Key Highlights

  • The 10 November smelt produced three dore bars with a combined gross weight of 711.5 ounces.
  • It was the third weekly smelt in a row above 700 ounces.
  • Dore is not refined gold: the 3 November smelt yielded 474.9 ounces of refined gold from an official refinery weight of 882.6 ounces.
  • Since production began in July 2025, Blackjack has produced 7,667.6 ounces of refined gold.

Native Mineral Resources (ASX:NMR) reported on 11 November 2026 that its Blackjack Processing Plant near Charters Towers in Queensland completed its second smelt for November on 10 November. The pour produced three doré bars with a combined gross weight of 711.5 ounces.

Of that total, 236.2 ounces came from the gravity circuit and 475.3 ounces from the elution circuit. The company expects official mint weight, assays and refined outturn from the Perth Mint next week.

Managing Director Blake Cannavo said it was the company's third weekly smelt in a row above 700 ounces, and that this kind of consistency was what the team had been working towards.

Doré is not refined gold

It is important to distinguish gross doré weight from refined gold. Doré bars contain gold, silver and other metals, and only after refining does a company know how many ounces of pure gold it can sell.

The same announcement illustrated the gap. The Perth Mint confirmed that the 3 November smelt yielded 474.9 ounces of refined gold and 330.9 ounces of refined silver from an official refinery weight of 882.6 ounces. Those bars averaged 53.81% gold and 37.49% silver.

Combined with 519.4 ounces of refined gold from the 27 October smelt, the last two confirmed weekly pours have produced 994.3 ounces of refined gold.

On the 3 November ratio, roughly half the doré weight translated into refined gold, with a substantial silver component. If the latest pour has a similar composition, refined gold from it would be well below the 711.5-ounce gross figure, although the actual outturn will depend on the Perth Mint's assays.

The longer record

Since production started in July 2025, Blackjack has produced 19,311.9 ounces of gross doré, yielding 7,667.6 ounces of refined gold and 7,980.7 ounces of refined silver. The silver content is therefore a material part of the plant's output and revenue.

Earlier this month, the company reported a record gold month for Blackjack, and in its 9 November release it announced a joint venture agreement with Citigold. The weekly pours provide a regular, observable measure of how the plant is performing.

Why consistency matters

For a small producer, steady weekly output supports cash-flow planning and can make it easier to secure Working Capital or funding for growth. A run of similar-sized pours suggests the plant is operating more predictably than during its earlier ramp-up period.

Cannavo said the latest result gave the company an encouraging start to November.

Limitations

Three consecutive pours are a short sample. Weekly results can vary with ore feed, grade and plant availability. The company reports gross doré quickly and refined figures later, so investors comparing announcements should focus on refined ounces when judging production.

Costs and margins were not disclosed in the weekly update, so the pours alone do not show profitability.

Blackjack's position near Charters Towers places it within one of Queensland's historic goldfields, where the availability of regional ore sources can influence how long a processing plant can operate. The joint venture with Citigold, announced on 9 November, provides for proving-up drilling that could eventually broaden the sources of feed. For investors, the link between new feed sources and sustained weekly output is likely to be a recurring theme. A plant that runs consistently but lacks long-term ore Supply faces a different risk profile from one with a defined multi-year inventory, so the company's future reserve and resource disclosures will remain important alongside the weekly pour data.

What comes next

The Perth Mint outturn for the 10 November smelt is due next week and will show how many refined ounces the third 700-ounce pour delivered. Further weekly smelts through November will indicate whether the plant can sustain this level of output.