934 Ounces in One Smelt: Native Mineral Resources (ASX:NMR) Posts Its Largest Blackjack Pour Since Production Began

Aditi Sarkar

28 October 2026 04:22 PM AEDT

934 Ounces in One Smelt: Native Mineral Resources (ASX:NMR) Posts Its Largest Blackjack Pour Since Production Began

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Highlights

A 27 October smelt produced 934.1 ounces of gross doré, the largest since production started in July 2025.
The company estimated about 580 ounces of contained gold, an implied average assay of roughly 62 per cent.
Four October smelts total 2,310.3 ounces gross, averaging about 577.6 ounces against about 368.5 ounces in September.
Native forecasts October refined gold of approximately 1,300 to 1,400 ounces, which would exceed August's 1,080.5 ounces.

Three bars, 934.1 ounces, one smelt. Native Mineral Resources Holdings Limited (ASX:NMR) told the market on 28 October 2026 that the smelt on 27 October at its Blackjack operation near Charters Towers in Queensland produced 934.1 ounces of gross doré, or 29.05 kilograms. The company said it was the largest single smelt since production started in July 2025.

The bars

The smelt comprised three bars: BJM111 at 283.4 ounces and BJM112 at 316.3 ounces from the elution circuit, and BJM113 at 334.4 ounces from the gravity circuit. The gravity bar was 49 per cent heavier than the previous week's gravity bar of 224.2 ounces.

The figure is a gross doré weight, not a refined gold result. The company's internal laboratory estimated about 580 ounces of contained gold. Native stressed that these assays are indicative and that the final Perth Mint refined gold and silver outturn may differ.

October so far

Across October, four weekly smelts total 2,310.3 ounces gross. Confirmed refined gold from the 6, 13 and 20 October smelts is 780.8 ounces.

The 20 October smelt, bars BJM108 to BJM110, was confirmed by the Perth Mint at 552.0 ounces gross and 546.0 ounces by official refinery weight. It yielded 350.9 ounces of refined gold at an average assay of 64.25 per cent, plus 149.1 ounces of refined silver. That was the highest confirmed weekly refined gold outturn of the 2027 financial year to date, ahead of 336.6 ounces from a smelt on 11 August 2026 and 28 per cent above the 274.2 ounces refined from the 13 October smelt.

Outlook for the month

The forecast of 1,300 to 1,400 refined ounces allows for differences between internal laboratory assays and Perth Mint results. September's confirmed refined gold was 923.8 ounces.

The production table shows how uneven monthly output has been. Refined gold ranged from 40.1 ounces in July 2025 to 1,080.5 ounces in August 2026, and the mix of metal has varied, with doré in the first quarter of 2026 holding far more silver than gold. Cumulative confirmed refined output since July 2025 is 6,673.4 ounces of gold and 7,310.7 ounces of silver, excluding the pending 27 October smelt.

Management comment and next steps

Chief executive Blake Cannavo called it a standout week for Blackjack and said October was shaping up as the biggest month yet, pending final Perth Mint confirmation. He said management's focus is on carrying momentum into November and through the December quarter.

Perth Mint results for the 27 October smelt are expected next week, together with the October plant metallurgical end-of-month results. Until then, the roughly 580 ounces is an internal estimate and the October forecast is a company projection. The release gives no cost, margin or cash flow information.

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