Native Mineral Resources Tops 6,000oz Refined Gold as Weekly Smelt Jumps 78%
Key Takeaways
- Blackjack has passed 6,048.3oz of refined gold since production began in July 2025, with more than half produced since the start of June 2026.
- The 13 October smelt poured 527.6oz of doré, 78% above the prior week and the biggest weekly pour since 18 August's 649.3oz.
- Doré is not gold: the 6 October smelt turned 296.6oz of doré into 155.7oz of refined gold at a 52.99% assay, so refined outturn on the latest smelt is the number to watch.
- NMR is targeting October refined gold above the August record of 1,080.5oz, with only 155.7oz confirmed so far and two more smelts to come.
- The plant now runs a regular weekly smelt cycle, and management is focused on steady output through the December quarter.
NMR passes 6,000oz refined gold at Blackjack as weekly smelt hits 527.6oz doré
Cumulative refined gold from Blackjack has passed a milestone that took just over a year to reach. Native Mineral Resources (ASX: NMR) said Perth Mint has confirmed 6,048.3oz of refined gold since production commenced in July 2025.
The latest smelt on 13 October 2026 produced three doré bars with a combined gross doré weight of 527.6oz (16.41kg). That is the largest weekly smelt by doré weight since 18 August 2026 (649.3oz), and 78% above the prior week’s 296.6oz.
The Blackjack Gold Operations sit near Charters Towers, Queensland. The company says the plant is now running on a regular weekly smelt cycle, which tells you output is becoming more routine rather than sporadic.
Blake Cannavo, Managing Director & CEO
“…More than half of that refined gold has been produced since the start of June 2026, and the operation is now running on a regular weekly smelt cycle.”
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Latest smelt: gravity bar triples
The 13 October smelt included a gravity circuit bar that came in well above the previous week’s equivalent.
BJM105–107 breakdown
| Bar | Circuit | Doré weight |
|---|---|---|
| BJM105 | Elution | 312.9oz |
| BJM106 | Elution | 52.5oz |
| BJM107 | Gravity | 162.2oz |
| Total | 527.6oz / 16.41kg |
BJM107, from the gravity circuit, weighed 162.2oz of doré, around three times the previous week’s gravity bar (53.9oz doré).
Final Perth Mint weight, assay and refined gold and silver outturn for BJM105–107 are expected next week. Refined gold from this smelt is not yet known.
Perth Mint outturn on the 6 October smelt
Perth Mint has already returned results for the earlier smelt of 6 October 2026 (BJM102–104):
- Gross doré weight: 296.6oz
- Official refinery weight: 293.9oz
- Refined gold: 155.7oz at an average assay of 52.99%
- Refined silver: 88.2oz at an average assay of 30.03%
BJM102 (gravity) assayed 59.4% for 30.74oz of refined gold. BJM103 and BJM104 (elution) returned a combined assay of 51.6%, producing 125.00oz.
What doré means for investors
Doré is an unrefined alloy of gold, silver and minor other metals. It is the product poured at the plant before it goes to a refinery.
Doré weight should not be read as gold production. Gross doré weight is the weight of the bars as poured at the Blackjack Processing Plant, while refined outturn is the fine metal quantity confirmed by Perth Mint following refining and assay.
For you as an investor, refined outturn is the figure to watch, because it is the confirmed metal. Doré weight is an early signal, and refined outturn is the confirmation. The process runs in three steps:
- Doré is poured at the plant.
- Perth Mint refines and assays it.
- Refined gold and silver outturn is confirmed.
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Production track record and the October target
Cumulative performance since July 2025
Since commencing production in July 2025, Blackjack has produced 16,218.4oz of gross doré, with 15,461.5oz recorded as official refinery weight to date. Official results show cumulative outturn of 6,048.3oz of refined gold and 6,973.8oz of refined silver.
More than half of the refined gold has been recorded since the start of June 2026. That includes a record 1,080.5oz in August 2026 and 923.8oz in September 2026.
| Month | Gross doré (oz) | Refined gold outturn (oz) |
|---|---|---|
| Jun-26 | 1,462.8 | 763.8 |
| Jul-26 | 675.9 | 326.6 |
| Aug-26 | 2,576.6 | 1,080.5 |
| Sep-26 | 1,842.6 | 923.8 |
October to date and what comes next
October gross doré production totals 824.2oz from two weekly smelts. September’s five smelts produced 1,842.6oz, an average of approximately 368.5oz per smelt.
Confirmed October refined gold stands at 155.7oz, from the 6 October smelt only. The 527.6oz of doré from BJM105–107 is not included and will be reported once Perth Mint outturn is received.
Two further weekly smelts are scheduled for October. NMR aims to exceed the August record of 1,080.5oz of refined gold, depending on doré produced from the remaining smelts and the refined outturn confirmed by Perth Mint. There is no certainty that the August record will be exceeded.
Cannavo said the focus is to “…keep the plant fed consistently and turn that into steady gold output throughout the December quarter.” Final October refined gold outturn will be reported once Perth Mint results for all October smelts have been received.
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