NMR Blackjack Delivers 313.6oz Doré in Final September Smelt
Key Takeaways
- The 29 September smelt produced 313.6oz of doré across two bars — BJM100 (230.6oz from the elution circuit) and BJM101 (83.0oz from the gravity circuit) — with final Perth Mint assay still pending.
- Confirmed September gold outturn stands at 760.3oz from the first four smelts, with a preliminary internal assay indicating approximately 157.4oz attributable to the final smelt, subject to Perth Mint confirmation.
- Cumulative gold outturn since the first smelt in July 2025 has reached 5,729.1oz from 15,394.2oz of total smelt weight, with August 2026's 1,080.5oz representing the single strongest month on record.
- 154,569t of material was mined across Podosky and Mid Pit during September, with both pits scheduled to recommence mining in the first days of October following drill-and-blast programmes.
- North Pit RC drilling is on track for completion in October 2026, with results expected to define the next phase of plant feed supply once the current Mid Pit sequence concludes.
Blackjack delivers 313.6oz doré in final September smelt
Native Mineral Resources Holdings Limited (ASX: NMR) completed its latest scheduled gold smelt on 29 September 2026 at its Blackjack Gold Operations near Charters Towers, Queensland, producing 313.6oz of doré weighing 9.75kg across two bars. The result continues a rhythm of consistent weekly gold production that has characterised the operation since July 2025.
The two bars comprised BJM100, produced from the elution circuit at 230.6oz, and BJM101, produced from the gravity circuit at 83.0oz. Final Perth Mint weight, assay, and refinery outturn for BJM100–101 remain pending. September gold outturn currently stands at a confirmed 760.3oz (excluding the 29 September smelt), with a preliminary internal laboratory assay indicating approximately 157.4oz of contained gold attributable to BJM100–101, subject to final Perth Mint confirmation. These two figures should not be combined into a single confirmed September total at this stage.
Blake Cannavo, Managing Director & CEO, Native Mineral Resources (ASX: NMR)
“Blackjack continues to demonstrate consistent weekly gold production, with a further 313.6oz of doré produced from our latest smelt and 138.6oz of gold confirmed from the previous smelt.
“We continue to advance the mining areas required to support ongoing plant feed. We mined more than 154,000 tonnes of material across Podosky and Mid Pit during September, with mining recommencing at both areas this week following the latest drilling and blasting activities.
“With North Pit RC drilling also progressing toward completion in October, our focus remains on maintaining consistent gold production while progressively opening the next mining areas across the Blackjack operation.”
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September production in context: Blackjack’s cumulative track record
Since the first smelt in July 2025, Blackjack has built a cumulative production record that demonstrates consistent weekly gold production and operational reliability rather than episodic output.
| Smelt Period | Smelt Weight (oz) | Gold Assay % | Gold Outturn (oz) | Silver Outturn (oz) |
|---|---|---|---|---|
| Jul-25 | 64.3 | 66.44% | 40.1 | 13.9 |
| Aug-25 | 300.3 | 52.27% | 152.8 | 110.9 |
| Sep-25 | 1,118.8 | 45.79% | 503.5 | 320.8 |
| Oct-25 | 319.2 | 60.18% | 189.2 | 96.0 |
| Nov-25 | 555.4 | 58.40% | 316.8 | 102.3 |
| Dec-25 | 672.5 | 64.31% | 423.4 | 103.9 |
| Jan-26 | 1,653.6 | 17.63% | 286.4 | 1,201.9 |
| Feb-26 | 1,542.9 | 12.18% | 185.0 | 1,267.4 |
| Mar-26 | 1,515.5 | 13.04% | 196.3 | 1,072.5 |
| Apr-26 | 529.6 | 44.20% | 230.2 | 223.0 |
| May-26 | 564.1 | 49.38% | 274.2 | 180.4 |
| Jun-26 | 1,462.8 | 52.81% | 763.8 | 479.1 |
| Jul-26 | 675.9 | 48.72% | 326.6 | 187.5 |
| Aug-26 | 2,576.6 | 42.53% | 1,080.5 | 838.8 |
| 1-Sep-26 | 403.8 | 47.89% | 192.0 | 168.0 |
| 8-Sep-26 | 340.9 | 44.61% | 150.2 | 144.8 |
| 15-Sep-26 | 501.0 | 56.26% | 279.5 | 186.2 |
| 22-Sep-26 | 283.3 | 49.72% | 138.6 | 84.4 |
| 29-Sep-26 | 313.6 | Pending | Pending | Pending |
| Total | 15,394.2 | — | 5,729.1 | 6,781.8 |
Key cumulative metrics from the Blackjack operation to date (with BJM100–101 outturn still pending):
- Total smelt weight: 15,394.2oz
- Total confirmed official doré weight: 14,862.6oz (BJM100–101 pending)
- Total confirmed gold outturn: 5,729.1oz (BJM100–101 pending)
- Total confirmed silver outturn: 6,781.8oz (BJM100–101 pending)
August 2026 stands out in the monthly record, with gold outturn of 1,080.5oz representing the highest single-month result in the operation’s history to date. The consistency of weekly smelts across more than 14 months tells investors this is an operation producing revenue conversion events on a reliable schedule, not an intermittent producer.
August 2026 represented the strongest processing month in Blackjack’s history to that point, with higher-grade feed driving the 1,080.5oz gold outturn that set the benchmark the September programme is now running behind.
Mining front expands as North Pit drilling nears completion
Podosky and Mid Pit recommence after drill-and-blast programme
A total of 154,569t of material was mined across the two active pits during September 2026, comprising 130,381t from Podosky and 24,188t from Mid Pit. Since mining commenced in April 2026, approximately 920,773t of material has been mined in aggregate, split between 466,412t from Mid Pit and 454,361t from Podosky.
Mid Pit mining was temporarily paused during early September to allow an extensive program of drilling, sampling, assaying, and blasting to be completed ahead of the next mining sequence. The upcoming sequencing across the three pit areas is as follows:
- Mid Pit mining is scheduled to recommence on 1 October 2026 at approximately RL317.5, with the current sequence planned to continue through to December 2026.
- Podosky mining is scheduled to recommence on 2 October 2026 at approximately RL265 within the 257.5-001 mining area, with further blasts planned across the remaining 257.5 RL, 247.5 RL, and 237.5 RL benches.
- Following completion of the current Mid Pit sequence, mining activities are planned to progressively transition to Blackjack North Pit.
North Pit RC drilling on track for October completion
RC (Reverse Circulation) drilling at Blackjack North Pit is progressing and remains on track for completion during October 2026. Samples are being progressively assayed as the drilling programme advances, with results received to date being assessed by NMR’s geological and technical teams ahead of formal reporting. The North Pit results are expected to define the next phase of plant feed supply once the current Mid Pit sequence concludes.
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What is a gold smelt and why does it matter to investors?
A gold smelt is the process of melting and purifying accumulated gold-bearing material to produce doré bars, which are semi-pure alloys of gold and silver ready for refinery processing. At Blackjack, gold is captured via two circuits: the elution circuit, which strips gold from carbon loaded during leaching, and the gravity circuit, which concentrates coarse gold particles using centrifugal force.
The doré bars are then sent to the Perth Mint, which performs an independent assay to determine the precise gold and silver content. This “official outturn” figure is typically lower than the gross doré weight because the bars contain impurities and silver alongside the gold. For investors, each weekly smelt represents a direct conversion of mined material into a saleable precious metal product, making the smelt schedule a reliable indicator of the operation’s production cadence and near-term revenue generation.
The Queensland production restart that preceded this smelt sequence required NMR to secure $2.26M from a strategic investor to accelerate plant rehabilitation and commissioning at the Blackjack site.
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