Key Highlights

  • 27 October 2026 smelt produced 934.1oz of doré from BJM111–113 — the largest single smelt since Blackjack commenced production in July 2025
  • October refined gold outturn forecast at 1,300–1,400oz, which would be the biggest monthly result since production began
  • Perth Mint confirmed 350.9oz of refined gold from the 20 October smelt — up 28% from the prior week and the highest confirmed weekly refined gold outturn of FY27 to date
  • Cumulative refined gold outturn confirmed by Perth Mint stands at 6,673.4oz since July 2025

Blackjack Hits a New High

Native Mineral Resources Holdings Limited (ASX:NMR) delivered its biggest smelt result in just over a year of production at its Blackjack Gold Operations near Charters Towers in Queensland. On 27 October 2026, the Blackjack Processing Plant completed a smelt of three doré bars — BJM111, BJM112 and BJM113 — with a combined gross doré weight of 934.1oz (29.05 kilograms), the largest single smelt since gold production commenced at Blackjack in July 2025.

The bars were sourced from two circuits within the plant. BJM111 (283.4oz) and BJM112 (316.3oz) came from the elution circuit, while BJM113 (334.4oz) was recovered from the gravity circuit. Notably, the gravity bar was up 49% on the 224.2oz gravity bar from the prior week, suggesting improving feed grades or recovery rates — or both — within that part of the circuit.

NMR's internal laboratory assays on the three bars indicated approximately 580oz of contained gold within the 934.1oz of doré, implying an average gold assay of around 62%. If confirmed by the Perth Mint, this would be the largest single-smelt refined gold outturn since production began and approximately 65% above the 350.9oz confirmed from the 20 October smelt. The company was careful to note that internal laboratory assays are indicative, and the final refined gold and silver outturn confirmed by Perth Mint may differ.

October Shapes as a Record Month

Taken as a whole, October 2026 is on track to be NMR's best monthly production result. Confirmed refined gold outturn from the 6, 13 and 20 October smelts totals 780.8oz. Adding the approximately 580oz indicated by internal laboratory assays for the 27 October smelt gives an October forecast range of 1,300–1,400oz. That would exceed the previous monthly record of 1,080.5oz set in August 2026 and the 923.8oz produced in September 2026.

Managing Director and CEO Blake Cannavo commented that the October trajectory was "well ahead" of the previous August record, and that the company's priority was to carry momentum into November and through the rest of the December quarter.

The Perth Mint's confirmation of 350.9oz of refined gold from the 20 October smelt — representing an average gold assay of 64.25% — also represented the highest confirmed weekly refined gold outturn of FY27 to date, ahead of the 336.6oz from the 11 August 2026 smelt. The gold assay of 64.25% was notably higher than some earlier months in FY26, which saw assays of just 12–17% (a period dominated by silver-rich ore from portions of the ore body).

Production Trajectory Since July 2025

A review of Blackjack's smelt history since commencement shows a clear positive production trend across recent months. After a slow start in late calendar 2025 marked by variable gold assays, production accelerated sharply from June 2026 onwards. June produced 763.8oz of refined gold, July 326.6oz, August a record 1,080.5oz and September 923.8oz. The improving trend in October suggests the plant is benefiting from better ore feed quality and improving circuit performance.

Since commencing production, Blackjack has produced 17,704.5oz of gross gold doré, with official Perth Mint weight recorded at 16,527.0oz. Cumulative confirmed refined gold outturn stands at 6,673.4oz, alongside 7,310.7oz of refined silver.

Sector Context

Junior gold producers on the ASX operate in an environment where production trajectory matters enormously to market perception. NMR's Blackjack operation, which commenced less than eighteen months ago, is demonstrating the sort of month-on-month production improvement that investors in the junior gold space seek. Charters Towers, where Blackjack is located, has a long Mining history in north Queensland, with established infrastructure and a pro-mining regulatory environment.

The gold price environment in late 2026 has remained broadly constructive, supporting cash margins at operations achieving improving recovery rates. For NMR, the key question is whether the current production levels represent a sustainable new floor or a favourable but temporary patch of high-grade ore.

Risks

NMR's risks are characteristic of a small, single-asset gold producer. Production can be significantly affected by ore grade variability, plant availability and circuit performance. Perth Mint outturn figures can differ from internal laboratory assays, introducing uncertainty at the point of Revenue confirmation. As a small-cap company, access to Capital for any plant upgrades or expansions may be limited if production disappoints. The company's quarterly metallurgical results — due the following week at the time of this announcement — will provide a fuller picture of plant performance through October.

What to Watch Next

Confirmation of the Perth Mint refined gold outturn for BJM111–113 will be the immediate catalyst, expected within a week of the 28 October announcement. October's official metallurgical end-of-month results will follow. Whether NMR can sustain production in the 1,000oz-plus monthly range through November and December will determine whether Q2 FY27 shapes as another record quarter.