Native Mineral Resources (ASX: NMR) has secured exclusive 12-month mining rights for the Podosky gold deposit for US$4 million, a move set to provide near-term cash flow by processing ore at its Blackjack operations.
This acquisition follows recent positive drilling results at Podosky, reinforcing NMR's transition from explorer to producer.
NMR has signed a binding term sheet with Haoma Mining NL for 12 months of exclusive mining rights at the Podosky deposit in northern Queensland.
The total consideration for these rights is US$4 million, payable in three instalments.
The first payment of US$1 million is due on 31 March 2026, followed by another US$1 million on 30 April 2026, and the final US$2 million on 31 May 2026.
Drilling Supports Near-Term Production
Mining and ore processing activities are planned to commence in April 2026, with ore from Podosky to be transported 75km for processing at NMR's Blackjack Operations.
Recent exploration efforts at Podosky have delivered promising results.
Phase 1 drilling at the deposit has been completed, with findings that indicate shallow, high-grade mineralisation and strong open-pit potential.
Notable drill intercepts from the program include a substantial 18m at 11.33 g/t Au from 12m, and a further 15m at 6.39 g/t Au from 22m.
In preparation for production, pit design and mine scheduling are targeted for completion in March 2026.
This work aligns with the anticipated start of blasting and mining in April 2026.
Integration With Blackjack Operations
The ore extracted from the Podosky gold deposit will be processed at NMR's Blackjack Operations.
This move is a key part of the company's broader strategy to feed multiple ore sources into its Blackjack facility and centralise processing capabilities across its northern Queensland assets.
NMR acquired the Charters Towers Gold Project assets in November 2024, which included the Blackjack processing plant.
The plant underwent refurbishment and was commissioned in under nine months, pouring its first gold in July 2025, marking NMR's transition from an explorer to a gold producer.
Previous drilling campaigns at Podosky in February 2026 and March 2026 had already revealed shallow, high-grade gold, supporting the potential for near-term open-pit mining.
Financial and Funding Considerations
The US$4 million consideration for the Podosky mining rights will be funded through a combination of surplus operating funds or debt, which may include director loans.
In FY25, the company successfully raised over $20 million from investors through capital raisings, with a further $10 million placement post-period.
These funds were specifically allocated to supporting the ramp-up of Blackjack production and funding acquisition activities.
NMR also has an existing $18.8 million loan facility from Collins Street, bearing a 10% interest rate and secured against the acquired tenements.
A 2% royalty on gold produced from these tenements or processed through the Blackjack plant is also payable.
