Key Highlights

  • A smelt on 27 October 2026 produced 934.1 ounces of gross doré, with an internal laboratory estimate of about 580 ounces of contained gold.
  • The company forecasts October refined gold of approximately 1,300 to 1,400 ounces, which would exceed the 1,080.5 ounces confirmed for August 2026.
  • The figures are gross doré and internal estimates; final Perth Mint results for the 27 October smelt are expected next week.

The largest smelt so far

Native Mineral Resources Holdings Limited (ASX:NMR) told the market on 28 October 2026 that a smelt carried out on 27 October at Blackjack, near Charters Towers in Queensland, produced 934.1 ounces of gross doré, or 29.05 kilograms. The company said this was its largest single smelt since production started in July 2025. 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 and not a refined gold result. The company's internal laboratory estimated about 580 ounces of contained gold, an implied average assay of roughly 62 per cent. Native stressed that these assays are indicative only and that the final Perth Mint refined gold and silver outturn may differ.

October output so far

Across October, the company said it had smelted more than 2,300 ounces of doré, with four weekly smelts totalling 2,310.3 ounces gross, an average of about 577.6 ounces per smelt compared with about 368.5 ounces in September. Confirmed refined gold from the 6, 13 and 20 October smelts totals 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. The company said this was its 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

Native said it forecasts October refined gold of approximately 1,300 to 1,400 ounces. If achieved, that would be a record monthly outturn, exceeding the 1,080.5 ounces confirmed for August 2026. The company said the range allows for differences between its internal laboratory assays and the Perth Mint results. September's confirmed refined gold was 923.8 ounces.

The announcement's 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 containing far more silver than gold. Cumulative confirmed refined output since July 2025 stands at 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 described the week as notable for Blackjack and said October was shaping up as the biggest month yet, pending final Perth Mint confirmation. He said management's focus was on carrying momentum into November and through the December quarter.

The company said it expects Perth Mint results for the 27 October smelt next week, along with the October plant metallurgical end-of-month results. The final October refined gold and silver outturn will be confirmed once the Perth Mint results are received. Until then, the roughly 580 ounces is an internal estimate and the October forecast remains a company projection rather than a confirmed result.

Points to note

The announcement contains forward-looking statements about plans, forecasts and timing, and the company cautioned that actual results may differ materially. The release does not provide cost, margin or cash flow information, so it does not show what the higher output means for the company's earnings. Investors reading the figures should distinguish between gross doré weights, internal contained-gold estimates and refined outturn confirmed by the refinery, as the three differ materially in the company's own tables.