Can Native Mineral Resources (ASX:NMR) Keep Blackjack Gold Output Steady Into 2027?

Sonal Goyal

11 November 2026 12:24 PM AEDT

Can Native Mineral Resources (ASX:NMR) Keep Blackjack Gold Output Steady Into 2027?

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Key Highlights

Perth Mint confirmed 474.9oz of refined gold from the 3 November smelt, at an average gold assay of 53.81%.
The 10 November smelt produced 711.5oz of gross doré, with refined outturn still pending from the Perth Mint.
The last three weekly smelts each exceeded 700oz of gross doré, totalling 2,541.5oz.
Cumulative refined gold outturn since July 2025 has reached 7,667.6oz, with 7,980.7oz of refined silver.

Native Mineral Resources Holdings Limited (ASX:NMR) has provided a gold production update from its Blackjack Gold Operations near Charters Towers in Queensland. The update dated 11 November 2026 follows the company’s 10 November smelt and the receipt of Perth Mint refined outturn for the 3 November smelt, giving the first firm refined results for November.

The November smelts

Perth Mint confirmed 474.9oz of refined gold and 330.9oz of refined silver from the first November smelt, covering BJM114 to BJM117. The gravity bar BJM117 assayed 59.77% gold, while the elution bars BJM114 to BJM116 assayed 51.20%, for a combined average of 53.81%. Together with 519.4oz from the late October smelt, Blackjack’s last two confirmed weekly smelts have produced 994.3oz of refined gold.

The second November smelt, on 10 November, produced 711.5oz (22.13kg) of gross doré from three bars. BJM118, at 236.2oz, came from the gravity circuit, while BJM119 at 300.5oz and BJM120 at 174.8oz came from the elution circuit. Refined outturn for those bars is expected from the Perth Mint in the following week.

Weekly consistency and year-to-date output

Gross doré production in November has reached 1,607.4oz from two weekly smelts. The three most recent weekly smelts were 934.1oz on 27 October, 895.9oz on 3 November and 711.5oz on 10 November, each above 700oz. The company said this consistency reflects steady feed to the plant.

Since production began at Blackjack in July 2025, cumulative gross doré has reached 19,311.9oz, with 18,332.9oz recorded at the official refinery weight. Confirmed refined gold outturn stands at 7,667.6oz and refined silver at 7,980.7oz. The company noted that more than 60% of the refined gold produced to date has been recorded since the start of June 2026.

Mining activity and what is still to be confirmed

The company said Mining continues at the Podosky and Blackjack Mid Pit, with the focus on keeping steady feed to the mill through the rest of the December quarter. Those operating details are the company’s own statements and are not independently verified in the update.

The refined figures for BJM118 to BJM120 are not yet included in the totals, so the 10 November smelt remains pending. Doré weight and refined outturn can differ, and the gap between them varies from smelt to smelt. Shareholders will be looking for the refined outturn and the Perth Mint assays for the three new bars.

Final Word

Blackjack has produced a steady run of weekly smelts, and the confirmed refined results for early November show the production is translating into refined gold. The pending outturn for the 10 November pour and the continuing weekly pattern will show whether the recent output can be sustained through the rest of the December quarter and into 2027.

FAQs

Q: How much refined gold did Perth Mint confirm from the first November smelt?

A:474.9oz of refined gold and 330.9oz of refined silver, from smelt BJM114 to BJM117, at an average gold assay of 53.81%.

Q: How much gold doré was produced on 10 November?

A:711.5oz (22.13kg) of gross doré from BJM118 to BJM120. Perth Mint assay and refined outturn are pending.

Q: What is the cumulative refined gold since production began?

A:7,667.6oz of refined gold and 7,980.7oz of refined silver since production commenced at Blackjack in July 2025, excluding the pending 10 November bars.

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