Citigold Corporation (ASX:CTO) has executed a binding joint venture agreement with Native Mineral Resources Holdings Limited (ASX:NMR) over 40 tenements at the Charters Towers Gold Project in Queensland, effective 7 November 2026, covering the Central, Warrior and Stockholm areas and surrounding exploration ground.

Key Points

  • The joint venture covers 40 tenements comprising 30 granted mining leases, one mining lease application, four Mineral Development Licences and five Exploration Permits for Minerals across approximately 2,252.6 hectares of mining lease area.
  • The JV Tenements host Indicated Mineral Resources of 3.1Mt at 7.6g/t Au for 764koz and Inferred Mineral Resources of 26.5Mt at 13.5g/t Au for 11.5Moz under JORC (2012).
  • NMR retains sole operational control of drilling and any subsequent mining operations, with material to be processed through NMR's Blackjack processing plant.
  • Eligible NMR expenditure will be recovered from gross smelt proceeds, with any remaining surplus shared 50:50 between Citigold and NMR, with NMR receiving an 8% margin on costs.
  • Citigold will receive a one-off Production Payment of A$5 million from NMR once 8,000 ounces of gold have been produced from the JV Tenements.

Joint Venture Structure and Tenement Coverage

The agreement establishes an unincorporated contractual joint venture effective from 7 November 2026. The 40 JV Tenements include 17 mining leases in the Central area beneath and adjacent to the city of Charters Towers, six mining leases in the Warrior area approximately 5km south-southeast of the city centre, and seven mining leases in the Stockholm area approximately 7km southwest of the city and around 2km north of NMR's Blackjack Operations. The Mineral Development Licences and Exploration Permits for Minerals cover more than 20,500 hectares of exploration ground surrounding Charters Towers, giving NMR exclusive exploration access beyond the mining leases. All tenements are located within 10km of NMR's Blackjack Operations.

Operational Rights and Financial Terms

NMR holds an exclusive licence to enter the JV Tenements and undertake exploration and proving-up drilling. Following receipt and assessment of final drilling and assay results, NMR may make a written decision to proceed with drilling and blasting, mining, haulage, processing, refining and sale of ore and product. Eligible NMR expenditure, including drilling, development, mining, processing and directly attributable financing costs, will be recovered from gross smelt proceeds. Any remaining surplus is then shared 50:50 between Citigold and NMR, with NMR receiving an 8% margin on costs. Citigold retains ownership of the JV Tenements and responsibility for maintaining them in good standing, including compliance with applicable environmental authorities and statutory obligations.

Production Payment and Mineral Resource Base

Citigold will receive a one-off Production Payment of A$5 million from NMR once 8,000 ounces of gold have been produced from the JV Tenements, in addition to its share of any surplus proceeds. The JV Tenements host the majority of Citigold's reported JORC (2012) Mineral Resources. The Indicated Mineral Resources stand at 3.1Mt at 7.6g/t Au for 764koz, while Inferred Mineral Resources total 26.5Mt at 13.5g/t Au for 11.5Moz. Citigold Executive Chairman Mark Lynch and NMR Managing Director and CEO Blake Cannavo both provided statements regarding the agreement, as disclosed in the company's filing dated 9 November 2026.