Native Mineral Resources Posts Q3 Gold Output of 2,331oz, up 84% on Richer Ore
Key Takeaways
- Blackjack's refined gold outturn rose about 84% to roughly 2,331oz in Q3 CY26, up from 1,268.2oz in Q2.
- Grade drove the gain, with reconciled head grade climbing from 0.63g/t to 1.10g/t while tonnes milled rose only 5% to 70,987t.
- September's head grade dropped to 0.80g/t from August's 1.38g/t, and outturn fell from August's record 1,080.5oz to 923.85oz.
- A new smelt on 6 October produced 296.6oz of doré, with refined results due next week, though doré weight has converted at roughly half in recent months.
- Laboratory capacity constrained September smelting, and a second shift is under consideration, with the announcement giving no guidance, cost or cash figures.
Q3 CY26 highlights: Blackjack lifts refined gold outturn 84% to approximately 2,331oz
In its Q3 CY26 (July to September 2026) processing update, Native Mineral Resources reported approximately 2,331oz of refined gold outturn from its Blackjack Gold Operations near Charters Towers, Queensland. That compares with 1,268.2oz in Q2 CY26, an increase of approximately 84%. The period is Q1 FY27 on the Australian financial year calendar.
The company also completed a new smelt on 6 October 2026, producing three doré bars with a combined gross weight of 296.6oz (9.23kg). Doré is the unrefined gold-silver bar poured at site. Final refinery weight, assay and outturn for BJM102 to BJM104 are expected next week, so no refined figure exists yet.
Key stats from the quarter:
- Weighted reconciled head grade rose from approximately 0.63g/t Au to approximately 1.10g/t Au.
- Reconciled plant recovery was approximately 94.7%.
- Mill availability averaged approximately 99%.
- September refined gold outturn was 923.85oz, following August’s record of 1,080.5oz.
Only August is described as a record, and that refers to a single month. The quarter as a whole is not called a record in the announcement.
Blake Cannavo, Managing Director & CEO
“The key result from Q3 is the improvement in the underlying operation. We processed more tonnes, materially increased the reconciled head grade and recovered more gold than in Q2, while maintaining strong metallurgical recoveries.”
Cannavo also said August and September demonstrate “the step-change we are seeing as Blackjack develops into a more consistent gold operation.”
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Operating performance: grade drives the step-up
The quarter’s gain came mainly from richer ore, not just more of it. Tonnes milled rose modestly, while grade did the heavy lifting.
Q3 CY26 versus Q2 CY26
The table below reproduces the source’s operating metrics for the two quarters.
| Operating metric | Q2 CY26 | Q3 CY26 | Change |
|---|---|---|---|
| Dry tonnes milled | **67,584t** | **70,987t** | **5.00%** |
| Mill operational downtime | **317.9hrs** | **381.0hrs** | **19.80%** |
| Mill availability | **93.70%** | **99.20%** | **+5.5%** |
| Mill throughput | **39.1t/hr** | **39.2t/hr** | Maintained |
| Reconciled head grade | **0.63g/t** | **1.10g/t** | Significantly Improved |
| Reconciled gold recovered | **1,315.8oz** | **2,387.4oz** | Significantly Improved **81.40%** |
| Reconciled plant recovery | **95.60%** | **94.70%** | Maintained at strong level |
Head grade rose approximately 75%, according to the announcement’s body text. Reconciled gold recovered increased approximately 81%.
What this tells you is that the improvement was grade-led. Plant recovery stayed at a strong level, though mill operational downtime hours also rose 19.80%, so the availability percentage is the only reliability measure to lean on.
Monthly breakdown
Monthly figures show how uneven the quarter was:
- Dry tonnes milled: 18,699t in July, 28,104t in August, 24,184t in September.
- Reconciled head grade: 1.09g/t, 1.38g/t and 0.80g/t respectively.
- Mill availability: 99.0%, 99.9% and 98.7% respectively.
August was the strongest month, with 28,104t milled at 1.38g/t Au, resulting in 1,171.3oz of reconciled gold recovered. September’s drop to 0.80g/t shows feed grade is the main swing factor. Management’s own stated focus on improving feed consistency points the same way.
Understanding head grade, recovery and doré-to-refined outturn
Four terms drive the numbers in this update. Head grade is the gold content of the ore fed into the mill, measured in grams per tonne (g/t). Recovery is the share of that gold the plant extracts.
Doré is the unrefined bar poured at site, containing both gold and silver. A refinery then assays it to determine how much refined gold and silver it actually holds, which is the official outturn.
That distinction matters because doré weight is not refined gold. September’s doré weighed 1,842.6oz, yet it converted to 923.8oz of gold in the official table, with a gold assay of 50.81%. The new smelt’s conversion is still pending.
The chain runs in order:
- Mine-to-mill grade
- Plant recovery
- Smelt
- Refinery outturn
If you track the stock, the official outturn is the figure that confirms the rest.
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Cumulative production and focus for the December quarter
Since commencing production in July 2025, Blackjack has produced 15,690.8oz of gold doré. Official refinery results show cumulative outturn of 5,892.5oz of refined gold and 6,885.5oz of silver.
Recent months from the source’s production table:
| Month | Gold doré smelt wt (oz) | Official wt (oz) | Gold outturn (oz) |
|---|---|---|---|
| Jun-26 | **1,462.8** | **1,446.2** | **763.8** |
| Jul-26 | **675.9** | **670.3** | **326.6** |
| Aug-26 | **2,576.6** | **2,540.3** | **1,080.5** |
| Sep-26 | **1,842.6** | **1,818.3** | **923.8** |
Final refinery results for the 29 September smelt confirmed 163.48oz of refined gold and 103.71oz of silver. BJM100 returned 116.05oz of gold and 86.75oz of silver, while BJM101 returned 47.43oz of gold and 16.96oz of silver.
On the outlook, Cannavo said “Laboratory productivity constrained our smelting capacity during September and we are working to remove that bottleneck, including consideration of a second shift.” A second shift is under consideration, not a confirmed decision.
The December quarter focus, in his words, is to “maintain strong plant performance, improve the consistency of feed and convert that performance into higher and more consistent gold output.”
The announcement does not disclose guidance, costs, cash, revenue or gold price figures. For investors, the quarter shows operational momentum at Blackjack, with consistency of feed grade and smelting throughput the next test.
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