native Mineral Resources has demonstrated in April 2026 that its Blackjack Processing Plant can deliver meaningful throughput and recovery improvements, and it is now entering the phase where higher-grade feed from multiple active mining fronts should translate operational efficiency into materially stronger gold production.

With Podosky feed imminent, Blackjack Mid Pit higher-grade material following in late June, a major RC drilling programme at Far Fanning set to begin next month, and a multi-year growth roadmap targeting plant expansion through FY2029, NMR offers investors a near-term production ramp story within a longer-term regional hub strategy. The next 90 days are likely to be among the most operationally significant in the company's recent history.

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