Key Highlights

  • A record 1,300.2 ounces of refined gold came from Blackjack in October 2026.
  • October output was 41% above September’s 923.8 ounces.
  • October beat the previous monthly record of 1,080.5 ounces set in August.
  • Output sat within the 1,300 to 1,400-ounce range forecast on 28 October.

Native Mineral Resources (ASX:NMR) has confirmed a record 1,300.2 ounces of refined gold from its Blackjack gold operations near Charters Towers in Queensland for October 2026. That is 41% above September's 923.8 ounces and 20% above the previous monthly record of 1,080.5 ounces set in August. The result falls within the 1,300 to 1,400-ounce range the company had forecast on 28 October.

The company then began November with a doré smelt of 895.9 ounces on 3 November, subject to final outturn from the Perth Mint. Doré is the unrefined gold-silver alloy poured on site; the refined gold content is lower, and is confirmed only after refining.

What drove the record

Managing director and chief executive Blake Cannavo said October was the month it all came together, with more tonnes crushed at the highest head grade recorded and plant recovery above 96%.

The figures support that. Dry tonnes milled rose 16.9% to 28,272 tonnes as mill utilisation increased from 85.8% to 95.5% and operational downtime fell 78% to 20.5 hours. The reconciled head grade more than doubled, from 0.80 to 1.94 grams per tonne, while reconciled plant recovery rose from 94.4% to 96.3%.

All three levers moved together: more ore, higher grade and better recovery. Grade was the biggest contributor, which is worth noting because grade can vary from month to month depending on which parts of the pits are being mined. Sustaining the record will depend on maintaining feed quality as well as plant performance.

Reading doré and refined numbers

Investors should distinguish between doré and refined gold. In October, 2,310.3 ounces of doré were smelted, with a gold assay of 56.96%, giving the 1,300.2 refined ounces. The 3 November smelt, consisting of four bars totalling 895.9 ounces from the elution and gravity circuits, will similarly Yield fewer refined ounces once the Perth Mint confirms weight and assay, expected the following week.

The previous smelt, on 27 October, produced 934.1 ounces of doré and returned 519.4 ounces of refined gold, the highest confirmed weekly refined outturn of FY27 so far. That was below the roughly 580 ounces suggested by internal laboratory assays the week before, a reminder that early estimates can differ from final refinery figures.

October's doré also carried more gold. The gold assay of the doré rose from 50.81% in September to 56.96% in October, meaning each ounce poured contained more gold and less silver and other metals. Mill throughput rose to reach 39.8 tonnes an hour, and mill availability remained above 98%, suggesting the processing plant itself is now running reliably and consistently.

Scale in context

Since production began in July 2025, Perth Mint has confirmed 7,192.7 ounces of refined gold and 7,649.8 ounces of refined silver. More than 60% of the gold has been produced since June 2026, indicating a genuine ramp-up rather than a single strong month.

At about 1,300 ounces a month, Blackjack is a small operation. Its significance for the company lies in generating cash to fund growth, rather than in scale.

What comes next

Mining continues at the Podosky and Blackjack Mid pits. Stage 1 drilling at Blackjack North Pit is scheduled to finish on 22 November, with results feeding pit design and a first blast expected in December. At Far Fanning, site buildings are due to mobilise in November ahead of dewatering, with Mining targeted for the March quarter of 2027.

Cannavo said the focus was on keeping the run going through the rest of the December quarter. Investors should watch whether monthly output can stay near the October level, and how new pits change grade and costs. The company has not provided cost figures in the announcement, so margins cannot yet be assessed.