• Net operating cashflow was $2.71 million, the company's first positive quarter, and fine gold production was 2,330.9 ounces, up 84 per cent on the June quarter.
  • NMR drew an $18 million, 24-month related-party Loan from Yogi Bear Holdings on 9 October 2026, repaying the Collins Street Facility in full.
  • Cash at 30 September 2026 was $0.56 million, with $15.53 million of facilities drawn.

Native Mineral Resources Holdings Limited (ASX:NMR) has reported net operating cashflow of $2.71 million for the quarter ended 30 September 2026, which it describes as its first positive quarter, against an outflow of $3.39 million in the June quarter. Fine gold production from the Blackjack operation near Charters Towers in Queensland rose to 2,330.9 ounces, up 84 per cent from 1,268.2 ounces in the previous quarter.

Production and plant performance

Blackjack processed a record 70,987 dry tonnes, with a reconciled head grade of 1.10 grams per tonne of gold, compared with 0.63 grams per tonne in the June quarter. Reconciled plant recovery was 94.7 per cent and mill availability was 99.2 per cent. August was the strongest month at 1,080.5 ounces. The company completed 12 weekly smelts producing 29 doré bars, and says laboratory capacity limited smelting cadence in September, with a second laboratory shift among the options. About 250 hours of downtime in July were linked to replacing the primary power generator.

Combined Mining at Blackjack and the Podosky site, held under the Haoma joint venture, moved 665,373 tonnes, including 32,943 tonnes of mineralised material. NMR says mine-out of the Mid Pit and Podosky is targeted for December 2026, with mining physicals unaudited.

Cashflow and funding

Receipts from customers were $14.27 million, with an average realised gold price of about $6,082 an ounce. Production payments were $6.82 million. Investing outflows of $2.39 million included $2.65 million of instalments for Podosky. Cash at 30 September was $0.56 million, up from $0.17 million, with $15.53 million of facilities drawn and $3.10 million unused.

On 9 October 2026 NMR drew an $18 million, 24-month loan from Yogi Bear Holdings, a related party linked to Managing Director Blake Cannavo. About $12.31 million repaid the Collins Street facility in full, and about $3.00 million covered prepaid interest for the first 12 months and funding costs, leaving roughly $2.69 million for Debt retirement and general purposes. NMR says this removes about $11.56 million of scheduled repayments between October 2026 and September 2027. It also completed a $3.5 million Lind convertible note on 2 July 2026, with a Face Value of $4.2 million and a conversion price of $0.066, which could lead to about 63.6 million shares being issued.

Conditions and risks

The Yogi Bear loan is initially unsecured. Proposed security requires either an ASX Listing Rule 10.1 Waiver or Shareholder approval, and proposed risk-compensation shares require independent expert assessment and approval under Listing Rule 10.11. Both are targeted for 31 March 2027. The company says the independent directors considered the arrangement to be on arm's length terms.

NMR also flags several operational dependencies. Central Pit timing relies on a powerline relocation by Ergon Energy, and mining of the North Pit, Central Pit and Far Fanning depends on drilling, design, peer review and approvals. Far Fanning mining is targeted for 31 May 2027, within the second quarter of 2027; these dates are compatible and remain conditional. Mining leases ML 1432, ML 1431 and ML 1548 expire between 31 December 2026 and 31 January 2027.

Growth pipeline and next milestones

Reverse circulation drilling at Blackjack North Pit has returned intercepts including 34 metres at 1.81 grams per tonne from 42 metres in BJRC1305 and 19 metres at 3.09 grams per tonne from 41 metres in BJRC1304. Drilling is targeted for completion in October 2026, with mining targeted to start in late January 2027. Central Pit drilling is planned from 16 November 2026 to 10 January 2027, with mining in April 2028. At Far Fanning, which has an inferred resource of 2.3 million tonnes at 1.84 grams per tonne for 138,000 ounces, drilling and a resource update in February to March 2027 are planned.

All forward dates are company targets.