Native Mineral Resources Delivers Strong First Quarter with A$4M in Gold Revenue
Native Mineral Resources Holdings (ASX:NMR) has reported a robust September quarter, marking a significant milestone in its transformation from explorer to gold producer. The company delivered 696.4 ounces of refined gold, generating A$4,005,572 in revenue whilst achieving positive EBITDA of A$29,235 for September.
This Native Mineral Resources gold production news follows the successful restart of operations at its flagship Blackjack facility in Queensland's historic Charters Towers goldfield. The quarter demonstrated NMR's operational capabilities with mill availability reaching 95.0% and utilisation at 84.4%, processing 44,508 dry tonnes of ore.
Furthermore, gold production showed strong momentum throughout the period, ramping from 40.1 ounces in July to 503.4 ounces in September. This progression highlights the successful commissioning phase and operational readiness.
Blackjack Operation Achieves Full Production Readiness
The centrepiece of NMR's transformation has been the successful refurbishment and restart of the Blackjack CIL processing plant. Following completion of refurbishment works in July 2025, the facility achieved several critical milestones that demonstrate its operational readiness.
Key Operational Achievements:
- Trial pour successfully executed on July 6, 2025
- First ore introduced to crushing circuit on July 14, 2025
- First ore milled on July 19, 2025
- Ramp-up to steady operating state completed in August 2025
- Four successful gold pours completed during the quarter
The processing facility utilises a conventional crushing-milling-CIL flowsheet anchored by an Allis Chalmers 10.6'×13' ball mill with 600 kW capacity. In addition, the plant's six 340 m³ tanks fitted with lighting agitators form the backbone of the leach/CIL section.
These components support the facility's current throughput rate of 32.2 tonnes per hour. However, this represents significant potential for further optimisation as operations mature.
| Production Metrics | Q1 FY2026 Results |
|---|---|
| Ore Throughput | 44,508 dry tonnes |
| Mill Availability | 95.0% |
| Mill Utilisation | 84.4% |
| Average Throughput Rate | 32.2 t/h |
| Gold Poured | 696.3 oz |
| Gold Recovered | 811.5 oz |
Understanding Gold-in-Circuit: A Key Production Metric
Gold-in-Circuit (GIC) represents gold that has been processed through the mill but remains within the processing circuit rather than being poured as final product. This inventory includes gold on activated carbon within the CIL tanks, gold in solution, and gold in various stages of the elution and electrowinning processes.
For instance, investors should understand that GIC is crucial because it represents valuable inventory that will be converted to saleable gold in future periods. NMR reported a net increase of 3,582.4 grams in GIC during the quarter.
The closing balance reached 3,582.4 grams. This build-up is typical during plant commissioning phases as the circuit reaches steady-state operations.
Why GIC Matters to Investors
Key GIC Investment Implications:
- Provides insight into production pipeline and future cash flows
- Higher GIC during ramp-up indicates successful processing of ore
- Future quarters will benefit from GIC drawdown as additional saleable gold
- Represents approximately 115 ounces of gold value at current inventory levels
Strategic Development Pipeline Sets Foundation for Growth
NMR has established a clear development pathway across its Charters Towers portfolio, with multiple projects advancing toward production contribution. The company's three-pit mining sequence at Blackjack provides near-term production visibility.
Moreover, exploration activities are identifying additional resources across the broader portfolio. The company's high-resolution drone magnetic survey identified 15 ranked targets at Blackjack across 387 hectares.
Immediate Development Priorities:
- Complete North Pit pre-strip and development works
- Execute RC drilling programme on 15 identified magnetic targets
- Scale up Far Fanning stockpile haulage operations
- Complete Tailings Storage Facility Stage 3 lift construction
Several trends parallel to historical workings suggest potential mineralised corridors. Consequently, first drilling on priority targets is scheduled for November 2025.
Resource Growth Opportunities
| Project | Resource Status | Development Timeline |
|---|---|---|
| Far Fanning | 2.3 Mt @ 1.84 g/t Au (138koz) | Haulage commenced Q1 |
| Granite Castle | 620kt @ 3.22 g/t Au (64.5koz) | Metallurgical testing Q2 |
| Blackjack Exploration | 15 targets identified | Drilling November 2025 |
Investment Thesis: Queensland Gold Producer with Expansion Potential
This Native Mineral Resources gold production news presents a compelling investment opportunity as a newly operational gold producer with significant resource expansion potential. The company has successfully transitioned from asset acquisition to commercial production within 12 months.
This achievement demonstrates execution capabilities in a proven gold district. The Charters Towers location provides strategic advantages through existing infrastructure, skilled workforce availability, and proximity to established gold districts.
Key Investment Drivers:
- Established Production Platform: Blackjack facility operational with proven processing capabilities
- Resource Growth Pipeline: Multiple development projects within trucking distance of processing plant
- Strategic Location: Operations in historic Charters Towers goldfield with extensive infrastructure
- Financial Performance: Positive EBITDA achieved in first full month of operations
Historical production from the region exceeds 6 million ounces, indicating the district's long-term potential. Furthermore, the company's strategic positioning offers multiple pathways for growth.
Financial Position Strengthens Operations
Current Financial Metrics:
- A$10 million placement completed in July 2025
- Additional A$400,000 raised through option conversions
- Positive September EBITDA of A$29,235
- Revenue generation of A$4.0 million in first production quarter
Blake Cannavo, Managing Director and CEO, stated: "The successful restart of the Blackjack operation represents a significant milestone for Native Mineral Resources. Our ability to achieve positive EBITDA in our first full month of operations whilst ramping up production demonstrates the quality of our assets and the expertise of our team."
Why Should Investors Monitor Native Mineral Resources?
The latest Native Mineral Resources gold production news confirms NMR has achieved a critical transition from explorer to gold producer whilst establishing multiple pathways for production growth. The company's portfolio of projects within the Charters Towers district provides both near-term cash flow generation and long-term resource development opportunities.
Immediate Catalysts for Investor Attention:
- Expansion of gold production as plant reaches full capacity utilisation
- Results from November drilling programme on Blackjack exploration targets
- Resource definition drilling at Far Fanning and Granite Castle projects
- Completion of mine planning for North and Central pit developments
The company's strategic position in Queensland's established gold mining region, combined with its operational processing facility, creates multiple value creation opportunities. These include both organic growth and potential regional consolidation.
Investment Monitoring Points
Key Areas for Ongoing Assessment:
- Monthly production reports showing throughput optimisation
- Drilling results from 15 identified exploration targets
- Resource upgrades at Far Fanning and Granite Castle projects
- Mine life extensions through successful exploration programmes
- Regional consolidation opportunities in Charters Towers district
Additionally, the combination of proven processing infrastructure and multiple development projects positions NMR as a significant player in Queensland's gold sector. The processing facility's capacity for optimisation suggests substantial upside potential as operations mature.
The successful execution of the plant restart demonstrates management's technical capabilities. However, the true test lies in maintaining consistent production whilst expanding the resource base through systematic exploration.
In conclusion, the latest Native Mineral Resources gold production news demonstrates that the company has successfully navigated the challenging transition from explorer to producer. This achievement sets the foundation for sustained growth in one of Australia's most prolific gold districts, making it a compelling opportunity for investors seeking exposure to emerging gold producers.
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